Castor Maritime Inc. Reports Net Income of $26.8 Million for the Three Months Ended June 30, 2026, and $96.0 Million for the Six Months Ended June 30, 2026
Castor Maritime’s Q2 2026 results show sharply higher earnings, stronger chartering metrics and fleet growth, funded alongside targeted debt reduction.
Rhea-AI Summary
Castor Maritime (CTRM) reported net income of $26.8 million for Q2 2026 and $96.0 million for the six months ended June 30, 2026, reversing a loss in the prior-year period.
Q2 2026 total vessel revenues rose 46.1% year over year to $14.9 million and revenue from services grew 37.2% to $10.7 million, supported by a higher average Daily TCE Rate of $16,700 versus $11,516 in Q2 2025. Q2 adjusted net income was $11.6 million, EBITDA was $32.0 million and adjusted EBITDA was $16.8 million. For the six-month period, total vessel revenues increased 24.7% to $26.8 million, revenue from services grew 19.0% to $20.0 million, adjusted net income reached $21.3 million, and EBITDA was $106.8 million with adjusted EBITDA of $32.1 million.
Cash and restricted cash declined to $109.4 million at June 30, 2026, from $152.8 million at year-end 2025, reflecting $79.6 million spent on two modern-eco Kamsarmax acquisitions, partial debt prepayments including a $22.3 million voluntary prepayment on a $50.0 million sustainability-linked term loan, and other investing and financing cash flows, partly offset by $16.8 million of operating cash inflows.
Positive
- Q2 2026 net income $26.8 million vs. $6.3 million in Q2 2025
- Six-month 2026 net income $96.0 million vs. $17.0 million loss in 2025
- Q2 vessel revenues up 46.1% YoY to $14.9 million
- Q2 services revenue up 37.2% YoY to $10.7 million
- Q2 EBITDA $32.0 million vs. $10.7 million in Q2 2025
- Total debt reduced to $73.8 million from $85.6 million at Dec. 31, 2025
Negative
- Cash and restricted cash down to $109.4 million from $152.8 million
- Net investing cash outflows of $43.4 million in six months 2026
- Net financing cash outflows of $15.3 million in six months 2026
- Dividend income from MPCC fell to $3.6 million from $5.5 million in Q2 2025
- Foreign exchange losses of $2.9 million in Q2 2026, largely from NOK exposure
News Explained
Castor monetized the Magic Starlight while retaining a 30% stake and a guarantee obligation, and also received $15.6 million from a vessel sale and leaseback.
Castor reports that its joint venture transaction was completed on
The disclosed mechanics leave Castor with a minority equity stake and a guarantee obligation tied to the joint venture’s
Separately, the release reports
Key Figures
- Q2 net income
- $26.8 million
- Three months ended June 30, 2026; up from $6.3 million in 2025
- Q2 total vessel revenues
- $14.9 million
- Three months ended June 30, 2026; up 46.1% year over year
- Q2 adjusted EBITDA
- $16.8 million
- Three months ended June 30, 2026; versus $6.4 million in 2025
- Six-month net income
- $96.0 million
- Six months ended June 30, 2026; versus a $17.0 million net loss in 2025
- Six-month adjusted EBITDA
- $32.1 million
- Six months ended June 30, 2026; versus $16.3 million in 2025
- Q2 basic EPS
- $1.70 per share
- Three months ended June 30, 2026; versus $0.34 per share in 2025
- Debt prepayment
- $22.3 million
- Voluntary prepayment under the $50.0 million sustainability-linked senior term loan facility
- Q2 Daily TCE Rate
- $16,700
- Three-month period ended June 30, 2026; versus $11,516 in 2025
Previous Earnings Reports
-
Net income turned positive while vessel revenue and adjusted EBITDA increased year over year.
-
Quarterly net income increased despite lower vessel revenue following vessel sales.
-
Quarterly net income and EBITDA remained positive despite lower vessel revenue.
-
Vessel revenue and net income declined amid fewer available days and weaker charter rates.
-
The company reported a net loss and lower vessel revenue amid investment losses.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
ebitda financial
adjusted ebitda financial
daily tce rate technical
sale and leaseback transaction financial
sustainability-linked senior term loan facility financial
u.s. gaap technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
LIMASSOL, Cyprus, Sept. 14, 2026 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM) (“Castor” or the “Company”), a diversified global shipping and energy company, today announced its results for the three months and six months ended June 30, 2026.
Highlights of the Second Quarter Ended June 30, 2026:
- Total vessel revenues:
$14.9 million for the three months ended June 30, 2026, as compared to$10.2 million for the three months ended June 30, 2025, or a46.1% increase; - Revenue from services:
$10.7 million for the three months ended June 30, 2026, as compared to$7.8 million for the three months ended June 30, 2025, or a37.2% increase; - Net income of
$26.8 million for the three months ended June 30, 2026, as compared to$6.3 million for the three months ended June 30, 2025, or a325.4% increase; - Adjusted net income(1) of
$11.6 million for the three months ended June 30, 2026, as compared to$2.0 million for the three months ended June 30, 2025; - Earnings per common share, basic:
$1.70 per share for the three months ended June 30, 2026, as compared to$0.34 per share for the three months ended June 30, 2025; - EBITDA (1):
$32.0 million for the three months ended June 30, 2026, as compared to$10.7 million for the three months ended June 30, 2025; - Adjusted EBITDA (1):
$16.8 million for the three months ended June 30, 2026, as compared to$6.4 million for the three months ended June 30, 2025; - Cash and restricted cash of
$109.4 million as of June 30, 2026, as compared to$152.8 million as of December 31, 2025; - During the three months ended June 30, 2026, we completed two vessel acquisitions; and
- On June 30, 2026, we prepaid
$22.3 million of the outstanding principal under the$50.0 million sustainability-linked senior term loan facility.
