LIMASSOL, Cyprus, Aug. 11, 2025 (GLOBE NEWSWIRE) — Castor Maritime Inc. (NASDAQ:CTRM) (“Castor” or the “Company”), a diversified global shipping and energy company, today announced its results for the three months ended March 31, 2025.
Highlights of the First Quarter Ended March 31, 2025:
- Total vessel revenues: $11.3 million for the three months ended March 31, 2025, as compared to $20.4 million for the three months ended March 31, 2024, or a 44.6% decrease;
- Net loss of $23.3 million for the three months ended March 31, 2025, as compared to net income of $22.3 million for the three months ended March 31, 2024, or a 204.5% decrease. The loss is primarily attributable to unrealized losses of $26.4 million recognized as of March 31, 2025, resulting from the remeasurement of our equity method investments to period-end fair market values;
- Adjusted net income(1) of $4.9 million for the three months ended March 31, 2025, as compared to adjusted net income of $12.4 million for the three months ended March 31, 2024;
- (Loss) / earnings per common share, basic: $(2.18) per share for the three months ended March 31, 2025, as compared to $2.23 per share for the three months March 31, 2024;
- EBITDA (1): $(18.3) million for the three months ended March 31, 2025, as compared to $26.8 million for the three months ended March 31, 2024;
- Adjusted EBITDA (1): $9.9 million for the three months ended March 31, 2025, as compared to $16.9 million for the three months ended March 31, 2024;
- Cash of $78.3 million as of March 31, 2025, as compared to $87.9 million as of December 31, 2024;
- On March 24, 2025, March 31, 2025 and April 29, 2025, Castor made partial prepayments to the term loan from Toro Corp. (“Toro”), amounting to $13,500,000, $34,000,000 and $14,000,000, respectively, in addition to $2,500,000 as part of the scheduled repayment of the loan. On May 5, 2025, we prepaid the amount of $36,000,000 that remained outstanding as of that date; and
- For the three months ended March 31, 2025, the Company completed two vessel disposals and for the three months ended March 31, 2024, completed three vessel disposals.
(1) EBITDA, Adjusted EBITDA and adjusted net income are not recognized measures under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition of these measures and reconciliation to Net income / (Loss), the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Management Commentary for First Quarter 2025:
Mr. Petros Panagiotidis, Chief Executive Officer of Castor, commented:
“The first quarter of 2025 presented a challenging operating environment, with softer conditions in the dry bulk shipping market and a more modest contribution from our investment portfolio. Nevertheless, our underlying performance remained resilient, underpinned by disciplined operations, prudent cost management, and a commitment to long-term value creation.
Importantly, during the course of 2025, we successfully fully repaid the $100 million loan from Toro, which was used in part to finance the MPC Capital acquisition. Supported by a solid cash position of $78.3 million as of March 31, 2025, this achievement significantly strengthened our financial position, providing us with enhanced flexibility, lower financial risk, and greater capacity to fund future growth without the constraints of leverage.
Looking ahead, we remain firmly focused on executing our strategic priorities and actively pursuing attractive acquisition opportunities across the shipping and energy sectors to drive sustainable, long-term growth.”
Earnings Commentary:
First Quarter ended March 31, 2025, and 2024, Results
Total vessel revenues for the three months ended March 31, 2025, decreased to $11.3 million from $20.4 million in the same period of 2024. This variation was mainly driven by (i) the decrease in our Available Days (defined below) from 1,441 days in the three months ended March 31, 2024, to 1,068 days in the three months ended March 31, 2025, following the sale of four dry bulk vessels during the second quarter ended June 30, 2024, and the sale of one dry bulk vessel and one container vessel in the first quarter of 2025, as partially offset by the acquisitions of the M/V Magic Celeste on August 16, 2024, M/V Raphaela on October 3, 2024 and M/V Magic Ariel on October 9, 2024 and (ii) the decrease in prevailing charter rates of our dry bulk vessels.
