Globus Maritime sees poor prospects for older bulkers as it modernises fleet
Greece-based owner increases fleet to nine with new ultramax and 2016-built kamsarmax
Bulker owner dips into the red in third quarter despite improved rates for its vessels
GLOBUS Maritime, the growing Nasdaq-listed bulk carrier owner, is expecting a positive impact on the dry bulk market as older bulkers come under “pressure”.
The Greece-based owner recently took delivery of its third newly built ultramax of the year and last month it took delivery of a 2016-built kamsarmax, one of two kamsarmaxes being acquired from Globus’ managing Feidakis family.
“For us to meet the challenges of the future the company is committed to develop a modern and fuel-efficient fleet,” Globus said in a third-quarter earnings statement.
“We believe that regulatory developments and efficiency requirements will put a pressure on the competitiveness of older vessels due to their higher fuel consumption and higher carbon footprint.”
Older, less efficient vessels would likely “either leave the market or undergo costly upgrades and technical adjustments, if they are available”, it added.
“The efficiency requirements worldwide are increasing yearly, which not only affects the cost side but also the vessel’s hiring potential,” the company said.
“We view this as positive for the market going forward.”
Greece-based Globus owns and operates nine vessels, consisting of one supramax, five kamsarmaxes and three ultramaxes.
The most recent of the 64,000 dwt ultramax newbuildings was delivered in September by Nantong Cosco KHI Ship Engineering and cost $35.3m.
Named GLBS Magic (IMO: 9972816), the new ship was employed with a reputable European operator at a premium to the Baltic Supramax Index, according to Globus.
The company’s secondhand purchase of two bulkers linked to its chairman, George Feidakis, and its chief executive, Athanasios Feidakis, was ratified by a committee of independent directors.
The first vessel, renamed Glbs Angel (IMO: 9728629), cost $27.5m, and the second vessel, a 2014-built kamsarmax, is expected this month and has a price of $26.5m.
Of the third quarter of 2024, and the first nine months, Globus observed that charter rates had begun to weaken but it “remained optimistic in
the positive signs of the market”.
The company posted a net loss of $500,000 for the third quarter, versus a $3.5m net profit in the same period last year.
This was despite a 16% increase in revenues while the daily time charter equivalent rate increased by 39% to $13,867 per vessel.
