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]

LIMASSOL, Cyprus, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM) ("Castor" or the "Company"), a diversified global shipping company, today announced its results for the three months and six months ended June 30, 2024. Earnings Highlights of the Second Quarter Ended June 30, 2024: Total vessel revenues: $16.3 million for the three months ended June 30, 2024, as compared to $25.3 million for the three months ended June 30, 2023, or a 35.6% decrease; Net income of $22.9 million for the t ...

LIMASSOL, Cyprus, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ:CTRM), ("Castor" or the "Company"), a diversified global shipping company, announced today that its Board of Directors (the "Board") has scheduled the Company's 2024 Annual General Meeting of Shareholders (the "Meeting") to be held on September 6, 2024, at 6:00 p.m., local time, at 223 Christodoulou Chatzipavlou Street, Hawaii Royal Gardens, 3036 Limassol, Cyprus. The Board has fixed a record date of July 8, 2024 (the "Record D ...

LIMASSOL, Cyprus, July 25, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ:CTRM), ("Castor" or the "Company"), a diversified global shipping company, announces that on July 16, 2024, it entered, through a separate wholly-owned subsidiary, into an agreement to acquire a 2015-built Ultramax dry bulk carrier vessel from an unaffiliated third-party, for a purchase price of $25.5 million. The acquisition is expected to be concluded by taking delivery of the vessel during the third quarter of 2024 and is su ...

LIMASSOL, Cyprus, June 03, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ:CTRM) ("Castor" or the "Company"), a diversified global shipping company, announces today the final results of its tender offer (the "Offer") to purchase all of its outstanding Common Share Purchase Warrants issued on April 7, 2021 (the "Warrants"), which expired at 5:00 P.M. Eastern time on May 31, 2024. Based on the final count by the Company, 10,080,770 Warrants, exercisable in the aggregate into 1,008,077 Common Shares, wer ...

As we move into June, I've pinpointed three top penny stocks that could be excellent long-term investments. While many investors, myself included, have been watching the cryptocurrency market, especially Bitcoin (BTC-USD) as it aims for another new all-time high, there are also some compelling penny stocks that I believe offer great value. Regardless of risk tolerance or investment horizon, it's worth considering allocating a small portion of your portfolio to promising penny stocks for long-term growth. Th ...

Core Viewpoint - Castor Maritime Inc. has successfully completed the sale of the M/V Magic Horizon for $15.8 million, expecting a net gain of approximately $4.6 million from this transaction in Q2 2024 [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 10 vessels with a total capacity of 0.7 million deadweight tons (dwt), which includes three Kamsarmax vessels, five Panamax dry bulk vessels, and two 2,700 TEU containership vessels [3].

Core Viewpoint - Castor Maritime Inc. has successfully completed the sale of the M/V Magic Horizon for $15.8 million, expecting a net gain of approximately $4.6 million from this transaction in Q2 2024 [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 10 vessels with a total capacity of 0.7 million deadweight tons (dwt), which includes three Kamsarmax vessels, five Panamax dry bulk vessels, and two 2,700 TEU containership vessels [3].

Core Viewpoint - Castor Maritime Inc. has successfully completed the sale of the M/V Magic Vela for $16.4 million, expecting a net gain of approximately $2.7 million from this transaction in Q2 2024 [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 11 vessels with a total capacity of 0.8 million deadweight tons (dwt), including three Kamsarmax vessels, six Panamax dry bulk vessels, and two 2,700 TEU containership vessels [3].

LIMASSOL, Cyprus, May 23, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), ("Castor" or the "Company"), a diversified global shipping company, announces that on May 23, 2024, it completed the previously announced sale of the M/V Magic Vela, a 2011-built Panamax bulk carrier vessel, for a price of $16.4 million, by delivering the vessel to its new owner. The Company expects to record a net gain of approximately $2.7 million from the above-mentioned sale, excluding any transaction-related costs, ...