UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

--12-31

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of: September 2025

Commission File Number: 001-34985

Globus Maritime Limited

(Translation of registrant’s name into English)

128 Vouliagmenis Avenue, 3rd Floor, Glyfada, Attica, Greece, 166 74

(Address of principal executive office)

Jun. 30, 2025

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F

[X]

Form 40-F

[ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):___

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):___

EXHIBIT INDEX

Exhibit Number		Document
99.1		Globus Maritime Limited Reports Financial Results for the Quarter and six-month period ended June 30, 2025
99.2		Management’s Discussion and Analysis of Financial Condition and Results of Operations and unaudited interim condensed consolidated financial statements as at June 30, 2025 and for the six-month periods ended June 30, 2025 and 2024

THIS REPORT ON FORM 6-K (BUT EXCLUDING EXHIBIT 99.1 HEREOF) IS HEREBY INCORPORATED BY REFERENCE INTO THE COMPANY’S REGISTRATION STATEMENTS: (A) ON FORM F-3 (FILE NO. 333-240042), FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JULY 23, 2020 AND DECLARED EFFECTIVE AUGUST 6, 2020 (B) ON FORM F-3 (FILE NO. 333-273249), FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JULY 14, 2023 AND DECLARED EFFECTIVE ON JULY 26, 2023.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	GLOBUS MARITIME LIMITED

	By:	/s/ Athanasios Feidakis
	Name:	Athanasios Feidakis
	Title:	President, Chief Executive Officer and Chief Financial Officer

Date: September 19, 2025

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Exhibit 99.2

GLOBUS MARITIME LIMITED

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion of our financial condition and results of operations for the six-month periods ended June 30, 2025 and 2024. Unless otherwise specified herein, references to the “Company”, “we” or “our” shall include Globus Maritime Limited (NASDAQ: GLBS) and its subsidiaries. You should read the following discussion and analysis together with our unaudited interim condensed consolidated financial statements as at June 30, 2025 and for the six-month periods ended June 30, 2025 and 2024, and the accompanying notes thereto, included elsewhere in this report. For the additional information relating to our management’s discussion and analysis of the financial condition and results of operations, please see our Annual Report on Form of 20-F for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on March 14, 2025 (the “Annual Report”).

Forward-Looking Statements

Our disclosure and analysis herein pertain to our operations, cash flows and financial position, including, in particular, the likelihood of our success in developing and expanding our business and making acquisitions, includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “projects,” “forecasts,” “may,” “should” and similar expressions are forward-looking statements. All statements herein that are not statements of either historical or current facts are forward-looking statements. Forward-looking statements include, but are not limited to, such matters as our future operating or financial results, global and regional economic and political conditions, including piracy, pending vessel acquisitions, our business strategy and expected capital spending or operating expenses, including dry-docking and insurance costs, competition in the dry bulk industry, statements about shipping market trends, including charter rates and factors affecting supply and demand, our financial condition and liquidity, including our ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities, our ability to enter into fixed-rate charters after our current charters expire and our ability to earn income in the spot market and our expectations of the availability of vessels to purchase, the time it may take to construct new vessels, and vessels’ useful lives. Many of these statements are based on our assumptions about factors that are beyond our ability to control or predict and are subject to risks and uncertainties that are described more fully under “Item 3. Key Information – D. Risk Factors” of the Annual Report. Any of these factors or a combination of these factors could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements.

Factors that might cause future results to differ include, but are not limited to, the following:

	•	changes in governmental rules and regulations or actions taken by regulatory authorities;

	•	changes in economic and competitive conditions affecting our business, including market fluctuations in charter rates and charterers’ abilities to perform under existing time charters;

	•	the length and number of off-hire periods and dependence on third-party managers; and

	•	other factors discussed under “Item 3. Key Information – D. Risk Factors” of the Annual Report.

You should not place undue reliance on forward-looking statements contained herein because they are statements about events that are not certain to occur as described or at all. All forward-looking statements herein are qualified in their entirety by the cautionary statements contained herein. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. Except to the extent required by applicable law or regulation, we undertake no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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Overview

The address of the registered office of Globus Maritime Limited (“Globus”) is: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.

The principal business of the Company is the ownership and operation of a fleet of dry bulk motor vessels (“m/v”), providing maritime services for the transportation of dry cargo products on a worldwide basis. The Company conducts its operations through its vessel owning subsidiaries.