Revenue from services for the three months ended March 31, 2025, amounted to $9.0 million and relates to revenue earned from our subsidiary acquired in late 2024, MPC Münchmeyer Petersen Capital AG (“MPC Capital”). Revenue from services is generated through the following streams: (i) transaction services, (ii) management services for companies and assets, and (iii) ship management services.
There was an increase in voyage expenses to $1.11 million in the three months ended March 31, 2025, from $1.1 million in the same period of 2024, which was mainly associated with the increase of port and other expenses, partially offset by the decrease of brokerage commissions due to the decrease in our Available Days and prevailing charter rates of our dry bulk vessels.
Vessel operating expenses decreased by $2.4 million to $5.7 million in the three months ended March 31, 2025 from $8.1 million in the same period of 2024, mainly reflecting the decrease in the Ownership Days of our fleet to 1,094 days in the three months ended March 31, 2025, from 1,441 days in the same period in 2024.
Cost of revenue from services for the three months ended March 31, 2025, amounted to $4.7 million and relates to expenses for purchased services from third party providers and employee expenses from our newly acquired subsidiary MPC Capital.
Management fees in the three months ended March 31, 2025 amounted to $1.3 million, whereas in the same period of 2024, management fees totaled $1.4 million. This decrease in management fees is due to the net decrease in the total number of Ownership Days for which our managers charge us a daily management fee following the sales and acquisitions of vessels mentioned above, partly offset by a management fee adjustment for inflation under our Amended and Restated Master Management Agreement with effect from July 1, 2024.
Depreciation and amortization expenses are comprised of vessels’ depreciation, the amortization of vessels’ capitalized dry-dock costs, property and equipment depreciation and intangible assets amortization. Depreciation expenses decreased to $2.7 million in the three months ended March 31, 2025, from $3.5 million in the same period of 2024. The decrease by $0.8 million reflects mainly the net decrease in the Ownership Days of our fleet following the sales and acquisitions of vessels discussed above. Dry-dock and special survey amortization charges amounted to $0.2 million for the three months ended March 31, 2025, compared to a charge of $0.4 million in the respective period of 2024. This variation in dry-dock amortization charges primarily resulted from the decrease in aggregate amortization days, mainly as a result of the sale of vessels mentioned above. Further to the above, depreciation and amortization expenses for our asset management segment amounted to $0.6 million for the three-month period ended March 31, 2025, comprising property and equipment depreciation and intangible assets amortization.
General and administrative expenses in the three months ended March 31, 2025, amounted to $4.1 million, whereas, in the same period of 2024, general and administrative expenses totaled $1.9 million. This increase mainly reflects the $2.4 million costs related to the operations at the level of our subsidiary MPC Capital for the three-month period ended March 31, 2025.
Loss on vessels held for sale in the three months ended March 31, 2025, amounted to $5.6 million, representing the expected loss from the sale of the dry bulk vessel M/V Magic Callisto during the next twelve-month period (delivered to its new owners on April 28, 2025). During the three months ended March 31, 2024, for the dry bulk vessels that were classified as vessels held for sale, no loss on vessels held for sale was recorded, since each vessel’s estimated fair value less costs to sell exceeded each vessel’s carrying value.
Loss on sale of vessels in the three months ended March 31, 2025, amounted to $2.1 million following the sales of the: (i) M/V Ariana A on January 22, 2025 and (ii) M/V Magic Eclipse on March 24, 2025. Gain on sale of vessels in the three months ended March 31, 2024, amounted to $7.9 million following the sales of: (i) M/V Magic Moon on January 16, 2024, (ii) M/V Magic Nova on March 11, 2024 and (iii) M/V Magic Orion on March 22, 2024.
Net loss from equity method investments measured at fair value in the three months ended March 31, 2025 and 2024, amounted to $26.4 million and $0 million, respectively, resulting from the revaluation of such investments. These represent our share in MPC Container Ships ASA and MPC Energy Solutions N.V for which we have elected the fair value option.
Gain from equity method investments in the three months ended March 31, 2025 and 2024, amounted to $0.6 million and $0, respectively.
During the three months ended March 31, 2025, we incurred net interest costs and finance costs amounting to $1.3 million compared to $0.6 million during the same period in 2024. The increase is mainly associated with the decrease in interest income we earned from our time and cash deposits due to decreased average cash balances during the three months ended March 31, 2025.
