Castor Maritime Inc. Reports Second Quarter and Half Year Results for 2025
Castor Maritime (NASDAQ:CTRM) reported challenging Q2 2025 results, with significant year-over-year declines across key metrics. Total vessel revenues decreased by 37.4% to $10.2 million, while net income fell 72.5% to $6.3 million compared to Q2 2024. The company's cash position declined to $44.8 million from $87.9 million in December 2024.
During Q2, Castor completed two vessel disposals and made substantial debt prepayments, reducing total debt to $5.3 million as of June 30, 2025. The company also announced a new $60 million Series E Preferred Shares issuance to Toro Corp. with an 8.75% distribution rate.
The decline in performance was attributed to reduced Available Days following vessel sales and lower dry bulk charter rates. Management remains confident in long-term fundamentals despite near-term market headwinds.
Castor Maritime (NASDAQ:CTRM) ha riportato risultati difficili nel secondo trimestre 2025, con cali significativi anno su anno in metriche chiave. I ricavi totali delle navi sono diminuiti del 37,4% a 10,2 milioni di dollari, mentre l’utile netto è sceso del 72,5% a 6,3 milioni di dollari rispetto al secondo trimestre 2024. La posizione di cassa della società è scesa a 44,8 milioni di dollari dai 87,9 milioni di dollari di dicembre 2024.
Durante il trimestre, Castor ha completato due dismissioni di navi e ha effettuato significativi pagamenti anticipati del debito, portando il debito totale a 5,3 milioni di dollari al 30 giugno 2025. La società ha inoltre annunciato una nuova emissione di azioni privilegiate di Serie E per 60 milioni di dollari a Toro Corp., con un tasso di distribuzione dell’8,75%.
Il deterioramento delle performance è stato attribuito a una riduzione dei giorni disponibili dopo la vendita delle navi e a tariffe di charter per dry bulk inferiori. La direzione resta fiduciosa nei fondamentali a lungo termine nonostante le avversità di breve termine.
Castor Maritime (NASDAQ:CTRM) reportó resultados desafiantes en el segundo trimestre de 2025, con caídas significativas año tras año en métricas clave. Los ingresos totales por buques cayeron un 37,4% hasta 10,2 millones de dólares, mientras que el beneficio neto se redujo un 72,5% hasta 6,3 millones de dólares frente al 2T de 2024. La posición de efectivo de la empresa cayó a 44,8 millones de dólares desde 87,9 millones de diciembre de 2024.
Durante el 2T, Castor completó dos desinversiones de buques y realizó importantes prepagos de deuda, reduciendo la deuda total a 5,3 millones de dólares al 30 de junio de 2025. La empresa también anunció una nueva emisión de acciones preferentes Serie E por 60 millones de dólares a Toro Corp. con una tasa de distribución del 8,75%.
La caída del rendimiento se atribuyó a una menor Available Days tras la venta de buques y a tarifas de flete en dry bulk más bajas. La dirección mantiene confianza en los fundamentos a largo plazo a pesar de las condiciones de mercado a corto plazo.
Castor Maritime (NASDAQ:CTRM)가 2025년 2분기 실적에서 도전적 결과를 보고했고, 핵심 지표에서 연간 비교로 유의미한 하락이 나타났습니다. 선박 총 수익은 1,020만 달러로 37.4% 감소, 순이익은 6.3백만 달러로 72.5% 감소했고, 2024년 12월의 현금 보유액은 8,790만 달러에서 4,480만 달러로 감소했습니다.
2분기 동안 Castor는 두 척의 선박 처분을 완료했고 부채를 대폭 상환하여, 2025년 6월 30일 기준 총 부채를 5.3백만 달러로 낮췄습니다. 또한 Toro Corp.에 6천만 달러 규모의 시리즈 E 우선주 발행을 발표했고 배당 수익률은 8.75%입니다.
성과 저하의 원인은 선박 매각 후 이용일수 감소와 드라이 벌크 용선료의 하락에 기인합니다. 경영진은 단기 시장 역풍에도 불구하고 장기 펀더멘털에 대해 여전히 확신하고 있습니다.
Castor Maritime (NASDAQ:CTRM) a publié des résultats difficiles au deuxième trimestre 2025, avec des baisses importantes d’une année sur l’autre sur les indicateurs clés. Les revenus totaux par navire ont chuté de 37,4% à 10,2 millions de dollars, tandis que le bénéfice net a diminué de 72,5% à 6,3 millions de dollars par rapport au 2T 2024. La position de trésorerie de l’entreprise est passée à 44,8 millions de dollars contre 87,9 millions de dollars en décembre 2024.
Au cours du 2T, Castor a procédé à deux cessions de navires et a effectué d’importantes prépaiements de dette, réduisant la dette totale à 5,3 millions de dollars au 30 juin 2025. La société a également annoncé une nouvelle émission d’actions privilégiées de série E pour 60 millions de dollars à Toro Corp., avec un taux de distribution de 8,75%.
