Castor Maritime Inc. Reports Net Income of $22.3 Million for the Three Months Ended March 31, 2024

Core Viewpoint - Castor Maritime Inc. reported a significant recovery in its financial performance for the first quarter of 2024, driven by improved cash flows from vessel sales and a recovery in the dry cargo market, despite a decrease in total vessel revenues due to reduced available days [4][6]. Financial Performance Summary - Total vessel revenues decreased to $20.4 million in Q1 2024 from $24.5 million in Q1 2023, representing a 16.7% decline [6][8]. - Net income from continuing operations increased to $22.3 million in Q1 2024, compared to a net loss of $(6.5) million in Q1 2023, marking a 443.1% improvement [8]. - Earnings per common share from continuing operations rose to $2.23 in Q1 2024, compared to $(0.69) in Q1 2023 [8]. - EBITDA from continuing operations was $26.8 million in Q1 2024, up from $1.6 million in Q1 2023 [8]. Operational Highlights - The number of available days decreased from 1,980 in Q1 2023 to 1,441 in Q1 2024 due to the sale of three dry bulk vessels [6][9]. - Daily Time Charter Equivalent (TCE) rate increased to $13,411 in Q1 2024 from $11,713 in Q1 2023 [39]. - Vessel operating expenses decreased to $8.1 million in Q1 2024 from $11.3 million in Q1 2023, reflecting a reduction in ownership days [9][12]. Cash Flow and Liquidity - Cash and restricted cash from continuing operations increased to $165.2 million as of March 31, 2024, from $120.9 million as of December 31, 2023 [17]. - The increase in cash position was attributed to $11.3 million in net operating cash flows and $43.8 million from vessel sales [18]. Recent Business Developments - The company launched a tender offer for outstanding warrants to enhance clarity regarding its capital structure [5][16]. - Compliance with Nasdaq listing standards was regained following a 1-for-10 reverse stock split [20]. Vessel Sales - The company recognized gains from the sale of several vessels, including $2.4 million from the M/V Magic Moon and $1.4 million from the M/V Magic Orion [13][22][23]. - Additional vessel sales are expected to contribute to future gains, including anticipated gains from the M/V Magic Venus and M/V Magic Horizon [24][25].