Highlights of the Six Months Ended June 30, 2026:
- Total vessel revenues:
$26.8 million for the six months ended June 30, 2026, as compared to$21.5 million for the six months ended June 30, 2025, or a24.7% increase; - Revenue from services:
$20.0 million for the six months ended June 30, 2026, as compared to$16.8 million for the six months ended June 30, 2025, or a19.0% increase; - Net income of
$96.0 million for the six months ended June 30, 2026, as compared to net loss of$17.0 million for the six months ended June 30, 2025; - Adjusted net income(1) of
$21.3 million for the six months ended June 30, 2026, as compared to$6.9 million for the six months ended June 30, 2025; - Earnings/(loss) per common share, basic:
$6.35 per share for the six months ended June 30, 2026, as compared to$(1.84) per share for the six months ended June 30, 2025; - EBITDA (1):
$106.8 million for the six months ended June 30, 2026, as compared to$(7.6) million for the six months ended June 30, 2025; - Adjusted EBITDA (1):
$32.1 million for the six months ended June 30, 2026, as compared to$16.3 million for the six months ended June 30, 2025; and - During January 2026, we successfully completed a sale and leaseback transaction for the M/V Magic Perseus, a 2013-built Kamsarmax bulk carrier vessel with a Japanese counterparty.
(1) Adjusted net income, EBITDA and Adjusted EBITDA are not recognized measures under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definitions of these measures and reconciliation to Net income / (Loss), the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Management Commentary for Second Quarter 2026:
Mr. Petros Panagiotidis, Chief Executive Officer of Castor, commented:
“In Q2 2026, improved dry bulk market conditions, underpinned by stronger freight rates and steady charter demand, drove a material year-on-year increase in our Daily TCE Rate. During the quarter, we acquired two modern-eco Kamsarmax bulk carriers, renewing and upgrading our fleet, and voluntarily prepaid a portion of our sustainability-linked senior term loan facility. With a strong balance sheet and disciplined capital allocation, we remain well positioned to act on opportunities that create long-term shareholder value.”
Earnings Commentary:
Second Quarter ended June 30, 2026, and 2025, Results
Total vessel revenues for the three months ended June 30, 2026, increased to
Revenue from services for the three months ended June 30, 2026, increased to
Voyage expenses increased to
Vessel operating expenses decreased by
Cost of revenue from services for the three months ended June 30, 2026 increased to
Management fees in the three months ended June 30, 2026 amounted to
Depreciation and amortization expenses are comprised of vessels’ depreciation, the amortization of vessels’ capitalized dry-dock costs, property, plant and equipment depreciation and intangible assets amortization. Vessels’ depreciation expenses amounted to
General and administrative expenses in the three months ended June 30, 2026, amounted to
Net (loss)/gain on disposition of assets was $nil in the three months ended June 30, 2026, whereas, in the same period of 2025, it amounted to a gain of
Net loss from equity method investments in the three months ended June 30, 2026, amounted to
Net gain from equity method investments measured at fair value in the three months ended June 30, 2026, amounted to
During the three months ended June 30, 2026, we incurred net interest and finance costs of
Other expenses, net, in the three months ended June 30, 2026 amounted to
Dividend income from equity method investments measured at fair value (related party) amounted to
Recent Financial Developments Commentary:
Liquidity/Financing/Cash flow update
Our consolidated cash position (including our restricted cash) as of June 30, 2026, decreased by
On June 30, 2026, we voluntarily prepaid
As of June 30, 2026, our total debt (including financial liabilities), gross of unamortized deferred loan fees (of approximately
Recent Business Developments Commentary:
Acquisition of vessels:
On June 19, 2026, we entered into an agreement with an unaffiliated third party to acquire a 2023-built modern-eco Kamsarmax bulk carrier, the M/V Magic Jupiter, for a purchase price of
On June 26, 2026, we entered into an agreement with an unaffiliated third party to acquire a 2024-built modern-eco Kamsarmax bulk carrier, the M/V Magic Saturn, for a purchase price of
Joint Venture and Contribution of the M/V Magic Starlight:
On July 22, 2026, we entered into an agreement to establish a joint venture (the "Joint Venture") with third-party investors. The Joint Venture was established to acquire, own and operate the M/V Magic Starlight, a 2015-built Kamsarmax bulk carrier vessel owned by us. We contributed the vessel to the Joint Venture in exchange for a
MPC Capital becomes MPC Oceanic Group
On August 28, 2026, the shareholders of our subsidiary MPC Capital approved a change of its corporate name to MPC Oceanic Group AG at the Annual General Meeting. The new name took effect upon registration of the resolution in the commercial register, on September 3, 2026. The rebranding reflects the subsidiary’s strategic evolution from an investment manager to a fully integrated investment, services, and operating group across maritime and energy sectors. The name change does not affect our operations or financial condition.
Change in Component Auditor
Effective for the fiscal year ending December 31, 2026, our subsidiary MPC Capital will no longer engage BDO AG Wirtschaftsprüfungsgesellschaft as its independent auditor. Instead, Deloitte GmbH Wirtschaftsprüfungsgesellschaft will serve as the component auditor reporting to the Group's principal auditor, Deloitte Certified Public Accountants S.A. This change was approved by the Audit Committee of Castor Maritime in May 2026, and the formal appointment of Deloitte GmbH Wirtschaftsprüfungsgesellschaft as the local auditor was completed at MPC's Annual General Meeting on August 28, 2026. The decision to change component auditors was driven principally by group audit efficiency considerations and cost optimization, as consolidating the audit function within the Deloitte network eliminates the need for a separate referred-to audit opinion in the Company's Form 20-F. There were no disagreements or reportable events with BDO Germany that led to or influenced this change.
Fleet Employment Status (as of September 14, 2026)
During the three months ended June 30, 2026, we operated on average 9.0 vessels earning a Daily TCE Rate(2) of
Our employment profile as of September 14, 2026 is presented immediately below.