La détérioration de la performance a été attribuée à une réduction des jours disponibles après la vente des navires et à des tarifs de charter dry bulk plus bas. La direction demeure confiante dans les fondamentaux à long terme malgré les vents contraires à court terme.
Castor Maritime (NASDAQ:CTRM) meldete im zweiten Quartal 2025 herausfordernde Ergebnisse, mit deutlichen jährlichen Rückgängen bei den wichtigsten Kennzahlen. Die Gesamterlöse pro Schiff sanken um 37,4% auf 10,2 Mio. USD, während der Nettogewinn um 72,5% auf 6,3 Mio. USD gegenüber Q2 2024 fiel. Die Cash-Position des Unternehmens ging von 87,9 Mio. USD im Dezember 2024 auf 44,8 Mio. USD zurück.
Im Q2 führte Castor zwei Veräußerungen von Schiffen durch und leistete erhebliche Schuldentilgungen, wodurch die Gesamtverschuldung zum 30. Juni 2025 auf 5,3 Mio. USD sank. Das Unternehmen kündigte zudem eine neue Ausgabe von 60 Mio. USD Serie-E-Privat-Aktien an Toro Corp. mit einer Ausschüttungsquote von 8,75% an.
Der Leistungsrückgang wurde auf reduzierte verfügbare Tage nach dem Verkauf der Schiffe und niedrigere Charterraten im Dry-Bulk-Segment zurückgeführt. Das Management bleibt trotz der kurzfristigen Marktbedingungen zu den langfristigen Fundamentaldaten optimistisch.
Castor Maritime (NASDAQ:CTRM) أعلنت عن نتائج صعبة في الربع الثاني من 2025، مع انخفاضات كبيرة على مستوى السنة في المقاييس الرئيسية. انخفضت إيرادات السفن الإجمالية بمقدار 37.4% إلى 10.2 مليون دولار، وتراجع صافي الدخل بنحو 72.5% إلى 6.3 مليون دولار مقارنة بالربع الثاني من 2024. تراجعت السيولة إلى 44.8 مليون دولار من 87.9 مليون دولار في ديسمبر 2024.
خلال الربع الثاني، أكملت Castor إفراجين عن سفن وأجرت سداداً مبكراً للديون بشكل كبير، ليصل مجموع الدين إلى 5.3 مليون دولار حتى 30 يونيو 2025. كما أعلنت الشركة عن إصدار جديد من الأسهم الممتازة من الفئة E بقيمة 60 مليون دولار لصالح Toro Corp. بمعدل توزيع قدره 8.75%.
ويُعزى انخفاض الأداء إلى تقليل الأيام المتاحة بعد بيع السفن وتراجع معدلات الإيجار في فئة Dry Bulk، على الرغم من أن الإدارة واثقة من الأسس طويلة الأجل رغم الرياح السوقية القصيرة الأجل.
Castor Maritime（纳斯达克股票代码：CTRM） 公布了2025年第二季度的业绩，关键指标同比大幅下滑。船舶总收入下降至1020万美元，下降了37.4%，净利润降至630万美元，下降了72.5%，与2024年第二季度相比。公司现金余额由2024年12月的8780万美元下降至4480万美元。
在本季度，Castor完成了两笔船舶处置并进行了大量债务提前偿付，使2025年6月30日的总债务降至530万美元。公司还宣布向Toro Corp.发行新的6000万美元E系列优先股，分配率为8.75%。
业绩下滑归因于船舶出售后的可用天数减少以及干散货运租赁费率下降。管理层对长期基本面保持信心，尽管短期市场面临不利因素。
- Significant debt reduction to $5.3 million from $103.7 million in December 2024
- Secured $60 million in new financing through Series E Preferred Shares issuance
- Completed strategic vessel disposals generating $61.9 million in proceeds
- Maintained profitability with $6.3 million quarterly net income despite market challenges
- 37.4% decrease in quarterly vessel revenues to $10.2 million
- 72.5% decline in quarterly net income year-over-year
- Cash position decreased by $43.1 million to $44.8 million
- 41.4% decrease in half-year vessel revenues to $21.5 million
- Net loss of $17.0 million for first half of 2025 compared to $45.2 million profit in 2024
Insights
Castor Maritime reports significant revenue and profit declines alongside debt reduction and fleet renewal amid challenging dry bulk market.
Castor Maritime's Q2 2025 results reveal substantial declines across key metrics with total vessel revenues down 37.4% to
The half-year picture is even more challenging, with the company swinging to a net loss of
Behind these declines are two primary factors: reduced fleet size and weaker charter rates. The company's available days decreased
On a positive note, Castor has dramatically strengthened its balance sheet by reducing debt from
The company has pivoted toward asset management through its MPC Capital subsidiary, generating
Management's commentary acknowledges the "ongoing market headwinds in the dry bulk sector" while emphasizing their fleet renewal strategy. With minimal debt, substantial cash reserves, and new financing sources, Castor appears positioned to weather continued market weakness while potentially capitalizing on vessel acquisition opportunities at depressed valuations.
