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
Castor Maritime Inc. (NASDAQ: CTRM) reported financial results for Q3 2024, with net income of $2.8 million compared to a net loss of $5.4 million in Q3 2023. Total vessel revenues decreased 37.4% to $13.4 million from $21.4 million year-over-year. For the nine months ended September 30, 2024, net income increased to $48.0 million from $13.6 million in the same period of 2023. The company's cash position strengthened to $171.5 million as of September 30, 2024, up from $120.9 million at the end of 2023. During Q3, Castor acquired its first Ultramax bulk carrier and announced acquisitions of a Kamsarmax bulk carrier and a containership vessel, expanding its fleet to 13 vessels.
Castor Maritime Inc. (NASDAQ: CTRM) ha riportato i risultati finanziari per il terzo trimestre del 2024, con un utile netto di $2,8 milioni rispetto a una perdita netta di $5,4 milioni nel terzo trimestre del 2023. I ricavi totali delle navi sono diminuiti del 37,4%, attestandosi a $13,4 milioni, rispetto ai $21,4 milioni dello stesso periodo dell'anno precedente. Nei nove mesi conclusi il 30 settembre 2024, l'utile netto è aumentato a $48,0 milioni rispetto ai $13,6 milioni nello stesso periodo del 2023. La posizione di cassa dell'azienda è migliorata, raggiungendo i $171,5 milioni al 30 settembre 2024, in aumento dai $120,9 milioni alla fine del 2023. Durante il terzo trimestre, Castor ha acquistato il suo primo bulk carrier Ultramax e ha annunciato l'acquisizione di un bulk carrier Kamsarmax e di una nave portacontainer, espandendo la sua flotta a 13 navi.
Castor Maritime Inc. (NASDAQ: CTRM) reportó los resultados financieros del tercer trimestre de 2024, con un ingreso neto de $2,8 millones en comparación con una pérdida neta de $5,4 millones en el tercer trimestre de 2023. Los ingresos totales de los buques disminuyeron un 37,4% a $13,4 millones desde $21,4 millones interanualmente. Durante los nueve meses que terminaron el 30 de septiembre de 2024, el ingreso neto aumentó a $48,0 millones desde $13,6 millones en el mismo período de 2023. La posición de efectivo de la compañía se fortaleció a $171,5 millones al 30 de septiembre de 2024, frente a $120,9 millones a finales de 2023. Durante el tercer trimestre, Castor adquirió su primer bulk carrier Ultramax y anunció la adquisición de un bulk carrier Kamsarmax y un buque portacontenedores, expandiendo su flota a 13 buques.
카스토르 마리타임 Inc. (NASDAQ: CTRM)는 2024년 3분기 재무 결과를 보고하며, 순이익이 280만 달러에 달하며, 2023년 3분기의 순손실 540만 달러에 비해 개선되었습니다. 총 선박 수익은 작년 같은 기간에 비해 37.4% 감소하여 1340만 달러에서 2140만 달러로 줄어들었습니다. 2024년 9월 30일로 끝나는 9개월 동안 순이익은 1360만 달러에서 4800만 달러로 증가하였습니다. 회사의 현금 잔고는 2024년 9월 30일 기준으로 1715만 달러로 강화되어, 2023년 말의 1209만 달러에서 증가하였습니다. 3분기 동안 카스토르는 첫 번째 울트라막스 벌크 운반선을 인수하고, 캄사르막스 벌크 운반선 및 컨테이너 선박 인수 계획을 발표하며, 함대를 13척으로 확장하였습니다.
Castor Maritime Inc. (NASDAQ: CTRM) a annoncé ses résultats financiers pour le troisième trimestre 2024, avec un revenu net de 2,8 millions de dollars par rapport à une perte nette de 5,4 millions de dollars au troisième trimestre 2023. Les revenus totaux des navires ont diminué de 37,4%, atteignant 13,4 millions de dollars contre 21,4 millions de dollars d'une année sur l'autre. Pour les neuf mois se terminant le 30 septembre 2024, le revenu net a augmenté pour atteindre 48,0 millions de dollars contre 13,6 millions de dollars au cours de la même période de 2023. La position de liquidité de l'entreprise s'est renforcée pour atteindre 171,5 millions de dollars au 30 septembre 2024, contre 120,9 millions de dollars à la fin de 2023. Au cours du troisième trimestre, Castor a acquis son premier navire bulk carrier Ultramax et a annoncé l'acquisition d'un navire bulk carrier Kamsarmax et d'un navire porte-conteneurs, portant sa flotte à 13 navires.
