Financial Performance - Time charter revenues fell from $71,151,984 for the nine months ended September 30, 2023, to $50,079,813 for the same period in 2024, a decrease of about 29.6%[7] - Operating income increased significantly from $14,565,656 in 2023 to $28,438,066 in 2024, reflecting an increase of approximately 95%[7] - Net income attributable to common shareholders rose from $13,173,797 in 2023 to $45,740,498 in 2024, marking an increase of about 247%[7] - For the nine months ended September 30, 2024, net income from continuing operations was $48,021,812, a significant increase from a net loss of $3,710,568 in the same period of 2023[10] - The company reported a net loss of $3,611,662 for the nine months ended September 30, 2024, compared to a net income of $48,121,499 for the same period in 2023[149] - Basic earnings per common share for continuing operations increased to $4.73 for the nine months ended September 30, 2024, from a loss of $(0.44) in the same period of 2023[137] Assets and Liabilities - Total assets decreased from $605,041,979 as of December 31, 2023, to $563,213,185 as of September 30, 2024, representing a decline of approximately 6.9%[5] - Total current liabilities decreased from $28,602,396 to $7,422,891, a reduction of about 74.1%[5] - The company’s total assets increased from $461,495,060 as of December 31, 2022, to $505,862,269 as of September 30, 2024, reflecting a growth of approximately 9.6%[8] - The dry bulk segment assets decreased from $259,759,770 as of December 31, 2023, to $170,870,233 as of September 30, 2024, a reduction of approximately 34%[150] - The total long-term debt as of September 30, 2024, was $1,618,696, significantly reduced from $86,604,000 as of December 31, 2023[85] Cash Flow and Investments - Cash and cash equivalents increased from $111,383,645 as of December 31, 2023, to $171,277,315 as of September 30, 2024, a growth of approximately 53.8%[5] - Cash provided by operating activities from continuing operations increased to $31,556,809 for the nine months ended September 30, 2024, compared to $11,170,691 for the same period in 2023, representing an increase of about 183%[10] - The company reported a net cash increase of $50,626,168 for the nine months ended September 30, 2024, compared to a net cash decrease of $57,307,719 in the same period in 2023[10] - The company received dividend income from its investment in Toro amounting to $1,065,556 for the nine months ended September 30, 2024, up from $808,889 for the same period in 2023[57] - The aggregate value of investments in Toro was $117,552,691 as of September 30, 2024, including accrued dividends of $330,556[55] Shareholder Equity and Stock Activity - Total shareholders' equity as of September 30, 2024, was $505,862,269, up from $437,889,359 as of September 30, 2023, reflecting a growth of approximately 15.5%[8] - The weighted average number of common shares, diluted, increased from 9,540,274 in 2023 to 21,069,515 in 2024, indicating a significant increase in share dilution[7] - The company completed a 1-for-10 reverse stock split on March 27, 2024, reducing the number of outstanding shares to 9,662,354[105] - The company regained compliance with the Nasdaq minimum bid price requirement on April 11, 2024[112] Operational Changes and Fleet Management - The company has entered into agreements to acquire a 2008-built 1,850 TEU containership for $16.49 million and a 2020-built Kamsarmax dry bulk carrier for $29.95 million[21][22] - The Company has established various consolidated subsidiaries for vessel acquisition and management, indicating a strategic focus on fleet expansion and operational efficiency[23] - The Company’s fleet includes two 2,700 TEU containerships, enhancing its operational capacity in the shipping market[19] - The Company has undergone management changes, with Castor Ships managing the overall business since July 1, 2022[17] Revenue and Expense Management - Total vessel revenues decreased to $50,079,813 for the nine months ended September 30, 2024, down from $71,151,984 in 2023, reflecting a decline in time charter revenues[138] - Total vessel operating expenses were $19,864,136 for the nine months ended September 30, 2024, a reduction from $31,818,005 in the same period of 2023[141] - Interest and finance costs decreased to $5,042,161 for the nine months ended September 30, 2024, compared to $8,825,294 in 2023, indicating improved financial management[145] - Management fees charged by Castor Ships for the nine months ended September 30, 2024, were $1,801,870, compared to $1,987,999 for the same period in 2023, reflecting a decrease of approximately 9.3%[47] Gains and Losses - The company reported a gain from a claim amounting to $1,411,356 in 2024, which was not present in 2023[7] - The company recognized a gain on the sale of vessels amounting to $107,861,375 for the nine months ended September 30, 2024, compared to a loss of $6,278,454 in the same period of 2023[10] - The gain on the sale of vessels for the nine months ended September 30, 2023, was $6,278,454, while the gain for the same period in 2024 was $19,292,613[149] Future Commitments and Compliance - The company has future minimum contracted lease payments of $21,842,899 for the twelve-month period ending September 30, 2025[131] - The Company’s long-term debt was in compliance with all financial covenants as of September 30, 2024[97] - The company has not identified any significant claims or contingent liabilities that would materially affect its financial position[134]