LIMASSOL, Cyprus, Oct. 01, 2025 (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, 2025.
Highlights of the Second Quarter Ended June 30, 2025:
- Total vessel revenues:
$10.2 million for the three months ended June 30, 2025, as compared to$16.3 million for the three months ended June 30, 2024, or a37.4% decrease; - Net income of
$6.3 million for the three months ended June 30, 2025, as compared to$22.9 million for the three months ended June 30, 2024, or a72.5% decrease; - Adjusted net income(1) of
$2.0 million for the three months ended June 30, 2025, as compared to$21.5 million for the three months ended June 30, 2024; - Earnings per common share, basic:
$0.34 per share for the three months ended June 30, 2025, as compared to$2.29 per share for the three months June 30, 2024; - EBITDA (1):
$10.7 million for the three months ended June 30, 2025, as compared to$26.5 million for the three months ended June 30, 2024; - Adjusted EBITDA (1):
$6.4 million for the three months ended June 30, 2025, as compared to$25.2 million for the three months ended June 30, 2024; - Cash of
$44.8 million as of June 30, 2025, as compared to$87.9 million as of December 31, 2024; and - During the three months ended June 30, 2025, the Company completed two vessel disposals and whereas during the three months ended June 30, 2024, completed four vessel disposals.
Highlights of the Six Months Ended June 30, 2025:
- Total vessel revenues: $21.5 million for the six months ended June 30, 2025, as compared to
$36.7 million for the six months ended June 30, 2024, or a41.4% decrease; - Net loss of
$17.0 million for the six months ended June 30, 2025, as compared to net income of$45.2 million for the six months ended June 30, 2024, or a137.6% decrease; - Adjusted net income(1) of
$6.9 million for the six months ended June 30, 2025, as compared to$33.9 million for the six months ended June 30, 2024; - (Loss) / Earnings per common share, basic:
$(1.84) per share for the six months ended June 30, 2025, as compared to$4.52 per share for the six months June 30, 2024; - EBITDA (1):
$(7.6) million for the six months ended June 30, 2025, as compared to$53.3 million for the six months ended June 30, 2024; - Adjusted EBITDA (1):
$16.3 million for the six months ended June 30, 2025, as compared to$42.1 million for the six months ended June 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 t hat remained outstanding as of that date; and - During the six months ended June 30, 2025, the Company completed four vessel disposals and whereas during the six months ended June 30, 2024, completed seven vessel disposals.
(1) EBITDA, Adjusted EBITDA and adjusted net income are not recognized measures under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition 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 2025:
Mr. Petros Panagiotidis, Chief Executive Officer of Castor, commented:
“Amid ongoing market headwinds in the dry bulk sector during the second quarter of 2025, we advanced our fleet renewal strategy through the sale of older vessels, further enhancing efficiency and overall quality.
While near-term market conditions remain challenging, we are confident in the sector’s long-term fundamentals and in our ability to capture future opportunities.
Backed by a solid balance sheet, the strength and strategic flexibility of our business model, reinforces our belief that disciplined capital deployment and portfolio renewal can deliver value.”
Earnings Commentary:
Second Quarter ended June 30, 2025, and 2024, Results
Total vessel revenues for the three months ended June 30, 2025, decreased to
Revenue from services for the three months ended June 30, 2025, amounted to
There was a decrease in voyage expenses to
Vessel operating expenses decreased by
Cost of revenue from services for the three months ended June 30, 2025 amounted to
Management fees in the three months ended June 30, 2025 amounted to
Depreciation and amortization expenses are comprised of vessels’ depreciation, the amortization of vessels’ capitalized dry-dock costs, property and equipment depreciation and intangible assets amortization. Depreciation expenses decreased to
General and administrative expenses in the three months ended June 30, 2025, amounted to
Net gain/(loss) on sale of vessels in the three months ended June 30, 2025, amounted to
Net gain on disposal of assets in the three months ended June 30, 2025, amounted to
Net loss from equity method investments in the three months ended June 30, 2025 and 2024, amounted to
Net gain from equity method investments measured at fair value in the three months ended June 30, 2025 and 2024, amounted to
During the three months ended June 30, 2025, we incurred net interest and finance costs of
Other income in the three months ended June 30, 2025 amounted to
Dividend income from equity method investments measured at fair value (related party) amounted to
Other income, net in the three months ended June 30, 2024, amounted to
Recent Financial Developments Commentary:
Liquidity/Financing/Cash flow update
Our consolidated cash position as of June 30, 2025, decreased by