(2) Daily TCE Rate is not a recognized metric under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this metric to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
| Dry Bulk Carriers | |||||||||
| Vessel Name | Type | Capacity (dwt) | Year Built | Country of Construction | Type of Employment(1) | Daily Gross Charter Rate | Estimated Redelivery Date | ||
| Earliest | Latest | ||||||||
| Magic Saturn | Kamsarmax | 82,145 | 2024 | China | TC period | Sept-2027 | -(6) | ||
| Magic Jupiter | Kamsarmax | 85,505 | 2023 | China | TC period | Feb-2028 | Jun-2028 | ||
| Magic Ariel | Kamsarmax | 81,845 | 2020 | China | TC period | -(6) | -(6) | ||
| Magic Perseus | Kamsarmax | 82,158 | 2013 | Japan | TC period | -(6) | -(6) | ||
| Magic Thunder | Kamsarmax | 83,375 | 2011 | Japan | TC period | -(6) | -(6) | ||
| Magic Mars | Panamax | 76,822 | 2014 | Korea | TC period | -(6) | -(6) | ||
| Magic Pluto | Panamax | 74,940 | 2013 | Japan | TC period | -(6) | -(6) | ||
| Magic P | Panamax | 76,453 | 2004 | Japan | Panamax Pool(8) | N/A | -(9) | -(9) | |
| Magic Celeste | Ultramax | 63,310 | 2015 | China | TC period | -(6) | -(6) | ||
| Magic Starlight(11) | Kamsarmax | 81,048 | 2015 | China | TC period | -(6) | -(6) | ||
| Containerships | |||||||||
| Vessel Name | Type | Capacity (dwt) | Year Built | Country of Construction | Type of Employment | Daily Gross Charter Rate ($/day) | Estimated Redelivery Date | ||
| Earliest | Latest | ||||||||
| Raphaela | Containership | 26,811 | 2008 | Turkey | TC period | Nov-26 | Jan-27 | ||
(1) TC stands for time charter.
(2) The benchmark vessel used in the calculation of the average Baltic Panamax Index 5TC routes (“BPI5TC”) is a non-scrubber fitted 82,000mt dwt vessel (Kamsarmax) with specific age, speed–consumption, and design characteristics.
(3) The vessel’s daily gross charter rate is equal to
(4) The vessel’s daily gross charter rate is equal to
(5) The vessel’s daily gross charter rate is equal to
(6) In accordance with the prevailing charter party, both parties (owners and charterers) have the option to terminate the charter by providing 3 months’ written notice to the other party.
(7) The benchmark vessel used in the calculation of the average of the Baltic Panamax Index 4TC routes (“BPI4TC”) is a non-scrubber fitted 74,000mt dwt vessel (Panamax) with specific age, speed-consumption, and design characteristics.
(8) The vessel is currently participating in an unaffiliated pool specializing in the employment of Panamax/Kamsarmax dry bulk vessels.
(9) Under the prevailing pool agreement, owners may terminate the charter by giving three months’ written notice.
(10) The benchmark vessel used in the calculation of the average of the Baltic Supramax Index 10TC routes (“BSI10TC”) is a non-scrubber fitted 58,000mt dwt vessel (Supramax) with specific age, speed–consumption, and design characteristics.
(11) M/V Magic Starlight is owned by the Joint Venture in which we have a
Financial Results Overview of Operations:
Set forth below are selected financial data of our dry bulk, containership and asset management segments for each of the three and six months ended June 30, 2026, and 2025, respectively:
| Three Months Ended | Six Months Ended | |||||||||
| (Expressed in U.S. dollars) | June 30, 2026 (unaudited) | June 30, 2025 (unaudited) | June 30, 2026 (unaudited) | June 30, 2025 (unaudited) | ||||||
| Total vessel revenues | $ | 14,900,722 | $ | 10,159,771 | $ | 26,843,551 | $ | 21,482,267 | ||
| Revenue from services | $ | 10,666,722 | $ | 7,781,882 | $ | 19,981,835 | $ | 16,803,545 | ||
| Operating income/(loss) | $ | 24,564,540 | $ | (816,556 | ) | $ | 72,952,482 | $ | (34,264,782 | ) |
| Net income/(loss) | $ | 26,812,506 | $ | 6,338,275 | $ | 96,030,327 | $ | (17,008,587 | ) | |
| Adjusted net income(1) | $ | 11,647,662 | $ | 2,018,988 | $ | 21,279,322 | $ | 6,879,709 | ||
| EBITDA(1) | $ | 31,985,484 | $ | 10,747,001 | $ | 106,816,833 | $ | (7,568,625 | ) | |
| Adjusted EBITDA(1) | $ | 16,820,640 | $ | 6,427,714 | $ | 32,065,828 | $ | 16,319,671 | ||
| Earnings / (Loss) per common share, basic attributable to Castor Maritime Inc. common shareholders | $ | 1.70 | $ | 0.34 | $ | 6.35 | $ | (1.84 | ) | |
| Earnings / (Loss) per common share, diluted attributable to Castor Maritime Inc. common shareholders | $ | 0.31 | $ | 0.10 | $ | 1.12 | $ | (1.84 | ) | |
(1) Adjusted net income, EBITDA and Adjusted EBITDA are not recognized measures under U.S. GAAP. Please refer to Appendix B of this release for the definition and reconciliation of these measures to Net income/(loss), the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Consolidated Fleet Selected Financial and Operational Data:
Set forth below are selected financial and operational data which are applicable only for our dry bulk vessel and containership segments for each of the three and six months ended June 30, 2026, and 2025, respectively, that we believe are useful in analyzing trends in our results of operations.
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| (Expressed in U.S. dollars except for operational data) | 2026 | 2025 | 2026 | 2025 | |||||||||
| Ownership Days(1)(7) | 822 | 883 | 1,632 | 1,977 | |||||||||
| Available Days(2)(7) | 822 | 825 | 1,563 | 1,893 | |||||||||
| Operating Days(3)(7) | 822 | 822 | 1,563 | 1,886 | |||||||||
| Daily TCE Rate(4) | $ | 16,700 | $ | 11,516 | $ | 15,859 | $ | 10,410 | |||||
| Fleet Utilization(5)(7) | 100 | % | 100 | % | 100 | % | 100 | % | |||||
| Daily vessel operating expenses(6) | $ | 5,530 | $ | 5,184 | $ | 5,327 | $ | 5,182 | |||||
(1) Ownership Days are the total number of calendar days in a period during which we owned a vessel.