Core Viewpoint - Castor Maritime Inc. reported significant improvements in net income and cash flow for the third quarter and nine months ended September 30, 2024, despite a decrease in total vessel revenues compared to the same periods in 2023 [2][3][5]. Earnings Highlights - Total vessel revenues for Q3 2024 were $13.4 million, down 37.4% from $21.4 million in Q3 2023 [2]. - Net income for Q3 2024 was $2.8 million, a turnaround from a net loss of $5.4 million in Q3 2023, marking a 151.9% increase [2]. - Earnings per share for Q3 2024 were $0.21, compared to a loss of $0.60 per share in Q3 2023 [2]. - EBITDA for Q3 2024 was $5.0 million, up from $2.5 million in Q3 2023 [2]. - Adjusted EBITDA for Q3 2024 was $6.8 million, down from $10.9 million in Q3 2023 [2]. Nine-Month Performance - Total vessel revenues for the nine months ended September 30, 2024, were $50.1 million, a decrease of 29.6% from $71.2 million in the same period of 2023 [3]. - Net income for the nine months was $48.0 million, compared to a net loss of $3.7 million in the same period of 2023, representing a 1,397.3% increase [3]. - Earnings per share for the nine months were $4.73, compared to a loss of $0.44 per share in the same period of 2023 [3]. - EBITDA for the nine months was $58.3 million, up from $20.2 million in the same period of 2023 [3]. - Adjusted EBITDA for the nine months was $48.9 million, compared to $33.7 million in the same period of 2023 [3]. Cash Position and Debt Management - Cash and restricted cash as of September 30, 2024, totaled $171.5 million, an increase from $120.9 million as of December 31, 2023 [2][16]. - The company significantly reduced its total debt from $86.6 million as of December 31, 2023, to $1.6 million as of September 30, 2024 [18]. - The company repaid the majority of its debt in September 2024, further reducing finance costs [6]. Fleet Expansion - The company acquired its first Ultramax bulk carrier, the M/V Magic Celeste, for $25.5 million, delivered on August 16, 2024 [2][21]. - The fleet size increased to 13 vessels from 10 at the end of June 2024, following the acquisition of additional vessels [6]. Operational Metrics - Average Daily TCE Rate for Q3 2024 was $13,367, compared to $10,830 in Q3 2023 [24]. - Ownership Days decreased to 966 days in Q3 2024 from 1,859 days in Q3 2023, reflecting the sale of several dry bulk vessels [34]. - Fleet utilization remained high at 100% in Q3 2024, compared to 99% in Q3 2023 [34].

LIMASSOL, Cyprus, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), ("Castor" or the "Company"), a diversified global shipping company, announces that on October 3, 2024, it took delivery of the M/V Raphaela, the 2008-built 1,850 TEU containership vessel it had agreed to acquire as previously announced on September 10, 2024. The vessel acquisition was financed in its entirety with cash on hand. As previously announced, the M/V Raphaela will be employed under a time charter contract with ...