As of June 30, 2025, our total debt, gross of unamortized deferred loan fees, was
More specifically, on March 24, 2025 and March 31, 2025, Castor made partial prepayments to Toro for its term loan amounting to
As of June 30, 2025, the remaining debt balance of
Recent Business Developments Commentary:
New Series E Preferred shares
On September 29, 2025, we agreed to issue 60,000 Series E Cumulative Perpetual Convertible Preferred Shares (the “Series E Preferred Shares”) having a stated amount of
Equity method investments
Castor’s subsidiary, MPCC CSI LTD., a company affiliated with MPC Capital, acquired during the second quarter of 2025,
Sale and Leaseback
On July 29, 2025, we successfully completed a sale and leaseback transaction for the M/V Magic Thunder, a 2011-built Kamsarmax bulk carrier vessel with a Japanese counterparty. The bareboat financing amounts to
Sale of vessels
We have completed the sale of the four vessels listed below:
| Vessel Name | Type | Capacity (dwt) | Year Built | Country of Construction | Date of agreement | Sale Price (in million) | Delivery date | |
| Ariana A | 2,700 TEU (Containership) | 38,117 | 2005 | Germany | November 13, 2024 | January 22, 2025 | ||
| Gabriela A | 2,700 TEU (Containership) | 38,121 | 2005 | Germany | December 4, 2024 | May 7, 2025 | ||
| Magic Eclipse | Panamax (Dry Bulk carrier) | 74,940 | 2011 | Japan | March 6, 2025 | March 24, 2025 | ||
| Magic Callisto | Panamax (Dry Bulk carrier) | 74,930 | 2012 | Japan | March 11, 2025 | April 28, 2025 | ||
Fleet Employment Status (as of October 1, 2025)
During the three months ended June 30, 2025, we operated on average 9.7 vessels earning a Daily TCE Rate(2) of
Our employment profile as of October 1, 2025 is presented immediately below.
(2) Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure 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 Thunder | Kamsarmax | 83,375 | 2011 | Japan | TC period | -(4) | -(4) | ||
| Magic Perseus | Kamsarmax | 82,158 | 2013 | Japan | TC period | -(4) | -(4) | ||
| Magic Starlight | Kamsarmax | 81,048 | 2015 | China | TC period | -(4) | -(4) | ||
| Magic Mars | Panamax | 76,822 | 2014 | Korea | TC period | -(4) | -(4) | ||
| Magic P | Panamax | 76,453 | 2004 | Japan | Panamax Pool(9) | N/A | -(10) | -(10) | |
| Magic Pluto | Panamax | 74,940 | 2013 | Japan | TC period | -(4) | -(4) | ||
| Magic Ariel | Kamsarmax | 81,845 | 2020 | China | TC period | -(4) | -(4) | ||
| Magic Celeste | Ultramax | 63,310 | 2015 | China | TC period | -(4) | -(4) | ||
| 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 | Oct-25 | Dec-25 | ||
| (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) | In accordance with the prevailing charterparty, both parties (owners and charterers) have the option to terminate the charter by providing 3 months’ written notice to the other party. |
| (5) | The vessel’s daily gross charter rate is equal to |
| (6) | The vessel’s daily gross charter rate is equal to |
| (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’s daily gross charter rate is equal to |
| (9) | The vessel is currently participating in an unaffiliated pool specializing in the employment of Panamax/Kamsarmax dry bulk vessels. |
| (10) | Under the prevailing pool agreement, owners may terminate the charter by giving three months’ written notice. |
| (11) | 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. |
| (12) | The vessel’s daily gross charter rate is equal to |
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, 2025, and 2024, respectively:
| Three Months Ended | Six Months Ended | ||||||||||
| (Expressed in U.S. dollars) | June 30, 2025 (unaudited) | June 30, 2024 (unaudited) | June 30, 2025 (unaudited) | June 30, 2024 (unaudited) | |||||||
| Total vessel revenues | $ | 10,159,771 | $ | 16,279,529 | $ | 21,482,267 | $ | 36,669,776 | |||
| Revenue from services | $ | 7,781,882 | $ | — | $ | 16,803,545 | $ | — | |||
| Operating (loss)/income | $ | (816,556 | ) | $ | 15,569,018 | $ | (34,264,782 | ) | $ | 27,456,684 | |
| Net (loss)/income, net of taxes | $ | 6,338,275 | $ | 22,853,611 | $ | (17,008,587 | ) | $ | 45,185,357 | ||
| Adjusted net income, net of taxes | 2,018,988 | 21,544,189 | 6,879,709 | 33,947,680 | |||||||
| EBITDA(1) | $ | 10,747,001 | $ | 26,537,126 | $ | (7,568,625 | ) | $ | 53,345,661 | ||
| Adjusted EBITDA(1) | $ | 6,427,714 | $ | 25,227,704 | $ | 16,319,671 | $ | 42,107,984 | |||
| Earnings / (Loss) per common share, basic attributable to Castor Maritime Inc. common shareholders | $ | 0.34 | $ | 2.29 | $ | (1.84 | ) | $ | 4.52 | ||
| Earnings / (Loss) per common share, diluted attributable to Castor Maritime Inc. common shareholders | $ | 0.10 | $ | 1.02 | $ | (1.84 | ) | $ | 2.11 | ||
(1) EBITDA, Adjusted EBITDA and Adjusted net income 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 (loss)/income, 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 and containership segments for each of the three and six months ended June 30, 2025, and 2024, respectively, that we believe are useful in analyzing trends in our results of operations.