Castor Maritime Inc. (NASDAQ: CTRM) hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem Nettogewinn von 2,8 Millionen US-Dollar im Vergleich zu einem Nettoverlust von 5,4 Millionen US-Dollar im dritten Quartal 2023. Die Gesamteinnahmen der Schiffe sanken im Jahresvergleich um 37,4% auf 13,4 Millionen US-Dollar von 21,4 Millionen US-Dollar. Für die neun Monate bis zum 30. September 2024 stieg der Nettogewinn auf 48,0 Millionen US-Dollar, verglichen mit 13,6 Millionen US-Dollar im gleichen Zeitraum 2023. Die Liquiditätsposition des Unternehmens stärkte sich bis zum 30. September 2024 auf 171,5 Millionen US-Dollar, gegenüber 120,9 Millionen US-Dollar Ende 2023. Im dritten Quartal erwarb Castor seinen ersten Ultramax-Bulkcarrier und kündigte den Erwerb eines Kamsarmax-Bulkcarriers sowie eines Containerschiffs an, wodurch die Flotte auf 13 Schiffe erweitert wurde.
- Net income increased to $2.8M in Q3 2024 from a loss of $5.4M in Q3 2023
- Nine-month net income grew to $48.0M from $13.6M year-over-year
- Cash position increased to $171.5M from $120.9M at end of 2023
- Total debt reduced to $1.6M from $86.6M at end of 2023
- Fleet expansion with acquisition of three new vessels
- Total vessel revenues decreased 37.4% to $13.4M in Q3 2024
- Nine-month vessel revenues declined 29.6% to $50.1M
- Adjusted EBITDA decreased to $6.8M from $10.9M in Q3 2023
Insights
The Q3 2024 results show mixed signals for Castor Maritime. While total vessel revenues declined by
Key positives include strong cash position of
The improved Daily TCE Rate of
The shipping market dynamics are reflected in Castor's strategic decisions. The company has significantly reduced its fleet size but improved quality, selling 10 older vessels while acquiring newer ones like the 2020-built Kamsarmax Magic Ariel. The focus on modern vessels should provide better operational efficiency and higher charter rates.
The containership segment shows resilience with strong charter rates -
LIMASSOL, Cyprus, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM) (“Castor” or the “Company”), a diversified global shipping company, today announced its results for the three months and nine months ended September 30, 2024.
Earnings Highlights of the Third Quarter Ended September 30, 2024:
- Total vessel revenues:
$13.4 million for the three months ended September 30, 2024, as compared to$21.4 million for the three months ended September 30, 2023, or a37.4% decrease; - Net income of
$2.8 million for the three months ended September 30, 2024, as compared to net loss of$5.4 million for the three months ended September 30, 2023, or a151.9% increase; - Earnings/(loss) per common share, basic:
$0.21 per share for the three months ended September 30, 2024, as compared to$(0.60) per share for the three months ended September 30, 2023; - EBITDA(1):
$5.0 million for the three months ended September 30, 2024, as compared to$2.5 million for the three months ended September 30, 2023; - Adjusted EBITDA(1):
$6.8 million for the three months ended September 30, 2024, as compared to$10.9 million for the three months ended September 30, 2023; - Cash and restricted cash of
$171.5 million as of September 30, 2024, as compared to$120.9 million as of December 31, 2023; and - Acquisition of the Company’s first Ultramax bulk carrier, the M/V Magic Celeste, on August 16, 2024, after entering into an agreement to purchase the vessel on July 16, 2024 for
$25.5 million .