Financial Performance - Time charter revenues declined from $49.75 million in the first half of 2023 to $36.67 million in the first half of 2024, a decrease of 26%[4] - Operating income increased substantially from $10.78 million to $27.46 million, reflecting a growth of 154%[4] - Net income attributable to common shareholders rose from $19.02 million to $43.67 million, an increase of 130%[4] - Earnings per common share (basic) for continuing operations surged from $0.18 to $4.52, marking a significant increase of 2411%[4] - Net income from continuing operations increased significantly from $1,676,753 in 2023 to $45,185,357 in 2024, representing a growth of approximately 2,688%[8] - The company reported net income and comprehensive income of $45,185,357 for the six months ended June 30, 2024, compared to $19,016,085 for the same period in 2023, reflecting a significant increase[114] - The net income from discontinued operations, after taxes, was $17,339,332 for the same period[28] - The net income from continuing operations before taxes increased significantly from $1,741,932 in 2023 to $45,279,966 in 2024[125] Cash and Liquidity - Cash and cash equivalents increased significantly from $111.38 million to $230.14 million, representing a growth of 106%[3] - Cash provided by operating activities from continuing operations rose from $9,063,466 in 2023 to $23,848,121 in 2024, an increase of about 163%[8] - The company reported a net cash increase of $115,392,064 in cash, cash equivalents, and restricted cash at the end of the period, compared to a decrease of $113,992,883 in the previous year[8] - Cash and cash equivalents at the end of the period increased from $28,574,177 in 2023 to $230,137,481 in 2024, a growth of approximately 706%[8] - Cash and cash equivalents increased from $103,822,505 in December 2023 to $227,613,893 in June 2024, representing a growth of approximately 118.5%[126] Assets and Liabilities - Total assets decreased slightly from $605.04 million as of December 31, 2023, to $602.27 million as of June 30, 2024[3] - Total current liabilities increased from $28.60 million to $30.12 million, a rise of 5%[3] - Total shareholders' equity grew from $461.18 million to $503.79 million, an increase of 9%[3] - As of June 30, 2024, total long-term debt amounted to $43.22 million, down from $86.60 million as of December 31, 2023, representing a 50% reduction[67] - The company’s non-current portion of long-term debt decreased from $66.10 million at the end of 2023 to $18.63 million by June 30, 2024[67] Revenue and Expenses - Total vessel revenues for the six months ended June 30, 2024, were $36,669,776, a decrease from $49,747,081 in the same period of 2023[115] - Total vessel operating expenses decreased from $21,676,527 in 2023 to $14,657,651 in 2024, representing a reduction of approximately 32.3%[118] - Total voyage expenses decreased from $2,698,540 in 2023 to $2,012,774 in 2024, a decline of about 25.4%[119] - General and administrative expenses increased from $2,805,076 in 2023 to $3,387,071 in 2024, reflecting an increase of approximately 20.7%[120] - Interest and finance costs decreased from $6,117,641 in 2023 to $4,004,694 in 2024, a reduction of about 34.5%[121] Investments and Dividends - The company recognized a realized gain on the sale of equity securities of $46,088,578 in 2024, compared to $258,999 in 2023[8] - The Company received a total of $700,000 in dividends from its investment in Toro during the six months ended June 30, 2024[43] - Dividend income from the investment in Toro for the six months ended June 30, 2023, and 2024 amounted to $451,111 and $707,777, respectively[42] - The Company paid a dividend of $1,250,000 on the Series D Preferred Shares for the periods from October 15, 2023, to April 14, 2024, with an accrued amount of $555,556 for the period from April 15, 2024, to June 30, 2024[95] Fleet and Operations - The company owned a diversified fleet of 10 vessels with a combined carrying capacity of 0.7 million dwt as of June 30, 2024[15] - The company completed the sale of multiple vessels, including M/V Magic Rainbow, M/V Magic Twilight, and M/V Magic Argo, resulting in no vessel ownership as of the respective delivery dates[20] - The company recognized a gain on the sale of vessels, including four Panamax vessels and two Kamsarmax vessels in 2024, contributing to its financial performance[32] - The company acquired a secondhand Ultramax dry bulk carrier for $25.5 million, expected to be delivered in Q3 2024[128] Compliance and Corporate Actions - The company completed a spin-off of its Aframax/LR2 and Handysize tanker segments into a wholly owned subsidiary, Toro Corp., on March 7, 2023[11] - The company completed a 1-for-10 reverse stock split on March 27, 2024, reducing the number of outstanding shares to 9,662,354[83] - The company regained compliance with Nasdaq's minimum bid price requirement on April 11, 2024, after receiving an extension[90] - The company repurchased 10,080,770 April 7 Warrants for $1.06 million in a tender offer, reducing the number of outstanding warrants significantly[91] Financial Reporting and Standards - The Company’s financial statements are prepared in accordance with U.S. GAAP and reflect all necessary adjustments for fair presentation[23] - The company did not identify any impairment for its investments as of June 30, 2024[40] - The company’s financial instruments include cash, trade accounts receivable, and long-term debt, with carrying values approximating fair values due to their short-term nature[98]

LIMASSOL, Cyprus, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM) ("Castor" or the "Company"), a diversified global shipping company, today announced its results for the three months and six months ended June 30, 2024. Earnings Highlights of the Second Quarter Ended June 30, 2024: Total vessel revenues: $16.3 million for the three months ended June 30, 2024, as compared to $25.3 million for the three months ended June 30, 2023, or a 35.6% decrease; Net income of $22.9 million for the t ...

LIMASSOL, Cyprus, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ:CTRM), ("Castor" or the "Company"), a diversified global shipping company, announced today that its Board of Directors (the "Board") has scheduled the Company's 2024 Annual General Meeting of Shareholders (the "Meeting") to be held on September 6, 2024, at 6:00 p.m., local time, at 223 Christodoulou Chatzipavlou Street, Hawaii Royal Gardens, 3036 Limassol, Cyprus. The Board has fixed a record date of July 8, 2024 (the "Record D ...

LIMASSOL, Cyprus, July 25, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ:CTRM), ("Castor" or the "Company"), a diversified global shipping company, announces that on July 16, 2024, it entered, through a separate wholly-owned subsidiary, into an agreement to acquire a 2015-built Ultramax dry bulk carrier vessel from an unaffiliated third-party, for a purchase price of $25.5 million. The acquisition is expected to be concluded by taking delivery of the vessel during the third quarter of 2024 and is su ...

LIMASSOL, Cyprus, June 03, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ:CTRM) ("Castor" or the "Company"), a diversified global shipping company, announces today the final results of its tender offer (the "Offer") to purchase all of its outstanding Common Share Purchase Warrants issued on April 7, 2021 (the "Warrants"), which expired at 5:00 P.M. Eastern time on May 31, 2024. Based on the final count by the Company, 10,080,770 Warrants, exercisable in the aggregate into 1,008,077 Common Shares, wer ...

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LIMASSOL, Cyprus, May 28, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), ("Castor" or the "Company"), a diversified global shipping company, announces that on May 28, 2024, it completed the previously announced sale of the M/V Magic Horizon, a 2010-built Panamax bulk carrier vessel, for a price of $15.8 million, by delivering the vessel to its new owner. The Company expects to record a net gain of approximately $4.6 million from the above-mentioned sale, excluding any transaction-related cost ...