Core Viewpoint - Castor Maritime Inc. reported a significant recovery in its financial performance for the first quarter of 2024, driven by improved cash flows from vessel sales and a recovery in the dry cargo market, despite a decrease in total vessel revenues due to reduced available days [4][6]. Financial Performance Summary - Total vessel revenues decreased to $20.4 million in Q1 2024 from $24.5 million in Q1 2023, representing a 16.7% decline [6][8]. - Net income from continuing operations increased to $22.3 million in Q1 2024, compared to a net loss of $(6.5) million in Q1 2023, marking a 443.1% improvement [8]. - Earnings per common share from continuing operations rose to $2.23 in Q1 2024, compared to $(0.69) in Q1 2023 [8]. - EBITDA from continuing operations was $26.8 million in Q1 2024, up from $1.6 million in Q1 2023 [8]. Operational Highlights - The number of available days decreased from 1,980 in Q1 2023 to 1,441 in Q1 2024 due to the sale of three dry bulk vessels [6][9]. - Daily Time Charter Equivalent (TCE) rate increased to $13,411 in Q1 2024 from $11,713 in Q1 2023 [39]. - Vessel operating expenses decreased to $8.1 million in Q1 2024 from $11.3 million in Q1 2023, reflecting a reduction in ownership days [9][12]. Cash Flow and Liquidity - Cash and restricted cash from continuing operations increased to $165.2 million as of March 31, 2024, from $120.9 million as of December 31, 2023 [17]. - The increase in cash position was attributed to $11.3 million in net operating cash flows and $43.8 million from vessel sales [18]. Recent Business Developments - The company launched a tender offer for outstanding warrants to enhance clarity regarding its capital structure [5][16]. - Compliance with Nasdaq listing standards was regained following a 1-for-10 reverse stock split [20]. Vessel Sales - The company recognized gains from the sale of several vessels, including $2.4 million from the M/V Magic Moon and $1.4 million from the M/V Magic Orion [13][22][23]. - Additional vessel sales are expected to contribute to future gains, including anticipated gains from the M/V Magic Venus and M/V Magic Horizon [24][25].

LIMASSOL, Cyprus, April 22, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ:CTRM), ("Castor" or the "Company"), a diversified global shipping company, announces that it has commenced today a tender offer (the "Offer") to purchase all of its 10,330,770 outstanding Common Share Purchase Warrants issued on April 7, 2021 (the "Warrants") at a price of $0.105 per Warrant, net to the seller in cash, without interest. Payments made pursuant to the Offer will be rounded down to the nearest whole cent. The War ...

LIMASSOL, Cyprus, April 18, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ:CTRM), ("Castor" or the "Company"), a diversified global shipping company, announces that on April 18, 2024, it completed the previously announced sale of the M/V Magic Nebula, a 2010-built Kamsarmax bulk carrier vessel, for a price of $16.2 million, by delivering the vessel to its new owner, an entity affiliated with a family member of our Chairman, Chief Executive Officer and Chief Financial Officer. The Company expects to r ...

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LIMASSOL, Cyprus, March 22, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ:CTRM), ("Castor", or the "Company"), a diversified global shipping company, announces that its board of directors (the "Board") has determined to effect a 1-for-10 reverse stock split of the Company's common shares. The Company's shareholders approved the reverse stock split by a ratio of not less than 1-for-two and not more than 1-for-100 and granted the Board the authority to determine the exact split ratio and when to proce ...

LIMASSOL, Cyprus, March 22, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ:CTRM), ("Castor" or the "Company"), a diversified global shipping company, announces that on March 22, 2024, it completed the previously announced sale of the M/V Magic Orion, a 2006-built Capesize bulk carrier vessel, for a price of $17.4 million, by delivering the vessel to its new owner. The Company expects to record a net gain of approximately $2.0 million from the above-mentioned sale, excluding any transaction-related co ...

LIMASSOL, Cyprus, March 12, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ:CTRM), ("Castor" or the "Company"), a diversified global shipping company, announces that on March 11, 2024, it completed the previously announced sale of the M/V Magic Nova, a 2010-built Panamax bulk carrier vessel, for a price of $16.1 million, by delivering the vessel to its new owner. The Company expects to record a net gain of approximately $4.4 million from the above-mentioned sale, excluding any transaction-related cost ...

LIMASSOL, Cyprus, March 01, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ:CTRM), ("Castor", or the "Company"), a diversified global shipping company, announces that the Company's annual report on Form 20‐F (the "Annual Report"), which contains the Company's audited consolidated financial statements for the fiscal year ended December 31, 2023, was filed with the U.S. Securities and Exchange Commission (the "SEC"). The Annual Report is now accessible on the SEC website at http://www.sec.gov and on the ...

The management of our business, including, but not limited, the commercial and technical management of our fleet as well as administrative, financial and other business functions, is carried out by our head manager Castor Ships, which is a company controlled by our Chairman, Chief Executive Officer and Chief Financial Officer, Petros Panagiotidis. Castor Ships has entered into arrangements with Pavimar relating to the technical co-management of our dry bulk vessels. Since the first quarter of 2023, Castor S ...

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