Castor Maritime Inc. Announces Availability of its 2025 Annual Report on Form 20-F
Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”), a diversified global shipping and energy company, announced that the Company’s annual report on Form 20‐F (the “Annual Report”), which contains the Company’s financial statements for the fiscal year ended December 31, 2025, was filed with the U.S. Securities and Exchange Commission (the “SEC”).
The Annual Report is now accessible on the SEC website at http://www.sec.gov and on the Company’s website at http://www.castormaritime.com, in the “Investors” section under “Annual Reports”.
Shareholders may receive a hard copy of the Annual Report free of charge upon request to the Company by writing to: Castor Maritime Inc. 223 Christodoulou Chatzipavlou Street Hawaii Royal Gardens 3036 Limassol Cyprus or by sending an email to ir@castormaritime.com
Castor Maritime: Πώληση και επαναμίσθωση του «Magic Perseus»
Συμφωνία πώλησης και επαναμίσθωσης για ένα πλοίο μεταφοράς χύδην ξηρού φορτίου υπέγραψε πρόσφατα η εισηγμένη ναυτιλιακή εταιρεία Castor Maritime, του Πέτρου Παναγιωτίδη.
Η εταιρεία υπέγραψε τη συμφωνία για το πλοίο kamsarmax, «Magic Perseus», που ναυπηγήθηκε το 2013, με ιαπωνική εταιρεία και η συναλλαγή πρόκειται να ολοκληρωθεί εντός του Ιανουαρίου.
Η χρηματοδότηση του πλοίου ανέρχεται σε 15,6 εκατ. δολάρια με συνολική διάρκεια έντεκα ετών. Η συμφωνία προβλέπει δικαίωμα πώλησης υπέρ του αντισυμβαλλομένου στο τέλος του όγδοου έτους, καθώς και δικαίωμα επαναγοράς για την Castor, που ενεργοποιείται από το τέλος του δεύτερου έτους της περιόδου ναύλωσης.
Η Castor Maritime δραστηριοποιείται στη διαχείριση και ιδιοκτησία πλοίων, καθώς και σε έργα ενεργειακής υποδομής και ο στόλος της αριθμεί εννέα πλοία συνολικής χωρητικότητας περίπου 0,6 εκατ. dwt.
Castor Maritime Inc. Reports Net Income of $21.0 Million for the Three Months Ended September 30, 2025 and Net Income of $4.0 Million for the Nine Months Ended September 30, 2025
Castor Maritime Inc. (NASDAQ: CTRM) (“Castor” or the “Company”), a diversified global shipping and energy company, announced its results for the three months and nine months ended September 30, 2025.
Highlights of the Third Quarter Ended September 30, 2025:
▪ Total vessel revenues: $11.4 million for the three months ended September 30, 2025, as compared to $13.4 million for the three months ended September 30, 2024, or a 14.9% decrease;
▪ Revenue from services: $9.5 million for the three months ended September 30, 2025;
▪ Net income of $21.0 million for the three months ended September 30, 2025, as compared to $2.8 million for the three months ended September 30, 2024, or a 650.0% increase;
▪ Adjusted net income(1) of $2.4 million for the three months ended September 30, 2025, as compared to $4.6 million for the three months ended September 30, 2024;
▪ Earnings per common share, basic: $1.76 per share for the three months ended September 30, 2025, as compared to $0.21 per share for the three months ended September 30, 2024;
▪ EBITDA(1): $24.3 million for the three months ended September 30, 2025, as compared to $5.0 million for the three months ended September 30, 2024;
▪ Adjusted EBITDA(1): $5.7 million for the three months ended September 30, 2025, as compared to $6.8 million for the three months ended September 30, 2024; and
▪ Cash of $123.8 million as of September 30, 2025, as compared to $87.9 million as of December 31, 2024.
