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Greek dry bulk shipping company Globus Maritime Limited reported that the total comprehensive loss for the third quarter of the year 2015 amounted to USD 2.5 million, compared to total comprehensive income of USD 0.2 million for the same period last year.

The company also added that it recorded a 49 percent decrease in revenue to USD 3.2 million for the three-month period ended September 30, 2015, compared to USD 6.3 million for the same period in 2014.

The decrease was mainly attributed to the decrease in the average time charter rates achieved by Globus’ vessels during the third quarter of 2015 compared to the same period in 2014. Time Charter Equivalent rate (TCE) for the third quarter of 2015 amounted to USD 5,664 per vessel per day against USD 7,524 during the corresponding period in 2014, representing a decrease of 25 percent.

“Given that our vessels are employed in the spot market, Globus’ financial results for the third quarter 2015 were heavily affected by the historical low dry bulk markets. Specifically, our time charter equivalent rate decreased by 25% for the third quarter of 2015 compared to the same period in 2014,” George Karageorgiou, President, Chief Executive Officer and Chief Financial Officer of Globus Maritime Limited, said.

For the nine month period ended September 30, 2015, the company’s total comprehensive loss in this period amounted to USD 16.1 million, compared to total comprehensive income of USD 0.04 million in 2014.

Furthermore, the revenue reached USD 10.1 million, compared to USD 20.9 million for the same period in 2014.

“Our objective in 2016 is to maintain our chartering strategy with full spot exposure that will allow Globus to capitalize on the eventual market recovery. While the drybulk market remains depressed year to date, including this fourth quarter, which historically is a strong period for the market, the freight rate weakness helps keep the supply side from growing with minimum newbuilding orders placed alleviating what has been a problem for the industry. While the slowing demand has also hampered the sector, we remain cautiously optimistic on China’s economy and expect demand for dry bulk commodities going forward to remain strong,” Karageorgiou said.

As of December 1, Globus’ subsidiaries own and operate six dry bulk carriers, consisting of four Supramax, one Panamax and one Kamsarmax.