The operations of the vessels are managed by Globus Shipmanagement Corp. (the “Manager”), a wholly owned Marshall Islands corporation. The Manager has an office in Greece, located at 128 Vouliagmenis Avenue, 166 74 Glyfada, Greece and provides the commercial, technical, cash management and accounting services necessary for the operation of the fleet in exchange for a management fee. The management fee is eliminated on consolidation. The unaudited interim condensed consolidated financial statements, prepared under IFRS, include the financial statements of Globus and its subsidiaries listed below, all wholly owned by Globus as at June 30, 2025:


Company	Country of Incorporation	Vessel Delivery Date	Vessel Name
Globus Shipmanagement Corp.	Marshall Islands	—	—⁽¹⁾
Devocean Maritime Ltd.	Marshall Islands	—	— ⁽²⁾
Serena Maritime Limited	Marshall Islands	October 29, 2020	m/v Galaxy Globe
Talisman Maritime Limited	Marshall Islands	July 20, 2021	m/v Power Globe
Argo Maritime Limited	Marshall Islands	June 9, 2021	m/v Diamond Globe
Salaminia Maritime Limited	Marshall Islands	November 29, 2021	m/v Orion Globe
Calypso Shipholding S.A.	Marshall Islands	January 25, 2024	m/v GLBS Hero
Daxos Maritime Limited	Marshall Islands	August 20, 2024	m/v GLBS Might ⁽³⁾
Paralus Shipholding S.A.	Marshall Islands	September 20, 2024	m/v GLBS Magic ⁽³⁾
Dulac Maritime S.A.	Marshall Islands	November 19, 2024	m/v GLBS Angel
Domina Maritime Ltd.	Marshall Islands	December 3, 2024	m/v GLBS Gigi
Olympia Shipholding S.A.	Marshall Islands	—	Hull No: S-K192
Thalia Shipholding S.A.	Marshall Islands	—	Hull No: S-3012
Artful Shipholding S.A.	Marshall Islands	—	—
Longevity Maritime Limited	Malta	—	—

(1)

Management Company.

(2)

On February 4, 2025, the Company, through its subsidiary Devocean Maritime Ltd., entered into an agreement to sell the 2007-built River Globe. The vessel was delivered to her new owners on March 17, 2025.

(3)

Subject to sale and bareboat back arrangements which account as financing arrangements.

Results of Operations

Our revenues consist of earnings under the charters on which we employ our vessels. We believe that the important measures for analysing trends in the results of our operations consist of the following:

Revenues

The Company generates its revenues from charterers from the charter hire of its vessels. Vessels are chartered using time charters, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. If a time charter agreement exists and collection of the related revenue is reasonably assured, revenue is recognised on a straight - line basis over the period of the time charter. Such revenues are treated in accordance with IFRS 16 as lease income while the portion of time charter revenues related to technical management services are recognized in accordance with IFRS 15. Associated broker commissions are recognised on a pro-rata basis over the duration of the period of the time charter. Deferred revenue relates to cash received prior to the financial position date and is related to revenue earned after such date.

For time charters that qualify as leases, the Company is required to disclose lease and non-lease components of voyage revenue. The revenue earned under time charters is not negotiated in its two separate components, but as a whole. For purposes of determining the standalone selling price of the vessel lease and technical management service components of the Company’s time charters, the Company concluded that the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping market conditions, the duration of such charters and the age of the vessel. The Company believes that the standalone transaction price attributable to the technical management service component, including crewing services, is more readily determinable than the price of the lease component and, accordingly, the price of the service component is estimated using data provided by its technical department, which consist of the crew expenses, maintenance and consumable costs and was approximately $9,493 and $6,470 for the six months periods ended June 30, 2025 and 2024, respectively. The fleet increased from an average of 6.9 vessels during the 1^st half of 2024 to 9.4 vessels for the same period in 2025. The lease component that is disclosed then is calculated as the difference between total revenue and the non-lease component revenue and was $8,663 and $10,577 for the six months periods ended June 30, 2025 and 2024, respectively.

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The Company enters into consultancy agreements with other companies for the purpose of providing consultancy services. For these services the Company receives a fee. The total income from these fees is classified in the condensed consolidated statement of comprehensive income/(loss) under management & consulting fee income.

Time Charters

A time charter is a contract for the use of a vessel for a specific period of time during which the charterer pays substantially all of the voyage expenses, including port and canal charges and the cost of bunkers (fuel oil), but the vessel owner pays vessel operating expenses, including the cost of crewing, insuring, repairing and maintaining the vessel, the costs of spares and consumable stores and tonnage taxes. Time charter rates are usually set at fixed rates during the term of the charter. Prevailing time charter rates fluctuate on a seasonal and on a year-to-year basis and, as a result, when employment is being sought for a vessel with an expiring or terminated time charter, the prevailing time charter rates achievable in the time charter market may be substantially higher or lower than the expiring or terminated time charter rate. Fluctuation in time charter rates are influenced by changes in spot charter rates, which are in turn influenced by a number of factors, including vessel supply and demand. The main factors that could increase total vessel operating expenses are crew salaries, insurance premiums, spare parts, repairs that are not covered under insurance policies and lubricant prices.

Voyage Expenses

Voyage expenses primarily consist of port, canal and bunker expenses that are unique to a particular charter under time charter arrangements are paid by the charterers or by the Company under voyage charter arrangements. Furthermore, voyage expenses include brokerage commission on revenue paid by the Company.

