Greece's Globus Maritime has posted a slightly higher profit for the third quarter as it logged a gain from derivatives.

The Nasdaq-listed bulker owner said net earnings were $0.28m, against 0.25m in the same period of 2018.

The gain on derivative financial instruments was $1.43m, compared to zero last year.

Revenue edged up to $4.94m, versus $4.86m, but operating expenses were $2.43m, from $2.04m.

Average daily time charter rates dipped to $9,863 from $10,317 year on year.

The company has four supramaxes and a panamax.

Spike short-lived

“During the third quarter we experienced a short-term spike in the spot market that allowed us to enjoy higher than normal rates," it said.

"However, the spike was short-lived and fluctuation returned full-speed, spilling over into the fourth quarter."

It blamed an increase in the number of ships returning from drydockings, as well as some demand-driven pressure.

"By the end of the quarter and the beginning of the fourth quarter there was a strong downward pressure which thankfully started to reverse later on," Globus added.

"Of course, we are still being affected by the negative sentiment created by the trade war, as well as the ore export bans in Indonesia and the coal import quotas in China."

The company is putting two of its own ships into drydock for scheduled maintenance repairs in the fourth quarter. This should last 40 days.

“The market is expected to be volatile, but we do expect an upward trend," it said.