| Three MonthsEnded June 30, | Six Months Ended June 30, | ||||||||||||
| (Expressed in U.S. dollars except for operational data) | 2025 | 2024 | 2025 | 2024 | |||||||||
| Ownership Days(1)(7) | 883 | 1,076 | 1,977 | 2,517 | |||||||||
| Available Days(2)(7) | 825 | 1,076 | 1,893 | 2,517 | |||||||||
| Operating Days(3)(7) | 822 | 1,064 | 1,886 | 2,483 | |||||||||
| Daily TCE Rate(4) | $ | 11,516 | $ | 14,249 | $ | 10,410 | $ | 13,769 | |||||
| Fleet Utilization(5) | |||||||||||||
| Daily vessel operating expenses(6) | $ | 5,184 | $ | 6,073 | $ | 5,182 | $ | 5,823 | |||||
| (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 measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure 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, Fleet Utilization may not be comparable to those reported by other companies. |
APPENDIX A
CASTOR MARITIME INC.
Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/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, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| REVENUES | |||||||||||||
| Time charter revenues | $ | 9,291,086 | $ | 16,279,529 | $ | 20,213,839 | $ | 36,669,776 | |||||
| Pool revenues | 868,685 | — | 1,268,428 | — | |||||||||
| Total vessel revenues | $ | 10,159,771 | $ | 16,279,529 | $ | 21,482,267 | $ | 36,669,776 | |||||
| Revenue from services (including related party revenues) | $ | 7,781,882 | $ | — | $ | 16,803,545 | $ | — | |||||
| Total revenues | $ | 17,941,653 | $ | 16,279,529 | $ | 38,285,812 | $ | 36,669,776 | |||||
| EXPENSES | |||||||||||||
| Voyage expenses (including commissions to related party) | (659,125 | ) | (948,040 | ) | (1,776,817 | ) | (2,012,774 | ) | |||||
| Vessel operating expenses | (4,577,573 | ) | (6,534,454 | ) | (10,244,724 | ) | (14,657,651 | ) | |||||
| Cost of revenue from services | (5,781,067 | ) | — | (10,504,581 | ) | — | |||||||
| Management fees -related parties | (1,009,428 | ) | (1,063,894 | ) | (2,288,643 | ) | (2,486,692 | ) | |||||
| Depreciation and amortization | (3,203,742 | ) | (3,532,023 | ) | (6,653,155 | ) | (7,387,855 | ) | |||||
| General and administrative expenses (including related party fees) | (5,414,699 | ) | (1,457,521 | ) | (9,547,735 | ) | (3,387,071 | ) | |||||
| Loss on vessels held for sale | — | — | (5,554,777 | ) | — | ||||||||
| Provision for doubtful accounts | (10,478 | ) | — | (15,459 | ) | — | |||||||
| Net gain/(loss) on sale of vessel | 82,643 | 11,414,065 | (2,001,646 | ) | 19,307,595 | ||||||||
| Gain from a claim | — | 1,411,356 | 1,411,356 | ||||||||||
| Net gain on disposal of assets | 390,843 | — | 410,099 | — | |||||||||
| Net (loss) / gain from equity method investments | (128,005 | ) | — | 441,493 | — | ||||||||
| Net gain / (loss) from equity method investments measured at fair value | 1,552,422 | — | (24,814,649 | ) | — | ||||||||
| Operating (loss)/income | $ | (816,556 | ) | $ | 15,569,018 | $ | (34,264,782 | ) | $ | 27,456,684 | |||
| Interest and finance costs, net(1) | (897,260 | ) | (120,172 | ) | (2,184,674 | ) | (677,840 | ) | |||||
| Other income, net | 2,892,749 | 7,436,085 | 9,432,415 | 18,501,122 | |||||||||
| Dividend income from equity method investments measured at fair value (related party) | 5,467,066 | — | 10,610,587 | — | |||||||||
| Income taxes | (307,724 | ) | (31,320 | ) | (602,133 | ) | (94,609 | ) | |||||
| Net income / (loss) | $ | 6,338,275 | $ | 22,853,611 | $ | (17,008,587 | ) | $ | 45,185,357 | ||||
| Less: Net (income) / loss attributable to the non-controlling interest | (1,070,017 | ) | — | 3,191,062 | — | ||||||||
| Net (loss)/income attributable to Castor Maritime Inc. | 5,268,258 | 22,853,611 | (13,817,525 | ) | 45,185,357 | ||||||||
| Dividend on Series D Preferred Shares | (1,263,889 | ) | (631,945 | ) | (2,513,889 | ) | (1,263,889 | ) | |||||
| Deemed dividend on Series D Preferred Shares | (738,650 | ) | (125,702 | ) | (1,451,187 | ) | (249,515 | ) | |||||
| Net income / (loss) attributable to common shareholders of Castor Maritime Inc. | $ | 3,265,719 | $ | 22,095,964 | $ | (17,782,601 | ) | $ | 43,671,953 | ||||
| Other comprehensive income: | |||||||||||||
| Foreign currency translation | 19,399,435 | — | 28,586,783 | — | |||||||||