Vessel Operating Expenses

Vessel operating expenses primarily consist of crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, tonnage taxes and other miscellaneous expenses necessary for the operation of the vessel and borne by the owner. All vessel operating expenses are expensed as incurred.

General and Administrative Expenses

The primary components of general and administrative expenses consist of the services of our senior executive officers, and the expenses associated with being a public company. Such public company expenses include the costs of preparing public reporting documents, legal and accounting costs and costs related to compliance with the rules, regulations and requirements of the SEC, the rules of NASDAQ, board of directors’ compensation and investor relations.

Depreciation

We depreciate the cost of our vessels after deducting the estimated residual value, on a straight-line basis over the expected useful life of each vessel, which is estimated to be 25 years from the date of initial delivery from the shipyard. We estimated the residual values of our vessels to be $480 per lightweight.

Interest and Finance Costs

We have historically incurred interest expense and financing costs in connection with the debt incurred to partially finance the acquisition of our existing fleet. The interest rate is calculated based on the Term SOFR rate and applicable margin.

Gain/(Loss) on derivative financial instruments

The Company enters into interest rate swap agreements to manage its exposure to fluctuations of interest rate risk associated with its borrowings. Interest Rate Swaps are measured at fair value. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. The valuation technique used for the Interest Rate Swaps is the discounted cash flow. The Company has not designated these interest rate swaps for hedge accounting.

The fair value of the Interest Rate Swaps is classified under “Fair value of derivative financial instruments” either under assets or liabilities in the consolidated statement of financial position. In the event that the respective asset or liability is expected to be materialized within the next twelve months, it is classified as current asset or liability. Otherwise, the respective asset or liability is classified as non-current asset or liability.

The change in fair value deriving from the valuation of the Interest Rate Swap at the end of each reporting period is classified under “Gain/ (Loss) on derivative financial instruments” in the condensed consolidated statement of comprehensive income/(loss). Realized gains or losses resulting from interest rate swaps are recognized in profit or loss under “Gain/(Loss) on derivative financial instruments” in the condensed consolidated statement of comprehensive income/(loss).

Gain on Sale of Vessels

Gain or loss on the sale of vessels is the residual value remaining after deducting from the vessels’ sale proceeds, the carrying value of the vessels at the respective date of delivery to their new owners and the total expenses associated with the sale.

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Selected Information

Our selected consolidated financial and other data for the six-month period ended June 30, 2025 and 2024 and as at June 30, 2025 presented in the tables below have been derived from our unaudited interim condensed consolidated financial statements and notes thereto, included elsewhere herein. Our selected consolidated financial data as at December 31, 2024, presented in the tables below have been derived from our audited financial statements and notes thereto, included in our Annual Report.

Consolidated Statements of Comprehensive Income/(Loss) Data

(In thousands of U.S. Dollars)

	Six months ended June 30,
	2025	2024
	(unaudited)
Voyage revenues	18,157	17,047
Management & consulting fee income	–	182
Total Revenues	18,157	17,229

Voyage expenses	(1,044)	(490)
Vessel operating expenses	(9,313)	(6,352)
Depreciation	(4,971)	(2,616)
Depreciation of dry-docking costs	(2,427)	(1,769)
Administrative expenses	(2,130)	(1,996)
Administrative expenses payable to related parties	(396)	(2,384)
Reversal of impairment	–	1,891
Gain from sale of vessel	2,137	–
Other expenses net	(56)	(33)
Operating (loss)/income	(43)	3,480
Interest income	1,005	1,433
Interest expense and finance costs	(4,221)	(2,523)
Gain on derivative financial instruments, net	8	542
Foreign exchange (losses)/gains, net	(99)	48
Total finance losses, net	(3,307)	(500)
Total (loss)/income and total comprehensive (loss)/income for the period	(3,350)	2,980

Basic & diluted (loss)/income per share for the period (1)	(0.16)	0.14
EBITDA (2) (unaudited)	7,264	8,455
Adjusted EBITDA (2) (unaudited)	5,218	5,974

(1) The weighted average number of shares (basic and diluted) for the six-month period ended June 30, 2025 and 2024, was 20,582,301.

(2) Earnings / (losses) before interest, taxes, depreciation and amortization, or “EBITDA”, represents the sum of total income/(loss), adjusted for interest and finance costs, interest income, depreciation and amortization and, if any, income taxes during a period. Adjusted EBITDA represents the sum of total income/(loss) before interest and finance costs net, gains or losses from the change in fair value of derivative financial instruments, foreign exchange gains or losses, income taxes, depreciation, depreciation of drydocking costs, impairment / reversal of impairment and gains or losses from sale of vessels. EBITDA and Adjusted EBITDA do not represent and should not be considered as an alternative to total comprehensive income or cash generated from operations, as determined by IFRS, and our calculation of EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies. EBITDA and Adjusted EBITDA is not a defined measure under IFRS.