Highlights of the Nine Months Ended September 30, 2025:
▪ Total vessel revenues: $32.9 million for the nine months ended September 30, 2025, as compared to $50.1 million for the nine months ended September 30, 2024, or a 34.3% decrease;
▪ Revenue from services: $26.3 million for the nine months ended September 30, 2025;
▪ Net income of $4.0 million for the nine months ended September 30, 2025, as compared to $48.0 million for the nine months ended September 30, 2024, or a 91.7% decrease;
▪ Adjusted net income(1) of $9.3 million for the nine months ended September 30, 2025, as compared to $38.6 million for the nine months ended September 30, 2024;
▪ (Loss) / Earnings per common share, basic: $(0.08) per share for the nine months ended September 30, 2025, as compared to $4.73 per share for the nine months ended September 30, 2024;
▪ EBITDA (1): $16.7 million for the nine months ended September 30, 2025, as compared to $58.3 million for the nine months ended September 30, 2024;
▪ Adjusted EBITDA (1): $22.0 million for the nine months ended September 30, 2025, as compared to $48.9 million for the nine months ended September 30, 2024;
▪ On March 24, 2025, March 31, 2025 and April 29, 2025, Castor made partial prepayments to the term loan from Toro Corp. (“Toro”), amounting to $13,500,000, $34,000,000 and $14,000,000, respectively, in addition to $2,500,000 as part of the scheduled repayment of the loan. On May 5, 2025, we prepaid the amount of $36,000,000 that remained outstanding as of that date and fully repaid the loan; and
▪ During the nine months ended September 30, 2025, the Company completed four vessel disposals.
Management Commentary for Third Quarter 2025:
Mr. Petros Panagiotidis, Chief Executive Officer of Castor, commented: “In Q3 2025, improved rates and stronger charter demand reinforced our conviction in the dry-bulk market’s longterm fundamentals. During the quarter, we completed our first sale-and-leaseback transaction, introducing modest leverage to support balance-sheet efficiency and optimize our capital structure. With a disciplined approach to funding and a solid balance sheet, we remain well positioned to capture future opportunities and continue delivering value.”
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Castor Maritime: Παρέλαβε το φορτηγό πλοίο “Magic Ariel”
Η εισηγμένη στο Nasdaq Castor Maritime Inc., συμφερόντων Πέτρου Παναγιωτίδη, ανακοίνωσε ότι παρέλαβε το Kamsarmax bulk carrier “Magic Ariel”, κατασκευής του 2020.
Η απόκτηση του εν λόγω πλοίου χρηματοδοτήθηκε εξ ολοκλήρου με μετρητά και θα ναυλωθεί με ελάχιστη διάρκεια περίπου επτά μηνών με ακαθάριστη ημερήσια τιμή ίση με το 108% του Baltic Panamax Index 5TC (BPI5TC).
Ο στόλος της Castor Maritime Inc. αποτελείται από 13 πλοία, συνολικής χωρητικότητας 0.9 εκατομμυρίων dwt, που αποτελείται από 4 Kamsarmax , 5 Panamax & 1 Ultramax bulk carriers, 1 containership, μεταφορικής ικανότητας 1.850 teu και δύο containerships, μεταφορικής ικανότητας 2.700 teu.
Castor Maritime: Αγορά πλοίου έναντι 25,5 εκατ. δολαρίων
Ένα πλοίο ultramax, που ναυπηγήθηκε το 2015, απέκτησε η εισηγμένη στο Nasdaq ναυτιλιακή εταιρεία Castor Maritime, του Πέτρου Παναγιωτίδη.
Η τιμή αγοράς είναι 25,5 εκατ. δολάρια και το πλοίο αναμένεται να ενταχθεί στον στόλο της το γ’ τρίμηνο του τρέχοντος έτους.
Μετά την προσθήκη του νεοαποκτηθέντος πλοίου στον στόλο της η εταιρεία θα διαθέτει έντεκα πλοία που θα περιλαμβάνουν τρία kamsarmax, πέντε panamaxes, ένα ultramax και δύο πλοία μεταφοράς 2.700 teu.
Ο διευθύνων σύμβουλος της Castor, Πέτρος Παναγιωτίδης, δήλωσε ότι η είσοδος της εταιρείας στον χώρο των ultramax ήταν μέρος των προσπαθειών της για ανανέωση και ανάπτυξη του στόλου και πρόσθεσε:
«Παραμένουμε προσηλωμένοι στην αναπτυξιακή μας τροχιά αναζητώντας περαιτέρω ευκαιρίες στον ναυτιλιακό χώρο, συμπεριλαμβανομένων ευκαιριών εκσυγχρονισμού του στόλου μας».
Castor Maritime: Kέρδη 5 εκατ. δολαρίων από πώληση δύο πλοίων
Στην πώληση ενός πλοίου capesize, του «Magic Orion», που ναυπηγήθηκε το 2006, προχώρησε η εισηγμένη ναυτιλιακή εταιρεία Castor Maritime, του Πέτρου Παναγιωτίδη.
