Castor Maritime (CTRM) - 2024 Q3 - Quarterly Report

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]