Castor Maritime (US:CTRM) Globenewswire·2025-12-03 14:00Core Insights - Castor Maritime Inc. reported a significant increase in net income for Q3 2025, reaching $21.0 million, a 650% increase compared to $2.8 million in Q3 2024, despite a decrease in total vessel revenues [5][31] - The company completed its first sale-and-leaseback transaction, enhancing balance-sheet efficiency and capital structure [3][4] - The overall financial performance for the nine months ended September 30, 2025, showed a net income of $4.0 million, a 91.7% decrease from $48.0 million in the same period of 2024 [5][31] Financial Performance - Total vessel revenues for Q3 2025 were $11.4 million, down 14.9% from $13.4 million in Q3 2024 [5][31] - Revenue from services for Q3 2025 was $9.5 million, attributed to the subsidiary MPC Capital [7][31] - Adjusted net income for Q3 2025 was $2.4 million, down from $4.6 million in Q3 2024 [5][31] - EBITDA for Q3 2025 was $24.3 million, compared to $5.0 million in Q3 2024 [5][31] Operational Metrics - Available Days decreased to 785 in Q3 2025 from 929 in Q3 2024, primarily due to the sale of vessels [6][31] - The Daily TCE Rate for Q3 2025 was $13,363, slightly down from $13,367 in Q3 2024 [34] - Fleet utilization remained at 100% for Q3 2025 [34] Debt and Financing - As of September 30, 2025, total debt was $19.4 million, significantly reduced from $103.7 million as of December 31, 2024, due to prepayments related to vessel sales [20][21] - The company completed a $50.0 million sustainability-linked senior term loan facility on October 15, 2025, secured by four dry bulk vessels [26] Recent Developments - Castor issued 60,000 Series E Preferred Shares for $60.0 million on September 29, 2025, with an 8.75% distribution rate [24] - The company fully redeemed the Series E Preferred Shares on October 13, 2025 [25] - Castor's subsidiary acquired a 3.44% stake in MPCC, increasing its total shareholding to 20.12% [27]