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Castor Maritime Inc. Reports First Quarter Results for 2025
Globenewswire· 2025-08-11 13:28
LIMASSOL, Cyprus, Aug. 11, 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 ended March 31, 2025. Highlights of the First Quarter Ended March 31, 2025: Total vessel revenues: $11.3 million for the three months ended March 31, 2025, as compared to $20.4 million for the three months ended March 31, 2024, or a 44.6% decrease;Net loss of $23.3 million for the three months e ...
Spirit AeroSystems Announces Definitive Agreement with CTRM for Acquisition of Facility in Subang, Malaysia
Prnewswire· 2025-08-08 20:35
Core Viewpoint - Spirit AeroSystems Holdings, Inc. has entered into a purchase agreement to sell its facility and businesses in Subang, Malaysia to Composites Technology Research Malaysia Sdn Bhd for $95.2 million, with the transaction expected to close in Q4 2025, pending regulatory approvals [1]. Group 1: Transaction Details - The sale price for the Subang facility is $95,200,000, subject to customary adjustments [1]. - The transaction is part of a broader strategy following a merger agreement with Boeing and a definitive agreement with Airbus [1]. - The closing of the transaction is anticipated in the fourth quarter of 2025, contingent on regulatory approvals and other closing conditions [1]. Group 2: Business Operations - The Subang facility is a significant engineering and manufacturing operation, covering 45 acres with a 400,000 square-foot manufacturing footprint and employing over 1,000 staff [2]. - The facility specializes in aerostructures assembly and services, providing an integrated supply chain with access to regional material sourcing and skilled labor [2]. Group 3: Supplier Relationships - Following the acquisition, CTRM will become a key supplier for Airbus's A220, A320, and A350 programs, as well as for Boeing's 737 and 787 programs [3]. - This acquisition is expected to strengthen the supply chain for both Airbus and Boeing, enhancing their production capabilities [3]. Group 4: Company Background - Spirit AeroSystems is one of the largest manufacturers of aerostructures for commercial and defense aircraft, with expertise in aluminum and advanced composite manufacturing [4]. - The company operates globally with facilities in the U.S., U.K., France, Malaysia, and Morocco, focusing on innovative and reliable supply solutions for military and commercial aerospace [4]. Group 5: CTRM Overview - Composites Technology Research Malaysia is recognized as a Tier 2 advanced aerospace composite supplier, specializing in the development and production of composite sub-assemblies for Tier 1 global aerospace suppliers [5]. - CTRM's expertise includes designing and manufacturing composite components for both aerospace and non-aerospace applications, along with offering support services such as testing and supplier management [5].
Castor Maritime Inc. Announces the Sale and Leaseback of the M/V Magic Thunder
Globenewswire· 2025-07-30 13:25
LIMASSOL, Cyprus, July 30, 2025 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping and energy company, announces that on July 29, 2025, it 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 $14.6 million, has a duration of five years, and a purchase option for the Company, beginning at the end of the second ...
