Exhibit 99.2 GLOBUS MARITIME LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion of our financial condition and results of operations for the nine-month periods ended September 30, 2023 and 2022. Unless otherwise specified herein, references to the "Company", "we" or "our" shall include Globus Maritime Limited (NASDAQ: GLBS) and its subsidiaries. You should read the following discussion and analysis together with our unaudited interim c ...

Exhibit 99.2 GLOBUS MARITIME LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion of our financial condition and results of operations for the three-month periods ended March 31, 2023 and 2022. Unless otherwise specified herein, references to the "Company", "we" or "our" shall include Globus Maritime Limited (NASDAQ: GLBS) and its subsidiaries. You should read the following discussion and analysis together with our unaudited interim cond ...

Share Capital and Financing - As of December 31, 2022, the company had 20,582,301 common shares and 10,300 Series Preferred Shares outstanding[453]. - The company entered into a credit facility for up to $15 million with Firment Shipping Inc., which was fully repaid on July 27, 2020[438][440]. - In June 2020, the company completed a public offering of 342,857 units at $35 per unit, including common shares and Class A Warrants[441]. - The company issued 1,256,765 common shares and warrants to purchase 1,270,587 common shares on December 9, 2020, with the exercise price reduced from $8.50 to $6.25[445]. - In May 2021, the company secured a loan facility of $34.25 million from First Citizens Bank & Trust Company, bearing interest at LIBOR plus a margin of 3.75%[461]. - The CIT Loan Facility was increased from $34.25 million to $52.25 million in August 2022, secured by a first preferred mortgage over the vessel Orion Globe[462]. - The outstanding amount under the Firment Shipping Credit Facility was $14.2 million as of December 31, 2020[441]. - The company has not exercised any of the June PP Warrants, July PP Warrants, December 2020 Warrants, January 2021 Warrants, February 2021 Warrants, or June 2021 Warrants as of the date of the report[451]. - As of December 31, 2022, the company had $44.4 million in outstanding indebtedness under credit arrangements, an increase from $31.8 million in 2021, indicating a rise in financial leverage[523]. - The mandatory debt repayments for 2023 under the CIT Loan Facility are $6.5 million, with $1.6 million already paid[555]. - The company had an aggregate debt outstanding of $44.4 million under the CIT Loan Facility as of December 31, 2022, an increase from $31.75 million in 2021[568]. - The CIT Loan Facility contains covenants requiring a minimum loan to value ratio of 75% for the first 18 months and a maximum leverage ratio of 0.75:1.00[556]. - As of December 31, 2022, Globus Maritime Limited was in compliance with the covenants of the CIT Loan Facility[587]. - The company may seek additional capital through equity or debt offerings, selling vessels, or refinancing to improve its debt structure[557]. Fleet and Operations - The average number of vessels in the fleet increased from 5.2 in 2020 to 7.1 in 2021, and further to 9.0 in 2022, indicating a growth in fleet size[469]. - The company plans to grow its fleet through selective acquisitions or construction of new vessels, aiming for attractive returns on equity and accretive earnings[466]. - In 2022, the average fleet size increased from 7.1 vessels in 2021 to 9.0 vessels, contributing to higher voyage revenues compared to 2021[496]. - Total operating days for 2022 were 3,029 with a fleet utilization rate of 98.5%, compared to 2,477 operating days and 97.9% utilization in 2021[537]. - The company aims to manage its fleet to maintain profitability across the shipping cycle, adjusting charter contracts based on market conditions to maximize returns for shareholders[468]. Revenue and Expenses - For the year ended December 31, 2022, the company reported operating income of $23.6 million, an increase from $17.9 million in 2021[536]. - Voyage revenues increased by $18.2 million, or 42%, to $61.4 million in 2022, driven by an increase in the average number of vessels from 7.1 in 2021 to 9 in 2022 and an increase in TCE from $16,627 to $18,227[537]. - Voyage expenses rose by $4.3 million, or 391%, to $5.4 million in 2022, attributed to longer travel periods and increased dry-docking repairs[538]. - Vessel operating expenses increased by $4.2 million, or 30%, to $18 million in 2022, with daily operating expenses rising to $5,483 from $5,325 in 2021[539]. - Depreciation charges increased to $5.6 million in 2022 from $3.9 million in 2021, primarily due to fleet expansion[540]. - Depreciation of dry-docking costs rose by $1.8 million, or 64%, to $4.6 million in 2022, reflecting the increase in fleet size and dry-docking activities[541]. - Interest expense and finance costs decreased by $1 million, or 30%, to $2.3 million in 2022, with total borrowings outstanding increasing to $44.38 million from $31.75 million[545]. - Administrative expenses increased by $0.3 million, or 11%, to $2.9 million in 2022, mainly due to higher Greek taxes[542]. Market Conditions - Dry bulk shipping rates are significantly influenced by global economic activity, particularly in China, which is the largest importer of dry bulk commodities[473]. - Spot rates for Kamsarmax, Panamax, and Supramax vessels reached levels not seen since 2010 in 2021, with high rates continuing into the first half of 2022 before starting to decline[474]. - The conflict between Russia and Ukraine has caused significant volatility in the global economy, potentially increasing costs and affecting the company's ability to secure charters and financing[480]. - The Baltic Dry Index (BDI) registered a high of 3,369 and a low of 965 in 2022, reflecting significant volatility in the dry bulk market[600]. - The global dry cargo fleet deadweight carrying capacity is forecasted to grow by 2.7% in 2023, while demand is expected to grow by 1.5-2.5%[601]. - The dry bulk orderbook stands at 69 million dwt, representing 7.1% of the world's total dry bulk fleet, with significant deliveries scheduled for 2023 and 2024[606]. Regulatory and Compliance - The company has not installed scrubbers on its vessels and will continue to evaluate options to comply with IMO 2020 regulations, which mandate a reduction in sulfur emissions[483]. - The company must maintain a minimum liquidity of $500,000 for each mortgaged ship and a cash amount of not less than $150,000 for each unencumbered ship[84]. - The company has a maximum leverage ratio of 0.75:1.00 and must maintain a debt service coverage ratio of at least 1.15:1.00 after any dividend payments[84]. Cash Flow and Investments - Net cash generated from operating activities in 2022 was $26.9 million, up from $20.8 million in 2021, primarily due to an increase in the average number of vessels and TCE rates[563]. - Net cash used in investing activities was $29 million in 2022, mainly for advances paid for three newbuildings, compared to $72 million in 2021 for vessel purchases[564]. - The company generated $9.7 million from financing activities in 2022, including $18 million from a new deed of accession to the CIT loan facility[565]. - As of December 31, 2022, working capital amounted to approximately $45 million, an increase from $37.8 million in 2021[560]. - The company incurs additional capital expenditures for vessel surveys, which may reduce operating days and increase cash flow needs[598]. - The company has capital expenditures planned for the construction of new vessels, including a $37.5 million bulk carrier scheduled for delivery in the first half of 2024[594]. - The company signed contracts for two additional fuel-efficient bulk carriers with a total consideration of approximately $70.3 million, with deliveries expected in late 2024[595]. Risk Management - The company has charter agreements that expose it to counterparty risk, which could lead to significant losses if charterers fail to meet their obligations[500]. - The company has a low-risk approach to treasury management, investing cash balances in term deposit accounts to align with liquidity requirements[589].

