SCHEDULE: Globus Maritime Insider Boosts Stake to 6.2%

Goldenmare Limited and CEO Athanasios Feidakis increase their beneficial ownership in Globus Maritime Limited to 6.2% through share purchases and a significant equity award for past services.

Summary

• Goldenmare Limited and Athanasios Feidakis (CEO, CFO, President, and Director of Globus Maritime Limited) now beneficially own an aggregate of 1,328,828 Common Shares, representing approximately 6.2% of the Issuer's outstanding Common Shares.
• Goldenmare Limited purchased 328,710 Common Shares for a total of $391,164, funded by its available working capital.
• Mr. Feidakis directly acquired 118 Common Shares through gifts or awards.
• On November 26, 2025, Goldenmare Limited was granted 1,000,000 Common Shares under the 2024 Equity Incentive Plan as bonus compensation for past shipping brokering and consulting services provided to the Issuer.
• The Reporting Persons also beneficially own 10,300 Series B preferred shares, which carry significant voting power (25,000 votes per share, capped at 49.99% of total votes).
• A Registration Rights Agreement was executed on November 26, 2025, granting Goldenmare Limited and its affiliates the right to register their Common Shares for resale, including demand, shelf, and piggyback registration rights.

Sentiment

Score: 6

Explanation: The filing indicates increased insider ownership and alignment of interests through an equity award and registration rights, which can be positive. However, the significant voting power of Series B preferred shares held by the insider's affiliate introduces a potential governance concern regarding common shareholder influence. The dilution from the stock award is also a minor negative.

Positives

• Increased insider ownership by the CEO and an affiliated entity signals confidence in the company's future prospects.
• The significant equity award to Goldenmare Limited for past services aligns the interests of a key consultant (affiliated with the CEO) with long-term shareholder value.
• The establishment of a Registration Rights Agreement provides a clear pathway for Goldenmare Limited to achieve liquidity for its substantial shareholding, which can be a positive for a large shareholder.
• The 2024 Equity Incentive Plan aims to incentivize key personnel and consultants, potentially enhancing performance and retention.

Negatives

• The issuance of 1,000,000 Common Shares as a bonus for past services could result in dilution for existing common shareholders.
• The Series B preferred shares held by Goldenmare Limited carry disproportionately high voting power (25,000 votes per share, capped at 49.99% of total votes), which could concentrate control and potentially limit the influence of common shareholders.
• The settlement of Series B preferred share purchases by reducing amounts payable under the Consultancy Agreement indicates a non-cash transaction, which does not bring new capital into the company.

Risks

• Potential for dilution of common shareholders due to the issuance of 1,000,000 Common Shares as a bonus.
• Concentration of voting power through Series B preferred shares, potentially impacting corporate governance and the influence of other shareholders.
• The company's ongoing obligation to maintain adequate public information for Rule 144 sales, as required by the Registration Rights Agreement, is a continuous compliance risk.
• Future decisions by the Reporting Persons to acquire or dispose of shares will depend on various factors, including market conditions and other investment opportunities, which could introduce volatility.

Future Outlook

The Reporting Persons acquired the Common Shares for investment purposes and may endeavor to increase or decrease their position in the Issuer based on overall market conditions, other investment opportunities, and the availability of Common Shares at desirable prices. As CEO, CFO, President, and a director, Mr. Feidakis will continue to have influence over the corporate activities of the Issuer and regularly engages in discussions with officers, board members, and shareholders regarding management, governance, operations, financial condition, and strategic transactions.

Management Comments

• "Mr. Feidakis is the Chief Executive Officer, Chief Financial Officer, President and a director of the Issuer, and therefore may have influence over the corporate activities of the Issuer."
• "The Reporting Persons acquired the Common Shares, as described herein, for investment purposes, and to potentially acquire more Common Shares or dispose of them."
• "Mr. Feidakis regularly has discussions with officers of the Issuer, board members of the Issuer, and shareholders of the Issuer, which discussions from time to time relate to management, governance and board composition, the Issuer's operations and financial condition or strategic transactions."

Industry Context

Globus Maritime Limited operates as an integrated dry bulk shipping company, providing marine transportation services for commodities such as iron ore, coal, and grain on a worldwide basis. This filing primarily details internal corporate actions related to insider ownership and governance, rather than direct reflections of broader industry trends. However, the company's business is inherently tied to global trade volumes, commodity demand, and the dynamics of the dry bulk shipping sector.

Comparison to Industry Standards

• The filing does not provide specific financial or operational results that would allow for a direct comparison against industry benchmarks or competitors in the dry bulk shipping sector.
• While equity incentive plans and registration rights agreements are common in publicly traded companies, the specific terms, such as the 25,000 votes per Series B preferred share, would require a detailed analysis of corporate governance structures within comparable dry bulk shipping companies to assess against industry standards.
• The 6.2% beneficial ownership by an insider and an affiliated entity is a notable stake, but its significance relative to industry norms for insider ownership varies widely across different companies and market capitalizations.

Corporate Governance

Related Party Transactions

• Consultancy Agreement (August 2016) between Globus Maritime Limited and Goldenmare Limited, an affiliated company of CEO Athanasios Feidakis, for shipping brokering and consulting services.
• Stock Award Agreement (November 26, 2025) granting 1,000,000 Common Shares to Goldenmare Limited for past services provided under the Consultancy Agreement.
• Stock Purchase Agreements (June 2020, July 2020, March 2021) where Goldenmare Limited acquired 10,300 Series B preferred shares, with payment for these shares settled by reducing amounts payable by the Issuer to Goldenmare Limited pursuant to the Consultancy Agreement.
• Registration Rights Agreement (November 26, 2025) between Globus Maritime Limited and Goldenmare Limited, granting rights for the resale of Common Shares.

Stakeholder Impact

• Shareholders: Potential for dilution from the 1,000,000 Common Share award. The concentrated voting power of Series B preferred shares held by an insider's affiliate could impact the voting influence of other common shareholders. The Registration Rights Agreement provides a mechanism for a significant shareholder to potentially sell shares, which could affect market liquidity and share price.
• Management/Consultants: Goldenmare Limited, an entity affiliated with CEO Athanasios Feidakis, received a significant equity award, which aims to further align its interests with the company's long-term success. The broader Equity Incentive Plan is designed to incentivize key personnel and consultants.

Next Steps

• The Company will use reasonable best efforts to keep the Registration Statement effective for a specified period (90 days for underwritten offerings, or a shorter period for other cases) to facilitate the resale of Registrable Shares.
• The Company will file all required reports under the Securities Act and Exchange Act to enable Holders to sell Registrable Shares pursuant to Rule 144.
• The Reporting Persons may endeavor to increase their position in the Issuer through open market purchases, private transactions, or other means.
• The Reporting Persons reserve the right to act in concert with other shareholders or to recommend courses of action to the Issuer's management, board of directors, and shareholders.

Key Dates

Recommendation

The filing details an increase in insider ownership and related agreements, which generally signals confidence from management. The equity award for past services aligns interests, and registration rights provide liquidity for a significant shareholder. However, the substantial voting power of the Series B preferred shares held by an affiliate of the CEO introduces a corporate governance consideration that could be viewed negatively by some investors. Without broader financial performance data or strategic updates, a 'hold' recommendation is appropriate, acknowledging both the positive signal of insider commitment and the governance complexities.

Keywords

Globus Maritime Limited, Schedule 13D, Beneficial Ownership, Athanasios Feidakis, Goldenmare Limited, Equity Incentive Plan, Stock Award, Registration Rights, Series B Preferred Shares, Dry Bulk Shipping, Corporate Governance, Insider Ownership, SEC Filing