Castor Maritime (CTRM) - 2024 Q4 - Annual Report
2025-05-14 20:11
[PART I](index=3&type=section&id=PART%20I) [Identity of Directors, Senior Management and Advisers](index=7&type=section&id=ITEM%201.%20IDENTITY%20OF%20DIRECTORS%2C%20SENIOR%20MANAGEMENT%20AND%20ADVISERS) This section of the report is marked as 'Not applicable', indicating no information is provided under these specific headings - The sections for Directors and Senior Management, Advisers, and Auditors are all marked as 'Not applicable'[23](index=23&type=chunk)[24](index=24&type=chunk) [Offer Statistics and Expected Timetable](index=7&type=section&id=ITEM%202.%20OFFER%20STATISTICS%20AND%20EXPECTED%20TIMETABLE) This section of the report is marked as 'Not applicable' - This section is not applicable as per the report[25](index=25&type=chunk) [Key Information](index=7&type=section&id=ITEM%203.%20KEY%20INFORMATION) This section outlines significant corporate events, including the 2023 tanker business spin-off, a 2024 reverse stock split, and the acquisition of a 74.09% stake in MPC Capital, alongside a comprehensive summary of related risk factors - On March 7, 2023, the company completed the spin-off of its former tanker business, which was contributed to Toro Corp[27](index=27&type=chunk) - A one-for-ten reverse stock split of the company's common shares was effected on March 27, 2024[29](index=29&type=chunk) - On December 16, 2024, the company acquired a **74.09% controlling stake in MPC Capital** for approximately **$192.0 million**[30](index=30&type=chunk) [Risk Factors](index=8&type=section&id=D.%20RISK%20FACTORS) This subsection details numerous risks affecting the company, including industry volatility, geopolitical conflicts, environmental regulations, related-party dependence, and share price volatility - The shipping industry is cyclical and volatile, with charter hire rates subject to fluctuations from changes in supply and demand, which can adversely affect financial results[38](index=38&type=chunk)[42](index=42&type=chunk) - Geopolitical events, such as the war in Ukraine and incidents in the Red Sea, disrupt trade patterns, increase costs, and impact charter rates[45](index=45&type=chunk)[53](index=53&type=chunk)[56](index=56&type=chunk) - The company is subject to extensive and evolving international environmental regulations (e.g., IMO 2020, EEXI, CII) that may require costly vessel modifications and increase operating expenses[99](index=99&type=chunk)[103](index=103&type=chunk)[311](index=311&type=chunk) - The company is dependent on its related-party manager, Castor Ships, for the management of its fleet, and any failure by the manager could negatively impact operations[162](index=162&type=chunk) - The company's share price has been highly volatile, and future issuances of common shares, including from the conversion of Series D Preferred Shares, could cause significant dilution to existing shareholders[210](index=210&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk) - The Chairman, CEO, and CFO, through an affiliated entity (Thalassa), controls **99.2% of the company's voting power** via Series B Preferred Shares, allowing for considerable influence over shareholder matters[229](index=229&type=chunk)[232](index=232&type=chunk) - The company's new asset management segment faces intense competition and its revenues are highly dependent on the volume of assets under management and the performance of its investees[127](index=127&type=chunk)[130](index=130&type=chunk)[151](index=151&type=chunk) [Information on the Company](index=46&type=section&id=ITEM%204.%20INFORMATION%20ON%20THE%20COMPANY) This section details the company's business, which shifted to focus on dry bulk and containerships after the 2023 spin-off of its tanker business, and now includes an asset management segment via MPC Capital [History and Development of the Company](index=46&type=section&id=A.%20HISTORY%20AND%20DEVELOPMENT%20OF%20THE%20COMPANY) Details the company's evolution, highlighting the March 2023 spin-off of its tanker business, strategic focus on dry bulk and container shipping, and the significant acquisition of MPC Capital in December 2024 - On December 16, 2024, the company completed the acquisition of a **74.09% stake in MPC Capital** for **€182.8 million** (approx. **$192.0 million**), adding an asset management segment[244](index=244&type=chunk)[387](index=387&type=chunk) - The MPC Capital acquisition was financed with cash, a **$100.0 million loan** from related-party Toro Corp., and a **$50.0 million issuance of Series D Preferred Shares** to Toro[244](index=244&type=chunk)[253](index=253&type=chunk) - The company completed the spin-off of its tanker business to Toro Corp. on March 7, 2023, after which it focused on dry bulk and containerships[247](index=247&type=chunk)[249](index=249&type=chunk) - A **1-for-10 reverse stock split** was effected on March 27, 2024, to regain compliance with Nasdaq's minimum bid price requirement[256](index=256&type=chunk) [Business Overview](index=49&type=section&id=B.