Core Insights - Castor Maritime Inc. reported significant declines in revenues and net income for the second quarter and first half of 2025, attributed to challenging market conditions in the dry bulk sector and a reduction in fleet size [5][6][34]. Financial Performance - Total vessel revenues for Q2 2025 were $10.2 million, down 37.4% from $16.3 million in Q2 2024 [5][34]. - Net income for Q2 2025 was $6.3 million, a decrease of 72.5% compared to $22.9 million in Q2 2024 [5][34]. - Adjusted net income for Q2 2025 was $2.0 million, down from $21.5 million in Q2 2024 [5][34]. - For the first half of 2025, total vessel revenues were $21.5 million, a 41.4% decrease from $36.7 million in the same period of 2024 [5][34]. - The company reported a net loss of $17.0 million for the first half of 2025, compared to a net income of $45.2 million in the first half of 2024, marking a 137.6% decrease [5][34]. Operational Metrics - The number of Available Days decreased by 23.3% from 1,076 days in Q2 2024 to 825 days in Q2 2025, primarily due to the sale of vessels [6][34]. - The Daily Time Charter Equivalent (TCE) rate fell from $14,249 in Q2 2024 to $11,516 in Q2 2025 [37]. Strategic Developments - The company executed a fleet renewal strategy by selling older vessels to enhance efficiency [3][4]. - Castor completed four vessel disposals in the first half of 2025, compared to seven in the same period of 2024 [5][34]. Cash Flow and Debt Management - As of June 30, 2025, cash decreased to $44.8 million from $87.9 million at the end of 2024, primarily due to operating cash outflows and debt repayments [21][22]. - Total debt as of June 30, 2025, was $5.3 million, significantly reduced from $103.7 million at the end of 2024 due to prepayments related to vessel sales [22][23]. Recent Business Developments - The company agreed to issue 60,000 Series E Preferred Shares for $60.0 million, with an 8.75% distribution rate [26]. - Castor's subsidiary acquired a 3.44% stake in MPC Container Ships ASA, increasing its total shareholding to 20.12% [27]. - A sale and leaseback transaction for the M/V Magic Thunder was completed, generating $14.6 million in financing [28].

LIMASSOL, Cyprus, Oct. 01, 2025 (GLOBE NEWSWIRE) -- Toro Corp. (NASDAQ: TORO), (“Toro” or the “Company”) a global energy transportation provider, today announced its results for the three months and the six months ended June 30, 2025. Highlights of the Second Quarter Ended June 30, 2025: Total vessel revenues from continuing operations: $4.1 million, as compared to $5.4 million for the three months ended June 30, 2024, or a 24.1% decrease; Net income from continuing operations: $1.4 million, as compared to ...

Core Viewpoint - Toro Corp. reported a decline in financial performance for the first quarter of 2025 compared to the same period in 2024, primarily due to reduced rates in its tanker segment, despite maintaining solid operational performance and strong cash inflows from loan repayments [4][5]. Financial Performance Summary - Total vessel revenues decreased to $5.5 million in Q1 2025 from $6.4 million in Q1 2024, representing a 14.1% decline [6][27]. - Net income from continuing operations fell to $1.5 million in Q1 2025, down 37.5% from $2.4 million in Q1 2024 [6][27]. - Overall net income dropped significantly to $1.6 million in Q1 2025 from $22.1 million in Q1 2024, marking a 92.8% decrease [6][27]. - Earnings per share from continuing operations increased to $0.019 in Q1 2025, compared to a loss of $0.005 per share in Q1 2024, reflecting a 480.0% increase [6][27]. - EBITDA from continuing operations was $1.0 million in Q1 2025, down from $1.6 million in Q1 2024 [6][27]. Operational Highlights - The average Daily Time Charter Equivalent (TCE) Rate for the fleet was $11,480 in Q1 2025, down from $13,048 in Q1 2024 [5][20]. - The fleet operated an average of 5.0 vessels during Q1 2025, maintaining full fleet utilization at 100% [20][29]. Cash Flow and Liquidity - Cash position increased significantly to $92.7 million as of March 31, 2025, up from $37.2 million at the end of 2024, primarily due to net operating cash flows and loan repayments [15][36]. - The company received partial prepayments of $47.5 million related to a $100 million senior term loan facility from Castor Maritime, which was fully repaid by May 5, 2025 [6][17]. Recent Developments - Toro Corp. launched a share repurchase tender offer for 4.5 million shares at $2.75 per share, set to expire on August 7, 2025 [14]. - The company completed the spin-off of its Handysize tanker segment to a new Nasdaq-listed company, Robin Energy Ltd., on April 14, 2025 [6][17]. - Toro Corp. acquired a modern MR tanker, M/T Wonder Altair, for $36.25 million, delivered on July 11, 2025 [18].