Globus Maritime is a small Greek-managed dry bulk shipping company that owns and operates a fleet of ocean-going vessels transporting commodities like iron ore, coal, grain, steel products, and cement. As of year-end 2025, Globus operates nine vessels — six Kamsarmax (~81,000 dwt each) and three Ultramax (~64,000 dwt each) — with two additional Ultramax newbuildings scheduled for delivery in the second half of 2026. Globus earns revenue by chartering vessels to customers, primarily commodity traders, trading houses, and government-owned entities, under time charter or spot agreements. Under time charters, Globus earns a fixed or index-linked daily rate while covering vessel operating costs; the charterer covers voyage costs like fuel and port fees. As of the filing date, all vessels were on short-term time charters. Revenue per vessel is driven by daily charter rates, fleet utilization, and fleet size, all of which are highly sensitive to the cyclical dry bulk freight market — the Baltic Dry Index ranged from 715 to 2,845 in 2025. Globus finances vessel acquisitions through bank debt and sale-and-leaseback arrangements with Japanese lessors, selling vessels and chartering them back on a bareboat basis while retaining repurchase options. Globus has been actively modernizing its fleet, selling older vessels and ordering fuel-efficient newbuildings, bringing the fleet's weighted average age to 8.1 years.