%20BUSINESS%20OVERVIEW) The company operates in three segments: dry bulk, containership, and asset management, with a fleet of 8 dry bulk carriers and 1 containership managed by Castor Ships S.A., and is subject to extensive environmental regulations - Following the acquisition of MPC Capital, the company now operates in three reportable segments: dry bulk, containership, and asset management[259](index=259&type=chunk) - As of May 9, 2025, the fleet consisted of **8 dry bulk carriers** and **one 1,850 TEU containership**, following several vessel sales[245](index=245&type=chunk) - The entire fleet is commercially and technically managed by Castor Ships S.A., a company controlled by Castor's Chairman and CEO, under an agreement that includes management fees, chartering commissions, and sale/purchase commissions[282](index=282&type=chunk)[283](index=283&type=chunk) - The asset management segment (MPC Capital) manages **€5.1 billion in assets** and provides services to listed entities like MPC Container Ships ASA and MPC Energy Solutions N.V.[244](index=244&type=chunk)[288](index=288&type=chunk) - The company is subject to extensive environmental regulations, including IMO's EEXI and CII for carbon intensity reduction, EU ETS for carbon emissions, and the BWM Convention for ballast water management[311](index=311&type=chunk)[324](index=324&type=chunk)[349](index=349&type=chunk) [Operating and Financial Review and Prospects](index=70&type=section&id=ITEM%205.%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) This section analyzes the company's financial performance, highlighting a decrease in total revenues in 2024 due to a smaller fleet, the addition of asset management revenue, and the impact of vessel sales [Operating Results](index=70&type=section&id=A.%20OPERATING%20RESULTS) For FY 2024, total revenues decreased to **$66.2 million** from **$97.5 million** in FY 2023, primarily due to reduced available days, despite a higher average Daily TCE Rate of **$13,147** Consolidated Results of Operations (FY 2024 vs. FY 2023) | (In U.S. Dollars) | Year ended Dec 31, 2023 | Year ended Dec 31, 2024 | Change | Change % | | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | **$97,515,511** | **$66,243,379** | **($31,272,132)** | **-32.1%** | | Operating income | $22,007,914 | $21,426,610 | ($581,304) | -2.6% | | **Net income from continuing operations** | **$21,303,156** | **$15,304,934** | **($5,998,222)** | **-28.2%** | | Net income from discontinued operations | $17,339,332 | $0 | ($17,339,332) | -100.0% | | **Net income** | **$38,642,488** | **$15,304,934** | **($23,337,554)** | **-60.4%** | Key Operational Metrics (Consolidated) | Metric | 2023 | 2024 | | :--- | :--- | :--- | | Daily TCE Rate | $12,356 | $13,147 | | Available Days | 7,483 | 4,626 | | Fleet Utilization | 99% | 99% | | EBITDA | $51,607,538 | $29,679,564 | - The decrease in total vessel revenues was primarily driven by a reduction in Available Days to **4,626 in 2024** from **7,483 in 2023**, following the sale of twelve vessels[429](index=429&type=chunk) - The new asset management segment, acquired on Dec 16, 2024, generated **$1.2 million in revenue** and **$2.8 million in operating income** in the short period to year-end[431](index=431&type=chunk)[460](index=460&type=chunk) - Net gain on sale of vessels increased significantly to **$19.3 million in 2024** from **$6.4 million in 2023**[439](index=439&type=chunk) [Liquidity and Capital Resources](index=84&type=section&id=B.%20LIQUIDITY%20AND%20CAPITAL%20RESOURCES) As of Dec 31, 2024, cash and cash equivalents were **$87.9 million**, with working capital of **$185.9 million**, after prepaying prior debt and incurring new debt for the MPC Capital acquisition Cash and Liquidity Position (in millions USD) | Metric | Dec 31, 2023 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $111.4 million | $87.9 million | | Restricted cash | $9.5 million | $0 | | Working capital surplus | $213.7 million | $185.9 million | - In 2024, the company used proceeds from vessel sales of **$86.6 million** to prepay all of its outstanding indebtedness from the end of 2023[477](index=477&type=chunk) - To fund the MPC Capital acquisition, the company entered into a new **$100 million term loan** with related-party Toro on Dec 11, 2024, and issued an additional **50,000 Series D Preferred Shares** to Toro for **$50 million**[475](index=475&type=chunk)[477](index=477&type=chunk) - The **$100 million term loan from Toro** was fully repaid subsequent to the year-end, on May 5, 2025[591](index=591&type=chunk)[926](index=926&type=chunk) [Critical Accounting Estimates](index=93&type=section&id=E.