(2) Available Days are the Ownership Days in a period less the aggregate number of days our vessels are off-hire due to scheduled repairs, dry-dockings or special or intermediate surveys.
(3) Operating Days are the Available Days in a period after subtracting unscheduled off-hire and idle days.
(4) Daily TCE Rate is not a recognized metric under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this metric to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
(5) Fleet Utilization is calculated by dividing the Operating Days during a period by the number of Available Days during that period.
(6) Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the Ownership Days for such period.
(7) Our definitions of Ownership Days, Available Days, Operating Days and Fleet Utilization may not be comparable to those reported by other companies.
APPENDIX A
| CASTOR MARITIME INC. Unaudited Condensed Consolidated Statements of Comprehensive Income (Expressed in U.S. Dollars—except for number of share data) | |||||||||||||
| (In U.S. dollars except for number of share data) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| REVENUES | |||||||||||||
| Time charter revenues | $ | 13,425,737 | $ | 9,291,086 | $ | 24,340,327 | $ | 20,213,839 | |||||
| Pool revenues | 1,474,985 | 868,685 | 2,503,224 | 1,268,428 | |||||||||
| Total vessel revenues | $ | 14,900,722 | $ | 10,159,771 | $ | 26,843,551 | $ | 21,482,267 | |||||
| Revenue from services (including related party revenues) | $ | 10,666,722 | $ | 7,781,882 | $ | 19,981,835 | $ | 16,803,545 | |||||
| Total revenues | $ | 25,567,444 | $ | 17,941,653 | $ | 46,825,386 | $ | 38,285,812 | |||||
| EXPENSES | |||||||||||||
| Voyage expenses (including commissions to related party) | (1,173,371 | ) | (659,125 | ) | (2,055,809 | ) | (1,776,817 | ) | |||||
| Vessel operating expenses | (4,545,787 | ) | (4,577,573 | ) | (8,694,266 | ) | (10,244,724 | ) | |||||
| Cost of revenue from services | (8,399,357 | ) | (5,781,067 | ) | (14,009,651 | ) | (10,504,581 | ) | |||||
| Management fees -related parties | (938,784 | ) | (1,009,428 | ) | (1,785,924 | ) | (2,288,643 | ) | |||||
| Depreciation and amortization | (3,904,870 | ) | (3,203,742 | ) | (7,601,749 | ) | (6,653,155 | ) | |||||
| General and administrative expenses (including related party fees) | (4,638,667 | ) | (5,414,699 | ) | (8,538,023 | ) | (9,547,735 | ) | |||||
| Loss on vessels held for sale | — | — | — | (5,554,777 | ) | ||||||||
| (Provision) / recovery of provision for doubtful accounts | 286 | (10,478 | ) | 75,908 | (15,459 | ) | |||||||
| Net gain/(loss) on sale of vessels | — | 82,643 | — | (2,001,646 | ) | ||||||||
| Net (loss) / gain on disposition of assets | (291 | ) | 390,843 | 346 | 410,099 | ||||||||
| Net (loss) / gain from equity method investments | (520,893 | ) | (128,005 | ) | (864,264 | ) | 441,493 | ||||||
| Net gain / (loss) from equity method investments measured at fair value | 23,118,830 | 1,552,422 | 69,600,528 | (24,814,649 | ) | ||||||||
| Operating income/ (loss) | $ | 24,564,540 | $ | (816,556 | ) | $ | 72,952,482 | $ | (34,264,782 | ) | |||
| Interest and finance costs, net(1)(including costs from related party) | (664,557 | ) | (897,260 | ) | (1,002,085 | ) | (2,184,674 | ) | |||||
| Other (expenses) / income, net(2) | (116,334 | ) | 2,892,749 | 18,425,077 | 9,432,415 | ||||||||
| Dividend income from equity method investments measured at fair value (related party) | 3,632,408 | 5,467,066 | 7,837,525 | 10,610,587 | |||||||||
| Income taxes | (603,551 | ) | (307,724 | ) | (2,182,672 | ) | (602,133 | ) | |||||
| Net income / (loss) | $ | 26,812,506 | $ | 6,338,275 | $ | 96,030,327 | $ | (17,008,587 | ) | ||||
| Less: Net (income) / loss attributable to the non-controlling interest | (8,328,507 | ) | (1,070,017 | ) | (30,550,611 | ) | 3,191,062 | ||||||
| Net income/(loss) attributable to Castor Maritime Inc. | 18,483,999 | 5,268,258 | 65,479,716 | (13,817,525 | ) | ||||||||
| Dividend on Series D Preferred Shares | (1,250,000 | ) | (1,263,889 | ) | (2,500,000 | ) | (2,513,889 | ) | |||||
| Deemed dividend on Series D Preferred Shares | (820,233 | ) | (738,650 | ) | (1,620,049 | ) | (1,451,187 | ) | |||||
| Net income / (loss) attributable to common shareholders of Castor Maritime Inc. | $ | 16,413,766 | $ | 3,265,719 | $ | 61,359,667 | $ | (17,782,601 | ) | ||||
| Other comprehensive income / (loss): | |||||||||||||
| Foreign currency translation | (1,839,551 | ) | 19,399,435 | (10,266,636 | ) | 28,586,783 | |||||||
| Net cash flow hedges | (156,163 | ) | 137,547 | (296,927 | ) | 394,454 | |||||||
| Other comprehensive (loss) / income | (1,995,714 | ) | 19,536,982 | (10,563,563 | ) | 28,981,237 | |||||||
| Other comprehensive income attributable to noncontrolling interests | 63,030 | (5,163,990 | ) | 3,634,510 | (7,622,435 | ) | |||||||
| Other comprehensive (loss) / income attributable to Castor Maritime Inc. | (1,932,684 | ) | 14,372,992 | (6,929,053 | ) | 21,358,802 | |||||||
| Total comprehensive income | 24,816,792 | 25,875,257 | 85,466,764 | 11,972,650 | |||||||||
| Less: Comprehensive income attributable to noncontrolling interests | (8,265,477 | ) | (6,234,007 | ) | (26,916,101 | ) | (4,431,373 | ) | |||||
| Total comprehensive income attributable to Castor Maritime Inc. | 16,551,315 | 19,641,250 | 58,550,663 | 7,541,277 | |||||||||
| Earnings / (loss) per common share, basicattributable to Castor Maritime Inc. common shareholders | $ | 1.70 | $ | 0.34 | $ | 6.35 | $ | (1.84 | ) | ||||
| Earnings / (loss) per common share, dilutedattributable to Castor Maritime Inc. common shareholders | $ | 0.31 | $ | 0.10 | $ | 1.12 | $ | (1.84 | ) | ||||
| Weighted average number of common shares outstanding, basic | 9,662,354 | 9,662,354 | 9,662,354 | 9,662,354 | |||||||||
| Weighted average number of common shares outstanding, diluted | 59,878,323 | 54,503,652 | 58,175,084 | 9,662,354 | |||||||||
(1) Includes interest and finance costs and interest income, if any.
