Castor Maritime (US:CTRM)2024-02-07 16:00Financial 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]