%20CRITICAL%20ACCOUNTING%20ESTIMATES) This section identifies key accounting estimates requiring significant management judgment, including the valuation of mezzanine equity, purchase price allocation for MPC Capital, and vessel impairment assessments - The fair value of the Series D Preferred Shares (mezzanine equity) is a critical estimate, determined using Level 3 inputs such as expected volatility and weighted average cost of capital (WACC)[522](index=522&type=chunk)[523](index=523&type=chunk) - The purchase price allocation for the MPC Capital acquisition required significant judgment in valuing intangible assets, such as customer relationships (using the Multi-Period Excess Earnings Method) and investments (using a discounted cash flow model)[524](index=524&type=chunk)[528](index=528&type=chunk) - Vessel impairment testing, critical as of Dec 31, 2023, for three vessels, relies on subjective assumptions about future charter rates, operating expenses, and vessel residual values; no impairment test was needed as of Dec 31, 2024[526](index=526&type=chunk)[530](index=530&type=chunk)[531](index=531&type=chunk) [Directors, Senior Management and Employees](index=96&type=section&id=ITEM%206.%20DIRECTORS%2C%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) This section lists the company's directors and senior management, led by founder Petros Panagiotidis, details their compensation, and notes the increase in employees due to the MPC Capital acquisition [Directors and Senior Management](index=96&type=section&id=A.%20DIRECTORS%20AND%20SENIOR%20MANAGEMENT) The company is led by its founder, Petros Panagiotidis, who holds the roles of Chairman, CEO, and CFO, with two non-executive directors on the board - Petros Panagiotidis is the founder and serves as Chairman, CEO, and CFO; he also holds leadership positions at related companies Toro Corp. and Robin Energy Ltd[547](index=547&type=chunk) - The board consists of three directors: Petros Panagiotidis (Class C), Dionysios Makris (Class B), and Angelos Rounick Platanias (Class A, appointed Feb 2025)[544](index=544&type=chunk)[549](index=549&type=chunk) [Compensation](index=97&type=section&id=B.%20COMPENSATION) For FY 2024, non-executive directors received aggregate fees of **$96 thousand**, with additional fees for audit committee members, and a **$2.6 million** one-time compensation is payable to certain subsidiary officers - In FY 2024, non-executive directors received total fees of **$96 thousand**, plus additional fees for audit committee service[550](index=550&type=chunk) - A one-time compensation of **$2.6 million** is payable to certain officers of a subsidiary related to a business combination[550](index=550&type=chunk) [Employees](index=98&type=section&id=D.%20EMPLOYEES) The company's employee count increased from zero at the end of 2023 to **155** at the end of 2024, entirely due to the acquisition of MPC Capital - The number of employees grew from **0** as of Dec 31, 2023, to **155** as of Dec 31, 2024, due to the MPC Capital acquisition[554](index=554&type=chunk) [Major Shareholders and Related Party Transactions](index=99&type=section&id=ITEM%207.%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) This section discloses that Thalassa Investment Co. S.A. controls **99.2%** of the company's voting power and details numerous related-party transactions, primarily with entities controlled by the Chairman/CEO [Major Shareholders](index=99&type=section&id=A.%20MAJOR%20SHAREHOLDERS) Thalassa Investment Co. S.A., an affiliate of the Chairman/CEO, controls **99.2%** of the company's voting power through its ownership of all Series B Preferred Shares - Thalassa Investment Co. S.A., an affiliate of the Chairman/CEO, controls **99.2% of the company's aggregate voting power** through its ownership of all **12,000 Series B Preferred Shares**[562](index=562&type=chunk) [Related Party Transactions](index=99&type=section&id=B.