Castor Maritime (CTRM) - 2022 Q3 - Quarterly Report

Financial Performance - Total revenues for the nine months ended September 30, 2022, increased to $192.78 million, up 168% from $72.04 million in the same period of 2021[7]. - Net income for the nine months ended September 30, 2022, was $84.88 million, compared to $23.06 million for the same period in 2021, representing a growth of 268%[7]. - Earnings per common share, diluted, increased to $0.90 for the nine months ended September 30, 2022, compared to $0.28 for the same period in 2021[7]. - Cash flows provided by operating activities for the nine months ended September 30, 2022, amounted to $77,269,789, compared to $28,521,280 in 2021, reflecting a growth of approximately 171%[15]. - The company reported net income before taxes of $85.93 million for the nine months ended September 30, 2022, compared to $23.25 million for the same period in 2021, reflecting an increase of approximately 269.5%[99]. Assets and Liabilities - Total assets rose from $462.91 million as of December 31, 2021, to $582.56 million as of September 30, 2022, an increase of 26%[5]. - Current liabilities increased from $34.03 million to $46.30 million, a rise of 36%[5]. - Long-term debt increased from $85.95 million to $108.44 million, reflecting a growth of 26%[5]. - Total shareholders' equity as of September 30, 2022, reached $427,813,512, up from $328,139,324 as of September 30, 2021, indicating an increase of about 30%[12]. - The company experienced an increase in accrued liabilities from $786,065 in 2021 to $2,662,324 in 2022, indicating a rise of approximately 238%[15]. Cash and Cash Equivalents - Cash and cash equivalents increased significantly from $37.17 million as of December 31, 2021, to $133.89 million as of September 30, 2022, reflecting a growth of 260%[5]. - Cash, cash equivalents, and restricted cash at the end of the period on September 30, 2022, totaled $144,113,245, compared to $42,377,538 at the end of the same period in 2021, marking an increase of about 240%[15]. Revenue Sources - The company reported a significant increase in time charter revenues, which rose to $130.90 million from $62.77 million, a growth of 108%[7]. - For the nine months ended September 30, 2022, total vessel revenues increased to $192.78 million, up from $72.04 million for the same period in 2021, representing a growth of approximately 168%[84]. - Time charter revenues for the nine months ended September 30, 2022, were $130.90 million, compared to $62.77 million in the same period of 2021, reflecting an increase of about 108%[84]. Expenses - The company’s general and administrative expenses rose to $4.40 million for the nine months ended September 30, 2022, compared to $2.07 million for the same period in 2021, reflecting an increase of approximately 112%[93]. - The total vessel operating and voyage expenses for the nine months ended September 30, 2022, were $46.86 million, up from $24.39 million for the same period in 2021, representing an increase of about 92%[92]. - Interest and finance costs for the nine months ended September 30, 2022, totaled $5.76 million, up from $1.79 million for the same period in 2021, marking an increase of approximately 222%[97]. Vessel Operations - The company owned a diversified fleet of 28 vessels with a combined carrying capacity of 2.4 million dwt as of September 30, 2022[20]. - The company’s vessel owning subsidiaries include 28 vessels with varying deadweight tonnage (DWT), the largest being M/V Magic Orion at 180,200 DWT[21]. - The company completed BWTS installations on four vessels as of September 30, 2022, with two more installations expected to be concluded in 2022 and additional installations planned for 2023 and 2024[78]. Debt and Financing - The company entered into a $55.0 million senior secured term loan facility on January 12, 2022, with a tenor of five years and a 3.15% margin over adjusted SOFR[62]. - Total long-term debt increased from $103.76 million as of December 31, 2021, to $139.09 million as of September 30, 2022, representing a growth of approximately 34%[53]. - The weighted average interest rate on long-term debt increased from 3.8% for the nine months ended September 30, 2021, to 4.5% for the same period in 2022[65]. Management and Agreements - The Company entered into an Amended and Restated Master Management Agreement with Castor Ships, effective July 1, 2022, for a term of eight years, which automatically renews unless terminated[34][36]. - Castor Ships receives a flat quarterly management fee of $0.75 million, a commission of 1.25% on gross income from vessel operations, and a daily management fee of $925 for dry bulk vessels and $975 for tankers[35].