EBITDA and Adjusted EBITDA is included herein because it is a basis upon which we assess our financial performance and because we believe that it presents useful information to investors regarding a company’s ability to service and/or incur indebtedness and it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

EBITDA and Adjusted EBITDA have limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under IFRS. Some of these limitations are:

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» EBITDA and Adjusted EBITDA do not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;

» EBITDA and Adjusted EBITDA do not reflect the interest expense or the cash requirements necessary to service interest or principal payments on our debt;

» EBITDA and Adjusted EBITDA do not reflect changes in or cash requirements for our working capital needs; and

» other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, EBITDA and Adjusted EBITDA should not be considered a measure of discretionary cash available to us to invest in the growth of our business.

Total comprehensive income/(loss) to EBITDA and Adjusted EBITDA Reconciliation

		Six-month Period Ended June 30,
		(Expressed in Thousands of U.S. Dollars, except per share data)
		2025 (Unaudited)		2024 (Unaudited)
Total comprehensive (loss)/income for the period	$	(3,350)	$	2,980
Interest and finance costs, net		3,216		1,090
Depreciation		4,971		2,616
Depreciation of drydocking costs		2,427		1,769
EBITDA (unaudited)	$	7,264	$	8,455
Gain on derivative financial instruments		(8)		(542)
Foreign exchange (gains)/losses, net		99		(48)
Reversal of Impairment		–		(1,891)
Gain from sale of vessel		(2,137)		–
Adjusted EBITDA (unaudited)	$	5,218	$	5,974

Balance Sheets Data

(In thousands of U.S. Dollars)

	As at June 30,	As at December 31,
	2025	2024
	(Unaudited)
Consolidated condensed statement of financial position:
Vessels, net	236,925	248,979
Advances for vessel acquisition	15,052	15,051
Other non-current assets	2,789	3,914
Total non-current assets	254,766	267,944
Cash and bank balances and bank deposits	48,327	46,837
Other current assets	6,270	6,205
Total current assets	54,597	53,042
Total assets	309,363	320,986
Total equity	173,051	176,401
Total debt & Financial liabilities net of unamortized debt discount	112,205	118,090
Sellers' Credit	19,000	19,000
Other liabilities	5,107	7,495
Total liabilities	136,312	144,585
Total equity and liabilities	309,363	320,986

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Statements of Cash Flows Data

(In thousands of U.S. Dollars)

	Six months ended June 30,
	2025	2024
	(Unaudited)
Statement of cash flow data:
Net cash generated from operating activities	1,169	7,727
Net cash generated from / (used in) investing activities	9,252	(29,244)
Net cash (used in) / generated from financing activities	(8,931)	18,080

	Six months ended June 30,
	2025	2024
	(Unaudited)

Ownership days ⁽¹⁾	1,704	1,250
Available days ⁽²⁾	1,666	1,250
Operating days ⁽³⁾	1,665	1,239
Fleet utilization ⁽⁴⁾	100%	99.1%
Average number of vessels ⁽⁵⁾	9.4	6.9
Daily time charter equivalent (TCE) rate ⁽⁶⁾	$ 10,274	$ 13,246
Daily operating expenses ⁽⁷⁾	$ 5,464	$ 5,082

Notes:

(1)

Ownership days are the aggregate number of days in a period during which each vessel in our fleet has been owned by us.

(2)

Available days are the number of ownership days less the aggregate number of days that our vessels are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys.

(3)

Operating days are the number of available days less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances but excluding days during which vessels are seeking employment.

(4)

We calculate fleet utilization by dividing the number of operating days during a period by the number of available days during the period.

(5)

Average number of vessels is measured by the sum of the number of days each vessel was part of our fleet during a relevant period divided by the number of calendar days in such period.

(6)

TCE rates are our voyage revenues plus any potential gain on sale of bunkers less voyage expenses during a period divided by the number of our available days during the period which is consistent with industry standards. TCE is a measure not in accordance with IFRS.

(7)

We calculate daily vessel operating expenses by dividing vessel operating expenses by ownership days for the relevant time period.

Voyage Revenues to Daily Time Charter Equivalent (“TCE”) Reconciliation

	Six months ended June 30,
	2025	2024
	(Unaudited)

Voyage revenues	$ 18,157	$ 17,047
Less: Voyage expenses	$ 1,044	$ 490
Net revenues	$ 17,113	$ 16,557
Available days	1,666	1,250
Daily TCE rate ⁽¹⁾	$ 10,274	$ 13,246

(1) Subject to rounding.

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Recent Developments

Sale of vessel

On February 4, 2025, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2007-built River Globe for a gross price of $8.55 million before commissions and expenses. The vessel was delivered to her new owners on March 17, 2025.