Earnings Highlights of the Nine Months Ended September 30, 2024:
- Total vessel revenues from continuing operations:
$50.1 million for the nine months ended September 30, 2024, as compared to$71.2 million for the nine months ended September 30, 2023, or a29.6% decrease; - Net income from continuing operations:
$48.0 million for the nine months ended September 30, 2024, as compared to net loss of$3.7 million for the nine months ended September 30, 2023, or a 1,397.3% increase; - Net income of
$48.0 million for the nine months ended September 30, 2024, as compared to$13.6 million for the nine months ended September 30, 2023, or a252.9% increase; - Earnings/(loss) per common share, basic from continuing operations:
$4.73 per share for the nine months ended September 30, 2024, as compared to$(0.44) per share for the nine months ended September 30, 2023; - EBITDA from continuing operations(1):
$58.3 million for the nine months ended September 30, 2024, as compared to$20.2 million for the nine months ended September 30, 2023; and - Adjusted EBITDA from continuing operations(1):
$48.9 million for the nine months ended September 30, 2024, as compared to$33.7 million for the nine months ended September 30, 2023.
(1) EBITDA and Adjusted EBITDA are not recognized measures under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition and reconciliation of these measures to Net income / (Loss), the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Management Commentary Third Quarter 2024:
Mr. Petros Panagiotidis, Chief Executive Officer of Castor, commented:
“In the third quarter of 2024, we continued to enjoy robust cash flows from operations which allowed us to invest in modern vessels to expand our fleet and further reduce our debt and strengthen our balance sheet.
In September, we repaid the vast majority of our debt, reducing our finance costs further and announced the acquisition of one Kamsarmax bulk carrier and one containership vessel, all of which have since been delivered, increasing our fleet size to 13 vessels today from ten at the end of June 2024.
As our liquidity position remains substantial, we remain committed to our growth trajectory by seeking further opportunities in the shipping space, including opportunities to modernize our fleet.”
Earnings Commentary:
Third Quarter ended September 30, 2024, and 2023, Results
Total vessel revenues for the three months ended September 30, 2024, decreased to
There was a decrease in voyage expenses to
Vessel operating expenses decreased by
Management fees in the three months ended September 30, 2024 amounted to
The decrease in depreciation and amortization costs by
General and administrative expenses in the three months ended September 30, 2024, amounted to
During the three months ended September 30, 2024, we incurred net interest costs and finance costs amounting to
Other income, net in the three months ended September 30, 2024, amounted to
Other income/(expenses), net in the three months ended September 30, 2023, amounted to
Recent Financial Developments Commentary:
Liquidity/Financing/Cash flow update
Our consolidated cash position (including our restricted cash) as of September 30, 2024, increased by
As of September 30, 2024, our total debt, gross of unamortized deferred loan fees, was
Loan prepayments
On August 7, 2024, we prepaid in full the amount of
On September 3, 2024, we prepaid in full the amount of
On September 17, 2024, we prepaid in full the amount of
Recent Business Developments Commentary:
Vessel Acquisitions
On July 16, 2024, we entered into an agreement with an unaffiliated third party to acquire a secondhand 2015-built Ultramax dry bulk carrier for a purchase price of
On September 6, 2024, we entered into an agreement with an unaffiliated third party to acquire a secondhand 2008-built 1,850 TEU containership vessel, the M/V Raphaela, for a purchase price of
On September 19, 2024, we entered into an agreement with an unaffiliated third party to acquire a secondhand 2020-built Kamsarmax dry bulk carrier, the M/V Magic Ariel, for a purchase price of
