Workflow
Castor Maritime (CTRM) - 2024 Q2 - Quarterly Report
CTRMCastor Maritime (CTRM)2024-08-08 13:27

Financial Performance - Time charter revenues declined from 49.75millioninthefirsthalfof2023to49.75 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 10.78millionto10.78 million to 27.46 million, reflecting a growth of 154%[4] - Net income attributable to common shareholders rose from 19.02millionto19.02 million to 43.67 million, an increase of 130%[4] - Earnings per common share (basic) for continuing operations surged from 0.18to0.18 to 4.52, marking a significant increase of 2411%[4] - Net income from continuing operations increased significantly from 1,676,753in2023to1,676,753 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 45,185,357forthesixmonthsendedJune30,2024,comparedto45,185,357 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 17,339,332forthesameperiod[28]−Thenetincomefromcontinuingoperationsbeforetaxesincreasedsignificantlyfrom17,339,332 for the same period[28] - The net income from continuing operations before taxes increased significantly from 1,741,932 in 2023 to 45,279,966in2024[125]CashandLiquidity−Cashandcashequivalentsincreasedsignificantlyfrom45,279,966 in 2024[125] Cash and Liquidity - Cash and cash equivalents increased significantly from 111.38 million to 230.14million,representingagrowthof106230.14 million, representing a growth of 106%[3] - Cash provided by operating activities from continuing operations rose from 9,063,466 in 2023 to 23,848,121in2024,anincreaseofabout16323,848,121 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 113,992,883inthepreviousyear[8]−Cashandcashequivalentsattheendoftheperiodincreasedfrom113,992,883 in the previous year[8] - Cash and cash equivalents at the end of the period increased from 28,574,177 in 2023 to 230,137,481in2024,agrowthofapproximately706230,137,481 in 2024, a growth of approximately 706%[8] - Cash and cash equivalents increased from 103,822,505 in December 2023 to 227,613,893inJune2024,representingagrowthofapproximately118.5227,613,893 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 602.27millionasofJune30,2024[3]−Totalcurrentliabilitiesincreasedfrom602.27 million as of June 30, 2024[3] - Total current liabilities increased from 28.60 million to 30.12million,ariseof530.12 million, a rise of 5%[3] - Total shareholders' equity grew from 461.18 million to 503.79million,anincreaseof9503.79 million, an increase of 9%[3] - As of June 30, 2024, total long-term debt amounted to 43.22 million, down from 86.60millionasofDecember31,2023,representinga5086.60 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 18.63millionbyJune30,2024[67]RevenueandExpenses−TotalvesselrevenuesforthesixmonthsendedJune30,2024,were18.63 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 49,747,081inthesameperiodof2023[115]−Totalvesseloperatingexpensesdecreasedfrom49,747,081 in the same period of 2023[115] - Total vessel operating expenses decreased from 21,676,527 in 2023 to 14,657,651in2024,representingareductionofapproximately32.314,657,651 in 2024, representing a reduction of approximately 32.3%[118] - Total voyage expenses decreased from 2,698,540 in 2023 to 2,012,774in2024,adeclineofabout25.42,012,774 in 2024, a decline of about 25.4%[119] - General and administrative expenses increased from 2,805,076 in 2023 to 3,387,071in2024,reflectinganincreaseofapproximately20.73,387,071 in 2024, reflecting an increase of approximately 20.7%[120] - Interest and finance costs decreased from 6,117,641 in 2023 to 4,004,694in2024,areductionofabout34.54,004,694 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 258,999in2023[8]−TheCompanyreceivedatotalof258,999 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 451,111and451,111 and 707,777, respectively[42] - The Company paid a dividend of 1,250,000ontheSeriesDPreferredSharesfortheperiodsfromOctober15,2023,toApril14,2024,withanaccruedamountof1,250,000 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 25.5million,expectedtobedeliveredinQ32024[128]ComplianceandCorporateActions−Thecompanycompletedaspin−offofitsAframax/LR2andHandysizetankersegmentsintoawhollyownedsubsidiary,ToroCorp.,onMarch7,2023[11]−Thecompanycompleteda1−for−10reversestocksplitonMarch27,2024,reducingthenumberofoutstandingsharesto9,662,354[83]−ThecompanyregainedcompliancewithNasdaq′sminimumbidpricerequirementonApril11,2024,afterreceivinganextension[90]−Thecompanyrepurchased10,080,770April7Warrantsfor25.5 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]