(2) Includes aggregated amounts for foreign exchange loss / gain, gain / loss from equity and debt securities and other income, as applicable in each period.
| CASTOR MARITIME INC. Unaudited Condensed Consolidated Balance Sheets (Expressed in U.S. Dollars—except for number of share data) | ||||
| June 30, 2026 | December 31, 2025 | |||
| ASSETS | ||||
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | $ | 108,443,675 | $ | 151,775,129 |
| Due from related parties | 9,938,847 | 13,155,509 | ||
| Investment in equity securities | 1,170,409 | 27,759,775 | ||
| Investment in debt securities | 2,561,855 | 554,924 | ||
| Other current assets | 32,840,619 | 28,169,537 | ||
| Total current assets | 154,955,405 | 221,414,874 | ||
| NON-CURRENT ASSETS: | ||||
| Vessels, net | 231,708,277 | 156,496,033 | ||
| Property, plant and equipment, net | 33,027,270 | 34,658,519 | ||
| Restricted cash | 1,000,000 | 1,000,000 | ||
| Due from related parties | 2,893,839 | 2,893,839 | ||
| Investment in related party | 117,521,579 | 117,521,579 | ||
| Equity method investments | 46,268,316 | 50,045,840 | ||
| Equity method investments measured at fair value | 234,269,389 | 139,745,917 | ||
| Intangible assets, net | 19,427,180 | 21,173,403 | ||
| Goodwill | 23,396,032 | 24,126,824 | ||
| Other non-current assets | 26,809,380 | 28,281,613 | ||
| Total non-current assets | 736,321,262 | 575,943,567 | ||
| Total assets | 891,276,667 | 797,358,441 | ||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | ||||
| CURRENT LIABILITIES: | ||||
| Current portion of long-term debt, net | 3,927,308 | 5,637,620 | ||
| Current portion of financial liabilities, net | 2,868,539 | 1,548,990 | ||
| Accrued liabilities | 13,398,508 | 16,700,000 | ||
| Due to related parties, current | 1,487,702 | 1,106,606 | ||
| Other current liabilities | 11,454,862 | 9,413,688 | ||
| Total current liabilities | 33,136,919 | 34,406,904 | ||
| NON-CURRENT LIABILITIES: | ||||
| Long-term debt, net | 41,353,580 | 64,992,597 | ||
| Long‐term financial liabilities, net | 24,423,904 | 12,046,770 | ||
| Deferred tax liabilities | 11,128,651 | 10,596,230 | ||
| Other non-current liabilities | 5,835,911 | 6,358,462 | ||
| Total non-current liabilities | 82,742,046 | 93,994,059 | ||
| Total liabilities | 115,878,965 | 128,400,963 | ||
| MEZZANINE EQUITY | ||||
| 82,334,124 | 80,714,075 | |||
| Total mezzanine equity | 82,334,124 | 80,714,075 | ||
| SHAREHOLDERS’ EQUITY | ||||
| Common shares, | 9,662 | 9,662 | ||
| Series B Preferred Shares - 12,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025 | 12 | 12 | ||
| Additional paid-in capital | 265,339,741 | 265,339,741 | ||
| Retained earnings | 300,812,447 | 239,452,780 | ||
| Accumulated other comprehensive income | 13,699,459 | 20,628,512 | ||
| Total Castor Maritime Inc. shareholders’ equity | 579,861,321 | 525,430,707 | ||
| Noncontrolling interests | 113,202,257 | 62,812,696 | ||
| Total shareholders’ equity | 693,063,578 | 588,243,403 | ||
| Total liabilities, mezzanine equity and shareholders’ equity | $ | 891,276,667 | $ | 797,358,441 |
| CASTOR MARITIME INC. Unaudited Consolidated Statements of Cash Flows | ||||||
| (Expressed in U.S. Dollars) | Six months Ended June 30, | |||||
| 2026 | 2025 | |||||
| Cash Flows provided by / (used in) Operating Activities: | ||||||
| Net income/(loss) | $ | 96,030,327 | $ | (17,008,587 | ) | |
| Adjustments to reconcile net income / (loss) to net cash provided by / (used in) Operating Activities: | ||||||
| Depreciation and amortization | 7,601,749 | 6,653,155 | ||||
| Amortization and write off of deferred finance charges | 629,815 | 108,215 | ||||
| Amortization of fair value of acquired time charters | (634 | ) | 119,733 | |||
| Straight line amortization of hire | (288,517 | ) | 125,507 | |||
| Net loss on sale of vessels | — | 2,001,646 | ||||
| Loss on vessels held for sale | — | 5,554,777 | ||||
| (Recovery) of provision/provision for doubtful accounts | (75,908 | ) | 15,459 | |||
| Non-cash compensation (transfer of shares) | — | 272,780 | ||||
| Net gain on disposition of assets | (346 | ) | (410,099 | ) | ||
| Non-cash effects from translation to reporting currency | (160,880 | ) | 28,458 | |||
| Share-based compensation | 125,430 | 115,044 | ||||
| Unrealized loss/(gain) from equity method investments | 864,264 | (441,493 | ) | |||
| Unrealized (gain)/loss from equity method investments measured at fair value | (69,600,528 | ) | 24,814,649 | |||
| Dividend income from equity method investments measured at fair value (related party) | (7,837,525 | ) | (10,610,587 | ) | ||
| Unrealized foreign exchange (gain)/loss from equity method investments | (7,409,798 | ) | 1,084,348 | |||
| Realized (gain) / loss on sale of equity securities | (9,059,011 | ) | 2,029,190 | |||
| Unrealized loss/(gain) on equity securities | 1,211,721 | (7,511,809 | ) | |||
| Unrealized loss on debt securities | 57,906 | — | ||||
| Amortization of bonds’ premium discount | (8,221 | ) | — | |||