Fleet Employment Status (as of November 7, 2024)
During the three months ended September 30, 2024, we operated on average 10.5 vessels earning a Daily TCE Rate(2) of
Our employment profile as of November 7, 2024 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 | -(5) | -(5) | ||
| Magic Perseus | Kamsarmax | 82,158 | 2013 | Japan | TC period | -(5) | -(5) | ||
| Magic Starlight | Kamsarmax | 81,048 | 2015 | China | TC period | -(5) | -(5) | ||
| Magic Ariel | Kamsarmax | 81,845 | 2020 | China | TC period | May-25(6) | -(5) | ||
| Magic Mars | Panamax | 76,822 | 2014 | Korea | TC period | -(5) | -(5) | ||
| Magic P | Panamax | 76,453 | 2004 | Japan | TC period | -(5) | -(5) | ||
| Magic Eclipse | Panamax | 74,940 | 2011 | Japan | TC period | -(5) | -(5) | ||
| Magic Pluto | Panamax | 74,940 | 2013 | Japan | TC period | -(5) | -(5) | ||
| Magic Callisto | Panamax | 74,930 | 2012 | Japan | TC period | -(5) | -(5) | ||
| Magic Celeste | Ultramax | 63,310 | 2015 | China | TC period | May-25(7) | -(5) | ||
| Containerships | |||||||||
| Vessel Name | Type | Capacity (dwt) | Year Built | Country of Construction | Type of Employment | Daily Gross Charter Rate ($/day) | Estimated Redelivery Date | ||
| Earliest | Latest | ||||||||
| Ariana A | Containership | 38,117 | 2005 | Germany | TC period | Jun-25 | Aug-25 | ||
| Gabriela A | Containership | 38,121 | 2005 | Germany | TC period | Feb-25 | May-25 | ||
| Raphaela | Containership | 26,811 | 2008 | Turkey | TC period | Feb-25(8) | Feb-25(8) | ||
| (1) | TC stands for time charter. |
| (2) | The benchmark vessel used in the calculation of the average of the 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 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. |
| (4) | 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. |
| (5) | 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. |
| (6) | The earliest redelivery under the prevailing charter party is 7 months after delivery. Thereafter, both owners and charterers have the option to terminate the charter by providing 3 months written notice to the other party. |
| (7) | The earliest redelivery under the prevailing charter party is 9 months after delivery. Thereafter, both owners and charterers have the option to terminate the charter by providing 3 months written notice to the other party. |
| (8) | The vessel has been fixed upon delivery under a time charter period contract of four months at |
Financial Results Overview of Continuing Operations:
Set forth below are selected financial data of our dry bulk and containerships segments (continuing operations) for each of the three and nine months ended September 30, 2024, and 2023, respectively:
| Three Months Ended | Nine Months Ended | ||||||||||||
| (Expressed in U.S. dollars) | September 30, 2024 (unaudited) | September 30, 2023 (unaudited) | September 30, 2024 (unaudited) | September 30, 2023 (unaudited) | |||||||||
| Total vessel revenues | $ | 13,410,037 | $ | 21,404,903 | $ | 50,079,813 | $ | 71,151,984 | |||||
| Operating income | $ | 981,382 | $ | 3,787,522 | $ | 28,438,066 | $ | 14,565,656 | |||||
| Net income / (loss), net of taxes | $ | 2,836,455 | $ | (5,387,321 | ) | $ | 48,021,812 | $ | (3,710,568 | ) | |||
| EBITDA(1) | $ | 5,001,855 | $ | 2,511,214 | $ | 58,347,516 | $ | 20,232,425 | |||||
| Adjusted EBITDA(1) | $ | 6,811,682 | $ | 10,874,129 | $ | 48,919,666 | $ | 33,702,767 | |||||
| Earnings per common share, basic | $ | 0.21 | $ | (0.60 | ) | $ | 4.73 | $ | (0.44 | ) | |||
| Earnings per common share, diluted | $ | 0.14 | $ | (0.60 | ) | $ | 2.28 | $ | (0.44 | ) | |||
(1) EBITDA and Adjusted EBITDA 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 income / (loss), 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 of our dry bulk and containership segments (continuing operations) for each of the three and nine months ended September 30, 2024, and 2023, respectively, that we believe are useful in analyzing trends in our results of operations.