Other income, net in the three months ended March 31, 2025, amounted to $11.7 million, which includes mainly (i) a realized gain on sale of equity securities of $2.0 million and an unrealized gain of $0.3 million from revaluing our investments in listed equity securities at period end market rates, (ii) dividend income on equity securities of $0.8 million and dividend income of $0.4 million from our investment in 140,000 1.00% Series A Fixed Rate Cumulative Perpetual Convertible Preferred Shares of Toro (the “Toro Series A Preferred Shares”), (iii) dividend income from equity method investments that are measured at fair value of $5.1 million, and (iv) foreign exchange gains of $3.0 million mainly resulting from the revaluation of the equity method investments.
Other income, net in the three months ended March 31, 2024, amounted to $11.1 million, which includes (i) an unrealized gain of $9.9 million from revaluing our investments in listed equity securities at period end market rates, (ii) dividend income on equity securities of $0.8 million and (iii) dividend income of $0.4 million from our investment in 140,000 Toro Series A Preferred Shares.
Recent Financial Developments Commentary:
Liquidity/Financing/Cash flow update
Our consolidated cash position as of March 31, 2025, decreased by $9.6 million to $78.3 million, as compared to our cash position on December 31, 2024, which amounted to $87.9 million. The decrease was mainly the result of: (i) $1.7 million of net operating cash outflows during the three months ended March 31, 2025, (ii) $2.6 million used for the acquisition of equity method investments, (iii) $50.5 million used for scheduled principal repayments, early prepayments in connection with the sale of vessels and voluntary prepayments, on our debt, (iv) $0.9 million of dividends paid relating to our 5.00% Series D Cumulative Perpetual Convertible Preferred Shares, as offset by (v) $29.2 million inflow of net proceeds from the sales of the M/V Ariana A and M/V Magic Eclipse, (vi) $1.5 million of advance deposit received in connection with the sale of vessel M/V Magic Callisto, (vii) $1.6 million proceeds related to a loan facility, and (viii) net inflows of $13.1 million associated with the purchase and sale of equity securities.
As of March 31, 2025, our total debt, gross of unamortized deferred loan fees, was $55.1 million, of which $51.1 million is repayable within one year, as compared to $103.7 million of gross total debt as of December 31, 2024, a decrease mainly due to the prepayments made in connection with vessel dispositions and voluntary prepayments of our long term debt.
More specifically, on March 24, 2025 and March 31, 2025, Castor made partial prepayments to Toro for its term loan amounting to $13,500,000 and $34,000,000, respectively, in addition to $2,500,000 as part of the scheduled repayment of the loan. The amount of $50.0 million of the term loan is classified under ‘Current portion of long-term debt’ as of March 31, 2025.
As of March 31, 2025, the remaining debt balance of $5.1 million pertained to our asset management segment.
On April 29, 2025 we prepaid $14,000,000 of the term loan from Toro, and on May 5, 2025, we prepaid the amount of $36,000,000 that remained outstanding as of that date.
Recent Business Developments Commentary:
Equity method investments
Castor Maritime Inc.’s subsidiary, MPCC CSI LTD., a company affiliated with MPC Capital, acquired after the end of first quarter of 2025, 3.44% shares in MPC Container Ships ASA (“MPCC”), resulting in MPC Capital and its affiliated entities, collectively increasing their holding of total shares and voting rights in MPCC from approximately 16.68% to 20.12%, or 89,260,056 shares. MPC Capital is the founding shareholder of MPCC.
MPC Capital acquired a 50% share in BestShip GmbH & Cie, KG from the Norwegian Wilhelmsen Group at the start of January 2025. BestShip provides IT-based assessments of vessels for improving energy efficiency and reducing emissions, and advises on how to realize improvements. BestShip provides services for around 450 vessels.
Loan updates
On January 13, 2025, a wholly-owned subsidiary of MPC Capital drew an additional €1.5 million out of the loan facility from Ostfriesische Volksbank eG.