Transactions with Related Parties

On October 23, 2024, the Company entered into two memoranda of agreement with an entity controlled by the Chairman of the Board of Directors and to which the Chief Executive Officer is also related, for the acquisition of two Kamsarmax scrubber outfitted dry bulk vessels (the “Vessels”), a 2016-built Kamsarmax dry bulk carrier with a carrying capacity of approximately 81,119 dwt for a purchase price of $27.5 million and a 2014-built dry bulk vessel with a carrying capacity of approximately 81,817 dwt for a purchase price of $26.5 million, both paid with available cash. The purchase of each Vessel was approved by a committee of the Board of Directors of the Company comprised solely of independent directors, as well as unanimously ratified by the Company’s Board of Directors.

An aggregate of $18 million of the purchase price for the 2016-built Vessel has been paid upon its delivery and the remaining balance is to be paid in one lump sum without interest no later than one year after the date of the relevant memorandum of agreement. An aggregate of $17 million of the purchase price for the 2014-built Vessel has been paid upon its delivery and the remaining balance is to be paid in one lump sum without interest no later than one year after the date of the relevant memorandum of agreement.

On November 19, 2024, the Company took delivery of the m/v “GLBS Angel,” a 2016-built Kamsarmax dry bulk carrier and on December 3, 2024 the Company took delivery of the m/v “GLBS Gigi,” a 2014-built Kamsarmax dry bulk carrier.In July 2025, the Company settled the outstanding balance of $19 million to the sellers using available cash.

First half of the year 2025 compared to the first half of the year 2024

Total comprehensive loss for the six-month period ended June 30, 2025 amounted to $3.35 million or $0.16 basic and diluted loss per share based on 20,582,301 weighted average number of shares, compared to total comprehensive income of $2.3 million for the same period last year or $0.14 basic and diluted income per share based on 20,582,301 weighted average number of shares.

The following table corresponds to the breakdown of the factors that led to the decrease in total comprehensive income during the six-month period ended June 30, 2025 compared to the six-month period ended June 30, 2024 (expressed in $000’s):

1^st half of 2025 vs 1^st half of 2024

Net income and total comprehensive income for the 1^st half of 2024	2,980
Increase in Voyage revenues	1,110
Decrease in Management & consulting fee income	(182)
Increase in Voyage expenses	(554)
Increase in Vessels operating expenses	(2,961)
Increase in Depreciation	(2,355)
Increase in Depreciation of dry-docking costs	(658)
Decrease in Total administrative expenses	1,854
Decrease in Reversal of Impairment	(1,891)
Increase in Gain from sale of vessel	2,137
Increase in Other expenses, net	(23)
Decrease in Interest income	(428)
Increase in Interest expense and finance costs	(1,698)
Decrease in Gain on derivative financial instruments	(534)
Decrease in Foreign exchange gains	(147)
Net loss and total comprehensive loss for the 1^st half of 2025	(3,350)

Voyage revenues

During the six-month periods ended June 30, 2025 and 2024, our Voyage revenues amounted to $18.2 million and $17.0 million, respectively. The 7% increase in Voyage revenues is primarily attributable to the higher average number of vessels operated by the Company during the first half of 2025 compared to the same period in 2024. The Company operated an average fleet of 9.4 vessels in the first half of 2025, compared to an average of 6.9 vessels during the corresponding period in 2024. Conversely, the daily Time Charter Equivalent (TCE) rate for the six-month period ended June 30, 2025, was $10,274 per vessel per day, compared to $13,246 per vessel per day in the same period of 2024, representing a 22% decline. This decrease is attributed to unfavourable market conditions in the bulk shipping sector during the first half of 2025.

Voyage expenses

Voyage expenses totaled $1.0 million for the six-month period ended June 30, 2025, compared to $0.5 million for the same period in 2024. The increase is primarily attributable to higher bunker expenses, which rose to $0.6 million in the first half of 2025 from $0.1 million during the same period in 2024. This increase was mainly due to bunker consumption during dry docking periods. Voyage expenses consist of commissions on revenues, port and other voyage-related expenses, and bunker expenses. Bunker expenses primarily represent the cost of fuel consumed while vessels are traveling in search of employment or during dry-docking. A breakdown of voyage expenses for the six-month periods ended June 30, 2025 and 2024 is as follows:

In $000’s	2025	2024
Commissions	236	220
Bunkers	600	137
Other voyage expenses	208	133
Total	1,044	490

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Vessel operating expenses

Vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oils, insurance, maintenance, and repairs, reached $9.3 million during the six-month period ended June 30, 2025, compared to $6.4 million during the same period last year. This is mainly attributed to the fact that the Company operated a fleet of an average of 9.4 vessels during the 1^st half of 2025 compared to an average of 6.9 vessels for the same period in 2024. The breakdown of our operating expenses for the six-month period ended June 30, 2025 and 2024 was as follows:

	2025	2024
Crew expenses	56%	59%
Repairs and spares	18%	11%
Insurance	7%	8%
Stores	9%	13%
Lubricants	6%	5%
Other	4%	4%

Average daily operating expenses during the six-month periods ended June 30, 2025 and 2024 were $5,464 per vessel per day and $5,082 per vessel per day respectively, corresponding to an increase of 8%, which is mainly attributed to the increase in the cost of repairs and spares due to unscheduled repairs for the Company’s vessels.