| Adjustments for non-cash finance costs | 80,113 | — | ||||
| Deferred income taxes | 1,677,938 | — | ||||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable trade | (1,692,575 | ) | (1,221,358 | ) | ||
| Inventories | (376,575 | ) | 784,160 | |||
| Due from/to related parties | 3,745,426 | 656,457 | ||||
| Prepaid expenses and other assets | (319,298 | ) | (308,770 | ) | ||
| Accounts payable | 318,057 | (172,965 | ) | |||
| Accrued liabilities | (3,177,317 | ) | (8,601,118 | ) | ||
| Income tax receivable / payable | (1,236,721 | ) | (4,596,126 | ) | ||
| Derivative assets and liabilities, net | 622,768 | (1,084,289 | ) | |||
| Deferred revenue | 406,604 | 227,194 | ||||
| Dry-dock costs paid | (3,158,435 | ) | (2,397,313 | ) | ||
| Dividends received from equity method investments measured at fair value | 7,837,525 | 5,797,456 | ||||
| Net Cash provided by / (used in) Operating Activities: | 16,807,354 | (3,976,286 | ) | |||
| Cash flow (used in) / provided by Investing Activities: | ||||||
| Vessel acquisitions and other vessel improvements | (79,604,584 | ) | (260,169 | ) | ||
| Net proceeds from sale of vessels | — | 61,939,798 | ||||
| Acquisitions of property and equipment, net | (357,432 | ) | (112,563 | ) | ||
| Net proceeds from dispositions of long term assets | 6,295 | 357,048 | ||||
| Purchase of equity securities | — | (11,012,514 | ) | |||
| Proceeds from sale of equity securities | 34,506,485 | 31,668,114 | ||||
| Purchase of debt securities | (2,056,616 | ) | — | |||
| Payments for acquisition of equity method investments | (3,150,494 | ) | (24,119,428 | ) | ||
| Return of invested capital from and payments received from disposition of equity method investments | 5,702,697 | 4,137,792 | ||||
| Payments for acquisition of equity investments | (394,419 | ) | — | |||
| Proceeds from disposition of equity investments | 1,929,122 | — | ||||
| Net cash (used in) / provided by Investing Activities: | (43,418,946 | ) | 62,598,078 | |||
| Cash flows used in Financing Activities: | ||||||
| Dividends paid on Series D Preferred Shares | (2,500,000 | ) | (2,097,222 | ) | ||
| Proceeds from long-term debt | — | 1,577,002 | ||||
| Repayment of long-term debt (including related party) | (25,310,680 | ) | (101,057,645 | ) | ||
| Proceeds from long-term financial liability | 15,600,000 | — | ||||
| Repayment of long-term financial liability | (1,535,106 | ) | — | |||
| Payment of deferred financing costs | (481,756 | ) | (110,000 | ) | ||
| Cash dividends paid to noncontrolling interests | — | (2,848,198 | ) | |||
| Transactions/distributions with non-controlling interest | (1,100,742 | ) | — | |||
| Net cash used in Financing Activities: | (15,328,284 | ) | (104,536,063 | ) | ||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,391,578 | ) | 3,206,933 | |||
| Net decrease in cash, cash equivalents, and restricted cash | (43,331,454 | ) | (42,707,338 | ) | ||
| Cash, cash equivalents and restricted cash at the beginning of the period | 152,775,129 | 88,616,996 | ||||
| Cash, cash equivalents and restricted cash at the end of the period | $ | 109,443,675 | $ | 45,909,658 | ||
APPENDIX B
Non-GAAP Financial Information
Daily Time Charter Equivalent (“TCE”) Rate. The Daily Time Charter Equivalent Rate (“Daily TCE Rate”) is a metric of the average daily revenue performance of a vessel. The Daily TCE Rate is not a metric of financial performance under U.S. GAAP (non-GAAP metric) and should not be considered as an alternative to any measure of financial performance presented in accordance with U.S. GAAP. We calculate Daily TCE Rate by dividing total revenues (time charter and/or voyage charter revenues, and/or pool revenues, net of charterers’ commissions), less voyage expenses, by the number of Available Days during that period. Under a time charter, the charterer pays substantially all the vessel voyage related expenses. However, we may incur voyage related expenses when positioning or repositioning vessels before or after the period of a time or other charter, during periods of commercial waiting time or while off-hire during dry-docking. Under voyage charters, the majority of voyage expenses are generally borne by us whereas for vessels in a pool, such expenses are borne by the pool operator. The Daily TCE Rate is a standard shipping industry performance metric used primarily to compare period-to-period changes in a company’s performance and management believes that the Daily TCE Rate provides meaningful information to our investors since it compares daily net earnings generated by our vessels irrespective of the mix of charter types (i.e., time charter, voyage charter, or other) under which our vessels are employed between the periods while it further assists our management in making decisions regarding the deployment and use of our vessels and in evaluating our financial performance. Our calculation of the Daily TCE Rates may be different from and may not be comparable to that reported by other companies.