Sale of vessels
We have completed the sale of the four vessels listed below:
| Vessel Name | Type | Capacity (dwt) |
Year Built |
Country of Construction |
Date of agreement |
Sale Price (in million) |
Delivery date | |
| Ariana A | 2,700 TEU (Containership) | 38,117 | 2005 | Germany | November 13, 2024 | $16.50 | January 22, 2025 | |
| Gabriela A | 2,700 TEU (Containership) | 38,121 | 2005 | Germany | December 4, 2024 | $19.30 | May 7, 2025 | |
| Magic Eclipse | Panamax (Dry Bulk carrier) | 74,940 | 2011 | Japan | March 6, 2025 | $13.5 | March 24, 2025 | |
| Magic Callisto | Panamax (Dry Bulk carrier) | 74,930 | 2012 | Japan | March 11, 2025 | $14.5 | April 28, 2025 | |
On July 29, 2025, we successfully completed a sale and leaseback transaction for the M/V Magic Thunder, a 2011-built Kamsarmax bulk carrier vessel with a Japanese counterparty. The bareboat financing amounts to $14.6 million, has a duration of five years, and a purchase option for the Company, beginning at the end of the second year of the bareboat charter period.
Fleet Employment Status (as of August 8, 2025)
During the three months ended March 31, 2025, we operated on average 12.2 vessels earning a Daily TCE Rate(2) of $9,555 as compared to an average of 15.8 vessels earning a Daily TCE Rate(2) of $13,411 during the same period in 2024.
Our employment profile as of August 8, 2025 is presented immediately below.
(2) Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
| Dry Bulk Carriers | |||||||||
| Vessel Name | Type | Capacity (dwt) |
Year Built |
Country of Construction |
Type of Employment(1) |
Daily Gross Charter Rate |
Estimated Redelivery Date |
||
| Earliest | Latest | ||||||||
| Magic Thunder | Kamsarmax | 83,375 | 2011 | Japan | TC period | $13,450 per day (2)(3) | –(4) | –(4) | |
| Magic Perseus | Kamsarmax | 82,158 | 2013 | Japan | TC period | $12,550 per day(5) | –(4) | –(4) | |
| Magic Starlight | Kamsarmax | 81,048 | 2015 | China | TC period | $11,256 per day (6) | –(4) | –(4) | |
| Magic Mars | Panamax | 76,822 | 2014 | Korea | TC period | $13,300 per day (7) (8) | –(4) | –(4) | |
| Magic P | Panamax | 76,453 | 2004 | Japan | Panamax Pool (9) | N/A | –(10) | –(10) | |
| Magic Pluto | Panamax | 74,940 | 2013 | Japan | TC period | 100% of BPI4TC (7) | –(4) | –(4) | |
| Magic Ariel | Kamsarmax | 81,845 | 2020 | China | TC period | 108% of BPI5TC(2) | –(4) | –(4) | |
| Magic Celeste | Ultramax | 63,310 | 2015 | China | TC period | $14,150 per day (11)(12) | –(4) | –(4) | |
| Containerships | |||||||||
| Vessel Name | Type | Capacity (dwt) |
Year Built |
Country of Construction |
Type of Employment |
Daily Gross Charter Rate ($/day) |
Estimated Redelivery Date |
||
| Earliest | Latest | ||||||||
| Raphaela | Containership | 26,811 | 2008 | Turkey | TC period | $19,250 | Oct-25 | Dec-25 | |
| (1) | TC stands for time charter. |
| (2) | The benchmark vessel used in the calculation of the average Baltic Panamax Index 5TC routes (“BPI5TC”) is a non-scrubber fitted 82,000mt dwt vessel (Kamsarmax) with specific age, speed–consumption, and design characteristics. |
| (3) | The vessel’s daily gross charter rate is equal to 97% of BPI5TC(2). In accordance with the prevailing charter party, on July 8, 2025, we converted the index-linked rate to fixed from August 1, 2025 until October 31, 2025 at a rate of $13,450 per day. Thereafter, the rate will be converted back to index-linked. |
| (4) | In accordance with the prevailing charterparty, both parties (owners and charterers) have the option to terminate the charter by providing 3 months’ written notice to the other party. |