%20RELATED%20PARTY%20TRANSACTIONS) The company engages in extensive transactions with related parties, including management services from Castor Ships, a **$100 million loan** from Toro Corp., and vessel sales to affiliated entities - The company is managed by Castor Ships S.A., a related party, under an agreement providing for management fees, chartering commissions, and sale/purchase commissions[565](index=565&type=chunk)[566](index=566&type=chunk) - In 2024, Castor received a **$100 million loan** from and issued **$50 million in Series D Preferred Shares** to Toro Corp., a related party controlled by Castor's CEO[584](index=584&type=chunk)[589](index=589&type=chunk) - Several vessels, including the M/V Magic Venus, M/V Magic Nova, M/V Magic Horizon, and M/V Magic Nebula, were sold to entities affiliated with the CEO's family in 2024[594](index=594&type=chunk)[595](index=595&type=chunk)[596](index=596&type=chunk) [Financial Information](index=106&type=section&id=ITEM%208.%20FINANCIAL%20INFORMATION) This section contains the consolidated financial statements and other financial information, noting no material legal proceedings and no declared dividend policy for common shares - The company is not currently a party to any legal proceedings that would have a material adverse effect on its financial condition[607](index=607&type=chunk) - The company has no declared dividend policy for common shares; any dividends are at the Board's discretion and are subordinate to the rights of Series D Preferred shareholders[608](index=608&type=chunk)[610](index=610&type=chunk) - In 2024, the company paid a dividend of **$2.5 million** to Toro in connection to the Series D Preferred Shares[613](index=613&type=chunk) [The Offer and Listing](index=107&type=section&id=ITEM%209.%20THE%20OFFER%20AND%20LISTING) The company's common shares and associated rights trade on the Nasdaq Capital Market under 'CTRM' and on the Norwegian OTC market under 'CASTOR' - The company's common shares trade on the Nasdaq Capital Market under the symbol 'CTRM' and on the Norwegian OTC under 'CASTOR'[615](index=615&type=chunk) [Additional Information](index=108&type=section&id=ITEM%2010.%20ADDITIONAL%20INFORMATION) This section details the company's capital structure, including its authorized **1.95 billion common shares** and **50 million preferred shares**, and discusses taxation, noting a **4% U.S. source income tax** [Memorandum and Articles of Association](index=108&type=section&id=B.%20MEMORANDUM%20AND%20ARTICLES%20OF%20ASSOCIATION) The company's authorized capital consists of **1.95 billion common shares** and **50 million preferred shares**, with Series B Preferred Shares holding super-voting rights and Series D Preferred Shares having a **5.00% cumulative dividend** - Authorized capital stock consists of **1,950,000,000 common shares** and **50,000,000 preferred shares**[625](index=625&type=chunk) - Series B Preferred Shares, all held by a related party, have **100,000 votes per share**, granting the holder voting control[629](index=629&type=chunk) - Series D Preferred Shares carry a **5.00% cumulative dividend**, are convertible into common shares at the holder's option starting January 1, 2026, and have liquidation preference over common shares[632](index=632&type=chunk)[634](index=634&type=chunk)[637](index=637&type=chunk) [Taxation](index=114&type=section&id=E.%20TAXATION) As a Marshall Islands corporation, the company is not subject to income tax there, but its U.S. source shipping income is subject to a **4% tax** due to not meeting the 'Publicly Traded Test' - The company is a Marshall Islands corporation and not subject to income tax there[657](index=657&type=chunk) - Due to its share structure not meeting the 'Publicly Traded Test' under Section 883 of the U.S. Code, the company's U.S. source shipping income is subject to a **4% tax**; provisions were **$113.9 thousand in 2024**, **$177.8 thousand in 2023**, and **$388.7 thousand in 2022**[242](index=242&type=chunk)[661](index=661&type=chunk)[664](index=664&type=chunk) - The company believes it is not a Passive Foreign Investment Company (PFIC), but notes there is a risk the IRS could determine otherwise, which would have adverse tax consequences for U.S. shareholders[237](index=237&type=chunk)[238](index=238&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=122&type=section&id=ITEM%2011.