| Net cash flow hedges | 137,547 | — | 394,454 | — | |||||||||
| Other comprehensive income | 19,536,982 | 28,981,237 | — | ||||||||||
| Other comprehensive income attributable to noncontrolling interests | (5,163,990 | ) | — | (7,622,435 | ) | — | |||||||
| Other comprehensive income attributable to Castor Maritime Inc. | 14,372,992 | — | 21,358,802 | — | |||||||||
| Total comprehensive income | 25,875,257 | 22,095,964 | 11,972,650 | 45,185,357 | |||||||||
| Less: Comprehensive income attributable to noncontrolling interests | (6,234,007 | ) | — | (4,431,373 | ) | — | |||||||
| Total comprehensive income attributable to Castor Maritime Inc. | 19,641,250 | 22,095,964 | 7,541,277 | 45,185,357 | |||||||||
| Earnings / (loss) per common share, basicattributable to Castor Maritime Inc. common shareholders | $ | 0.34 | $ | 2.29 | $ | (1.84 | ) | $ | 4.52 | ||||
| Earnings / (loss) per common share, dilutedattributable to Castor Maritime Inc. common shareholders | $ | 0.10 | $ | 1.02 | $ | (1.84 | ) | $ | 2.11 | ||||
| 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 | 54,503,652 | 22,335,320 | 9,662,354 | 21,397,406 | |||||||||
(1) Includes interest and finance costs and interest income, if any.
CASTOR MARITIME INC.
Unaudited Condensed Consolidated Balance Sheets
(Expressed in U.S. Dollars—except for number of share data)
| June 30, 2025 | December 31, 2024 | ||||
| ASSETS | |||||
| CURRENT ASSETS: | |||||
| Cash and cash equivalents | $ | 44,761,426 | $ | 87,896,786 | |
| Due from related parties | 11,218,334 | 6,393,625 | |||
| Assets held for sale | 35,793,985 | 69,430,788 | |||
| Investment in equity securities | 53,946,029 | 69,119,010 | |||
| Other current assets | 27,013,510 | 21,018,015 | |||
| Total current assets | 172,733,284 | 253,858,224 | |||
| NON-CURRENT ASSETS: | |||||
| Vessels, net | 160,905,994 | 200,443,193 | |||
| Due from related parties | 2,893,839 | 3,504,667 | |||
| Investment in related party | 117,564,356 | 117,560,467 | |||
| Equity method investments | 51,758,664 | 50,503,722 | |||
| Equity method investments measured at fair value | 122,478,949 | 115,455,048 | |||
| Intangible assets, net | 20,671,700 | 19,323,603 | |||
| Goodwill | 23,813,811 | 17,932,243 | |||
| Other non-currents assets | 29,988,900 | 18,795,754 | |||
| Total non-current assets | 530,076,213 | 543,518,697 | |||
| Total assets | 702,809,497 | 797,376,921 | |||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | |||||
| CURRENT LIABILITIES: | |||||
| Current portion of long-term debt, net | 1,171,590 | 1,053,156 | |||
| Current portion of long-term debt, related party, net | — | 9,970,623 | |||
| Accrued liabilities | 16,145,159 | 23,045,515 | |||
| Liabilities directly associated with assets held for sale | 17,896,996 | 17,656,371 | |||
| Due to related parties, current | 1,104,166 | 889,020 | |||
| Other current liabilities | 11,180,475 | 11,787,100 | |||
| Total current liabilities | 47,498,386 | 64,401,785 | |||
| NON-CURRENT LIABILITIES: | |||||
| Long-term debt, net | 4,100,565 | 2,603,900 | |||
| Long-term debt, related party, net | — | 89,921,162 | |||
| Deferred tax liabilities | 11,794,639 | 8,096,383 | |||
| Other non-current liabilities | 6,951,798 | 6,887,969 | |||
| Total non-current liabilities | 22,847,002 | 107,509,414 | |||
| Total liabilities | 70,345,388 | 171,911,199 | |||
| MEZZANINE EQUITY | |||||
| 79,159,445 | 77,708,258 | ||||
| Total mezzanine equity | 79,159,445 | 77,708,258 | |||
| SHAREHOLDERS’ EQUITY | |||||
| Common shares, | 9,662 | 9,662 | |||
| Series B Preferred Shares - 12,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024 | 12 | 12 | |||
| Additional paid-in capital | 265,341,318 | 265,389,338 | |||
| Retained Earnings | 210,744,552 | 228,527,153 | |||
| Accumulated other comprehensive income/ (loss) | 19,849,615 | (1,509,187 | ) | ||
| Total Castor Maritime Inc. shareholders’ equity | 495,945,159 | 492,416,978 | |||
| Noncontrolling interests | 57,359,505 | 55,340,486 | |||
| Total shareholders’ equity | 553,304,664 | 547,757,464 | |||
| Total liabilities, mezzanine equity and shareholders’ equity | $ | 702,809,497 | $ | 797,376,921 | |
CASTOR MARITIME INC.