| (Expressed in U.S. dollars except for operational data) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Ownership Days(1)(7) | 966 | 1,859 | 3,483 | 5,767 | |||||||||
| Available Days(2)(7) | 929 | 1,859 | 3,446 | 5,743 | |||||||||
| Operating Days(3)(7) | 929 | 1,848 | 3,412 | 5,717 | |||||||||
| Daily TCE Rate(4) | $ | 13,367 | $ | 10,830 | $ | 13,661 | $ | 11,698 | |||||
| Fleet Utilization(5) | |||||||||||||
| Daily vessel operating expenses(6) | $ | 5,390 | $ | 5,455 | $ | 5,703 | $ | 5,517 | |||||
| (1) | Ownership Days are the total number of calendar days in a period during which we owned a vessel. |
| (2) | Available Days are the Ownership Days in a period less the aggregate number of days our vessels are off-hire due to scheduled repairs, dry-dockings or special or intermediate surveys. |
| (3) | Operating Days are the Available Days in a period after subtracting unscheduled off-hire and idle days. |
| (4) | 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. |
| (5) | Fleet Utilization is calculated by dividing the Operating Days during a period by the number of Available Days during that period. |
| (6) | Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the Ownership Days for such period. |
| (7) | Our definitions of Ownership Days, Available Days, Operating Days, Fleet Utilization may not be comparable to those reported by other companies. |
APPENDIX A
CASTOR MARITIME INC.
Unaudited Condensed Consolidated Statements of Comprehensive Income
(Expressed in U.S. Dollars—except for number of share data)
| (In U.S. dollars except for number of share data) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| REVENUES | |||||||||||||
| Total vessel revenues | $ | 13,410,037 | $ | 21,404,903 | $ | 50,079,813 | $ | 71,151,984 | |||||
| EXPENSES | |||||||||||||
| Voyage expenses (including commissions to related party) | (991,717 | ) | (1,271,893 | ) | (3,004,491 | ) | (3,970,433 | ) | |||||
| Vessel operating expenses | (5,206,485 | ) | (10,141,478 | ) | (19,864,136 | ) | (31,818,005 | ) | |||||
| Management fees - related parties | (1,051,578 | ) | (1,832,974 | ) | (3,538,270 | ) | (5,448,799 | ) | |||||
| Depreciation and amortization | (3,660,974 | ) | (5,923,845 | ) | (11,048,829 | ) | (17,225,392 | ) | |||||
| General and administrative expenses (including related party fees) | (1,502,919 | ) | (1,597,077 | ) | (4,889,990 | ) | (4,402,153 | ) | |||||
| Gain/(loss) on sale of vessels | (14,982 | ) | 3,149,886 | 19,292,613 | 6,278,454 | ||||||||
| Gain from a claim | — | — | 1,411,356 | — | |||||||||
| Operating income | $ | 981,382 | $ | 3,787,522 | $ | 28,438,066 | $ | 14,565,656 | |||||
| Interest and finance costs, net (1) | 1,500,652 | (1,940,963 | ) | 822,812 | (6,618,695 | ) | |||||||
| Other income / (expenses), net | 359,499 | (7,200,153 | ) | 18,860,621 | (11,558,623 | ) | |||||||
| Income taxes | (5,078 | ) | (33,727 | ) | (99,687 | ) | (98,906 | ) | |||||
| Net income / (loss) and comprehensive income / (loss) from continuing operations, net of taxes | $ | 2,836,455 | $ | (5,387,321 | ) | $ | 48,021,812 | $ | (3,710,568 | ) | |||
| Net income and comprehensive income from discontinued operations, net of taxes | $ | — | $ | — | $ | — | $ | 17,339,332 | |||||
| Net income and comprehensive income | $ | 2,836,455 | $ | (5,387,321 | ) | $ | 48,021,812 | $ | 13,628,764 | ||||
| Dividend on Series D Preferred Shares | (638,889 | ) | (381,944 | ) | (1,902,778 | ) | (381,944 | ) | |||||
