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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LIMASSOL, Cyprus, Feb. 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 year ended December 31, 2023. Earnings Highlights of the Fourth Quarter Ended December 31, 2023: Total vessel revenues from continuing operations: $26.4 million for the three months ended December 31, 2023, as compared to $31.3 million for the three months ended December 31, 2022, or a 15.7% decrease;Ne ...

Financial Performance - Total vessel revenues from continuing operations decreased by 15.7% to $26.4 million for Q4 2023 compared to $31.3 million in Q4 2022[3] - Net income for Q4 2023 was $25.0 million, a decrease of 25.8% from $33.7 million in Q4 2022[3] - For the year ended December 31, 2023, total vessel revenues were $97.5 million, a 35.1% decrease from $150.2 million in 2022[5] - Net income for the year 2023 was $38.6 million, down 67.5% from $118.6 million in 2022[5] - Operating income for Q4 2023 was $7.4 million, down from $9.8 million in Q4 2022[37] - Net income for Q4 2023 increased significantly to $25.0 million compared to $7.8 million in Q4 2022[37] - Net income from continuing operations for the year ended December 2023 was $21,303,156, a decrease of 68% compared to $66,540,925 for the year ended December 2022[70] - Net income attributable to common shareholders for the three months ended December 31, 2023, was $23,806,677, compared to $33,681,548 for the same period in 2022, representing a decrease of 29.3%[80] EBITDA and Cash Flow - EBITDA from continuing operations increased to $31.4 million in Q4 2023, up from $15.0 million in Q4 2022[3] - EBITDA for the year ended December 2023 was $51,607,538, a decline of 44% compared to $91,790,822 for the year ended December 2022[75] - Adjusted EBITDA for Q4 2023 was $12.8 million, unchanged from Q4 2022[37] - Adjusted EBITDA for the year ended December 2023 was $46,473,525, down 49% from $91,790,822 for the year ended December 2022[75] - Net cash provided by operating activities from continuing operations was $22,183,365, a decrease of 77% compared to $95,675,549 for the year ended December 2022[70] - Cash, cash equivalents, and restricted cash at the end of the period were $120,901,147, down from $152,307,420 at the beginning of the period[70] - The company reported a net cash decrease of $(31,406,273) for the year ended December 2023, compared to an increase of $108,920,952 for the year ended December 2022[70] Revenue and Expenses - Total vessel revenues for Q4 2023 decreased to $26.4 million from $31.3 million in Q4 2022, primarily due to lower charter rates and a reduction in Available Days from 1,824 to 1,740[45] - Total expenses for the year ended December 31, 2023, were $74,507,597, a decrease from $150,216,130 in 2022[80] - The company sold three dry bulk vessels during Q4 2023, impacting both revenues and Available Days[45] Debt and Equity - Total debt from continuing operations decreased to $86.6 million as of December 31, 2023, down from $140.5 million a year prior[13] - Total shareholders' equity as of December 31, 2023, was $461.5 million, compared to $461.2 million on December 31, 2022[69] - The company issued 50,000 Series D Preferred Shares for $50.0 million in cash, with a dividend rate of 5.00% per annum[50] Fleet and Operations - The spin-off of the Aframax/LR2 and Handysize tanker segments to Toro Corp. was completed on March 7, 2023[5] - The company aims to modernize its fleet and explore further opportunities in the shipping space[6] - The company anticipates future vessel deliveries and is focused on optimizing its fleet and operational efficiency amid market uncertainties[77] Share Performance - Basic earnings per share for Q4 2023 was $0.25, compared to $0.08 in Q4 2022[37] - The average number of common shares outstanding, diluted, increased to 226,956,120 for the three months ended December 31, 2023, compared to 94,610,088 for the same period in 2022[80] Other Income and Gains - The company reported a net gain on the sale of vessels amounting to $0.1 million in Q4 2023 following the sale of three dry bulk vessels[20] - Other income from continuing operations for the three months ended December 31, 2023, was $19.1 million, including an unrealized gain of $18.6 million from equity securities[48] - The company reported a net gain on the sale of vessels of $105,404 for the three months ended December 31, 2023[80] - The company entered into an agreement to sell the M/V Magic Phoenix for $14.0 million, expecting a net loss of approximately $3.3 million on the sale[53] - The company expects to recognize a net gain of approximately $3.0 million from the sale of the M/V Magic Moon, priced at $11.8 million, in the first quarter of 2024[54] TCE Rate and Utilization - Daily TCE rate for Q4 2023 was $14,530, down from $16,295 in Q4 2022[38] - Fleet utilization remained high at 99% for both Q4 2023 and Q4 2022[38] - The average Daily TCE Rate for the three months ended December 31, 2023, was $14,530, compared to $16,295 for the same period in 2022[59]

Exhibit 99.1 F-1 | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|--------------------------|-----------------------| | ASSETS \nCURRENT ASSETS: | Note | December 31, \n2022 | September 30, \n2023 | | Cash and ca ...