Unaudited Consolidated Statements of Cash Flows
| (Expressed in U.S. Dollars) | Six months Ended June 30, | |||||
| 2025 | 2024 | |||||
| Cash Flows provided by Operating Activities: | ||||||
| Net (loss)/ income | $ | (17,008,587 | ) | $ | 45,185,357 | |
| Adjustments to reconcile net (loss) / income to net cash (used in) / provided by Operating Activities: | ||||||
| Depreciation and amortization | 6,653,155 | 7,387,855 | ||||
| Amortization and write off of deferred finance charges | 108,215 | 451,227 | ||||
| Amortization of fair value of acquired time charters | 119,733 | 265,173 | ||||
| Straight line amortization of hire | 125,507 | (176,850 | ) | |||
| Net loss / (gain) on sale of vessels | 2,001,646 | (19,307,595 | ) | |||
| Loss on vessels held for sale | 5,554,777 | — | ||||
| Provision for doubtful accounts | 15,459 | — | ||||
| Non-cash compensation (transfer of shares) | 272,780 | — | ||||
| Net gain on dispositions of assets | (410,099 | ) | — | |||
| Non-cash effects from translation to reporting currency | 28,458 | — | ||||
| Share-based compensation | 115,044 | — | ||||
| Unrealized gain from equity method investments | (441,493 | ) | — | |||
| Unrealized losses from equity method investments measured at fair value | 24,814,649 | — | ||||
| Dividend income from equity method investments measured at fair value (related party) | (10,610,587 | ) | — | |||
| Unrealized foreign exchange loss from equity method investments | 1,084,348 | — | ||||
| Realized loss / (gain) on sale of equity securities | 2,029,190 | (3,618,022 | ) | |||
| Unrealized gain on equity securities | (7,511,809 | ) | (11,237,677 | ) | ||
| Gain from a claim | — | (1,411,356 | ) | |||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable trade, net | (1,221,358 | ) | 1,937,752 | |||
| Inventories | 784,160 | 615,101 | ||||
| Due from/to related parties | 656,457 | 5,633,489 | ||||
| Prepaid expenses and other assets | (308,770 | ) | 1,110,733 | |||
| Accounts payable | (172,965 | ) | (1,291,988 | ) | ||
| Accrued liabilities | (8,601,118 | ) | (658,389 | ) | ||
| Income tax receivable / payable | (4,596,126 | ) | — | |||
| Derivative assets and liabilities, net | (1,084,289 | ) | — | |||
| Deferred revenue | 227,194 | (1,036,689 | ) | |||
| Dry-dock costs paid | (2,397,313 | ) | — | |||
| Dividends received from equity method investments measured at fair value | 5,797,456 | — | ||||
| Net Cash (used in) / provided by Operating Activities: | (3,976,286 | ) | 23,848,121 | |||
| Cash flow provided by Investing Activities: | ||||||
| Other vessel improvements | (260,169 | ) | (26,494 | ) | ||
| Purchase of equity securities | (11,012,514 | ) | (18,114,116 | ) | ||
| Payments for acquisition of equity method investments | (24,119,428 | ) | — | |||
| Acquisitions of property and equipment, net | (112,563 | ) | — | |||
| Proceeds from a claim | — | 1,411,356 | ||||
| Proceeds from sale of equity securities | 31,668,114 | 46,088,578 | ||||
| Net proceeds from sale of vessels | 61,939,798 | 107,876,357 | ||||
| Return of invested capital from equity method investments | 4,137,792 | — | ||||
| Net proceeds from dispositions of long term assets | 357,048 | — | ||||
| Net cashprovided by Investing Activities: | 62,598,078 | 137,235,681 | ||||
| Cash flows used in Financing Activities: | ||||||
| Repurchase of warrants | — | (1,058,481 | ) | |||
| Dividends paid on Series D Preferred Shares | (2,097,222 | ) | (1,250,000 | ) | ||
| Repayment of long-term debt (including related party) | (101,057,645 | ) | (43,383,257 | ) | ||
| Proceeds from long-term debt | 1,577,002 | — | ||||
| Payment of deferred financing costs | (110,000 | ) | — | |||
| Cash dividends paid to noncontrolling interests | (2,848,198 | ) | — | |||
| Net cash used in Financing Activities: | (104,536,063 | ) | (45,691,738 | ) | ||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 3,206,933 | — | ||||
| Net (decrease) / increase in cash, cash equivalents, and restricted cash | (42,707,338 | ) | 115,392,064 | |||
| Cash, cash equivalents and restricted cash at the beginning of the period | 88,616,996 | 120,901,147 | ||||
| Cash, cash equivalents and restricted cash at the end of the period | $ | 45,909,658 | $ | 236,293,211 | ||
APPENDIX B
Non-GAAP Financial Information
Daily Time Charter (“TCE”) Rate. The Daily Time Charter Equivalent Rate (“Daily TCE Rate”) is a measure of the average daily revenue performance of a vessel. The Daily TCE Rate is not a measure of financial performance under U.S. GAAP (non-GAAP measure) 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 measure 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) | 2025 | 2024 | 2025 | 2024 | |||||||||
