Globus Maritime Ltd. Files 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>Globus Maritime Ltd. has submitted its 20-F annual report for the fiscal year ending December 31, 2023, detailing its operations in deep-sea freight transportation.</b>

AI Summary

GLOBUS MARITIME LTD (GLBS) filed a Foreign Annual Report (20-F) with the SEC on March 15, 2024. Globus Maritime Ltd. filed its annual 20-F report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is deep-sea foreign transportation of freight. The filing includes financial data for the years 2023, 2022, and 2021. The company is incorporated in Greece and its principal executive offices are located in Athens.

Why It Matters

For investors and stakeholders tracking GLOBUS MARITIME LTD, this filing contains several important signals. This 20-F filing provides a comprehensive overview of Globus Maritime's financial performance and operational status for the fiscal year 2023, crucial for investors assessing the company's health and future prospects. The report details the company's fleet operations and financial structure, offering insights into its position within the competitive dry bulk shipping market.

Risk Assessment

Risk Level: medium — GLOBUS MARITIME LTD shows moderate risk based on this filing. The company operates in the highly cyclical and competitive dry bulk shipping industry, which is subject to significant fluctuations in charter rates and vessel values, impacting profitability and financial stability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 20-F to understand the company's exposure to market volatility and its strategies for navigating the shipping industry.

Key Numbers

• 2023-12-31 — Period of Report (Fiscal Year End)
• 2024-03-15 — Filing Date (Date of Submission)
• 108 — Public Document Count (Number of documents in the filing)
• 0001499780 — Central Index Key (Company Identifier)

Key Players & Entities

• GLOBUS MARITIME LTD (company) — Filer
• 2024-03-15 (date) — Filing Date
• 2023-12-31 (date) — Period of Report
• 0001104659-24-034994 (other) — Accession Number
• 001-34985 (other) — SEC File Number
• 128 VOULIAGMENIS AVENUE 3RD FL (address) — Business Address
• ATHENS GREECE (address) — Business Address City/State
• 4412 (other) — Standard Industrial Classification

FAQ

Risk Factors

• Cyclical Nature of the Shipping Industry [high — market]: The company's operations are subject to the cyclical nature of the dry bulk shipping industry, which can lead to significant fluctuations in charter rates, vessel values, and profitability.
• Debt and Leverage [medium — financial]: The company's level of debt and its ability to service it are critical factors that can impact its financial flexibility and operational capacity.
• Fleet Operations and Maintenance [medium — operational]: The efficient operation and maintenance of the company's fleet of vessels are essential for generating revenue and managing costs, with potential risks associated with breakdowns or operational disruptions.

Key Dates

• 2024-03-15: Filing Date — Submission of the annual 20-F report for the fiscal year 2023.
• 2023-12-31: Fiscal Year End — End of the reporting period for the 20-F filing.

Key Financial Figures

• $0.004 — h registered Common Shares, par value $0.004 per share, including the preferred stoc
• $0.001 — 's registered Class B shares, par value $0.001 per share, none of which are currently

Filing Documents

• glbs-20231231.htm (20-F) — 2680KB
• exhibit21.htm (EX-2.1) — 213KB
• exhibit24.htm (EX-2.4) — 162KB
• exhibit417.htm (EX-4.17) — 2410KB
• exhibit421.htm (EX-4.21) — 345KB
• exhibit422.htm (EX-4.22) — 343KB
• exhibit423.htm (EX-4.23) — 961KB
• exhibit81.htm (EX-8.1) — 17KB
• exhibit111.htm (EX-11.1) — 112KB
• exhibit121.htm (EX-12.1) — 11KB
• exhibit122.htm (EX-12.2) — 11KB
• exhibit131.htm (EX-13.1) — 5KB
• exhibit132.htm (EX-13.2) — 5KB
• exhibit151.htm (EX-15.1) — 5KB
• exhibit971.htm (EX-97.1) — 41KB
• image_002.jpg (GRAPHIC) — 21KB
• image_001.jpg (GRAPHIC) — 22KB
• 0001104659-24-034994.txt (&nbsp;) — 15256KB
• glbs-20231231.xsd (EX-101.SCH) — 111KB
• glbs-20231231_cal.xml (EX-101.CAL) — 85KB
• glbs-20231231_def.xml (EX-101.DEF) — 264KB
• glbs-20231231_lab.xml (EX-101.LAB) — 557KB
• glbs-20231231_pre.xml (EX-101.PRE) — 388KB
• glbs-20231231_htm.xml (XML) — 1756KB