Exhibit 99.2 GLOBUS MARITIME LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion of our financial condition and results of operations for the nine-month periods ended September 30, 2022 and 2021. Unless otherwise specified herein, references to the "Company", "we" or "our" shall include Globus Maritime Limited (NASDAQ: GLBS) and its subsidiaries. You should read the following discussion and analysis together with our unaudited interim c ...

Exhibit 99.2 GLOBUS MARITIME LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion of our financial condition and results of operations for the three-month periods ended March 31, 2022 and 2021. Unless otherwise specified herein, references to the "Company", "we" or "our" shall include Globus Maritime Limited (NASDAQ: GLBS) and its subsidiaries. You should read the following discussion and analysis together with our unaudited interim cond ...

PART I [Key Information](index=6&type=section&id=Item%203.%20Key%20Information) This section outlines the principal risks associated with the company and its industry, detailing the cyclical and volatile nature of the dry bulk shipping market, competitive pressures, and the impact of global financial conditions and geopolitical events [Risk Factors](index=6&type=section&id=D.%20Risk%20Factors) The company faces significant risks from the cyclical and volatile dry bulk shipping industry, influenced by global economic conditions, vessel supply/demand balance, and geopolitical events, alongside company-specific risks like stock price volatility, potential shareholder dilution, and restrictive debt covenants - The international dry bulk shipping industry is characterized by **high volatility and cyclicality** in charter rates, vessel values, and profitability, driven by supply and demand for vessel capacity and cargo[36](index=36&type=chunk)[44](index=44&type=chunk) - Pandemics like COVID-19 and geopolitical conflicts, such as the one in Ukraine, create **significant operational difficulties**, disrupt supply chains, and introduce unpredictable consequences for demand, charter rates, and the company's financial outlook[56](index=56&type=chunk)[117](index=117&type=chunk) - The company's **stock price has been highly volatile**, with significant fluctuations that may not align with business developments. The closing price in 2021 ranged from a high of **$7.46** to a low of **$1.98**[132](index=132&type=chunk)[133](index=133&type=chunk) - Restrictive covenants in the company's loan agreements may **limit liquidity and corporate activities**, such as paying dividends, incurring additional debt, or selling assets. A default under one loan could trigger cross-defaults under other financing arrangements[151](index=151&type=chunk)[156](index=156&type=chunk) [Information on the Company](index=43&type=section&id=Item%204.%20Information%20on%20the%20Company) Globus Maritime Limited is an integrated dry bulk shipping company providing worldwide marine transportation services, with details on its history, fleet, chartering strategy, customer base, competitive landscape, and complex regulatory environment [History and Development of the Company](index=43&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) The company, incorporated in 2006 and redomiciled to the Marshall Islands in 2010, has undergone several reverse stock splits and engaged in numerous capital-raising activities, including public offerings and the acquisition of three Kamsarmax vessels in 2021 - The company has executed multiple reverse stock splits to manage its share price and maintain listing compliance, including a **1-for-4 split in 2016**, a **1-for-10 split in 2018**, and a **1-for-100 split in October 2020**[246](index=246&type=chunk)[260](index=260&type=chunk) - Throughout 2020 and 2021, the company **raised significant capital** through a series of public and registered direct offerings of common shares and warrants, substantially increasing its shares outstanding and strengthening its balance sheet[250](index=250&type=chunk)[255](index=255&type=chunk)[257](index=257&type=chunk) - In 2021, the company expanded its fleet by acquiring three Kamsarmax vessels: **m/v Diamond Globe for $27 million**, **m/v Power Globe for $16.2 million**, and **m/v Orion Globe for $28.4 million**, all financed with available cash[271](index=271&type=chunk)[272](index=272&type=chunk)[273](index=273&type=chunk) - In May 2021, the company secured a **new loan facility of $34.25 million from CIT Bank N.A.** to repay its existing, higher-interest EnTrust Loan Facility[268](index=268&type=chunk) [Business Overview](index=47&type=section&id=B.%20Business%20Overview) Globus Maritime operates a fleet of nine dry bulk vessels with a total carrying capacity of 626,257 dwt and a weighted average age of 10.2 years, employing a mix of short-term and longer-term charters while navigating intense competition and extensive international, EU, and U.S. regulations Fleet Composition as of December 31, 2021 | Vessel | Year Built | Vessel Type | Carrying Capacity (dwt) | | :--- | :--- | :--- | :--- | | m/v River Globe | 2007 | Supramax | 53,627 | | m/v Sky Globe | 2009 | Supramax | 56,855 | | m/v Star Globe | 2010 | Supramax | 56,867 | | m/v Moon Globe | 2005 | Panamax | 74,432 | | m/v Sun Globe | 2007 | Supramax | 58,790 | | m/v Galaxy Globe | 2015 | Kamsarmax | 81,167 | | m/v Diamond Globe | 2018 | Kamsarmax | 82,027 | | m/v Power Globe | 2011 | Kamsarmax | 80,655 | | m/v Orion Globe | 2015 | Kamsarmax | 81,837 | | **Total** | | | **626,257** | - The company's chartering strategy is to employ its vessels on a **mix of short-term/spot market contracts and longer-term time charters** to balance stable cash flow with the ability to capitalize on market upswings[279](index=279&type=chunk) - The company's operations are subject to extensive regulation, including the **IMO's global 0.5% sulphur cap on marine fuels**, which came into force on January 1, 2020. The company's vessels comply by using more expensive low-sulphur fuel as they are not equipped with scrubbers[347](index=347&type=chunk) - The company must comply with the **Ballast Water Management (BWM) Convention**, which entered into force in September 2017 and requires vessels to have systems to manage ballast water and prevent the spread of harmful aquatic organisms[357](index=357&type=chunk) [Operating and Financial Review and Prospects](index=65&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This section provides a detailed analysis of the company's financial performance and condition, highlighting a significant turnaround in 2021 with increased operating income driven by higher charter rates, strengthened liquidity from equity offerings, and an overview of debt facilities and market trends [Operating Results](index=66&type=section&id=A.