Exhibit 99.1 INDEX TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) | Page | | | --- | --- | | Unaudited Condensed Consolidated Balance Sheets as of December 31, 2022, and June 30, 2023 | F-2 | | Unaudited Interim Condensed Consolidated Statements of Comprehensive Income for the six months ended June 30, 2022, | | | and 2023 | F-3 | | Unaudited Condensed Consolidated Statements of Shareholders' Equity for the six months ended June 30, 2022, and 2023 | F-4 | | Unaudited Interim Condensed Co ...

[Consolidated Financial Statements (Unaudited)](index=1&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the company's unaudited interim consolidated financial statements, detailing financial position, performance, equity, and cash flows [Unaudited Interim Consolidated Balance Sheets](index=2&type=section&id=Unaudited%20Interim%20Consolidated%20Balance%20Sheets) This section presents the company's financial position, detailing assets, liabilities, and equity, with reclassification of discontinued operations Key Balance Sheet Data | Metric | December 31, 2022 ($) | March 31, 2023 ($) | | :--- | :--- | :--- | | Total Assets | 632,920,948 | 573,322,004 | | Total Liabilities | 171,425,888 | 138,917,082 | | Total Shareholders' Equity | 461,495,060 | 434,404,922 | | Current assets of discontinued operations | 54,763,308 | 0 | | Non-current assets of discontinued operations | 102,715,796 | 0 | | Investment in related parties | 0 | 117,319,357 | [Unaudited Interim Condensed Consolidated Statements of Comprehensive Income](index=3&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) This section shows the company's financial performance, with a significant decline in operating revenue and a shift from net income to net loss Key Comprehensive Income Data | Metric | Three Months Ended March 31, 2022 ($) | Three Months Ended March 31, 2023 ($) | | :--- | :--- | :--- | | Time charter revenues | 37,810,865 | 24,468,970 | | Operating income | 19,969,490 | 3,145,575 | | Net income/(loss) from continuing operations (after tax) | 18,456,712 | (6,510,038) | | Net income from discontinued operations (after tax) | 1,519,576 | 17,339,332 | | Total net income | 19,976,288 | 10,829,294 | | Earnings per share (total) | 0.21 | 0.11 | [Unaudited Interim Consolidated Statements of Shareholders' Equity](index=4&type=section&id=Unaudited%20Interim%20Consolidated%20Statements%20of%20Shareholders'%20Equity) This section details changes in shareholders' equity, highlighting the impact of net income and the distribution of Toro Corp. net assets to shareholders Changes in Shareholders' Equity | Metric | December 31, 2021 ($) | March 31, 2022 ($) | December 31, 2022 ($) | March 31, 2023 ($) | | :--- | :--- | :--- | :--- | :--- | | Total shareholders' equity | 342,934,370 | 362,910,658 | 461,495,060 | 434,404,922 | | Net income and comprehensive income | 0 | 19,976,288 | 0 | 10,829,294 | | Distribution of Toro Corp. net assets to shareholders | 0 | 0 | 0 | (37,919,432) | [Unaudited Interim Consolidated Statements of Cash Flows](index=5&type=section&id=Unaudited%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) This section outlines cash flows from operating, investing, and financing activities, showing a significant shift in operating cash flow from continuing operations Key Cash Flow Data | Metric | Three Months Ended March 31, 2022 ($) | Three Months Ended March 31, 2023 ($) | | :--- | :--- | :--- | | Net cash from operating activities of continuing operations | 17,098,800 | (22,942) | | Net cash from investing activities of continuing operations | (22,400,364) | (31,374,129) | | Net cash from operating activities of discontinued operations | (4,035,029) | 20,409,041 | | Net cash from discontinued operations | (4,947,412) | (42,479,594) | | Net increase/(decrease) in cash, cash equivalents, and restricted cash | 40,575,149 | (79,775,840) | [Notes to Unaudited Interim Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the financial