| Total vessel revenues | $ | 10,159,771 | $ | 16,279,529 | $ | 21,482,267 | $ | 36,669,776 | |||||
| Voyage expenses - including commissions to related party | (659,125 | ) | (948,040 | ) | (1,776,817 | ) | (2,012,774 | ) | |||||
| TCE revenues | $ | 9,500,646 | $ | 15,331,489 | $ | 19,705,450 | $ | 34,657,002 | |||||
| Available Days | $ | 825 | $ | 1,076 | $ | 1,893 | $ | 2,517 | |||||
| DailyTCE Rate | $ | 11,516 | $ | 14,249 | $ | 10,410 | $ | 13,769 | |||||
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 securities and equity method investments (including those measured at fair value) 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 measure by management and external users of financial statements to assess our operating performance. We believe that EBITDA and Adjusted EBITDA assists 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) | 2025 | 2024 | 2025 | 2024 | |||||||||
| Net income / (loss), net of taxes | $ | 6,338,275 | $ | 22,853,611 | $ | (17,008,587 | ) | $ | 45,185,357 | ||||
| Depreciation and amortization | 3,203,742 | 3,532,023 | 6,653,155 | 7,387,855 | |||||||||
| Interest and finance costs, net(1) | 897,260 | 120,172 | 2,184,674 | 677,840 | |||||||||
| Income taxes | 307,724 | 31,320 | 602,133 | 94,609 | |||||||||
| EBITDA | $ | 10,747,001 | $ | 26,537,126 | $ | (7,568,625 | ) | $ | 53,345,661 | ||||
| Unrealized gain on equity securities | (7,220,462 | ) | (1,309,422 | ) | (7,511,809 | ) | (11,237,677 | ) | |||||
| Net loss / (gain) from equity method investments | 128,005 | — | (441,493 | ) | — | ||||||||
| Unrealized (gains) / losses from equity method investments measured at fair value | (1,552,422 | ) | — | 24,814,649 | — | ||||||||
| Unrealized foreign exchange losses / (gains) from equity method investments | 4,264,301 | — | 1,084,348 | — | |||||||||
| (Gain) / Loss on vessels held for sale | — | — | 5,554,777 | — | |||||||||
| Share-based compensation | 61,291 | — | 115,044 | — | |||||||||
| Non-cash compensation (transfer of shares) | — | — | 272,780 | — | |||||||||
| Adjusted EBITDA | $ | 6,427,714 | $ | 25,227,704 | $ | 16,319,671 | $ | 42,107,984 | |||||
(1) Includes interest and finance costs and interest income, if any.
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) | 2025 | 2024 | 2025 | 2024 | |||||||||
| Net income / (loss), net of taxes | $ | 6,338,275 | $ | 22,853,611 | $ | (17,008,587 | ) | $ | 45,185,357 | ||||
| Unrealized gain on equity securities | (7,220,462 | ) | (1,309,422 | ) | (7,511,809 | ) | (11,237,677 | ) | |||||
| Net loss / (gain) from equity method investments | 128,005 | — | (441,493 | ) | — | ||||||||
| Unrealized (gains) / losses from equity method investments measured at fair value | (1,552,422 | ) | — | 24,814,649 | — | ||||||||
| Unrealized foreign exchange losses / (gains) from equity method investments | 4,264,301 | — | 1,084,348 | — | |||||||||
| (Gain) / Loss on vessels held for sale | — | — | 5,554,777 | — | |||||||||
| Share-based compensation | 61,291 | — | 115,044 | — | |||||||||
| Non-cash compensation (transfer of shares) | — | — | 272,780 | — | |||||||||
| Adjusted net income, net of taxes | $ | 2,018,988 | $ | 21,544,189 | $ | 6,879,709 | $ | 33,947,680 | |||||
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: the effects of the spin-off of our tanker business, the effects of our acquisition of MPC Münchmeyer Petersen Capital AG, 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 container 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 past or future vessel acquisitions, our ability to realize the expected benefits of vessel acquisitions, increased transactions costs and other adverse effects (such as lost profit) due to any failure to consummate any sale of our vessels, our relationships with our current and future service providers and customers, including the ongoing performance of their obligations, dependence on their expertise, 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 or 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, acts of piracy or maritime aggression, such as recent maritime incidents involving vessels in and around the Red Sea, 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, fluctuating demand for dry bulk and container 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 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. New factors emerge from time to time, and it is not possible for us to predict all or any of these factors. 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 Securities and Exchange Commission for a more complete discussion of these 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
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