%20Operating%20Results) The company's operating results dramatically improved in 2021, with voyage revenues increasing by 266% to $43.2 million and an operating income of $17.9 million, driven by a surge in average daily Time Charter Equivalent (TCE) rates and a larger fleet Key Operational Metrics (2019-2021) | Metric | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | Ownership days | 2,594 | 1,894 | 1,825 | | Available days | 2,531 | 1,778 | 1,788 | | Operating days | 2,477 | 1,733 | 1,756 | | Fleet utilization | 97.9% | 97.5% | 98.2% | | Average number of vessels | 7.1 | 5.2 | 5.0 | | Daily TCE rate | $16,627 | $5,210 | $7,564 | Results of Operations (in thousands of U.S. Dollars) | Line Item | 2021 | 2020 | | :--- | :--- | :--- | | Voyage revenues | 43,211 | 11,753 | | Vessel operating expenses | (13,808) | (8,581) | | Impairment loss | — | (4,615) | | **Operating income/(loss)** | **17,944** | **(11,423)** | | Interest expense and finance costs | (3,262) | (4,155) | | **TOTAL INCOME/(LOSS) FOR THE YEAR** | **14,950** | **(17,372)** | - **Voyage revenues increased by 266% in 2021** compared to 2020, primarily due to a **significant increase in average Time Charter Equivalent (TCE) rates**[501](index=501&type=chunk) - **Daily vessel operating expenses increased by 18% in 2021 to $5,325**, mainly attributed to **higher crew-related costs**, including more frequent repatriations and COVID-19 compliance measures[503](index=503&type=chunk) [Liquidity and Capital Resources](index=88&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) The company's liquidity significantly improved, with unrestricted cash and cash equivalents increasing to $45.2 million at year-end 2021, driven by cash from operations and $77.4 million in net cash from financing activities, primarily from equity offerings totaling $89.6 million, and a new $34.25 million loan facility with CIT Bank N.A. Cash Flow Summary (in millions of U.S. Dollars) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 20.8 | (6.2) | | Net Cash Used In Investing Activities | (72.0) | (18.5) | | Net Cash from Financing Activities | 77.4 | 41.5 | | **Unrestricted Cash at Year End** | **45.2** | **19.0** | - In May 2021, the company entered into a **new loan facility with CIT Bank N.A. for up to $34.25 million**, bearing interest at **LIBOR plus 3.75%**. The proceeds were used to repay the outstanding balance of the higher-cost EnTrust Loan Facility[547](index=547&type=chunk)[576](index=576&type=chunk) - The CIT Loan Facility contains several financial covenants, including a **minimum liquidity requirement of $500,000 per mortgaged ship**, a **maximum leverage ratio of 0.75:1.00**, and **restrictions on dividend payments**[584](index=584&type=chunk)[587](index=587&type=chunk) - **Working capital improved to a surplus of $37.8 million** as of December 31, 2021, compared to a surplus of $9.2 million as of December 31, 2020[554](index=554&type=chunk) [Trend Information](index=94&type=section&id=D.%20Trend%20Information) The dry bulk shipping market experienced significant volatility and a strong recovery in 2021, with demand growth outpacing fleet supply growth, though the market remains cyclical and subject to global economic trends and geopolitical events like the Russia-Ukraine conflict - The **Baltic Dry Index (BDI) was highly volatile in 2021**, ranging from a low of **1,303** to a high of **5,650**, reflecting a strong recovery in the dry bulk market[600](index=600&type=chunk)[602](index=602&type=chunk) - In 2021, **demand growth for dry bulk vessels (4.1%) outpaced supply growth (3.6%)**, contributing to the significant increase in the BDI[601](index=601&type=chunk) - The **conflict between Russia and Ukraine is expected to cause significant volatility and uncertainty** in the dry bulk market, potentially shifting trade routes for grain and coal, which could increase ton-mile demand[604](index=604&type=chunk) - The **dry bulk orderbook stands at a relatively low 6.7% of the world's total fleet**, which may provide support for charter rates going forward[605](index=605&type=chunk) [Directors, Senior Management and Employees](index=95&type=section&id=Item%206.%20Directors,%20Senior%20Management%20and%20Employees) This section provides information on the company's leadership and governance structure, including the staggered board of directors, key personnel, executive compensation primarily managed through a consultancy agreement with an affiliate of the CEO, and the company's equity incentive plan - The company's senior leadership includes **Georgios Feidakis as Chairman** and his son, **Athanasios Feidakis, as President, CEO, and CFO**[608](index=608&type=chunk)[609](index=609&type=chunk) - Executive compensation for the CEO is structured through a consultancy agreement with Goldenmare Limited, an affiliated company. In December 2020, the annual fee was increased to **€400,000**, and a one-time cash bonus of **$1.5 million** was approved. Another **$1.5 million bonus** was approved in December 2021[615](index=615&type=chunk) - The **Board of Directors is classified into three staggered three-year terms**. It has established an **Audit Committee, a Remuneration Committee, and a Nomination Committee**[607](index=607&type=chunk)[624](index=624&type=chunk) - The company has a **2012 Equity Incentive Plan (EIP) authorizing up to 100,000 common shares** for awards like stock options and restricted stock to directors, officers, and employees[631](index=631&type=chunk)[633](index=633&type=chunk) [Major Shareholders and Related Party