| (5) | The vessel’s daily gross charter rate is equal to 100% of BPI5TC(2). In accordance with the prevailing charter party, on April 24, 2025, we converted the index-linked rate to fixed from May 1, 2025 until September 30, 2025 at a rate of $12,550 per day. Thereafter, the rate will be converted back to index-linked. |
| (6) | The vessel’s daily gross charter rate is equal to 98% of BPI5TC(2). In accordance with the prevailing charter party, on April 10, 2025, we converted the index-linked rate to fixed from July 1, 2025 until September 30, 2025 at a rate of $11,256 per day. Thereafter, the rate will be converted back to index-linked. |
| (7) | The benchmark vessel used in the calculation of the average of the Baltic Panamax Index 4TC routes (“BPI4TC”) is a non-scrubber fitted 74,000mt dwt vessel (Panamax) with specific age, speed – consumption, and design characteristics. |
| (8) | The vessel’s daily gross charter rate is equal to 102% of BPI4TC(7). In accordance with the prevailing charter party, on August 5, 2025, we converted the index-linked rate to fixed from August 1, 2025 until December 31, 2025 at a rate of $13,300 per day. Thereafter, the rate will be converted back to index-linked. |
| (9) | The vessel is currently participating in an unaffiliated pool specializing in the employment of Panamax/Kamsarmax dry bulk vessels. |
| (10) | Under the prevailing pool agreement, owners may terminate the charter by giving three months’ written notice. |
| (11) | The benchmark vessel used in the calculation of the average of the Baltic Supramax Index 10TC routes (“BSI10TC”) is a non-scrubber fitted 58,000mt dwt vessel (Supramax) with specific age, speed–consumption, and design characteristics. |
| (12) | The vessel’s daily gross charter rate is equal to 111% of BSI10TC (11). In accordance with the prevailing charter party, on July 10, 2025, we converted the index-linked rate to fixed from August 1, 2025 until December 31, 2025 at a rate of $14,150 per day. Thereafter, the rate will be converted back to index-linked. |
Financial Results Overview:
Set forth below are selected financial data for each of the three months ended March 31, 2025, and 2024, respectively:
| Three Months Ended | |||||
| (Expressed in U.S. dollars) | March 31, 2025 (unaudited) |
March 31, 2024 (unaudited) |
|||
| Total vessel revenues | $ | 11,322,496 | $ | 20,390,247 | |
| Revenue from services | $ | 9,021,663 | $ | — | |
| Operating (loss)/income | $ | (33,448,226 | ) | $ | 11,887,666 |
| Net (loss)/income, net of taxes | $ | (23,346,862 | ) | $ | 22,331,746 |
| Adjusted net income, net of taxes | $ | 4,860,721 | $ | 12,403,491 | |
| EBITDA(1) | $ | (18,315,626 | ) | $ | 26,808,535 |
| Adjusted EBITDA(1) | $ | 9,891,957 | $ | 16,880,280 | |
| (Loss)/earnings per common share, basic attributable to Castor Maritime Inc. common shareholders | $ | (2.18 | ) | $ | 2.23 |
| (Loss)/earnings per common share, diluted attributable to Castor Maritime Inc. common shareholders | $ | (2.18 | ) | $ | 1.09 |
(1) EBITDA, Adjusted EBITDA and Adjusted net income are not recognized measures under U.S. GAAP. Please refer to Appendix B of this release for the definition and reconciliation of these measures to Net (loss)/income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Consolidated Fleet Selected Financial and Operational Data:
Set forth below are selected financial and operational data which are applicable only for our dry bulk and containership segments for each of the three months ended March 31, 2025, and 2024, respectively, that we believe are useful in analyzing trends in our results of operations.
| Three Months Ended March 31, |
||||||
| (Expressed in U.S. dollars except for operational data) | 2025 | 2024 | ||||
| Ownership Days(1)(7) | 1,094 | 1,441 | ||||
| Available Days(2)(7) | 1,068 | 1,441 | ||||