| Deemed dividend on Series D Preferred Shares | (129,021 | ) | (73,023 | ) | (378,536 | ) | (73,023 | ) | |||||
| Net income / (loss) attributable to common shareholders | $ | 2,068,545 | $ | (5,842,288 | ) | $ | 45,740,498 | $ | 13,173,797 | ||||
| Earnings / (loss) per common share, basic, continuing operations | $ | 0.21 | $ | (0.60 | ) | $ | 4.73 | $ | (0.44 | ) | |||
| Earnings / (loss) per common share, diluted, continuing operations | $ | 0.14 | $ | (0.60 | ) | $ | 2.28 | $ | (0.44 | ) | |||
| Earnings per common share, basic, discontinued operations | $ | — | $ | — | $ | — | $ | 1.82 | |||||
| Earnings per common share, diluted, discontinued operations | $ | — | $ | — | $ | — | $ | 1.82 | |||||
| Earnings / (loss) per common share, basic, Total | $ | 0.21 | $ | (0.60 | ) | $ | 4.73 | $ | 1.38 | ||||
| Earnings / (loss) per common share, diluted, Total | $ | 0.14 | $ | (0.60 | ) | $ | 2.28 | $ | 1.38 | ||||
| Weighted average number of common shares outstanding, basic | 9,662,354 | 9,661,931 | 9,662,354 | 9,540,274 | |||||||||
| Weighted average number of common shares outstanding, diluted | 20,483,690 | 9,661,931 | 21,069,515 | 9,540,274 | |||||||||
(1) Includes interest and finance costs and interest income, if any.
CASTOR MARITIME INC.
Unaudited Condensed Consolidated Balance Sheets
(Expressed in U.S. Dollars—except for number of share data)
| September 30, 2024 | December 31, 2023 | ||||
| ASSETS | |||||
| CURRENT ASSETS: | |||||
| Cash and cash equivalents | $ | 171,277,315 | $ | 111,383,645 | |
| Restricted cash | 250,000 | 2,327,502 | |||
| Due from related parties | 1,264,038 | 5,650,168 | |||
| Assets held for sale | — | 38,656,048 | |||
| Other current assets | 66,208,220 | 84,259,511 | |||
| Total current assets | 238,999,573 | 242,276,874 | |||
| NON-CURRENT ASSETS: | |||||
| Vessels, net | 195,657,571 | 229,536,996 | |||
| Advances for vessel acquisition | 4,661,817 | — | |||
| Restricted cash | — | 7,190,000 | |||
| Due from related parties | 3,601,817 | 4,504,340 | |||
| Investment in related party | 117,552,691 | 117,537,135 | |||
| Other non-currents assets | 2,739,716 | 3,996,634 | |||
| Total non-current assets | 324,213,612 | 362,765,105 | |||
| Total assets | 563,213,185 | 605,041,979 | |||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | |||||
| CURRENT LIABILITIES: | |||||
| Current portion of long-term debt, net | 1,616,624 | 17,679,295 | |||
| Debt related to assets held for sale, net | — | 2,406,648 | |||
| Due to related parties, current | 569,444 | 541,666 | |||
| Other current liabilities | 5,236,823 | 7,974,787 | |||
| Total current liabilities | 7,422,891 | 28,602,396 | |||
| NON-CURRENT LIABILITIES: | |||||
| Long-term debt, net | — | 65,709,842 | |||
| Total non-current liabilities | — | 65,709,842 | |||
| Total liabilities | 7,422,891 | 94,312,238 | |||
| MEZZANINE EQUITY | |||||
| 49,928,025 | 49,549,489 | ||||
| Total mezzanine equity | 49,928,025 | 49,549,489 | |||
| SHAREHOLDERS’ EQUITY | |||||
| Common shares, | 9,662 | 9,662 | |||
| Series B Preferred Shares - 12,000 shares issued and outstanding as of September 30, 2024 and December 31, 2023 | 12 | 12 | |||
| Additional paid-in capital | 265,389,338 | 266,447,819 | |||
| Retained Earnings | 240,463,257 | 194,722,759 | |||
| Total shareholders’ equity | 505,862,269 | 461,180,252 | |||
| Total liabilities, mezzanine equity and shareholders’ equity | $ | 563,213,185 | $ | 605,041,979 |
CASTOR MARITIME INC.