Transactions](index=100&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) This section details the ownership structure and transactions with related parties, highlighting the significant voting control held by the CEO through Series B preferred shares and outlining key related party agreements such as office leases and consultancy services - The CEO, Athanasios Feidakis, **controls 49.99% of the company's voting power** via Goldenmare Limited's ownership of **10,300 Series B preferred shares**, which have **25,000 votes per share**, subject to a **49.99% aggregate voting cap**[656](index=656&type=chunk)[692](index=692&type=chunk) Major Shareholders as of April 11, 2022 | Name of Beneficial Owner | Number of common shares beneficially owned | Percentage of common shares beneficially owned | | :--- | :--- | :--- | | Armistice Capital, LLC | 1,200,000 | 5.8% | | Intracoastal Capital LLC | 1,959,250 | 8.7% | | Lind Global Macro Fund, LP | 2,241,200 | 9.8% | | Hudson Bay Master Fund Ltd. | 2,283,475 | 9.99% | | George Feidakis (Chairman) | 761,530 | 3.7% | - The company leases its office space from Cyberonica S.A., an affiliate of the Chairman. In August 2021, a new agreement was signed, increasing the space and the monthly rent to **€26,000**[659](index=659&type=chunk) - The company has a **consultancy agreement with Goldenmare Limited**, an affiliate of the CEO, for advisory services. The agreement includes an **annual fee of €400,000** and provisions for significant one-time bonuses[665](index=665&type=chunk) [Financial Information](index=104&type=section&id=Item%208.%20Financial%20Information) This section confirms the inclusion of consolidated financial statements under Item 18, notes the absence of significant legal proceedings, and discusses the company's dividend policy, which has not involved common share dividends since 2012 due to board discretion and loan agreement restrictions - The company has **not paid any dividends on its common shares since 2012**[672](index=672&type=chunk) - The declaration and payment of any future dividends are at the discretion of the board of directors and are **restricted by covenants in the CIT Loan Facility**[671](index=671&type=chunk)[679](index=679&type=chunk) - The company has **not been involved in any legal proceedings** that have had or may have a significant effect on its business or financial position[670](index=670&type=chunk) [Additional Information](index=105&type=section&id=Item%2010.%20Additional%20Information) This section details the company's corporate governance and legal framework, including its authorized share capital with significant voting power concentrated in Series B preferred stock, anti-takeover provisions, and a detailed analysis of U.S. federal income tax considerations, including the Section 883 exemption and PFIC risks - The company's capital structure includes **common shares (1 vote)**, **Class B common shares (20 votes, none outstanding)**, and **Series B preferred shares (25,000 votes, capped at 49.99% of total voting power)**[686](index=686&type=chunk)[692](index=692&type=chunk) - The company has **several anti-takeover provisions**, including a **classified board of directors**, the ability to issue **'blank check' preferred stock**, and **advance notice requirements for shareholder proposals**[713](index=713&type=chunk)[717](index=717&type=chunk)[718](index=718&type=chunk) - The company believes its income from international shipping was **exempt from U.S. federal income tax in 2021 under Section 883 of the Internal Revenue Code** by satisfying the 'Publicly Traded Test'[1100](index=1100&type=chunk)[766](index=766&type=chunk) - There is a risk that the company could be classified as a **Passive Foreign Investment Company (PFIC)**, which would result in adverse U.S. federal income tax consequences for U.S. shareholders. The company believes it should not be treated as a PFIC based on its current operations[224](index=224&type=chunk)[775](index=775&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=127&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to several market risks, primarily interest rate risk from floating-rate debt, currency risk from operating expenses in foreign currencies, and commodity risk related to fluctuating fuel prices - The company is exposed to **interest rate risk from its floating-rate debt**. A **1.0% increase in LIBOR would increase interest expense by approximately $0.3 million in 2022**[796](index=796&type=chunk)[799](index=799&type=chunk)[800](index=800&type=chunk) - The company faces **foreign currency risk** as it generates revenues in U.S. dollars but incurs some operating expenses in other currencies. It does not currently use financial derivatives to hedge this risk[801](index=801&type=chunk)[802](index=802&type=chunk) - **Commodity risk is present due to fluctuating fuel prices**, which can adversely affect profitability, especially for vessels not on time charter where the charterer bears the fuel cost[803](index=803&type=chunk) PART II [Material Modifications to the Rights of Security Holders and Use of Proceeds](index=128&type=section&id=Item%2014.%20Material%20Modifications%20to%20the%20Rights%20of%20Security%20Holders%20and%20Use%20of%20Proceeds) This section highlights the material impact of the Series B preferred shares on the rights of common shareholders, as these shares, held by an affiliate of the CEO, grant the holder up to 49.99% of the total voting power, thereby giving substantial control over corporate matters - The **Series B preferred shares**, held by an affiliate of the CEO, grant the holder **up to 49.99% of the company's total voting power**, giving it **substantial control over corporate matters** and limiting the influence of common shareholders[808](index=808&type=chunk)[809](index=809&type=chunk)[810](index=810&type=chunk) [Controls and Procedures](index=129&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures and internal control over financial reporting were effective as of December 31, 2021, with an unqualified attestation report from the independent registered public accounting firm - Management concluded that the company's **disclosure controls and procedures were effective as of December 31, 2021**[819](index=819&type=chunk)[821](index=821&type=chunk) - Based on the COSO 2013 framework, management determined that the company's **internal control over financial reporting was effective as of December 31, 2021**[824](index=824&type=chunk) - The **independent registered public accounting firm issued an unqualified attestation report** on the effectiveness of the company's internal control over financial reporting[825](index=825&type=chunk)[826](index=826&type=chunk) [Corporate Governance](index=130&type=section&id=Item%2016.