Gearbulk IntegratedReport 2024 Paperturn - Flipbook - Page 78
GEARBULK
OUR FINANCIAL REVIEW
WEAK
FINANCIAL PERFORMANCE
Key highlights of 2024
In addition to the above-mentioned reorganisation, a new
Following moderate results in 2023, Gearbulk faced a more
entity named Gearbulk Ship Owning AS was established,
challenging 2024. The receding Open Hatch market further
consolidating all vessels and related debt from three previous
pressured operational results, while economic uncertainty
entities into a single entity based in Norway. This process was
and geopolitical risks led to higher volatility. In this context,
successfully concluded during 2024.
having a substantial part of revenues under contracts of
a昀昀reightment served as a stabilising element, providing a
While maintaining a cautious outlook, our focus remains
predictable and positive contribution to Gearbulk’s results.
on 昀氀eet development and expansion, in alignment with our
strategy. In this context, Gearbulk progressed negotiations
As part of a strategic reorganisation of our business, a signi昀椀-
during 2024 to purchase four more newbuild vessels for
cant milestone achieved during 2024 was the divestment from
delivery in 2027, increasing the commitment made after
two important non-Open Hatch joint ventures, GBSMT and
2023 to six vessels.
HHT. The divestments were executed while the group formed
two distinct business units: Open Hatch and Non-Open
Financial performance & position
Hatch. The Non-Open Hatch segment was consolidated
The Group achieved an EBITDA of $89m in 2024, primarily
under GBSI and subsequently sold to Halberton with the
re昀氀ecting the decline of the shipping markets, down from the
remaining non-Open Hatch activities. The Open Hatch busi-
steady level of $164m obtained in 2023. This resulted in a net
ness remained under Gearbulk Holding, allowing us to focus
loss of $18m in 2024, down from the $67m pro昀椀t achieved
on our core segments, streamline operations, and reinforce
during 2023. After completing the re昀椀nancing exercise, the
our long-term strategic direction. Financial decision-making
Company ended the year with $50m in cash (2023: $114m),
was also improved, ensuring a stronger foundation for future
while reporting total equity of $473m (2023: $490m) and an
growth and market adaptability.
equity ratio of 35.6% (2023: 34.6%).
Summary Audited Income Statement
2023
2024
$m
Summary Audited Balance Sheet
2023
2024
$m
Total revenues
$ 393
$ 309
Current Assets
$ 155
$270
Operating expenses
(272)
(294)
PPE & RoU assets
1,065
990
Income from operations
121
15
A昀케liates & other assets
198
70
Non-operating expenses
(57)
(38)
Total Assets
1,418
1,330
Other
3
5
Current liabilities
(224)
(112)
Net Income
67
(18)
Non-current liabilities
(705)
(745)
EBITDA
164
89
Total liabilities
(929)
(857)
Total Equity
490
473
Equity ratio
34.6%
35.6%
78
PART 3 – OUR STRATEGIC RESPONSE