Depreciation

Depreciation charge during the six-month period ended June 30, 2025, reached $5 million compared to $2.6 million during the same period in 2024. The 92% increase is mainly attributed to the increase from an average of 6.9 vessels during the six-month period ended June 30, 2024, to an average of 9.4 vessels for the same period in 2025. Furthermore, the book value of the vessels of the Company as at June 30, 2025 reached $236.9 million compared to $125.4 million as at June 30, 2024 contributing to the higher depreciation expense.

Depreciation of dry-docking costs

Depreciation of dry-docking costs during the six-month period ended June 30, 2025, reached $2.5 million compared to $1.8 million during the same period in 2024. The 39% increase is mainly attributed to the increase from an average of 6.9 vessels during the six-month period ended June 30, 2024, to an average of 9.4 vessels for the same period in 2025.

Total administrative expenses

Total administrative expenses, including administrative expenses to related parties, decreased to $2.5 million during the six-month period ended June 30, 2025 compared to $4.4 million for the same period in 2024. The decrease is mainly attributed to the accrual of approximately $2.0 million as at June 30, 2024, which related to the $3 million bonus that was awarded on March 13, 2024 to a consulting company affiliated with our chief executive officer, half of which was payable immediately upon the delivery of the newbuilding vessel Hull NE442 (i.e., the vessel being constructed by Nantong Cosco Khi Ship Engineering pursuant to the agreement dated May 13, 2022) and the balance at the delivery of Hull NE443 (i.e., the vessel being constructed by Nantong Cosco Khi Ship Engineering pursuant to the other agreement dated May 13, 2022), in each case assuming Athanasios Feidakis remained Chief Executive Officer at each such relevant time.

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Reversal of Impairment

On May 28, 2024, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2005-built Moon Globe for a gross price of $11.5 million, before commissions, to an unaffiliated third party, which sale was subject to standard closing conditions.

Following the agreement to sell Moon Globe and given the significant increase in the vessel’s market value, the Company assessed that there were indications that impairment losses recognized in the previous periods with respect to this vessel have decreased. Therefore, the carrying amount of the vessel was increased to its recoverable amount, determined based on selling price less cost to sell, and the Company recorded reversal of impairment amounting $1,891.

Gain from sale of vessel

On February 4, 2025, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2007-built River Globe for a gross price of $8.55 million before commissions and expenses. The total gain from the sale of the vessel reached the $2.1 million. The vessel was delivered to her new owners on March 17, 2025.

Interest expense and finance costs

Interest expense and finance costs reached $4.2 million during the six-month period ended June 30, 2025, compared to $2.5 million in the same period of 2024. Interest expense and finance costs for the six-month periods ended June 30, 2025 and 2024, are analyzed as follows:

In $000’s	2025	2024
Interest payable on long-term borrowings and financial liabilities	3,909	2,247
Bank charges	29	26
Operating lease liability interest	25	5
Amortization of debt discount	171	140
Amortization of gain of Loan modification	78	91
Other finance expenses	9	14
Total	4,221	2,523

As at June 30, 2025, and 2024 we and our vessel-owning subsidiaries had outstanding borrowings under our Loan agreements and Financial liabilities of an aggregate of $112.9 million and $72.7 million, respectively, gross of unamortized debt discount. The increase in interest payable is mainly attributed to the increase of the outstanding principal of the Sale and Bareboat back agreements. The weighted average interest rate has decreased from 8.09% during the six-month period ended June 30, 2024 to 6.72% for the same period in 2025, which is mainly attributed to the decrease of the 3-month Term SOFR rates.

-11-

Gain on derivative financial instruments

For the six-month periods ended June 30, 2025 and 2024, the Company recognized a gain of approximately $8 thousand and $542 thousand, respectively, net of interest for the period, according to the Interest Rate Swap valuations and is included in the condensed consolidated statement of comprehensive income/(loss).

Liquidity and capital resources

As at June 30, 2025, and December 31, 2024, our cash and bank balances and bank deposits (including restricted cash) were $51.1 and $50.7 million, respectively.

As at June 30, 2025, the Company reported a working capital surplus of $22.9 million and was in compliance with the covenants included in the CIT loan facility and Marguerite Maritime S.A. loan facility.

The Company performs on a regular basis an assessment to evaluate its ability to continue as a going concern.