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company is exposed to interest rate risk with a net exposure of **$103.6 million** to floating rates, and significant equity price risk from its **$69.1 million** listed securities and **$115.5 million** equity method investments - As of Dec 31, 2024, the company had a net effective exposure of **$103.6 million** to floating interest rate fluctuations on its outstanding debt[701](index=701&type=chunk) - Equity price risk is significant, with **$69.1 million in listed equity securities**; a hypothetical **25% decrease** in market prices would result in a **$17.3 million decrease** in net income[704](index=704&type=chunk)[706](index=706&type=chunk) - The company also has significant equity price risk from its equity method investments measured at fair value, totaling **$115.5 million**; a hypothetical **25% price decrease** would result in a **$28.9 million decrease** in net income[708](index=708&type=chunk)[709](index=709&type=chunk) [PART II](index=123&type=section&id=PART%20II) [Controls and Procedures](index=124&type=section&id=ITEM%2015.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2024, but excluded the newly acquired MPC Capital, which represented **39% of consolidated total assets** - Management concluded that disclosure controls and procedures were effective as of December 31, 2024[719](index=719&type=chunk) - The evaluation of disclosure controls and internal control over financial reporting excluded the newly acquired MPC Capital, which represented **39% of total consolidated assets** at year-end[720](index=720&type=chunk)[724](index=724&type=chunk) - The annual report does not include an attestation report on internal controls from the registered public accounting firm because the company is not an accelerated filer[726](index=726&type=chunk) [Corporate Governance and Other Matters](index=125&type=section&id=ITEM%2016) This section covers various governance topics, including principal accountant fees, corporate governance practices as a foreign private issuer, and the company's cybersecurity risk management framework [Principal Accountant Fees and Services](index=126&type=section&id=16C.%20PRINCIPAL%20ACCOUNTANT%20FEES%20AND%20SERVICES) Details fees paid to the principal accountant, Deloitte, with audit fees totaling **$238.7 thousand** in 2024, a decrease from **$439.8 thousand** in 2023 Accountant Fees (in USD) | Fee Type | 2023 | 2024 | | :--- | :--- | :--- | | Audit Fees | $439,820 | $238,674 | | Tax Fees | $0 | $8,000 | [Corporate Governance](index=127&type=section&id=16G.%20CORPORATE%20GOVERNANCE) As a foreign private issuer, the company follows Marshall Islands home country practices, resulting in differences from Nasdaq corporate governance standards regarding board independence and committee structures - The company follows home country (Marshall Islands) practice, exempting it from certain Nasdaq rules[741](index=741&type=chunk) - Key differences from Nasdaq standards include not requiring a majority-independent board, not having a compensation or nominating committee, and not requiring shareholder approval for certain equity issuances[744](index=744&type=chunk) [Cybersecurity](index=128&type=section&id=16K.%20CYBERSECURITY) The company's cybersecurity risk management is overseen by the Board and managed by Castor Ships and MPC IT, with no material incidents detected in 2024 - Cybersecurity risk management is integrated into the company's overall risk framework and overseen by the full Board[746](index=746&type=chunk)[752](index=752&type=chunk) - Day-to-day cybersecurity management is handled by the ITC Department of its manager, Castor Ships, for the shipping business and by MPC IT for the asset management segment[748](index=748&type=chunk)[751](index=751&type=chunk) - No material cybersecurity incidents were detected in 2024[747](index=747&type=chunk) [PART III](index=129&type=section&id=PART%20III) [Financial Statements](index=129&type=section&id=ITEM%2018.%20FINANCIAL%20STATEMENTS) This section contains the audited consolidated financial statements for 2022-2024, including balance sheets, income statements, and cash flows, with auditor's critical audit matters on mezzanine equity and MPC Capital acquisition valuation Consolidated Balance Sheet Summary (in millions USD) | | Dec 31, 2023 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$605.0 million** | **$797.4 million** | | Total Liabilities | $94.3 million | $171.9 million | | Mezzanine Equity | $49.5 million | $77.7 million | | **Total Shareholders' Equity** | **$461.2 million** | **$547.8 million** | Consolidated Statement of Comprehensive Income Summary (in millions USD) | | FY 2022 | FY 2023 | FY 2024 | | :--- | :--- | :--- | :--- | | **Total Revenues** | **$150.2 million** | **$97.5 million** | **$66.2 million** | | Net Income from Continuing Operations | $66.5 million | $21.3 million | $15.3 million | | Net Income from Discontinued Operations | $52.0 million | $17.3 million | $0.0 million | | **Net Income** | **$118.6 million** | **$38.6 million** | **$15.3 million** | - The auditor's report identified two critical audit matters: the fair value determination of the Series D Preferred Shares (mezzanine equity) and the fair value accounting for customer relationships and an investment in WASM related to the MPC Capital acquisition[773](index=773&type=chunk)[786](index=786&type=chunk) - The company's discontinued operations, related to the 2023 spin-off of its tanker business to Toro, generated net income of **$17.3 million in 2023** and **$52.0 million in 2022**[891](index=891&type=chunk)[892](index=892&type=chunk)