Η πώληση του πλοίου, που είναι χωρητικότητας 180.200 dwt, αναμένεται να ολοκληρωθεί έως το τέλος του α΄ τριμήνου του 2024.
Το αντίτιμο της πώλησης είναι ύψους 17,4 εκατ. δολαρίων και η Castor εκτιμάται ότι θα κερδίσει περίπου 2 εκατ. δολάρια, εξαιρουμένων των δαπανών που σχετίζονται με τις συναλλαγές.
Επίσης, η εταιρεία ολοκλήρωσε πρόσφατα την πώληση του kamsarmax «Magic Argo», που ναυπηγήθηκε το 2009, κερδίζοντας περίπου 3 εκατ. δολάρια.
Η Castor διαθέτει δεκατρία bulkers: πέντε kamsarmax και οκτώ panamaxes, καθώς και δύο boxships των 2.700 teu.
Castor Maritime Inc. Announces Record Date for the Proposed Spin-Off of its Tanker Fleet
Castor Maritime Inc., a diversified global shipping company, announced that, in relation to the previously announced spin-off of its wholly owned subsidiary, Toro Corp., the record date has been revised to February 22, 2023, and the Company now expects to complete the distribution of Toro Corp. common shares in March 2023.
Additional information regarding Toro Corp. and the proposed spin-off transaction may be found in Toro Corp.’s amended registration statement on Form 20-F filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. The proposed distribution and spin-off remain subject to, among other things, the registration statement on Form 20-F being declared effective and the approval of the listing of Toro’s common shares on the Nasdaq Capital Market, which has not yet occurred. There can be no assurance that the distribution or the spin-off will occur or, if they do occur, of their terms or timing. A copy of the registration statement on Form 20-F is available at www.sec.gov. The information in the filed registration statement on Form 20-F is not final and remains subject to change.
Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of oceangoing cargo vessels.
Castor owns a fleet of 30 vessels, with an aggregate capacity of 2.5 million dwt, consisting of 1 Capesize, 7 Kamsarmax and 12 Panamax dry bulk vessels, 1 Aframax, 5 Aframax/LR2, 2 Handysize tankers and 2 2,700 TEU containership vessels.
Castor Maritime Inc. Reports Net income of $27.8 Million for the Three Months Ended June 30, 2022 and $47.7 Million Net income for the Six Months Ended June 30, 2022
Castor Maritime Inc. (NASDAQ: CTRM) (“Castor” or the “Company”), a diversified global shipping company, today announced its results for the three months and six months ended June 30, 2022.
Highlights of the Second Quarter Ended June 30, 2022:
– Revenues, net: $67.5 million for the three months ended June 30, 2022, as compared to $21.8 million for the three months ended June 30, 2021, or a 209.6% increase;- Net income: $27.8 million for the three months ended June 30, 2022, as compared to $6.5 million for the three months ended June 30, 2021, or a 327.7% increase;- Earnings per common share: $0.29 earnings per share for the three months ended June 30, 2022, as compared to earnings per share of $0.07 for the three months ended June 30, 2021;- EBITDA(1): $36.0 million for the three months ended June 30, 2022, as compared to $10.0 million for the three months ended June 30, 2021;- Cash and restricted cash of $115.3 million as of June 30, 2022, as compared to $43.4 million as of December 31, 2021; and- Delivery of the M/T Wonder Arcturus to its new owners on July 15, 2022, after entering into an agreement to sell the vessel on May 9, 2022 for $13.15 million, resulting in an expected capital gain of $3.7 million before expenses in the third quarter of 2022.
Earnings Highlights of the Six Months Ended June 30, 2022:
– Revenues, net: $122.1 million for the six months ended June 30, 2022, as compared to $28.8 million for the six months ended June 30, 2021, or a 324.0% increase;- Net income: Net income of $47.7 million for the six months ended June 30, 2022, as compared to net income of $7.6 million for the six months ended June 30, 2021, or a 527.6% increase;- Earnings per common share: $0.50 earnings per share for the six months ended June 30, 2022, as compared to earnings per share of $0.10 for the six months ended June 30, 2021; and- EBITDA(1): $63.9 million for the six months ended June 30, 2022, as compared to $12.6 million for the six months ended June 30, 2021.