%20Corporate%20Governance) This section outlines the company's corporate governance practices, including the designation of an audit committee financial expert, adoption of a code of ethics, fees paid to the principal accountant, and the company's adherence to home country practices as a foreign private issuer, which exempts it from certain Nasdaq rules - The Board of Directors has designated **Ioannis Kazantzidis as the audit committee financial expert**[829](index=829&type=chunk) Principal Accountant Fees (in thousands of U.S. Dollars) | Fee Category | 2021 | 2020 | | :--- | :--- | :--- | | Audit Fees | $327.1 | $363.6 | | Tax Fees | $6.85 | $5.0 | | **Total** | **$333.95** | **$368.6** | - As a foreign private issuer, the company is **exempt from certain Nasdaq corporate governance requirements**, including having a majority-independent board and obtaining shareholder approval for all equity issuances[841](index=841&type=chunk) PART III [Financial Statements](index=132&type=section&id=Item%2018.%20Financial%20Statements) This section contains the audited consolidated financial statements for Globus Maritime Limited for the fiscal year ended December 31, 2021, including the Independent Registered Public Accounting Firm's unqualified opinion on both the financial statements and internal control over financial reporting, along with key financial statements and detailed notes Consolidated Statement of Financial Position (in thousands of U.S. Dollars) | | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **ASSETS** | | | | Total non-current assets | 135,712 | 64,160 | | Total current assets | 49,940 | 22,281 | | **TOTAL ASSETS** | **185,652** | **86,441** | | **EQUITY AND LIABILITIES** | | | | Total equity | 146,418 | 42,094 | | Total non-current liabilities | 27,108 | 31,285 | | Total current liabilities | 12,126 | 13,062 | | **TOTAL EQUITY AND LIABILITIES** | **185,652** | **86,441** | Consolidated Statement of Comprehensive Income/(Loss) (in thousands of U.S. Dollars) | | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | Voyage revenues | 43,211 | 11,753 | 15,623 | | Operating income/(loss) | 17,944 | (11,423) | (33,649) | | **TOTAL INCOME/(LOSS) FOR THE YEAR** | **14,950** | **(17,372)** | **(36,351)** | | **Basic and Diluted EPS (U.S.$)** | **1.01** | **(18.11)** | **(873.36)** |

Exhibit 99.2 GLOBUS MARITIME LIMITED MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion of our financial condition and results of operations for the nine-month periods ended September 30, 2021 and 2020. Unless otherwise specified herein, references to the "Company", "we" or "our" shall include Globus Maritime Limited (NASDAQ: GLBS) and its subsidiaries. You should read the following discussion and analysis together with our unaudited interim c ...

PART I [Key Information](index=7&type=section&id=Item%203.%20Key%20Information) This section provides a five-year summary of the company's financial and operating data, highlighting significant revenue volatility, persistent net losses, and a substantial decline in Time Charter Equivalent (TCE) rates in 2020 [Selected Financial Data](index=7&type=section&id=A.%20Selected%20Financial%20Data) The company's financial performance from 2016 to 2020 shows significant volatility. Voyage revenues peaked in 2018 at **$17.4 million** and declined to **$11.8 million** in 2020. The company has reported comprehensive losses each year, with a particularly large loss of **$36.4 million** in 2019 due to a major impairment charge. Adjusted EBITDA was positive from 2017 to 2019 but turned negative in 2020 at (**$3.1 million**). Operationally, the daily Time Charter Equivalent (TCE) rate decreased significantly from **$9,213** in 2018 to **$5,210** in 2020 Consolidated Statement of Comprehensive Loss (2016-2020) | Indicator | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Voyage revenues** | $11.8M | $15.6M | $17.4M | $13.9M | $8.4M | | **Operating loss** | ($11.4M) | ($33.6M) | ($1.4M) | ($4.0M) | ($7.2M) | | **Total comprehensive loss** | ($17.4M) | ($36.4M) | ($3.6M) | ($6.5M) | ($9.8M) | | **Impairment loss** | $4.6M | $29.9M | - | - | - | | **Basic loss per share** | ($18.11) | ($873.36) | ($111.61) | ($251.83) | ($3,827.26) | | **Adjusted EBITDA** | ($3.1M) | $2.7M | $4.3M | $1.7M | ($3.5M) | Key Operational Data (2016-2020) | Indicator | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Fleet utilization** | 97.5% | 98.2% | 98.2% | 97.6% | 97.1% | | **Average number of vessels** | 5.2 | 5.0 | 5.0 | 5.0 | 5.2 | | **Daily time charter equivalent (TCE) rate** | $5,210 | $7,564 | $9,213 | $6,993 | $3,962 | | **Daily operating expenses** | $4,531 | $4,867 | $5,438 | $5,005 | $4,553 | Consolidated Statements of Cash Flows Data (2016-2020) | Indicator | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Net cash from operating activities** | ($6.2M) | $213 | $3.9M | $631 | ($3.6M) | | **Net cash from investing activities** | ($18.5M) | ($20) | ($126) | ($263) | $362 | | **Net cash from financing activities** | $41.5M | $2.1M | ($6.4M) | $2.2M | $1.4M | [Risk Factors](index=10&type=section&id=D.