Globus Maritime’s posted a loss for the second quarter as its seven bulkers earned much lower rates compared to a year ago.
The New York-listed owner of two supramaxes, a panamax and four kamsarmaxes recorded a $1.16m net loss for the quarter, down from a $11m net profit earned during the same period of last year,
Revenue totalled $7.84m for the three-month period, down from $19.1m logged in during the second quarter of 2022.
Time charter equivalent (TCE) rates for the second quarter averaged $8,244 per day, down from $23,238 per day for the same three months in 2022.
“During the second quarter and for the majority of the first half of the year the market was soft in the industry,” the Athens-based company said in a statement.
“In the second quarter the market rates were affected by various seasonal, geopolitical and economic factors. This had rates dip below $10,000 per day and stayed at these levels for some time.”
During the quarter, the Baltic Exchange’s Panamax 5TC set of spot rate averages, which includes kamsarmaxes, peaked at almost $16,700 per day on 11 April but ended up at $9,723 per day on 30 June.
At the same time, the Supramax 7TC reached a quarterly high of nearly $13,400 per day on 25 April before falling steadily to $8,241 per day on 30 June.
“Fortunately, the market has picked up since then and day rates have now attained much healthier and comfortable levels,” Globus said.
The Panamax 5TC rose 3.1% to $14,600 per day on Wednesday, while the Supramax 7TC edged up 3.4% to $12,700 per day.
For the first six months of this year, Globus posted $1.43m in net profit, down from $23.1m during the first half of 2022.
Revenue came in at $16.4m for this year’s first half, down from $37.6m collected in the year-ago time frame.