Castor Maritime Inc. Announces Availability of its 2024 Annual Report on Form 20-F
Globenewswire· 2025-05-14 20:05
Core Viewpoint - Castor Maritime Inc. has filed its annual report for the fiscal year ended December 31, 2024, with the SEC, which includes audited consolidated financial statements [1] Company Overview - Castor Maritime Inc. is a diversified global shipping and energy company involved in asset management, vessel ownership, technical and commercial ship management, and energy infrastructure projects [2] - The company owns a fleet of 9 vessels with an aggregate capacity of 0.6 million deadweight tons (dwt) [3] - Castor is the majority shareholder of the Frankfurt-listed asset manager MPC Münchmeyer Petersen Capital AG [3] Accessibility of Annual Report - The Annual Report is available on the SEC website and the company's website under the "Investors" section [2] - Shareholders can request a hard copy of the Annual Report free of charge [2]
Castor Maritime Inc. Reports Fourth Quarter and Full Year Results for 2024
Globenewswire· 2025-05-14 20:05
Core Insights - Castor Maritime Inc. reported a significant decrease in total vessel revenues and net income for the year ended December 31, 2024, compared to 2023, primarily due to reduced operational capacity and lower charter rates [6][7][44] - The company completed the acquisition of MPC Capital, marking a strategic move into the asset management sector, which is expected to diversify income streams and support future growth [3][29] - The company has modernized its fleet and simplified its capital structure while maintaining a strong liquidity position [4][5] Financial Performance - Total vessel revenues for the year ended December 31, 2024, were $65.1 million, a decrease of 33.2% from $97.5 million in 2023 [6] - Net income from continuing operations was $15.3 million for 2024, down 28.2% from $21.3 million in 2023, and total net income decreased by 60.4% from $38.6 million in 2023 [6] - Earnings per share from continuing operations increased to $3.50 in 2024 from $2.05 in 2023, reflecting a change in share structure [6] Operational Highlights - The company operated an average of 12.9 vessels in Q4 2024, down from 18.9 vessels in Q4 2023, with a daily TCE rate of $11,648 compared to $14,530 in the same period of 2023 [33][44] - Ownership Days decreased to 1,186 in Q4 2024 from 1,740 in Q4 2023, impacting overall operational capacity [47] - The company completed three acquisitions and seven disposals in 2024, contrasting with no acquisitions or disposals in 2023 [6] Recent Developments - The acquisition of MPC Capital was finalized on December 16, 2024, for approximately $192.0 million, enhancing the company's asset management capabilities [29] - A $100 million senior term loan facility was secured from Toro Corp. to finance the acquisition of MPC Capital [23][27] - The company reported a consolidated cash position of $87.9 million as of December 31, 2024, down from $120.9 million in 2023, primarily due to operational cash flows and acquisition costs [20][21]
Castor Maritime Inc. Announces the Completion of the Sale of the M/V Magic Callisto
Globenewswire· 2025-04-29 13:00
Core Viewpoint - Castor Maritime Inc. has successfully completed the sale of the M/V Magic Callisto, a Panamax bulk carrier vessel, on April 28, 2025, marking a significant transaction for the company [1]. Company Overview - Castor Maritime Inc. is a diversified global shipping and energy company involved in asset management, vessel ownership, technical and commercial ship management, and energy infrastructure projects [2]. - The company owns a fleet of 10 vessels with a total capacity of 0.7 million deadweight tons (dwt) [3]. Recent Transactions - The M/V Magic Callisto, built in 2012, was sold as part of the company's strategic asset management [1]. - Additionally, the company had previously agreed to sell the M/V Gabriela A on December 4, 2024 [3]. Shareholder Information - Castor Maritime Inc. is the majority shareholder of MPC Münchmeyer Petersen Capital AG, which is listed in Frankfurt [3].