The following table reconciles the calculation of the Daily TCE Rate which is applicable only for our dry bulk and containership fleet to Total vessel revenues (applicable only to dry bulk and containership segments) for the periods presented (amounts in U.S. dollars, except for Available Days):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| (In U.S. dollars, except for Available Days) | 2026 | 2025 | 2026 | 2025 | |||||||||
| Total vessel revenues | $ | 14,900,722 | $ | 10,159,771 | $ | 26,843,551 | $ | 21,482,267 | |||||
| Voyage expenses - including commissions to related party | (1,173,371 | ) | (659,125 | ) | (2,055,809 | ) | (1,776,817 | ) | |||||
| TCE revenues | $ | 13,727,351 | $ | 9,500,646 | $ | 24,787,742 | $ | 19,705,450 | |||||
| Available Days | 822 | 825 | 1,563 | 1,893 | |||||||||
| Daily TCE Rate | $ | 16,700 | $ | 11,516 | $ | 15,859 | $ | 10,410 | |||||
EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are not measures of financial performance under U.S. GAAP, do not represent and should not be considered as an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. We define EBITDA as earnings before interest and finance costs (if any), net of interest income, taxes (when incurred), depreciation and amortization of deferred dry-docking costs. Adjusted EBITDA represents EBITDA adjusted to exclude unrealized gain/loss on equity and debt securities and equity method investments (including those measured at fair value), unrealized foreign exchange losses / (gains) from equity method investments, share-based compensation and non-recurring expenses, which the Company believes are not indicative of the ongoing performance of its core operations. EBITDA and Adjusted EBITDA are used as supplemental financial measures by management and external users of financial statements to assess our operating performance. We believe that EBITDA and Adjusted EBITDA assist our management by providing useful information that increases the comparability of our operating performance from period to period and against the operating performance of other companies in our industry that provide EBITDA information. This increased comparability is achieved by excluding the potentially disparate effects between periods or companies of interest, other financial items, depreciation and amortization and taxes for EBITDA, and further excluding unrealized gains/loss on securities and non-recurring expenses for Adjusted EBITDA, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. We believe that including EBITDA and Adjusted EBITDA as measures of operating performance benefits investors in (a) selecting between investing in us and other investment alternatives and (b) monitoring our ongoing financial and operational strength. Our basis of computing EBITDA and Adjusted EBITDA as presented below may be different from and may not be comparable to similarly titled measures of other companies.
The following table reconciles EBITDA and Adjusted EBITDA to Net (loss)/ income, the most directly comparable U.S. GAAP financial measure, for the periods presented:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| (In U.S. dollars) | 2026 | 2025 | 2026 | 2025 | |||||||||
| Net income / (loss) | $ | 26,812,506 | $ | 6,338,275 | $ | 96,030,327 | $ | (17,008,587 | ) | ||||
| Depreciation and amortization | 3,904,870 | 3,203,742 | 7,601,749 | 6,653,155 | |||||||||
| Interest and finance costs, net(1) | 664,557 | 897,260 | 1,002,085 | 2,184,674 | |||||||||
| Income taxes | 603,551 | 307,724 | 2,182,672 | 602,133 | |||||||||
| EBITDA | $ | 31,985,484 | $ | 10,747,001 | $ | 106,816,833 | $ | (7,568,625 | ) | ||||
| Unrealized (gain) / loss on equity securities (2) | 4,482,590 | (7,220,462 | ) | 1,211,721 | (7,511,809 | ) | |||||||
| Unrealized (gain) / loss on debt securities | 60,728 | — | 57,906 | — | |||||||||
| Unrealized loss / (gain) from equity method investments | 520,893 | 128,005 | 864,264 | (441,493 | ) | ||||||||
| Unrealized (gains) / losses from equity method investments measured at fair value | (23,118,830 | ) | (1,552,422 | ) | (69,600,528 | ) | 24,814,649 | ||||||
| Unrealized foreign exchange losses / (gains) from equity method investments | 2,826,920 | 4,264,301 | (7,409,798 | ) | 1,084,348 | ||||||||
| (Gain) / Loss on vessels held for sale | — | — | — | 5,554,777 | |||||||||
| Share-based compensation | 62,855 | 61,291 | 125,430 | 115,044 | |||||||||
| Non-cash compensation (transfer of shares) | — | — | — | 272,780 | |||||||||
| Adjusted EBITDA | $ | 16,820,640 | $ | 6,427,714 | $ | 32,065,828 | $ | 16,319,671 | |||||
(1) Includes interest and finance costs and interest income, if any.
(2) Period-over-period fluctuations between unrealized and realized gains/(losses) primarily reflect timing differences, as mark-to-market gains/(losses) recognized in prior periods are reversed and reclassified to realized gain/(loss) upon disposition of the underlying securities.
Adjusted Net Income. To derive Adjusted Net Income/(Loss) from Net Income/(Loss), we exclude certain non-cash items, as provided in the table below. We believe that Adjusted Net Income assists our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash item as unrealized losses from investments measured at fair value and other items which may vary from year to year, for reasons unrelated to overall operating performance. Our method of computing Adjusted Net Income may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles Adjusted Net Income for the periods presented:
Adjusted Net Income Reconciliation
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| (In U.S. dollars) | 2026 | 2025 | 2026 | 2025 | |||||||||
| Net income / (loss) | $ | 26,812,506 | $ | 6,338,275 | $ | 96,030,327 | $ | (17,008,587 | ) | ||||
| Unrealized loss/(gain) on equity securities | 4,482,590 | (7,220,462 | ) | 1,211,721 | (7,511,809 | ) | |||||||
| Unrealized (gain) / loss on debt securities | 60,728 | — | 57,906 | — | |||||||||
| Unrealized loss / (gain) from equity method investments | 520,893 | 128,005 | 864,264 | (441,493 | ) | ||||||||
| Unrealized (gains) / losses from equity method investments measured at fair value | (23,118,830 | ) | (1,552,422 | ) | (69,600,528 | ) | 24,814,649 | ||||||
| Unrealized foreign exchange losses / (gains) from equity method investments | 2,826,920 | 4,264,301 | (7,409,798 | ) | 1,084,348 | ||||||||
| (Gain) / Loss on vessels held for sale | — | — | — | 5,554,777 | |||||||||
| Share-based compensation | 62,855 | 61,291 | 125,430 | 115,044 | |||||||||
| Non-cash compensation (transfer of shares) | — | — | — | 272,780 | |||||||||
| Adjusted net income | $ | 11,647,662 | $ | 2,018,988 | $ | 21,279,322 | $ | 6,879,709 | |||||