statements, covering accounting policies, discontinued operations, related party transactions, and other financial disclosures [Basis of Presentation and General Information](index=7&type=section&id=Basis%20of%20Presentation%20and%20General%20Information) This section describes the company's registration, listing, and control structure, detailing the 2023 spin-off of the tanker business to Toro Corp - Company spun off its Aframax/LR2 and Handysize tanker businesses to Toro Corp. on March 7, 2023, distributing Toro common shares to shareholders at a **1:10 ratio**[13](index=13&type=chunk) - As of March 31, 2023, the company operates a diversified fleet of **22 vessels**, including 1 Capesize, 7 Kamsarmax, 12 Panamax dry bulk vessels, and 2 2,700 TEU container vessels[15](index=15&type=chunk) - Since July 1, 2022, Castor Ships S.A., a related party, manages the company's overall business, with Pavimar S.A. co-managing technical aspects of dry bulk vessels[14](index=14&type=chunk)[31](index=31&type=chunk) [Significant Accounting Policies and Recent Accounting Pronouncements](index=11&type=section&id=Significant%20Accounting%20Policies%20and%20Recent%20Accounting%20Pronouncements) This section details accounting policies for equity investments without determinable fair value and clarifies discontinued operations classification - For equity securities without determinable fair value, the company measures them at cost less impairment, if any[20](index=20&type=chunk) - Discontinued operations are defined as components of an entity disposed of or classified as held for sale, representing a strategic shift with a significant impact on operations and financial results[38](index=38&type=chunk) - The adoption of recent accounting pronouncements is not expected to have a material impact on the company's unaudited interim consolidated financial statements[64](index=64&type=chunk) [Discontinued Operations](index=11&type=section&id=Discontinued%20Operations) This section provides detailed financial information for discontinued operations, which achieved significant net income growth in Q1 2023 - Discontinued operations include Toro, Elektra, and the Aframax/LR2 and Handysize tanker businesses, with the spin-off completed on March 7, 2023[21](index=21&type=chunk) Net Income from Discontinued Operations (After Tax) | Period | Amount ($) | | :--- | :--- | | Three Months Ended March 31, 2022 | 1,519,576 | | January 1 to March 7, 2023 | 17,339,332 | Total Vessel Revenues from Discontinued Operations | Period | Amount ($) | | :--- | :--- | | Three Months Ended March 31, 2022 | 16,830,448 | | January 1 to March 7, 2023 | 23,369,274 | [Transactions with Related Parties](index=13&type=section&id=Transactions%20with%20Related%20Parties) This section details various transactions with related parties, including management fees, chartering commissions, administrative fees, and investment in Toro Corp Related Party Management Fees | Type | Q1 2022 ($) | Q1 2023 ($) | | :--- | :--- | :--- | | Castor Ships management fees | 1,080,000 | 1,188,000 | | Pavimar management fees | 450,000 | 643,500 | | Castor Ships administrative fees | 300,000 | 750,000 | - Non-current investment in Toro Corp. was **$117,319,357** as of March 31, 2023[45](index=45&type=chunk) - Toro reimbursed Castor **$2,570,503** for spin-off related expenses[58](index=58&type=chunk) - Castor Ships charges a fixed quarterly management fee of **$750,000**, a **1.25%** commission on gross revenues, and daily management fees per vessel type; Pavimar charges **$600** per dry bulk vessel per day[48](index=48&type=chunk) - Dividend income from related parties (Toro Series A Preferred Stock) was **$97,222** as of March 31, 2023[79](index=79&type=chunk) [Deferred Charges, net](index=18&type=section&id=Deferred%20Charges,%20net) This section summarizes deferred dry-docking costs, including additions, amortization, and transfers to assets held for sale Net Deferred Dry-docking