(1) EBITDA is not a recognized measure under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition and reconciliation of this measure to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.Management Commentary:
Mr. Petros Panagiotidis, Chief Executive Officer of Castor commented:
“In the second quarter of 2022, we enjoyed the improvement of the Aframax and Handysize tanker segments earnings along with another robust quarter in the dry cargo market, with the result of Castor reporting a record net income of approximately $28 million. Our balance sheet is strong with a healthy liquidity position and low leverage. As of June 30, 2022, our free cash was approximately $104 million, which compares with total assets of $552.4 million and the Company’s market capitalization of approximately $126.8 million as of end of the first half of 2022. We continue to generate healthy cash flows, with $52.8 million of cash generated from our operations in the first half of 2022.
We did not sell any common shares under the ATM Program, which expired in June 2022, during the second quarter of 2022 and up to the date of this release. We will continue to seek attractive acquisition opportunities across the shipping space to further pursue Castor’s growth trajectory.”
Earnings Commentary:
Second Quarter ended June 30, 2022, and 2021 Results
Vessel revenues, net of charterers’ commissions, for the three months ended June 30, 2022, increased to $67.5 million from $21.8 million in the same period of 2021. This increase was largely driven by the increase in our Available Days (defined below) from 1,420 in the three months ended June 30, 2021, to 2,565 in the three months ended June 30, 2022, following the increase in the size of our fleet. The increase in vessel revenues during the three months ended June 30, 2022, as compared with the same period of 2021, was further underpinned by the continuing solid performance of the dry bulk shipping market and the improved Aframax and Handysize tanker vessel earnings as compared to the same period of 2021.
The increase in voyage expenses, to $11.8 million in the three months ended June 30, 2022, from $1.4 million in the same period of 2021, is mainly associated with the expansion of our tanker fleet. The expansion of our tanker fleet resulted in: (i) increased bunkers consumption and port expenses during the three months ended June 30, 2022, as our larger tanker fleet operated mostly under voyage charters (under which we bear such expenses) during the three months ended June 30, 2022, compared to the three months ended June 30, 2021 when our tankers were primarily employed under time charter contracts (under which case such expenses are borne by our charterers), and (ii) increased brokerage commission expenses, corresponding to the increase in vessel revenues discussed above.
The increase in vessel operating expenses by $8.4 million, from $8.0 million in the three months ended June 30, 2021 to $16.4 million in the same period of 2022, as well as the increase in vessels’ depreciation and amortization costs by $3.1 million, from $3.0 million in the three months ended June 30, 2021 to $6.1 million in the same period of 2022, mainly reflect the increase in our Ownership Days following the expansion of our fleet and increased maintenance and insurance costs for certain of our vessels.
General and administrative expenses in the three months ended June 30, 2022, amounted to $1.1 million, whereas, in the same period of 2021 general and administrative expenses totaled $0.7 million. This increase stemmed from higher corporate fees primarily due to the growth of our company.
Management fees in the three months ended June 30, 2022, amounted to $2.2 million, whereas, in the same period of 2021 management fees totaled $1.8 million. This increase in management fees is due to the substantial increase in our Ownership Days for which our managers charge us with a daily management fee, following the acquisitions discussed above.
During the three months ended June 30, 2022, we incurred net interest costs and finance costs amounting to $1.7 million compared to $0.5 million during the same period in 2021. The increase is due to our higher level of weighted average indebtedness during the three months ended June 30, 2022, as compared with the same period of 2021.
Recent Financial and Business Developments Commentary:
Equity update
On June 15, 2022, the amended and restated equity distribution agreement with the agent under our at-the-market common stock offering program (“ATM Program”) expired. From January 1, 2022 to date, no sales of common shares took place under the ATM Program and there have been no warrant exercises under our outstanding warrant schemes. As of August 5, 2022, we had issued and outstanding 94,610,088 common shares.
Liquidity/ Financing/ Cash flow update
Our consolidated cash position as of June 30, 2022, increased by $71.9 million, to $115.3 million, as compared with our cash position on December 31, 2021. During the six-month period ended June 30, 2022, our cash position improved mainly as a result of: (i) $52.8 million of net operating cash flows generated, and (ii) net financing cash inflows of approximately $54.3 million following our entry into one secured loan facility in January 2022. From these amounts, during the six months ended June 30, 2022, we used $23.1 million to fund the acquisition of the M/V Magic Callisto and other capital expenditures of our fleet, whereas $12.1 million were used for scheduled principal repayments of our debt.