%20Risk%20Factors) The company faces significant risks from the volatile and cyclical nature of the dry bulk shipping industry, including fluctuating charter rates and vessel values, intense competition, and the impact of global events like pandemics and financial market disruptions - The international dry bulk shipping industry is characterized as cyclical and highly volatile, with charter rates, vessel values, and profitability subject to significant fluctuations based on supply and demand for vessel capacity[60](index=60&type=chunk) - The Baltic Dry Index (BDI), a key market benchmark, has been volatile and remains significantly below its **2008** peak. In **2020**, the BDI fell to a low of **407** before recovering to a high of **2,020**[64](index=64&type=chunk) - The COVID-19 pandemic negatively impacted **2020** voyage revenues, which decreased by **24%** year-over-year, and triggered a vessel impairment assessment resulting in a **$4.6 million** loss in Q1 **2020**[125](index=125&type=chunk) - The company's stock price has been highly volatile, with the closing price ranging from a peak of **$109.00** to a low of **$5.68** in **2020**, representing a **94.8%** decrease[139](index=139&type=chunk) - The company faces significant potential dilution from a large number of outstanding warrants. As of the report date, warrants to purchase over **9.7 million** common shares were outstanding from various offerings[141](index=141&type=chunk) - The company received a delisting notice from Nasdaq in March **2020** for failing to meet the **$1.00** minimum bid price requirement. It regained compliance in November **2020** after effecting a **1-for-100** reverse stock split[162](index=162&type=chunk) [Information on the Company](index=51&type=section&id=Item%204.%20Information%20on%20the%20Company) Globus Maritime is an integrated dry bulk shipping company operating a fleet of six vessels, detailing its corporate history, equity offerings, and the issuance of high-vote Series B preferred shares to an entity controlled by the CEO [History and Development of the Company](index=51&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) The company has undergone significant corporate and capital structure changes, including three reverse stock splits and multiple equity offerings in **2020-2021**, notably issuing high-vote Series B preferred shares to an entity controlled by the CEO - The company has executed multiple reverse stock splits to maintain its Nasdaq listing, including a **1-for-100** reverse stock split on October **21**, **2020**[256](index=256&type=chunk)[245](index=245&type=chunk)[240](index=240&type=chunk) - In **2020** and early **2021**, the company completed a series of public offerings and private placements, issuing a significant number of common shares and warrants to raise capital[247](index=247&type=chunk)[249](index=249&type=chunk)[250](index=250&type=chunk) - The company issued a total of **10,300** Series B preferred shares to Goldenmare Limited, an entity controlled by CEO Athanasios Feidakis. Each share carries **25,000** votes, subject to a **49.99%** aggregate voting power cap for the holder[257](index=257&type=chunk)[258](index=258&type=chunk)[259](index=259&type=chunk) - The company is expanding its fleet, having purchased one Kamsarmax vessel in October **2020** and entered into agreements to acquire two additional Kamsarmax vessels in early **2021**[263](index=263&type=chunk)[265](index=265&type=chunk)[266](index=266&type=chunk) [Business Overview](index=56&type=section&id=B.%20Business%20Overview) Globus Maritime is an integrated dry bulk shipping company providing worldwide marine transportation services with a fleet of six vessels, employing a flexible chartering strategy in a highly competitive market subject to extensive environmental and safety regulations Fleet Composition as of December 31, 2020 | Vessel | Year Built | Vessel Type | Carrying Capacity (dwt) | | :--- | :--- | :--- | :--- | | m/v River Globe | 2007 | Supramax | 53,627 | | m/v Sky Globe | 2009 | Supramax | 56,855 | | m/v Star Globe | 2010 | Supramax | 56,867 | | m/v Moon Globe | 2005 | Panamax | 74,432 | | m/v Sun Globe | 2007 | Supramax | 58,790 | | m/v Galaxy Globe | 2015 | Kamsarmax | 81,167 | | **Total** | | | **381,738** | - The company's chartering strategy is to employ its vessels on a mix of spot market, bareboat, and time charters to balance cash flow stability with exposure to market upswings. As of the report filing date, all vessels were employed on time charters[273](index=273&type=chunk)[275](index=275&type=chunk) - The company's operations are subject to numerous complex laws and regulations, including the IMO's global **0.5%** sulphur cap on marine fuels which came into force on January **1**, **2020**, and upcoming ballast water management system requirements[89](index=89&type=chunk)[343](index=343&type=chunk)[351](index=351&type=chunk) Next Scheduled Drydocking and Special Surveys | Vessel Name | Drydocking | Special Survey | | :--- | :--- | :--- | | m/v River Globe | Dec 2022 | Dec 2022 | | m/v Sky Globe | Jan 2023 | Nov 2024 | | m/v Star Globe | Aug 2023 | May 2025 | | m/v Moon Globe | Dec 2023 | Nov 2025 | | m/v Sun Globe | Aug 2022 | Aug 2022 | | m/v Galaxy Globe | Oct 2023 | Oct 2025 | [Operating and Financial Review and Prospects](index=81&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This section details the company's financial performance and condition, highlighting a **24%** decrease in **2020** voyage revenues, a narrowed operating loss due to a smaller impairment charge, and dramatically improved liquidity driven by **$41.5 million** in net cash from financing activities [Operating Results](index=81&type=section&id=A.%20Operating%20Results) In **2020**, voyage revenues fell **24%** to **$11.8 million** from **$15.6 million** in **2019**, driven by a sharp decline in average TCE rates to **$5,210**/day. The operating loss improved to **$11.4 million** from **$33.6 million** in **2019**, largely due to a smaller impairment loss of **$4.6 million** compared to **$29.9 million** in the prior year Year-over-Year Performance Comparison (2019-2020) | Metric | 2020 | 2019 | Change | Reason | | :--- | :--- | :--- | :--- | :--- | | Voyage Revenues | $11.8M | $15.6M | -24% | Decrease in average TCE rates | | Operating Loss | ($11.4M) | ($33.6M) | +66% | Smaller impairment loss ($4.6M vs $29.9M) | | Impairment Loss | $4.6M | $29.9M | -85% | Vessel recoverable amounts were lower than carrying amounts in both periods | | Admin Expenses (Related Parties) | $1.9M | $0.4M | +375% | One-time cash bonus of $1.5M to CEO's consultant firm | Year-over-Year Performance Comparison (2018-2019) | Metric | 2019 | 2018 | Change | Reason | | :--- | :--- | :--- | :--- | :--- | | Voyage