Castor Maritime (US:CTRM) Globenewswireยท2025-08-11 13:28Core Viewpoint - Castor Maritime Inc. reported a challenging first quarter in 2025, with significant declines in vessel revenues and a net loss attributed to unrealized losses from equity method investments, despite maintaining a solid cash position and focusing on long-term growth strategies [3][4][6]. Financial Performance - Total vessel revenues decreased to $11.3 million in Q1 2025 from $20.4 million in Q1 2024, representing a 44.6% decline [5][6]. - The company incurred a net loss of $23.3 million in Q1 2025, compared to a net income of $22.3 million in Q1 2024, marking a 204.5% decrease [6][35]. - Adjusted net income for Q1 2025 was $4.9 million, down from $12.4 million in Q1 2024 [6][35]. - EBITDA for Q1 2025 was $(18.3) million, compared to $26.8 million in Q1 2024 [6][35]. - Cash position as of March 31, 2025, was $78.3 million, down from $87.9 million as of December 31, 2024 [4][20]. Operational Highlights - The company operated an average of 12.2 vessels in Q1 2025, with a Daily TCE Rate of $9,555, compared to 15.8 vessels and a Daily TCE Rate of $13,411 in Q1 2024 [29][37]. - Ownership Days decreased to 1,094 in Q1 2025 from 1,441 in Q1 2024, reflecting the sale of several vessels [37]. Debt and Financing - The company fully repaid a $100 million loan from Toro, enhancing its financial flexibility [4]. - Total debt as of March 31, 2025, was $55.1 million, down from $103.7 million as of December 31, 2024 [21][22]. Recent Developments - Castor's subsidiary, MPC Capital, increased its stake in MPC Container Ships ASA from approximately 16.68% to 20.12% [24]. - The company completed the sale of multiple vessels, including the M/V Ariana A and M/V Magic Eclipse, contributing to cash inflows [28].