In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but is not limited to, twelve months from the end of the reporting period. The degree of consideration depends on the facts in each case and depends on the Company’s profitability and ready access to financial resources, In certain cases, management may need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules, compliance with the financial and security collateral cover ratio covenants under its existing debt agreements and potential sources of replacement financing before it can satisfy itself that the going concern basis is appropriate. The Company may need to develop detailed cash flow projections as part of its assessment in such cases. In developing estimates of future cash flows, the Company makes assumptions about the vessels’ future performance, with the significant assumptions relating to time charter equivalent rates, vessels’ operating expenses, vessels’ capital expenditures, fleet utilization, Company’s general and administrative expenses and cash flow requirements for debt servicing. The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations.

The above conditions indicate that the Company is expected to be able to operate as a going concern.

Net cash generated from operating activities for the six-month period ended June 30, 2025 was $1.2 million compared to $7.7 million during the respective period in 2024. The decline was primarily due to changes in the Company’s working capital, which shifted from a $2.2 million inflow in the six-month period ended June 30, 2024 to a $2.1 million outflow during the current period.

Net cash generated from investing activities for the six-month period ended June 30, 2025 was $9.3 million compared to net cash used in investing activities of $29.2 million during the respective period in 2024. The improvement was primarily driven by net proceeds of $8.4 million from the sale of the vessel m/v River Globe. In contrast, net cash used in financing activities for the six-month period ended June 30, 2024 reflected the final instalment of $18.5 million for the acquisition of the newbuilding vessel m/v GLBS Hero, as well as instalment payments totalling $10.4 million for other newbuilding vessels.

Net cash generated from/(used in) financing activities during the six-month period ended June 30, 2025 and 2024 were as follows:

	Six months ended June 30,
In $000’s	2025	2024
	(Unaudited)
Proceeds from loans and financial liabilities	–	25,800
Repayment of long-term debt and financial liabilities	(4,184)	(3,128)
Prepayment of long-term debt	(1,879)	(2,567)
Decrease in restricted cash	1,055	15
Payment of financing costs	–	(377)
Repayment of lease liability	(154)	(170)
Interest paid	(3,769)	(1,493)
Net cash (used in)/generated from financing activities	(8,931)	18,080

As at June 30, 2025 and 2024, we and our vessel-owning subsidiaries had outstanding borrowings under our Loan and Financial liabilities of an aggregate of $112.9 and $72.7 million, respectively, gross of unamortized debt discount.

-12-

INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Unaudited Interim Condensed Consolidated Statements of Comprehensive Income/(Loss) for the three and six-month periods ended June 30, 2025 and 2024	F-2

Condensed Consolidated Statements of Financial Position as at June 30, 2025 (Unaudited) and December 31, 2024	F-3

Unaudited Interim Condensed Consolidated Statements of Changes in Equity for the six-month periods ended June 30, 2025 and 2024	F-4

Unaudited Interim Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2025 and 2024	F-5

Notes to the Unaudited Interim Condensed Consolidated Financial Statements	F-6 to F-15

F-1

GLOBUS MARITIME LIMITED

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME/(LOSS)
For the three and six-month periods ended June 30, 2025 and 2024
(Expressed in thousands of U.S. Dollars, except share, per share and warrants data)


		Three months ended June 30,		Six months ended June 30,
	Notes	2025	2024	2025	2024
REVENUES:
Voyage revenues	10	9,538	9,425	18,157	17,047
Management & consulting fee income		–	91	–	182
Total Revenues		9,538	9,516	18,157	17,229

EXPENSES & OTHER OPERATING INCOME:
Voyage expenses, net		(524)	(139)	(1,044)	(490)
Vessel operating expenses		(4,602)	(3,223)	(9,313)	(6,352)
Depreciation	5, 10	(2,490)	(1,335)	(4,971)	(2,616)
Depreciation of dry-docking costs	5	(1,165)	(795)	(2,427)	(1,769)
Administrative expenses		(937)	(824)	(2,130)	(1,996)
Administrative expenses payable to related parties		(207)	(1,324)	(396)	(2,384)
Reversal of impairment	5	–	1,891	–	1,891
Gain from sale of vessel	5	–	–	2,137	–
Other expenses, net		(21)	(40)	(56)	(33)
Operating (loss)/ income		(408)	3,727	(43)	3,480

Interest income		627	735	1,005	1,433
Interest expense and finance costs		(2,069)	(1,328)	(4,221)	(2,523)
Gain on derivative financial instruments, net		31	130	8	542
Foreign exchange (losses) / gains, net		(49)	15	(99)	48

NET INCOME/(LOSS) FOR THE PERIOD		(1,868)	3,279	(3,350)	2,980
Other Comprehensive Income		–	–	–	–
NET COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD		(1,868)	3,279	(3,350)	2,980

Income/(Loss) per share (U.S.$):
- Basic and Diluted income/(loss) per share for the period	7	(0.09)	0.16	(0.16)	0.14