Revenues | $15.6M | $17.4M | -10% | Decrease in average TCE rates | | Operating Loss | ($33.6M) | ($1.4M) | -2300% | Recognition of a $29.9M impairment loss | | Impairment Loss | $29.9M | $0 | N/A | Vessel recoverable amounts fell below carrying amounts | - The company's critical accounting policy for impairment of long-lived assets involves estimating a vessel's recoverable amount based on the greater of its fair value less costs to sell or its value-in-use, calculated using discounted future cash flows. This assessment led to significant impairment charges of **$4.6 million** in **2020** and **$29.9 million** in **2019**[509](index=509&type=chunk)[510](index=510&type=chunk)[514](index=514&type=chunk) [Liquidity and Capital Resources](index=103&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) The company's liquidity significantly improved in **2020**, with cash and cash equivalents rising to **$19.0 million** from **$2.4 million** in **2019**, primarily driven by **$41.5 million** in net cash generated from financing activities Liquidity Position Comparison | Metric | Dec 31, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Cash and cash equivalents | $19.0M | $2.4M | | Restricted cash | $2.1M | $2.4M | | Working Capital | $9.2M | ($3.2M) | | Total Debt Outstanding (Gross) | $36.6M | $41.1M | - Net cash generated from financing activities was **$41.5 million** in **2020**, consisting of **$49.3 million** in proceeds from share issuances, offset by debt repayments, interest payments, and transaction costs[541](index=541&type=chunk) - The company's primary debt is the EnTrust Loan Facility, which had an outstanding balance of **$37 million** as of year-end **2020**. The facility contains various financial covenants, including minimum liquidity requirements, with which the company was in compliance[555](index=555&type=chunk)[561](index=561&type=chunk)[570](index=570&type=chunk) - In early **2021**, the company entered into agreements to purchase two Kamsarmax vessels for a total potential cost of up to **$43.5 million**. It also arranged a new loan facility of up to **$34.25 million** to potentially repay the EnTrust facility and for general corporate purposes[530](index=530&type=chunk)[531](index=531&type=chunk)[532](index=532&type=chunk) [Directors, Senior Management and Employees](index=110&type=section&id=Item%206.%20Directors,%20Senior%20Management%20and%20Employees) This section details the company's leadership, compensation, and board structure, highlighting the CEO's compensation through a consultancy agreement with Goldenmare Limited, which received a significant one-time bonus of **$1.5 million** in **2020** - Athanasios Feidakis serves as the President, CEO, and CFO. He is the son of the company's founder and Chairman of the Board, Georgios Feidakis[585](index=585&type=chunk)[586](index=586&type=chunk)[590](index=590&type=chunk) - CEO compensation is paid via a consultancy agreement with Goldenmare Limited, an affiliated company. In December **2020**, the annual fee was increased from **€200,000** to **€400,000**, and a one-time cash bonus of **$1.5 million** was awarded[592](index=592&type=chunk) Aggregate Remuneration (2018-2020) | Recipient | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | **Executive Officer (CEO)** | ~$1.8M | ~$224K | ~$235K | | **Non-Executive Directors (Cash)** | $311K | ~$30K | $70K | - The company has a classified board of directors serving staggered three-year terms. It maintains an Audit Committee, a Remuneration Committee, and a Nomination Committee[584](index=584&type=chunk)[600](index=600&type=chunk) [Major Shareholders and Related Party Transactions](index=117&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) As of March **2021**, the company's chairman, Georgios Feidakis, beneficially owned less than **1%** of common shares, while an entity controlled by the CEO holds Series B preferred shares granting up to **49.99%** of total voting power, ensuring substantial control - As of March **26**, **2021**, Chairman George Feidakis's beneficial ownership of common shares had decreased to less than **1.0%**, down from **22.1%** reported in the previous year's filing[625](index=625&type=chunk)[627](index=627&type=chunk) - CEO Athanasios Feidakis controls Goldenmare Limited, which owns **10,300** Series B preferred shares. These shares provide Goldenmare with up to **49.99%** of the company's total voting power, giving it substantial control over shareholder matters[628](index=628&type=chunk) - The company has a consultancy agreement with Goldenmare Limited, an affiliate of the CEO, for his services. In **2020**, this agreement was amended to increase the annual fee to **€400,000** and grant a one-time **$1.5 million** bonus[636](index=636&type=chunk) - The company maintains a credit facility with Firment Shipping Inc., an affiliate of the Chairman. The facility was fully repaid in July **2020**, but **$14.2 million** remained available to be drawn as of year-end **2020**[632](index=632&type=chunk)[633](index=633&type=chunk) [Additional Information](index=121&type=section&id=Item%2010.%20Additional%20Information) This section details the company's corporate structure, including its authorized capital of **500 million** common shares and **100 million** preferred shares, highlighting the multi-class stock structure with Series B preferred shares granting significant control to the CEO's affiliate - The company has a multi-class stock structure. Common shares have one vote per share. Series B preferred shares, of which **10,300** are outstanding, have **25,000** votes per share[653](index=653&type=chunk)[656](index=656&type=chunk) - The voting power of the Series B preferred shares is capped, such that the holder cannot exercise votes exceeding **49.99%** of the total votes eligible to be cast on any matter[660](index=660&type=chunk)[681](index=681&type=chunk) - The company's articles of incorporation contain several anti-takeover provisions, including a classified board of directors, the ability to issue 'blank check' preferred shares without shareholder approval, and advance notice requirements for shareholder proposals and director