Castor Maritime Inc. Announces the Completion of the Sale of the M/V Magic Eclipse
Globenewswire· 2025-03-28 13:00
Core Viewpoint - Castor Maritime Inc. has successfully completed the sale of the M/V Magic Eclipse, a Panamax bulk carrier vessel, on March 24, 2025, marking a strategic move in its asset management and fleet optimization efforts [1]. Company Overview - Castor Maritime Inc. is a diversified global shipping and energy company involved in investment and asset management, vessel ownership, technical and commercial ship management, and energy infrastructure projects [2]. - The company owns a fleet of 11 vessels with a total capacity of 0.8 million deadweight tons (dwt) [3]. Recent Transactions - The sale of the M/V Magic Eclipse follows the earlier agreement to sell the M/V Gabriela A on December 4, 2024, and the M/V Magic Callisto in March 2025, indicating a trend of divesting certain assets [3].
Castor Maritime Inc. Announces the Sale of the M/V Magic Eclipse and of the M/V Magic Callisto for an Aggregate $28.0 Million
Globenewswire· 2025-03-21 20:05
Core Viewpoint - Castor Maritime Inc. has entered into agreements for the sale of two Panamax bulk carrier vessels for a total of $28.0 million, with transactions approved by a special committee of independent directors [1] Company Overview - Castor Maritime Inc. is a diversified global shipping and energy company involved in investment and asset management, vessel ownership, technical and commercial ship management, and energy infrastructure projects [2] - The company owns a fleet of 12 vessels with a total capacity of 0.8 million deadweight tons (dwt) [3] Recent Transactions - The company has agreed to sell the M/V Magic Eclipse (2011-built) and the M/V Magic Callisto (2012-built) for a combined price of $28.0 million, with delivery expected in the first half of 2025 [1] - The M/V Gabriela A was also agreed to be sold on December 4, 2024, as part of the company's ongoing fleet management strategy [3]
Castor Maritime Inc. Announces the Completion of the Sale of the M/V Ariana A
Globenewswire· 2025-01-23 14:00
Core Viewpoint - Castor Maritime Inc. has completed the sale of the M/V Ariana A for $16.5 million, which is expected to result in a net loss of approximately $3.3 million in the first quarter of 2025, excluding transaction-related costs [1][2]. Company Overview - Castor Maritime Inc. is a diversified global shipping and energy company involved in investment and asset management, vessel ownership, technical and commercial ship management, and energy infrastructure projects [3]. - The company owns a fleet of 12 vessels with a total capacity of 0.8 million deadweight tons (dwt) [4]. Recent Transactions - The sale of the M/V Ariana A, a 2005-built 2,700 TEU containership, was completed on January 22, 2025 [1]. - The company had previously agreed to sell the M/V Gabriela A on December 4, 2024 [4].