Costs | Metric | December 31, 2022 ($) | March 31, 2023 ($) | | :--- | :--- | :--- | | Balance | 5,357,816 | 3,671,123 | | Additions | 0 | 37,457 | | Amortization | 0 | (562,058) | | Transferred to assets held for sale | 0 | (1,162,092) | [Fair Value of Acquired Time Charters](index=19&type=section&id=Fair%20Value%20of%20Acquired%20Time%20Charters) This section discusses the recognition and amortization of favorable time charter intangible assets related to vessel acquisitions, specifically M/V Ariana A and M/V Gabriela A - Amortization of acquired time charters was **$1,026,959** for the three months ended March 31, 2023[60](index=60&type=chunk) - The unamortized portion of M/V Gabriela A intangible assets was **$1,480,547** as of March 31, 2023, with **$1,215,374** expected to be amortized in 2023 and **$265,173** in 2024[60](index=60&type=chunk) - The company recognized intangible assets of **$897,436** and **$2,019,608** for favorable time charters acquired with M/V Ariana A and M/V Gabriela A, respectively[82](index=82&type=chunk) [Vessels, net / Assets held for sale](index=19&type=section&id=Vessels,%20net%20/%20Assets%20held%20for%20sale) This section details the book value of vessels, including those pledged as collateral and classified as held for sale, with expected gains from sales - As of March 31, 2023, **18 out of 22 vessels** in the company's fleet had a book value of **$272.4 million** and were pledged as collateral for loans[61](index=61&type=chunk) Net Vessels | Metric | December 31, 2022 ($) | March 31, 2023 ($) | | :--- | :--- | :--- | | Net Vessels | 343,408,466 | 321,094,715 | - M/V Magic Rainbow and M/V Magic Moon were classified as assets held for sale with a book value of **$18,369,707** as of March 31, 2023[25](index=25&type=chunk)[106](index=106&type=chunk) - Expected gains from the sale of M/V Magic Rainbow are approximately **$3.8 million**, and from M/V Magic Moon, approximately **$4.6 million**[106](index=106&type=chunk) [Long-Term Debt](index=20&type=section&id=Long-Term%20Debt) This section provides an overview of the company's long-term debt financing, including outstanding balances, changes due to spin-off, and covenant compliance Net Long-Term Debt (net of deferred financing costs) | Period | Amount ($) | | :--- | :--- | | December 31, 2022 | 138,771,762 | | March 31, 2023 | 130,513,413 | - Debt related to assets held for sale was **$9,904,156** as of March 31, 2023[85](index=85&type=chunk) - As part of the spin-off, **$12,413,056** of the outstanding principal (net of deferred financing costs) from an **$18 million** term loan facility was transferred to Toro[89](index=89&type=chunk) - As of March 31, 2023, the company was in compliance with all financial covenants under its debt agreements[93](index=93&type=chunk) - LIBOR for an **$11 million** term loan facility was replaced with SOFR, increasing the margin by **0.045%**[86](index=86&type=chunk) Weighted Average Interest Rate on Long-Term Debt | Period | Rate | | :--- | :--- | | Three Months Ended March 31, 2022 | 3.6% | | Three Months Ended March 31, 2023 | 8.1% | Annual Principal Repayment Schedule for Outstanding Debt (as of March 31, 2023) | Period | Amount ($) | | :--- | :--- | | Twelve Months Ended March 31, 2024 | 34,735,000 | | 2025 | 30,193,400 | | 2026 | 14,820,400 | | 2027 | 47,175,200 | | 2028 | 5,100,000 | [Investment in Equity Securities](index=23&type=section&id=Investment%20in%20Equity%20Securities) This section summarizes changes in listed equity securities, including acquisitions, sales, unrealized losses, and dividend income received Summary of Changes in Listed Equity Securities | Metric | December 31, 2022 ($) | March 31, 2023 ($) | | :--- | :--- | :--- | | Balance | 0 | 23,790,130 | | Equity securities acquired | 0 | 31,742,081 | | Proceeds from sale of equity securities | 0 | (258,999) | | Gain on sale of equity securities | 0 | 2,636 | | Unrealized loss on equity securities | 0 | (7,695,588) | - For