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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].
Castor Maritime Inc. Announces the Sale of the M/V Gabriela A for a Price of $19.3 Million with an Expected Net Gain of $0.8 Million
Newsfilter· 2024-12-19 14:00
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].
Castor Maritime Inc. Announces the Completion of the Acquisition of a Majority Stake in MPC Münchmeyer Petersen Capital AG
Newsfilter· 2024-12-17 14:00
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]
Castor Maritime Inc. Announces the Sale of the M/V Ariana A for a Price of $16.5 Million
GlobeNewswire News Room· 2024-12-02 14:00
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].
Castor Maritime (CTRM) - 2024 Q3 - Quarterly Report
2024-11-07 14:26
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]
Castor Maritime Inc. Reports Net Income of $2.8 Million for the Three Months Ended September 30, 2024 and Net income of $48.0 Million for the Nine Months Ended September 30, 2024
GlobeNewswire News Room· 2024-11-07 14:00
Core Viewpoint - Castor Maritime Inc. reported significant improvements in net income and cash flow for the third quarter and nine months ended September 30, 2024, despite a decrease in total vessel revenues compared to the same periods in 2023 [2][3][5]. Earnings Highlights - Total vessel revenues for Q3 2024 were $13.4 million, down 37.4% from $21.4 million in Q3 2023 [2]. - Net income for Q3 2024 was $2.8 million, a turnaround from a net loss of $5.4 million in Q3 2023, marking a 151.9% increase [2]. - Earnings per share for Q3 2024 were $0.21, compared to a loss of $0.60 per share in Q3 2023 [2]. - EBITDA for Q3 2024 was $5.0 million, up from $2.5 million in Q3 2023 [2]. - Adjusted EBITDA for Q3 2024 was $6.8 million, down from $10.9 million in Q3 2023 [2]. Nine-Month Performance - Total vessel revenues for the nine months ended September 30, 2024, were $50.1 million, a decrease of 29.6% from $71.2 million in the same period of 2023 [3]. - Net income for the nine months was $48.0 million, compared to a net loss of $3.7 million in the same period of 2023, representing a 1,397.3% increase [3]. - Earnings per share for the nine months were $4.73, compared to a loss of $0.44 per share in the same period of 2023 [3]. - EBITDA for the nine months was $58.3 million, up from $20.2 million in the same period of 2023 [3]. - Adjusted EBITDA for the nine months was $48.9 million, compared to $33.7 million in the same period of 2023 [3]. Cash Position and Debt Management - Cash and restricted cash as of September 30, 2024, totaled $171.5 million, an increase from $120.9 million as of December 31, 2023 [2][16]. - The company significantly reduced its total debt from $86.6 million as of December 31, 2023, to $1.6 million as of September 30, 2024 [18]. - The company repaid the majority of its debt in September 2024, further reducing finance costs [6]. Fleet Expansion - The company acquired its first Ultramax bulk carrier, the M/V Magic Celeste, for $25.5 million, delivered on August 16, 2024 [2][21]. - The fleet size increased to 13 vessels from 10 at the end of June 2024, following the acquisition of additional vessels [6]. Operational Metrics - Average Daily TCE Rate for Q3 2024 was $13,367, compared to $10,830 in Q3 2023 [24]. - Ownership Days decreased to 966 days in Q3 2024 from 1,859 days in Q3 2023, reflecting the sale of several dry bulk vessels [34]. - Fleet utilization remained high at 100% in Q3 2024, compared to 99% in Q3 2023 [34].
Castor Maritime Inc. Announces Delivery of the M/V Raphaela
GlobeNewswire News Room· 2024-10-07 13:00
Core Viewpoint - Castor Maritime Inc. has successfully taken delivery of the M/V Raphaela, a 1,850 TEU containership, which was fully financed with cash on hand, marking a significant addition to its fleet [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. The company owns a fleet of 13 vessels with a total capacity of 0.9 million deadweight tons (dwt) [3]. Vessel Acquisition Details - The M/V Raphaela, built in 2008, will be employed under a time charter contract for approximately four months at a gross daily rate of $29,000 [2][1]. Fleet Composition - The fleet includes four Kamsarmax dry bulk vessels, five Panamax dry bulk vessels, one Ultramax dry bulk vessel, one 1,850 TEU containership, and two 2,700 TEU containerships [3].
