GLYFADA, Greece, June 07, 2024 (GLOBE NEWSWIRE) -- Globus Maritime Limited ("Globus", the "Company", "we", or "our") (NASDAQ:GLBS), a dry bulk shipping company, today reported its unaudited consolidated operating and financial results for the quarter ended March 31, 2024. Revenue $7.7 million in Q1 2024 compared to $8.6 million in Q1 2023 Adjusted EBITDA $2 million in Q1 2024 compared to $1.3 million in Q1 2023 Time Charter Equivalent $11,862 per day in Q1 2024 compared to $8,780 per day in Q1 2023 Current Fleet ProfileAs of the date of this press release, Globus' subsidiaries own and operate seven dry bulk carriers, consisting of one Supramax, one Panamax, four Kamsarmax and one Ultramax. Vessel Year Built Yard Type Month/Year Delivered DWT Flag Moon Globe 2005 Hudong-Zhonghua Panamax June 2011 74,432 Marshall Is. River Globe 2007 Yangzhou Dayang Supramax Dec 2007 53,627 Marshall Is. Galaxy Globe 2015 Hudong-Zhonghua Kamsarmax October 2020 81,167 Marshall Is. Diamond Globe 2018 Jiangsu New Yangzi Shipbuilding Co. Kamsarmax June 2021 82,027 Marshall Is. Power Globe 2011 Universal Shipbuilding Corporation Kamsarmax July 2021 80,655 Marshall Is. Orion Globe 2015 Tsuneishi Zosen Kamsarmax November 2021 81,837 Marshall Is. GLBS Hero 2024 Nihon Shipyard Co., Ltd. Ultramax January 2024 63,742 Marshall Is. Weighted Average Age: 10 Years as at March 31, 2024   517,487   Current Fleet Deployment All our vessels are currently operating on short-term time charters, we generally consider as spot charters, the charters that are below one year in duration and/or are chartered on index linked basis ("on spot"). Management Commentary "Our first quarter in 2024 marked a significant milestone for our company with the delivery of our first new building, m/v GLBS Hero, an Ultramax fuel-efficient vessel. After a smooth delivery process in Japan, the vessel joined our fleet at the end of January and went into employment with a European charterer at an index linked rate of 122% of BSI 58 TC for a period of about 9 to about 11 months; We wish her safe and calm seas always! Additionally, we are pleased to report that our data so far indicates that the vessel is operating very well with much lower fuel consumption than other similar older vessels we owned in the past. Furthermore, we are very excited for the upcoming delivery of our new fuel-efficient new buildings scheduled to join our fleet later in the year. We remain committed to renewing our fleet with only fuel-efficient modern vessels; an effort that began a few years ago and is now bearing fruit and has transformed the profile of our fleet. During the first quarter the charter market gradually rose to healthy levels, and based on that we hope the market rises to a level that can come to be generally perceived as seasonally stronger in the second, third and fourth quarters. The Company enjoys a healthy balance sheet which enables us to continue looking for ways to modernize and expand the fleet. We believe that the steps we are taking to expand the fleet with fuel-efficient vessels of very good quality, will provide longevity to the fleet, good customer relations and retention as well as build up solid value and strength in our presence amongst others in the sector. We remain committed in exploring ways of increasing shareholder value." Recent Developments Delivery of new building vessel On January 22, 2024, the Company paid the remaining $18.5 million at Nihon Shipyard Co. in Japan and on January 25, 2024, the Company took delivery of a new Ultramax with carrying capacity of approximately 64,000 DWT, which the Company had previously announced on May 10, 2022, and was named "m/v GLBS Hero". The total ...