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers 4

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable 4

Key Information

Item 3. Key Information 4

Information on the Company

Item 4. Information on the Company 43

Unresolved Staff Comments

Item 4A. Unresolved Staff Comments 68

Operating and Financial Review and Prospects

Item 5. Operating and Financial Review and Prospects 68

Directors, Senior Management and Employees

Item 6. Directors, Senior Management and Employees 92

Major Shareholders and Related Party Transactions

Item 7. Major Shareholders and Related Party Transactions 96

Financial Information

Item 8. Financial Information 100

The Offer and Listing

Item 9. The Offer and Listing 101

Additional Information

Item 10. Additional Information 101

Quantitative and Qualitative Disclosures About Market Risk

Item 11. Quantitative and Qualitative Disclosures About Market Risk 111

Description of Securities Other than Equity Securities

Item 12. Description of Securities Other than Equity Securities 113 PART II 113

Defaults, Dividend Arrearages and Delinquencies

Item 13. Defaults, Dividend Arrearages and Delinquencies 113

Material Modifications to the Rights of Security Holders and Use of Proceeds

Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 113

Controls and Procedures

Item 15. Controls and Procedures 114

Audit Committee Financial Expert

Item 16A. Audit Committee Financial Expert 115

Code of Ethics

Item 16B. Code of Ethics 115

Principal Accountant Fees and Services

Item 16C. Principal Accountant Fees and Services 115

Exemptions from the Listing Standards for Audit Committees

Item 16D. Exemptions from the Listing Standards for Audit Committees 116

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 116

Change in Registrant's Certifying Accountant

Item 16F. Change in Registrant's Certifying Accountant 116

Corporate Governance

Item 16G. Corporate Governance 116

Mining Safety Disclosure

Item 16H. Mining Safety Disclosure 117

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 117

Insider trading policies

Item 16J. Insider trading policies 117

Cybersecurity

Item 16K. Cybersecurity 117 PART III 118

Financial Statements

Item 17. Financial Statements 118

Financial Statements

Item 18. Financial Statements 118

Exhibits

Item 19. Exhibits 118 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This annual report on Form 20-F contains forward-looking statements and information within the meaning of U.S. securities laws and Globus Maritime Limited desires to take advantage of, among other things, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Forward-looking beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Forward-looking statements and information can generally be identified by the use of forward-looking terminology or words, such as "anticipate," "approximately," "believe," "continue," "estimate," "expect," "forecast," "intend," "may," "ongoing," "pending," "perceive," "plan," "potential," "predict," "project," "seeks," "should," "views" or similar words or phrases or variations thereon, or the negatives of those words or phrases, or statements that events, conditions or results "can," "will," "may," "must," "would," "could" or "should" occur or be achieved and similar expressions in connection with any discussion, expectation or projection of future operating or financial performance, costs, regulations, events or trends. The absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements and information are based on management's current expectations and assumptions, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Without limiting the generality of the foregoing, all statements in this annual report on Form 20-F concerning or relating to estimated and projected earning

Identity of Directors, Senior Management

Item 1. Identity of Directors, Senior Management and Advisers Not Applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable Not Applicable.

Key Information

Item 3. Key Information A. [Reserved] B. Capitalization and Indebtedness Not Applicable. C. Reasons for the Offer and Use of Proceeds Not Applicable. 4 Table of Contents D.

Risk Factors

Risk Factors This annual report on Form 20-F contains forward-looking statements and information within the meaning of U.S. securities laws that involve risks and uncertainties. Our actual results may differ materially from the results discussed in the forward-looking statements and information. Factors that may cause such a difference include those discussed below and elsewhere in this annual report on Form 20-F. Some of the following risks relate principally to the industry in which we operate and our business in general. Other risks relate principally to the securities market and ownership of our common shares. The occurrence of any of the events described in this section could significantly and negatively affect our business, financial condition, operating results, and ability to pay dividends or the trading price of our common shares, and you may lose all or part of your investment. Summary of Risk Factors Below is a summary of the principal factors that make an investment in our common shares speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below under the headings "Risks relating to Our Industry," "Company Specific Risk Factors" and "Risks Relating to our Common Shares" and should be carefully considered, together with other information in this annual report on Form 20-F and our other filings with the Securities and Exchange Commission (the "SEC"), before making an investment decision regarding our common shares. General dry bulk market conditions, including seasonal fluctuations and fluctuations in charter hire rates, vessel values, vessel supply, and need and demand for vessels and for dry bulk products; General economic, financial, political and business conditions and disruptions, including counterparty risk, competition, inflation, sanctions, public health, piracy, terrorist attacks and other

View Full Filing

View this 20-F filing on SEC EDGAR