Globus Maritime’s earnings have soared into the black as charter rates skyrocketed from a year ago. The Athanasios Feidakis-led owner of nine bulkers with three bulkers on order posted a $12.1m profit for the first quarter versus a $766,000 loss a year earlier. Revenue spiked to $18.4m from $5.2m, thanks to time-charter equivalent (TCE) rates for the quarter that improved to $23,643 per day from $9,857 per day a year ago. “This has been one of the best first quarters in the company’s recent history,” the shipowner said in a statement.

Vessel operating costs increased to $4.4m during the first quarter from $3.1m a year ago because the company’s fleet grew to nine ships. Globus said it took major steps in the last two years to improve its balance sheet and renew and grow its fleet while refinancing debt at lower costs. Its debt stood at $30.8m as of 31 March 2022.

“We are pleased that our efforts are now bearing fruits,” the New York-listed owner said. “The company is well-positioned to grow further while it takes full advantage and enjoys a strong market.” Globus said shipping faces numerous threats and uncertainties including the effects of the pandemic, the conflict in Ukraine and port congestion. “Therefore, we always need to be ready and agile to adjust and cope with any such difficulties,” Globus said.

“We also find ourselves operating in an uncertain world economic environment, the galloping inflation and possible hike in interest rates are major events that we are closely monitoring.” Despite the uncertainties and challenges, Globus said it still intends to expand its fleet further if the spot market remains robust so that it can increase shareholder value.

As of 31 March, Globus held a cash balance of $59m and a working capital surplus of $50.1m.