Castor Maritime (CTRM) Company Report

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Castor Maritime Inc. Reports Q3 2025 Financial Results

CTRM

Earnings

Debt Issuance

New Projects/Investments

Castor Maritime Inc. reported a net income of $21.0 million for the three months ended September 30, 2025, representing a 650.0% increase compared to the same period in 2024, with basic earnings per common share rising to $1.76.
For the nine months ended September 30, 2025, net income decreased by 91.7% to $4.0 million, resulting in a basic loss per common share of $(0.08).
Total vessel revenues decreased by 14.9% to $11.4 million for the third quarter of 2025 and by 34.3% to $32.9 million for the nine months ended September 30, 2025.
The company's cash and cash equivalents increased to $123.8 million as of September 30, 2025, from $87.9 million at December 31, 2024, while total debt was significantly reduced to $19.4 million from $103.7 million over the same period.
A new revenue stream from services contributed $9.5 million in Q3 2025 and $26.3 million for the nine months ended September 30, 2025, stemming from a subsidiary acquired in late 2024.

4 days ago

Castor Maritime Inc. Secures New Loan Facility and Redeems Preferred Shares

CTRM

Debt Issuance

Castor Maritime Inc. secured a $50.0 million sustainability-linked senior term loan facility with a European bank.
The facility has a five-year tenor, is secured by four dry bulk vessels, and its net proceeds will be used for general corporate purposes.
Castor Maritime Inc. completed the full redemption of its 60,000 Series E Preferred Shares on October 13, 2025.
The redemption was for a cash consideration equal to the stated amount plus 0.523%, resulting in the cancellation of these shares which were originally sold to Toro Corp. for $60,000,000.

Oct 15, 2025, 1:16 PM

Castor Maritime Inc. Reports Net Loss and Decreased Vessel Revenues for Six Months Ended June 30, 2025

CTRM

Earnings

M&A

Demand Weakening

Castor Maritime Inc. reported a net loss of $17,008,587 for the six months ended June 30, 2025, a significant decline from the net income of $45,185,357 for the same period in 2024. This resulted in a basic loss per common share of $1.84 for the six months ended June 30, 2025, compared to basic earnings per common share of $4.52 in the prior year period.
Total vessel revenues decreased by 41.4% to $21,482,267 for the six months ended June 30, 2025, from $36,669,776 in the corresponding period of 2024, primarily due to a reduction in Available Days from vessel sales and lower prevailing charter rates, with the Daily TCE Rate falling to $10,410 from $13,769.
The company's balance sheet as of June 30, 2025, shows a decrease in total assets to $702,809,497 from $797,376,921 at December 31, 2024, and a substantial reduction in total non-current liabilities to $22,847,002 from $107,509,414, largely due to the full repayment of a $100.0 million related-party term loan by June 30, 2025.
A new revenue stream from services, totaling $16,803,545, was generated for the six months ended June 30, 2025, following the acquisition of MPC Capital on December 16, 2024.

Oct 1, 2025, 1:18 PM

Castor Maritime Inc. Reports Q2 and H1 2025 Results and Announces Series E Preferred Share Issuance

CTRM

Earnings

Debt Issuance

Convertible Preferred Issuance

Castor Maritime Inc. reported a 37.4% decrease in total vessel revenues to $10.2 million for the three months ended June 30, 2025, and a 41.4% decrease to $21.5 million for the six months ended June 30, 2025, compared to the same periods in 2024.
The company recorded a net income of $6.3 million for the three months ended June 30, 2025, a 72.5% decrease from the prior year, and a net loss of $17.0 million for the six months ended June 30, 2025, compared to a net income of $45.2 million in the first half of 2024.
Basic earnings per common share were $0.34 for the three months ended June 30, 2025, and a loss of $(1.84) for the six months ended June 30, 2025.
As of June 30, 2025, cash decreased to $44.8 million from $87.9 million at December 31, 2024, while total debt significantly decreased to $5.3 million from $103.7 million due to substantial prepayments, primarily to Toro Corp..
On September 29, 2025, Castor agreed to issue 60,000 Series E cumulative perpetual convertible preferred shares to Toro Corp. for $60.0 million in cash, with the transaction closing on September 30, 2025.

Oct 1, 2025, 1:11 PM

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