Globus Maritime has reported a 22% decline in third-quarter net profit on the back of the weaker dry bulk freight markets.
The Athanasios Feidakis-led owner saw net income slip to $4.3m versus the $5.5m seen a year ago despite a slightly larger fleet.
The US-listed shipowner said its vessels earned an average time charter equivalent rate of $15,865 per day in the third quarter of 2022 compared to $17,057 per day a year earlier.
“The third quarter was a positive one, albeit a bit volatile. Whilst the market was weaker than the previous quarters in general, it remained at healthy levels,” Globus said.
“The weakness and volatility that we saw in the third quarter carries on in the fourth quarter however, we expect and hope the market will start improving towards the end on the first quarter in 2023.
“As the year ends and especially during the first quarter the market usually experiences a seasonal softening that relates to various weather and trading factors,” the shipowner added.
Globus said 2023 will be a “very interesting one for the development of the industry and the adjustments to the new environmental regulations”.
The shipowner has three fuel-efficient vessels on order that are due to be delivered in 2024 and the company is hopeful that these vessels will offer improved consumption figures and environmental profiles.
Globus said it was also studying the viability, availability, along with economic and operational factors of alternative fuels for ships such as methanol, LNG, and ammonia in order to prepare for the future and make educated cost-effective investment decisions.
“As we all know in these kinds of decisions a lot of factors come into play such as the price of alternative fuels, the availability of production and supply, the power output and the cost of alternatively powered vessels in comparison to conventional ones,” the shipowner said.