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. We are including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of current or historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these forward-looking statements, including these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward‐looking statements include generally: our business strategy, expected capital spending and other plans and objectives for future operations, dry bulk and containership market conditions and trends, including volatility in charter rates (particularly for vessels employed in short-term time charters or index linked period time charters), factors affecting supply and demand, fluctuating vessel values, opportunities for the profitable operations of dry bulk and containership vessels and the strength of world economies, changes in the size and composition of our fleet, our ability to realize the expected benefits from our vessel acquisitions, our relationships with our current and future service providers and customers, including the ongoing performance of their obligations, dependence on their expertise, the effects of the establishment of any joint ventures, the effects of our acquisition of MPC Münchmeyer Petersen Capital AG, compliance with applicable laws, and any impacts on our reputation due to our association with them, our ability to borrow under existing or future debt agreements or to refinance our debt on favorable terms and our ability to comply with the covenants contained therein, in particular due to economic, financial or operational reasons, our continued ability to enter into time or voyage charters with existing and new customers and to re-charter our vessels upon the expiry of the existing charters, changes in our operating and capitalized expenses, including bunker prices, dry-docking, insurance costs, costs associated with regulatory compliance, and costs associated with climate change, our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations dates, expected downtime and lost revenue), instances of off-hire, due to vessel upgrades and repairs, competition in the shipping and energy infrastructure management business, our ability to identify and develop new investment projects, our ability to maintain and increase the volume of the assets under our management and therefore our ability to earn fees, the financial performance of our investees over which we do not exercise control, fluctuations in interest rates and currencies, including the value of the U.S. dollar relative to other currencies, any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity breach, existing or future disputes, proceedings or litigation, future sales of our securities in the public market and our ability to maintain compliance with applicable listing standards, volatility in our share price, including due to high volume transactions in our shares by retail investors, potential conflicts of interest involving affiliated entities and/or members of our board of directors, senior management and certain of our service providers that are related parties, general domestic and international political conditions or events, including armed conflicts such as the war in Ukraine and the conflict in the Middle East (including the outbreak of war in Iran and effective closure of the Strait of Hormuz, as well as any further broadening of the conflict), acts of piracy or maritime aggression, such as recent maritime incidents involving vessels in and around the Red Sea and the Strait of Hormuz, sanctions, “trade wars”, tariffs, global public health threats and major outbreaks of disease, changes in seaborne and other transportation, including due to the maritime incidents in and around the Red Sea and the Strait of Hormuz, fluctuating demand for dry bulk and containership vessels and/or disruption of shipping routes due to accidents, political events, international sanctions, international hostilities and instability, piracy or acts of terrorism, changes in governmental rules and regulations or actions taken by regulatory authorities, including changes to environmental regulations applicable to the shipping industry, accidents, the impact of adverse weather and natural disasters and any other factors described in our filings with the Securities and Exchange Commission (the “SEC”). The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication, except to the extent required by applicable law. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Please see our filings with the SEC for a more complete discussion of the foregoing and other risks and uncertainties. These factors and the other risk factors described in this press release are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Given these uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements.
CONTACT DETAILS
For further information please contact:
Investor Relations
Castor Maritime Inc.
Email: ir@castormaritime.com
Media Contact:
Kevin Karlis
Capital Link
Email: castormaritime@capitallink.com
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What drove the increase in Castor Maritime’s total vessel revenues and Daily TCE Rate in Q2 2026?
Total vessel revenues increased to $14.9 million in Q2 2026 from $10.2 million a year earlier, mainly due to improved charter market conditions. The average Daily TCE Rate rose to $16,700 in Q2 2026 from $11,516 in Q2 2025, reflecting stronger freight rates and steady charter demand for the fleet.
How did the asset management and services segment contribute to Q2 2026 results?
Revenue from services, largely from MPC Capital, rose to $10.7 million in Q2 2026 from $7.8 million in Q2 2025, driven by a $2.2 million increase in ship management services and a $1.2 million increase in transaction services revenue, partly offset by a $0.6 million decline in investment management services revenue. Cost of revenue from services increased to $8.4 million, mainly due to higher personnel expenses and commissions.
What was the impact of equity method investments measured at fair value on Q2 2026 earnings?
Net gain from equity method investments measured at fair value was $23.1 million in Q2 2026 versus $1.6 million in Q2 2025. This mainly reflects revaluation gains on shares in MPC Container Ships ASA, whose share price appreciated by about 11% during the quarter, and on MPC Energy Solutions N.V., for which Castor has elected fair value measurement. A portion of this revaluation gain is attributable to non-controlling interests.
How did Castor Maritime’s operating expenses and G&A evolve in Q2 2026?
Voyage expenses rose to $1.2 million from $0.7 million, mainly due to higher port and other expenses linked to European Union Allowances and higher brokerage commissions, partly offset by lower bunkers consumption. Vessel operating expenses decreased slightly to $4.5 million from $4.6 million, reflecting lower Ownership Days. General and administrative expenses fell to $4.6 million from $5.4 million, largely due to a $0.9 million reduction in audit and professional fees, partly offset by a $0.1 million increase in personnel expenses.
What changes occurred in Castor Maritime’s debt structure and financing during the period?
As of June 30, 2026, total debt including financial liabilities stood at $73.8 million, down from $85.6 million at December 31, 2025, before unamortized deferred loan fees. The company voluntarily prepaid $22.3 million of principal under a $50.0 million sustainability-linked senior term loan, leaving $25.8 million outstanding and prompting a revised repayment schedule. During the six months, there were $26.8 million of scheduled and voluntary principal repayments, $0.5 million of deferred financing cost payments, and $15.6 million of proceeds from a sale and leaseback of the M/V Magic Perseus.
How did non-operating items such as investments and foreign exchange affect Q2 2026 results?
In Q2 2026, other expenses, net, of $0.1 million included a $1.1 million gain from listed equity securities, $0.3 million of dividend income on equity securities, $0.4 million of dividend income from Toro Series A Preferred Shares, and $0.9 million of other gains including remeasurement of a previously held equity method investment and recoveries and reversals. These were offset by $2.9 million of foreign exchange losses, primarily from NOK-denominated exposure linked to the MPCC investment.