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]

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]

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].

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].

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]

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].

Core Viewpoint - Castor Maritime Inc. has announced the sale of the M/V Gabriela A, a 2,700 TEU containership, for $19.3 million, with a net gain of approximately $0.8 million expected from the transaction, excluding 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 13 vessels with a total capacity of 0.9 million deadweight tons (dwt) [4]. Recent Transactions - The sale of the M/V Gabriela A is part of the company's strategy, following a previous agreement to sell the M/V Ariana A on November 13, 2024 [4].

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 [5] - The company operates a fleet of 13 vessels with a total capacity of 0.9 million deadweight tons (dwt) [5] Acquisition Details - On December 16, 2024, Castor Maritime's subsidiary, Thalvora Holdings GmbH, acquired 26,116,378 shares of MPC Münchmeyer Petersen Capital AG, representing 74.09% of its share capital, for €7.00 per share, totaling €182.8 million (approximately USD 192.6 million) [1] - The acquisition positions Castor as the majority shareholder of MPC Capital, which specializes in infrastructure projects in the maritime and energy sectors [3][5] Changes in Governance - Following the acquisition, the Supervisory Board of MPC Capital will include Mr. Ulf Holländer and two new members: Mr. Petros Panagiotidis (CEO and Chairman of Castor) and Mr. Petros Zavakopoulos [2] - The appointments will take effect upon confirmation from the local court of Hamburg and will last until MPC Capital's next ordinary Annual General Meeting [2] MPC Capital Overview - MPC Münchmeyer Petersen Capital AG is an investment and asset manager with assets under management totaling €4.8 billion, focusing on maritime and energy infrastructure projects [3] - The company is also the founder and cornerstone shareholder of Oslo-listed MPC Container Ships ASA, which focuses on small to mid-size container ships [4]

Core Viewpoint - Castor Maritime Inc. has announced the sale of the M/V Ariana A, a 2,700 TEU containership, for $16.5 million, with an expected delivery in the first quarter of 2025, although the company anticipates a net loss of approximately $3.3 million from this sale [1][2]. Company Overview - Castor Maritime Inc. is a diversified global shipping company that provides shipping transportation services through its ownership of oceangoing cargo vessels [3]. - The company owns a fleet of 13 vessels with a total capacity of 0.9 million deadweight tons (dwt), which includes various types of dry bulk and containership vessels [3].

Financial Performance - Time charter revenues fell from $71,151,984 for the nine months ended September 30, 2023, to $50,079,813 for the same period in 2024, a decrease of about 29.6%[7] - Operating income increased significantly from $14,565,656 in 2023 to $28,438,066 in 2024, reflecting an increase of approximately 95%[7] - Net income attributable to common shareholders rose from $13,173,797 in 2023 to $45,740,498 in 2024, marking an increase of about 247%[7] - For the nine months ended September 30, 2024, net income from continuing operations was $48,021,812, a significant increase from a net loss of $3,710,568 in the same period of 2023[10] - The company reported a net loss of $3,611,662 for the nine months ended September 30, 2024, compared to a net income of $48,121,499 for the same period in 2023[149] - Basic earnings per common share for continuing operations increased to $4.73 for the nine months ended September 30, 2024, from a loss of $(0.44) in the same period of 2023[137] Assets and Liabilities - Total assets decreased from $605,041,979 as of December 31, 2023, to $563,213,185 as of September 30, 2024, representing a decline of approximately 6.9%[5] - Total current liabilities decreased from $28,602,396 to $7,422,891, a reduction of about 74.1%[5] - The company’s total assets increased from $461,495,060 as of December 31, 2022, to $505,862,269 as of September 30, 2024, reflecting a growth of approximately 9.6%[8] - The dry bulk segment assets decreased from $259,759,770 as of December 31, 2023, to $170,870,233 as of September 30, 2024, a reduction of approximately 34%[150] - The total long-term debt as of September 30, 2024, was $1,618,696, significantly reduced from $86,604,000 as of December 31, 2023[85] Cash Flow and Investments - Cash and cash equivalents increased from $111,383,645 as of December 31, 2023, to $171,277,315 as of September 30, 2024, a growth of approximately 53.8%[5] - Cash provided by operating activities from continuing operations increased to $31,556,809 for the nine months ended September 30, 2024, compared to $11,170,691 for the same period in 2023, representing an increase of about 183%[10] - The company reported a net cash increase of $50,626,168 for the nine months ended September 30, 2024, compared to a net cash decrease of $57,307,719 in the same period in 2023[10] - The company received dividend income from its investment in Toro amounting to $1,065,556 for the nine months ended September 30, 2024, up from $808,889 for the same period in 2023[57] - The aggregate value of investments in Toro was $117,552,691 as of September 30, 2024, including accrued dividends of $330,556[55] Shareholder Equity and Stock Activity - Total shareholders' equity as of September 30, 2024, was $505,862,269, up from $437,889,359 as of September 30, 2023, reflecting a growth of approximately 15.5%[8] - The weighted average number of common shares, diluted, increased from 9,540,274 in 2023 to 21,069,515 in 2024, indicating a significant increase in share dilution[7] - The company completed a 1-for-10 reverse stock split on March 27, 2024, reducing the number of outstanding shares to 9,662,354[105] - The company regained compliance with the Nasdaq minimum bid price requirement on April 11, 2024[112] Operational Changes and Fleet Management - The company has entered into agreements to acquire a 2008-built 1,850 TEU containership for $16.49 million and a 2020-built Kamsarmax dry bulk carrier for $29.95 million[21][22] - The Company has established various consolidated subsidiaries for vessel acquisition and management, indicating a strategic focus on fleet expansion and operational efficiency[23] - The Company’s fleet includes two 2,700 TEU containerships, enhancing its operational capacity in the shipping market[19] - The Company has undergone management changes, with Castor Ships managing the overall business since July 1, 2022[17] Revenue and Expense Management - Total vessel revenues decreased to $50,079,813 for the nine months ended September 30, 2024, down from $71,151,984 in 2023, reflecting a decline in time charter revenues[138] - Total vessel operating expenses were $19,864,136 for the nine months ended September 30, 2024, a reduction from $31,818,005 in the same period of 2023[141] - Interest and finance costs decreased to $5,042,161 for the nine months ended September 30, 2024, compared to $8,825,294 in 2023, indicating improved financial management[145] - Management fees charged by Castor Ships for the nine months ended September 30, 2024, were $1,801,870, compared to $1,987,999 for the same period in 2023, reflecting a decrease of approximately 9.3%[47] Gains and Losses - The company reported a gain from a claim amounting to $1,411,356 in 2024, which was not present in 2023[7] - The company recognized a gain on the sale of vessels amounting to $107,861,375 for the nine months ended September 30, 2024, compared to a loss of $6,278,454 in the same period of 2023[10] - The gain on the sale of vessels for the nine months ended September 30, 2023, was $6,278,454, while the gain for the same period in 2024 was $19,292,613[149] Future Commitments and Compliance - The company has future minimum contracted lease payments of $21,842,899 for the twelve-month period ending September 30, 2025[131] - The Company’s long-term debt was in compliance with all financial covenants as of September 30, 2024[97] - The company has not identified any significant claims or contingent liabilities that would materially affect its financial position[134]