the three months ended March 31, 2023, the company received **$313,716** in dividend income from investments in listed equity securities[131](index=131&type=chunk) [Equity Capital Structure](index=23&type=section&id=Equity%20Capital%20Structure) This section provides details on the company's authorized share capital, common and preferred shares, noting no changes in outstanding stock or warrants - The company's authorized share capital is **2,000,000,000 shares** (par value **$0.001** per share), comprising **1,950,000,000 common shares** and **50,000,000 preferred shares**[96](index=96&type=chunk) - There were no changes in the company's outstanding stock or warrants for the three months ended March 31, 2023[96](index=96&type=chunk) [Financial Instruments and Fair Value Disclosures](index=23&type=section&id=Financial%20Instruments%20and%20Fair%20Value%20Disclosures) This section describes methods and assumptions for estimating fair value of financial instruments, classifying them into fair value hierarchy levels - The carrying values of cash and cash equivalents, restricted cash (current), accounts receivable, amounts due from/to related parties, and accounts payable are considered reasonable estimates of their fair values and are classified as Level 1[132](index=132&type=chunk) - Long-term debt, due to its floating interest rates, has a carrying value considered a reasonable estimate of fair value and is classified as Level 2[115](index=115&type=chunk) - Investment in related parties (Toro Series A Preferred Stock) is recognized at a fair value of **$117,222,135**, valued using Level 2 inputs[78](index=78&type=chunk)[116](index=116&type=chunk) [Commitments and Contingencies](index=25&type=section&id=Commitments%20and%20Contingencies) This section states management found no material claims or environmental liabilities, and lists future minimum contractual lease payments for irrevocable time charters - Management has not identified any material claims, litigation, or environmental liabilities requiring disclosure or provision[100](index=100&type=chunk)[117](index=117&type=chunk) Future Minimum Contractual Lease Payments for Irrevocable Time Charters (as of March 31, 2023) | Period | Amount ($) | | :--- | :--- | | Twelve Months Ended March 31, 2024 | 62,211,180 | | 2025 | 607,778 | | Total | 62,818,958 | [Earnings/(Loss) Per Common Share](index=26&type=section&id=Earnings/(Loss)%20Per%20Common%20Share) This section explains the calculation of basic and diluted EPS, noting they are equal due to the anti-dilutive effect of outstanding warrants - Basic and diluted earnings per share are equal due to the anti-dilutive effect of outstanding warrants[138](index=138&type=chunk) Earnings/(Loss) Per Common Share | Metric | Three Months Ended March 31, 2022 ($) | Three Months Ended March 31, 2023 ($) | | :--- | :--- | :--- | | Continuing operations | 0.20 | (0.07) | | Discontinued operations | 0.02 | 0.18 | | Total | 0.21 | 0.11 | - The basic and diluted weighted average number of common shares outstanding was **94,610,088** for the reporting periods[139](index=139&type=chunk) [Total Vessel Revenues](index=27&type=section&id=Total%20Vessel%20Revenues) This section reports that all revenues for the period were derived from time charter contracts, typically with fixed or index-linked rates - All company revenues for the three months ended March 31, 2022, and 2023, were derived from time charter contracts[122](index=122&type=chunk) Time Charter Revenues | Period | Amount ($) | | :--- | :--- | | Three Months Ended March 31, 2022 | 37,810,865 | | Three Months Ended March 31, 2023 | 24,468,970 | [Vessel Operating Expenses and Voyage Expenses](index=27&type=section&id=Vessel%20Operating%20Expenses%20and%20Voyage%20Expenses) This section details vessel operating and voyage expenses, showing an increase in total operating and voyage costs for the periods presented Vessel Operating Expenses and Voyage Expenses | Metric | Three Months Ended March 31, 2022 ($) | Three Months Ended March 31, 2023 ($) | | :--- | :--- | :--- | | Total vessel operating expenses | 10,127,405 | 11,267,683 | | Total voyage expenses | 989,454 | 1,277,085 | | Crew wages and related expenses | 4,952,614 | 5,937,987 | | Fuel consumption | 969,323 | 402,131 | | Fuel (gain)/loss | (1,135,979) | 66,403 | [General and Administrative Expenses](index=28&type=section&id=General%20and%20Administrative%20Expenses) This section analyzes general and administrative expenses, noting the increase was primarily driven by higher administrative fees paid to related parties General and Administrative Expenses | Metric | Three Months Ended March 31, 2022 ($) | Three Months Ended March 31, 2023 ($) | | :--- | :--- | :--- | | Total | 921,707 | 1,134,664 | | Administrative fees to related parties | 300,000 | 750,000 | [Interest and Finance Costs](index=28&type=section&id=Interest%20and%20Finance%20Costs) This section details the composition of interest and finance costs, showing a significant increase primarily due to higher interest on long-term debt Interest and Finance Costs | Metric | Three Months Ended March 31, 2022 ($) | Three Months Ended March 31, 2023 ($) | | :--- | :--- | :--- | | Interest on long-term debt | 1,200,985 | 2,719,402 | | Amortization of deferred financing costs | 185,994 | 186,151 | | Other finance costs | 62,634 | 182,526 | | Total interest and finance costs | 1,449,613 | 3,088,079 | [Segment Information](index=28&type=section&id=Segment%20Information) This section reports the company's operations in dry bulk and container vessel segments since Q4 2022, providing segment-specific financial data - The company has operated in two reportable segments, dry bulk and container vessels, since the fourth quarter of 2022[143](index=143&type=chunk) Segment Operating Income | Segment | Three Months Ended March 31, 2022 ($) | Three Months Ended March 31, 2023 ($) | | :--- | :--- | :--- | | Dry bulk segment | 20,891,197 | 3,995,153 | | Container vessel segment | 0 | 285,086 | Total Assets from Continuing Operations | Period | Amount ($) | | :--- | :--- | | December 31, 2022 | 475,441,844 | | March 31, 2023 | 573,322,004 | Total Assets from Discontinued Operations | Period | Amount ($) | | :--- | :--- | | December 31, 2022 | 157,479,104 | | March 31, 2023 | 0 | [Subsequent Events](index=30&type=section&id=Subsequent%20Events) This section discloses the Nasdaq notification regarding non-compliance with the minimum $1.00 bid price requirement and the company's plan to regain compliance - The company received a Nasdaq Stock Market notification on April 20, 2023, for non-compliance with the minimum **$1.00** bid price per share requirement[150](index=150&type=chunk) - The company has **180 calendar days** (until October 17, 2023) to regain compliance[150](index=150&type=chunk) - The company's business operations are not affected by this notification[149](index=149&type=chunk)

Financial Performance - Net income for the year ended December 31, 2022, reached $118.6 million, a significant increase from $52.3 million in 2021, representing a 126.5% growth[3][14][32] - Total vessel revenues for the year ended December 31, 2022, were $262.1 million, compared to $132.0 million in 2021, marking a 98.6% increase[3][14] - EBITDA for the year ended December 31, 2022, was $152.8 million, compared to $69.9 million in 2021, indicating a 118.0% increase[3][14] - Net income for the year ended December 31, 2022, was $118.6 million, a 126.8% increase from $52.3 million in 2021[47] - Basic earnings per common share for the year ended December 31, 2022, was $1.25, compared to $0.48 for the year ended December 31, 2021[33] - Operating cash flow more than doubled in 2022 to $123.8 million compared to 2021[48] - Net cash provided by operating activities for the year 2022 was $123.75 million, compared to $60.78 million in 2021, an increase of 103.5%[66] Cash and Assets - Cash and