nominations[679](index=679&type=chunk)[683](index=683&type=chunk)[684](index=684&type=chunk) - The company believes it should not be treated as a Passive Foreign Investment Company (PFIC) for U.S. federal income tax purposes, based on its position that income from time charters constitutes services income rather than passive rental income[734](index=734&type=chunk)[735](index=735&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=142&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk exposure is to interest rate fluctuations, as its main debt facility, the EnTrust Loan Facility with a **$37 million** balance at year-end **2020**, bears interest at a floating rate (LIBOR plus **8.5%**) - The company is exposed to interest rate risk through its EnTrust Loan Facility, which had a **$37 million** outstanding balance as of December **31**, **2020**, and bears interest at LIBOR plus **8.5%**[758](index=758&type=chunk)[560](index=560&type=chunk) Sensitivity to 1.0% Increase in LIBOR | Year | Additional Interest Expense | | :--- | :--- | | 2021 | $0.4 million | | 2022 | $0.2 million | - The company faces foreign currency risk as it generates revenues in U.S. dollars but incurs a portion of its operating expenses in other currencies. It does not currently hedge this exposure[766](index=766&type=chunk)[767](index=767&type=chunk) PART II [Material Modifications to the Rights of Security Holders and Use of Proceeds](index=144&type=section&id=Item%2014.%20Material%20Modifications%20to%20the%20Rights%20of%20Security%20Holders%20and%20Use%20of%20Proceeds) This section highlights that the rights of common shareholders have been materially modified by the issuance of Series B preferred shares, which carry superior voting rights (**25,000** votes per share), granting the holder up to **49.99%** of the company's total voting power - The issuance of **10,300** Series B preferred shares has materially modified the rights of common shareholders by concentrating significant voting power with a single holder[772](index=772&type=chunk)[773](index=773&type=chunk) - Each Series B preferred share has **25,000** votes, but the holder's total voting power is capped at **49.99%** of all eligible votes. This gives an entity affiliated with the CEO substantial control over management and corporate transactions[773](index=773&type=chunk)[774](index=774&type=chunk) - The Series B preferred shares have no dividend rights and a liquidation preference limited to their par value (**$0.001** per share), meaning their value is almost entirely derived from their voting power[777](index=777&type=chunk)[778](index=778&type=chunk) [Controls and Procedures](index=145&type=section&id=Item%2015.%20Controls%20and%20Procedures) The company's management, including the CEO and CFO, evaluated the effectiveness of its disclosure controls and procedures as of December **31**, **2020**, concluding that these controls were effective, and also determined internal control over financial reporting to be effective - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of December **31**, **2020**[781](index=781&type=chunk)[783](index=783&type=chunk) - Based on an assessment using the COSO **2013** framework, management determined that the company's internal control over financial reporting was effective as of December **31**, **2020**[785](index=785&type=chunk) [Corporate Governance and Other Matters](index=146&type=section&id=Item%2016.%20Corporate%20Governance%20and%20Other%20Matters) This section covers various governance and compliance topics, including the designation of Ioannis Kazantzidis as the audit committee financial expert, the adoption of a code of ethics, and principal accountant fees totaling **$368,600** in **2020**, a significant increase from **$114,700** in **2019** - The Board of Directors has determined that Ioannis Kazantzidis is the audit committee financial expert and is independent under SEC and Nasdaq rules[789](index=789&type=chunk) Principal Accountant Fees (Ernst & Young) | Service Category | 2020 | 2019 | | :--- | :--- | :--- | | Audit Fees | $363.6K | $109.7K | | Tax Fees | $5K | $5K | | **Total** | **$368.6K** | **$114.7K** | - As a foreign private issuer, the company is exempt from certain Nasdaq corporate governance standards. For example, its board of directors is not comprised of a majority of independent directors, and it does not require shareholder approval for all share issuances, instead complying with Marshall Islands law[802](index=802&type=chunk) PART III [Financial Statements](index=148&type=section&id=Item%2018.%20Financial%20Statements) The audited consolidated financial statements for the year ended December **31**, **2020**, prepared in accordance with IFRS, are presented, with the independent auditor's report highlighting the impairment of vessels as a Critical Audit Matter due to significant judgment in forecasting future charter rates - The independent auditor, Ernst & Young, identified the 'Impairment of vessels' as a Critical Audit Matter due to the complex judgments and subjective assumptions required, particularly in forecasting future charter rates for non-contracted revenue days[830](index=830&type=chunk)[832](index=832&type=chunk) - The company's going concern status, which was in doubt at year-end **2019** due to a working capital deficit and liquidity concerns, was resolved during **2020** through multiple follow-on equity offerings that provided additional liquidity[845](index=845&type=chunk)[846](index=846&type=chunk)[848](index=848&type=chunk) - Subsequent to year-end **2020**, the company continued to raise capital, completing two additional equity offerings in January and February **2021**, and entered into agreements to acquire two more Kamsarmax vessels[1052](index=1052&type=chunk)[1054](index=1054&type=chunk)[1057](index=1057&type=chunk)

OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 As filed with the Securities and Exchange Commission on March 31, 2020 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ SHELL COMPANY REPORT PURSUANT ...

As filed with the Securities and Exchange Commission on March 28, 2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR o SHELL COMPANY REPORT PURSUANT ...