As of June 30, 2022, our total debt, gross of unamortized deferred loan fees, was $146.7 million of which $30.3 million is repayable within one year, as compared to $103.8 million of gross total debt as of December 31, 2021.
Completion of sale of the M/T Wonder Arcturus
On July 15, 2022, we completed the previously announced sale of the M/T Wonder Arcturus by delivering the vessel to its new owners. The Company expects to record during the third quarter of 2022 a gain on the sale of the subject vessel of approximately $3.7 million, excluding any transaction related costs.
Κερδοφόρο το δ΄ τρίμηνο για την Castor Maritime
Με καθαρά κέρδη ύψους 29,2 εκατ. δολαρίων έκλεισε το δ΄ τρίμηνο του 2021 για την Castor Maritime, συμφερόντων του Πέτρου Παναγιωτίδη, έναντι ζημιών 768.912 χιλιάδων δολαρίων το αντίστοιχο τρίμηνο του 2020. Τα έσοδά της για το ίδιο διάστημα ανήλθαν σε 60 εκατ. δολάρια από 4,3 εκατ. δολάρια το δ΄ τρίμηνο του 2020.
Τη σημαντική αυτή άνοδο η εταιρεία αποδίδει στην αύξηση των διαθέσιμων ημερών ναύλωσης μετά την απόκτηση και την παράδοση 22 πλοίων από τις 31 Δεκεμβρίου του 2020, αλλά και στην «υγιή ναυτιλιακή αγορά χύδην ξηρού φορτίου», η οποία επέφερε υπερδιπλάσια ναύλα για τα πλοία του στόλου.
Κέρδη ύψους 52,2 εκατ. δολαρίων κατέγραψε και στο σύνολο του 2021, έναντι ζημιών 1,7 εκατ. δολαρίων το 2020.
Παράλληλα, η εταιρεία ανακοίνωσε νέες ναυλώσεις για τα «Magic Twilight», «Magic Argo», «Magic Sun», «Magic Venus», «Magic Rainbow», «Magic Vela» και «Magic Nebula».
«Το 2021 ήταν ένα μετασχηματιστικό έτος για την Castor. Σημειώσαμε σημαντική ανάπτυξη, ολοκληρώνοντας το έτος με 29 πλοία, και καταγράψαμε ισχυρές ταμειακές ροές, ιδιαίτερα στο δεύτερο μισό του έτους», σχολίασε ο CEO της εταιρείας, Πέτρος Παναγιωτίδης και πρόσθεσε: «Επωφελούμαστε από μία υγιή θέση ρευστότητας και χαμηλή μόχλευση και τον Ιανουάριο υπογράψαμε μια νέα πιστωτική διευκόλυνση. Θα συνεχίσουμε να αναζητούμε ελκυστικές ευκαιρίες ενίσχυσης του στόλου, για να συνεχίσουμε την αναπτυξιακή πορεία της Castor».
Castor Maritime Inc. Announces Reverse Stock Split to be Effective May 28, 2021
Castor Maritime Inc., a diversified global shipping company, announces that its board of directors (the “Board”) has determined to effect a 1-for-10 reverse stock split of the Company’s common shares. The Company’s shareholders approved the reverse stock split by a ratio of not less than 1-for-2 and not more than 1-for-75 and granted the Board the authority to determine the exact split ratio and when to proceed with the reverse stock split at the Company’s Annual Meeting of Shareholders held on November 25, 2020.
The reverse stock split will take effect, and the Company’s common shares will begin trading on a split-adjusted basis on the Nasdaq Capital Market (“Nasdaq”) as of the opening of trading on May 28, 2021. The CUSIP number of Y1146L125 will be assigned to the Company’s common shares when the reverse stock split becomes effective.
When the reverse stock split becomes effective, every 10 of the Company’s issued and outstanding common shares will be combined into one issued and outstanding common share, without any change to the par value of $0.001 per share or any shareholder’s ownership percentage of the Company’s common shares. This will reduce the number of outstanding common shares from approximately 899.6 million shares to approximately 90.0 million shares.
No fractional shares will be issued in connection with the reverse stock split. Shareholders who would otherwise receive a fraction of a common share of the Company will receive a cash payment in lieu thereof.
The reverse stock split is undertaken with the objective of meeting the minimum $1.00 per share requirement for maintaining the listing of the Company’s common shares on Nasdaq.