restricted cash increased to $152.3 million as of December 31, 2022, up from $43.4 million a year earlier, reflecting a growth of 250.0%[3][8] - Total current assets rose to $166.24 million in 2022 from $55.00 million in 2021, marking a 202.2% increase[64] - Total assets increased to $632.92 million as of December 31, 2022, up from $462.91 million in 2021, representing a 36.7% growth[64] - Cash and cash equivalents at the end of 2022 were $152.31 million, significantly up from $43.39 million at the end of 2021, a 250.0% increase[66] Debt and Liabilities - Total debt as of December 31, 2022, was $153.7 million, up from $103.8 million as of December 31, 2021[53] - Total liabilities increased to $171.43 million in 2022, compared to $119.98 million in 2021, a rise of 43.0%[64] Operational Metrics - Average daily TCE rate for the three months ended December 31, 2022, was $25,559, compared to $22,299 in the same period of 2021, reflecting a 10.1% increase[22] - The fleet operated an average of 28.8 vessels during the three months ended December 31, 2022, compared to 26.8 vessels in the same period of 2021[22] - Total vessel revenues increased to $69.3 million for the three months ended December 31, 2022, compared to $60.0 million for the same period in 2021, representing a 15.5% increase[33] - EBITDA for the three months ended December 31, 2022, was $42.9 million, up from $36.1 million in the same period of 2021[33] Spin-Off and Corporate Actions - The company completed the spin-off of its Aframax/LR2 and Handysize tanker segments on March 7, 2023, distributing shares of Toro Corp. to shareholders[4][9][32] - The spin-off of the Aframax/LR2 and Handysize tanker segments to Toro Corp. was completed on March 7, 2023[46] Expenses - Management fees increased to $2.5 million for the three months ended December 31, 2022, from $2.2 million in the same period of 2021, a rise of 13.6%[7] - Vessel operating expenses rose by $1.3 million to $16.1 million for the three months ended December 31, 2022, compared to $14.8 million in the same period of 2021[6] - General and administrative expenses increased to $2.6 million for the three months ended December 31, 2022, from $1.2 million in the same period of 2021[36] Strategic Considerations - The company emphasizes that forward-looking statements are based on various assumptions, which may be subject to significant uncertainties and contingencies[70] - The company highlights the importance of its business strategy and shipping market conditions as key factors influencing future performance[70] - The company notes the rapid growth of its fleet as a critical element in its operational strategy[70] - The ability to enter into time or voyage charters with existing and new customers is essential for the company's revenue generation[70] - The company acknowledges potential risks related to compliance with debt covenants and refinancing on favorable terms[70] - The impact of adverse weather and natural disasters is recognized as a significant risk factor[70] - The company mentions the effects of the Spin-Off as a consideration in its future planning[70] - The company is aware of the volatility in its share price and potential conflicts of interest involving board members and senior management[70] - The company refers to the importance of maintaining compliance with applicable listing standards[70] - The company indicates that it will not update forward-looking statements based on developments occurring after the date of the communication[70]

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the Registrant has elected to follow. ☐ Item 17 ☐ Yes ☒ No ☐ Yes ☐ No i | --- | --- | --- | |-------------|----------------------------------------------------------------------------------------------------|-------| | PART I | | 1 | | ITEM 1. | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS | 1 | | ITEM 2. | OFFER STATISTICS AND EXPECTED TIMETABLE | 1 | | ITEM 3. | KEY INFORMATION ...