Castor Maritime (CTRM) - 2024 Q2 - Quarterly Report
2024-08-08 13:27
Financial Performance - Time charter revenues declined from $49.75 million in the first half of 2023 to $36.67 million in the first half of 2024, a decrease of 26%[4] - Operating income increased substantially from $10.78 million to $27.46 million, reflecting a growth of 154%[4] - Net income attributable to common shareholders rose from $19.02 million to $43.67 million, an increase of 130%[4] - Earnings per common share (basic) for continuing operations surged from $0.18 to $4.52, marking a significant increase of 2411%[4] - Net income from continuing operations increased significantly from $1,676,753 in 2023 to $45,185,357 in 2024, representing a growth of approximately 2,688%[8] - The company reported net income and comprehensive income of $45,185,357 for the six months ended June 30, 2024, compared to $19,016,085 for the same period in 2023, reflecting a significant increase[114] - The net income from discontinued operations, after taxes, was $17,339,332 for the same period[28] - The net income from continuing operations before taxes increased significantly from $1,741,932 in 2023 to $45,279,966 in 2024[125] Cash and Liquidity - Cash and cash equivalents increased significantly from $111.38 million to $230.14 million, representing a growth of 106%[3] - Cash provided by operating activities from continuing operations rose from $9,063,466 in 2023 to $23,848,121 in 2024, an increase of about 163%[8] - The company reported a net cash increase of $115,392,064 in cash, cash equivalents, and restricted cash at the end of the period, compared to a decrease of $113,992,883 in the previous year[8] - Cash and cash equivalents at the end of the period increased from $28,574,177 in 2023 to $230,137,481 in 2024, a growth of approximately 706%[8] - Cash and cash equivalents increased from $103,822,505 in December 2023 to $227,613,893 in June 2024, representing a growth of approximately 118.5%[126] Assets and Liabilities - Total assets decreased slightly from $605.04 million as of December 31, 2023, to $602.27 million as of June 30, 2024[3] - Total current liabilities increased from $28.60 million to $30.12 million, a rise of 5%[3] - Total shareholders' equity grew from $461.18 million to $503.79 million, an increase of 9%[3] - As of June 30, 2024, total long-term debt amounted to $43.22 million, down from $86.60 million as of December 31, 2023, representing a 50% reduction[67] - The company’s non-current portion of long-term debt decreased from $66.10 million at the end of 2023 to $18.63 million by June 30, 2024[67] Revenue and Expenses - Total vessel revenues for the six months ended June 30, 2024, were $36,669,776, a decrease from $49,747,081 in the same period of 2023[115] - Total vessel operating expenses decreased from $21,676,527 in 2023 to $14,657,651 in 2024, representing a reduction of approximately 32.3%[118] - Total voyage expenses decreased from $2,698,540 in 2023 to $2,012,774 in 2024, a decline of about 25.4%[119] - General and administrative expenses increased from $2,805,076 in 2023 to $3,387,071 in 2024, reflecting an increase of approximately 20.7%[120] - Interest and finance costs decreased from $6,117,641 in 2023 to $4,004,694 in 2024, a reduction of about 34.5%[121] Investments and Dividends - The company recognized a realized gain on the sale of equity securities of $46,088,578 in 2024, compared to $258,999 in 2023[8] - The Company received a total of $700,000 in dividends from its investment in Toro during the six months ended June 30, 2024[43] - Dividend income from the investment in Toro for the six months ended June 30, 2023, and 2024 amounted to $451,111 and $707,777, respectively[42] - The Company paid a dividend of $1,250,000 on the Series D Preferred Shares for the periods from October 15, 2023, to April 14, 2024, with an accrued amount of $555,556 for the period from April 15, 2024, to June 30, 2024[95] Fleet and Operations - The company owned a diversified fleet of 10 vessels with a combined carrying capacity of 0.7 million dwt as of June 30, 2024[15] - The company completed the sale of multiple vessels, including M/V Magic Rainbow, M/V Magic Twilight, and M/V Magic Argo, resulting in no vessel ownership as of the respective delivery dates[20] - The company recognized a gain on the sale of vessels, including four Panamax vessels and two Kamsarmax vessels in 2024, contributing to its financial performance[32] - The company acquired a secondhand Ultramax dry bulk carrier for $25.5 million, expected to be delivered in Q3 2024[128] Compliance and Corporate Actions - The company completed a spin-off of its Aframax/LR2 and Handysize tanker segments into a wholly owned subsidiary, Toro Corp., on March 7, 2023[11] - The company completed a 1-for-10 reverse stock split on March 27, 2024, reducing the number of outstanding shares to 9,662,354[83] - The company regained compliance with Nasdaq's minimum bid price requirement on April 11, 2024, after receiving an extension[90] - The company repurchased 10,080,770 April 7 Warrants for $1.06 million in a tender offer, reducing the number of outstanding warrants significantly[91] Financial Reporting and Standards - The Company’s financial statements are prepared in accordance with U.S. GAAP and reflect all necessary adjustments for fair presentation[23] - The company did not identify any impairment for its investments as of June 30, 2024[40] - The company’s financial instruments include cash, trade accounts receivable, and long-term debt, with carrying values approximating fair values due to their short-term nature[98]