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Castor Maritime Inc. Reports Net Income of $2.8 Million for the Three Months Ended September 30, 2024 and Net income of $48.0 Million for the Nine Months Ended September 30, 2024
CTRMCastor Maritime (CTRM) GlobeNewswire News Room·2024-11-07 14:00

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 13.4million,down37.413.4 million, down 37.4% from 21.4 million in Q3 2023 [2]. - Net income for Q3 2024 was 2.8million,aturnaroundfromanetlossof2.8 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,comparedtoalossof0.21, compared to a loss of 0.60 per share in Q3 2023 [2]. - EBITDA for Q3 2024 was 5.0million,upfrom5.0 million, up from 2.5 million in Q3 2023 [2]. - Adjusted EBITDA for Q3 2024 was 6.8million,downfrom6.8 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 50.1million,adecreaseof29.650.1 million, a decrease of 29.6% from 71.2 million in the same period of 2023 [3]. - Net income for the nine months was 48.0million,comparedtoanetlossof48.0 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,comparedtoalossof4.73, compared to a loss of 0.44 per share in the same period of 2023 [3]. - EBITDA for the nine months was 58.3million,upfrom58.3 million, up from 20.2 million in the same period of 2023 [3]. - Adjusted EBITDA for the nine months was 48.9million,comparedto48.9 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 171.5million,anincreasefrom171.5 million, an increase from 120.9 million as of December 31, 2023 [2][16]. - The company significantly reduced its total debt from 86.6millionasofDecember31,2023,to86.6 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 25.5million,deliveredonAugust16,2024[2][21].−Thefleetsizeincreasedto13vesselsfrom10attheendofJune2024,followingtheacquisitionofadditionalvessels[6].OperationalMetrics−AverageDailyTCERateforQ32024was25.5 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].