The accompanying condensed notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-2

GLOBUS MARITIME LIMITED

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at June 30, 2025 and December 31,2024

(Expressed in thousands of U.S. Dollars, except share, per share and warrants data)

		June 30,	December 31,
ASSETS	Notes	2025	2024
		(Unaudited)
NON-CURRENT ASSETS
Vessels, net	5	236,925	248,979
Advances for vessel purchase	10	15,052	15,051
Office furniture and equipment		91	101
Right of use asset	10	688	852
Restricted cash	3	2,000	2,770
Fair value of derivative financial instruments	11	–	181
Other non-current assets		10	10
Total non-current assets		254,766	267,944
CURRENT ASSETS
Current portion of fair value of derivative financial instruments	11	334	442
Trade receivables, net		1,520	1,114
Inventories		1,385	1,226
Prepayments and other assets		2,266	2,373
Restricted cash	3	765	1,050
Cash and cash equivalents	3	48,327	46,837
Total current assets		54,597	53,042
TOTAL ASSETS		309,363	320,986

EQUITY AND LIABILITIES

EQUITY
Issued share capital	6	82	82
Share premium	6	284,406	284,406
Accumulated deficit		(111,437)	(108,087)
Total equity		173,051	176,401
NON-CURRENT LIABILITIES
Long-term borrowings, net of current portion	8	54,931	59,270
Financial Liabilities, net of current portion	8	49,091	50,014
Provision for staff retirement indemnities		256	191
Lease liabilities		371	531
Total non-current liabilities		104,649	110,006
CURRENT LIABILITIES
Current portion of long-term borrowings	8	6,323	6,946
Current portion of financial Liabilities	8	1,860	1,860
Sellers' Credit	4	19,000	19,000
Trade accounts payable		2,510	3,589
Accrued liabilities and other payables		1,380	2,156
Current portion of lease liabilities	10	338	332
Deferred revenue		252	696
Total current liabilities		31,663	34,579
TOTAL LIABILITIES		136,312	144,585
TOTAL EQUITY AND LIABILITIES		309,363	320,986

The accompanying condensed notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-3

GLOBUS MARITIME LIMITED

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six-month ended June 30, 2025 and 2024

(Expressed in thousands of U.S. Dollars, except share, per share and warrants data)

	Issued share Capital	Share Premium	(Accumulated Deficit)	Total Equity
As at January 1, 2025	82	284,406	(108,087)	176,401
Net loss for the period	–	–	(3,350)	(3,350)
Other comprehensive income	–	–	–	–
Total comprehensive loss for the period	–	–	(3,350)	(3,350)
As at June 30, 2025	82	284,406	(111,437)	173,051

	Issued share Capital	Share Premium	(Accumulated Deficit)	Total Equity
As at January 1, 2024	82	284,406	(108,518)	175,970
Net income for the period	–	–	2,980	2,980
Other comprehensive income	–	–	–	–
Total comprehensive income for the period	–	–	2,980	2,980
As at June 30, 2024	82	284,406	(105,538)	178,950

The accompanying condensed notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-4

GLOBUS MARITIME LIMITED

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the six-month ended June 30, 2025 and 2024

(Expressed in thousands of U.S. Dollars)


		Six months ended June 30,
	Notes	2025	2024
Operating activities
Income/(Loss) for the period		(3,350)	2,980
Adjustments for:
Depreciation	5	4,971	2,616
Depreciation of deferred dry-docking costs	5	2,427	1,769
Payment of deferred dry-docking costs		(1,956)	(537)
Reversal of impairment	5	–	(1,891)
Provision for staff retirement indemnities		65	32
Gain on derivative financial instruments		(8)	(542)
Gain on sale of vessel		(2,137)	–
Interest expense and finance costs		4,221	2,523
Interest income		(1,005)	(1,433)
Foreign exchange losses/(gains), net		42	(35)
(Increase)/decrease in:
Trade receivables, net		(407)	1,039
Inventories		(159)	400
Prepayments and other assets		181	(1,565)
Increase/(decrease) in:
Trade accounts payable		(1,093)	314
Accrued liabilities and other payables		(179)	2,185
Deferred revenue		(444)	(128)
Net cash generated from operating activities		1,169	7,727
Cash flows from investing activities:
Net Proceeds from sale of vessel	5	8,362	–
Vessel acquisition	5	–	(19,634)
Advance for vessel acquisition		–	(10,921)
Improvements		(31)	(61)
Purchases of office furniture and equipment		(10)	(43)
Interest received		931	1,415
Net cash generated from / (used in) investing activities		9,252	(29,244)
Cash flows from financing activities:
Proceeds from loans and financial liabilities		–	25,800
Repayment of long-term debt and financial liabilities		(4,184)	(3,128)

SEC Form 6-K filed by Globus Maritime Limited