Unaudited Consolidated Statements of Cash Flows
| (Expressed in U.S. Dollars) | Nine months Ended September 30, | |||||
| 2024 | 2023 | |||||
| Cash Flows provided by Operating Activities of continuing operations: | ||||||
| Net income | $ | 48,021,812 | $ | 13,628,764 | ||
| Less: Net income from discontinued operations, net of taxes | — | 17,339,332 | ||||
| Net income / (loss) from continuing operations, net of taxes | 48,021,812 | (3,710,568 | ) | |||
| Adjustments to reconcile net income / (loss) from continuing operations to net cash provided by Operating Activities: | ||||||
| Depreciation and amortization | 11,048,829 | 17,225,392 | ||||
| Amortization and write off of deferred finance charges | 806,143 | 672,441 | ||||
| Amortization of fair value of acquired time charters | 265,173 | 1,835,735 | ||||
| Gain on sale of vessels | (19,292,613 | ) | (6,278,454 | ) | ||
| Straight line amortization of hire | (81,124 | ) | — | |||
| Realized gain on sale of equity securities | (3,618,022 | ) | (2,636 | ) | ||
| Unrealized (gain)/ loss on equity securities | (9,427,850 | ) | 13,470,342 | |||
| Gain from a claim | (1,411,356 | ) | — | |||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable trade, net | 2,377,420 | 234,631 | ||||
| Inventories | 380,136 | 447,541 | ||||
| Due from/to related parties | 5,273,097 | (5,638,336 | ) | |||
| Prepaid expenses and other assets | 1,370,681 | (958,289 | ) | |||
| Other deferred charges | — | (42,490 | ) | |||
| Accounts payable | (1,805,428 | ) | (1,987,440 | ) | ||
| Accrued liabilities | (963,255 | ) | (1,603,572 | ) | ||
| Deferred revenue | (946,834 | ) | (712,255 | ) | ||
| Dry-dock costs paid | (440,000 | ) | (1,781,351 | ) | ||
| Net Cash provided by Operating Activities from continuing operations | 31,556,809 | 11,170,691 | ||||
| Cash flow provided by / (used in) Investing Activities of continuing operations: | ||||||
| Vessel acquisitions and other vessel improvements | (25,603,407 | ) | (204,763 | ) | ||
| Advances for vessel acquisitions | (4,653,537 | ) | — | |||
| Purchase of equity securities | (18,116,221 | ) | (72,211,450 | ) | ||
| Proceeds from a claim | 1,411,356 | — | ||||
| Proceeds from sale of equity securities | 46,088,578 | 258,999 | ||||
| Net proceeds from sale of vessels | 107,861,375 | 28,031,102 | ||||
| Advance received for sale of vessel | — | 3,150,000 | ||||
| Net cash provided by / (used in) Investing Activities from continuing operations | 106,988,144 | (40,976,112 | ) | |||
| Cash flows used in Financing Activities of continuing operations: | ||||||
| Gross proceeds from issuance of common shares | — | 881,827 | ||||
| Common shares issuance expenses | — | (241,893 | ) | |||
| Proceeds from Series D Preferred Shares, net of costs | — | 49,853,193 | ||||
| Repurchase of warrants | (1,058,481 | ) | — | |||
| Dividends paid on Series D Preferred Shares | (1,875,000 | ) | — | |||
| Repayment of long-term debt | (84,985,304 | ) | (38,185,300 | ) | ||
| Payment of deferred financing costs | — | (25,178 | ) | |||
| Proceeds received from Toro related to Spin-Off | — | 2,694,647 | ||||
| Net cash used in Financing Activities from continuing operations | (87,918,785 | ) | 14,977,296 | |||
| Cash flows of discontinued operations: | ||||||
| Net cash provided by Operating Activities from discontinued operations | — | 20,409,041 | ||||
| Net cash used in Investing Activities from discontinued operations | — | (153,861 | ) | |||
| Net cash used in Financing Activities from discontinued operations | — | (62,734,774 | ) | |||
| Net cash used in discontinued operations | — | (42,479,594 | ) | |||
| Net increase/(decrease) in cash, cash equivalents, and restricted cash | 50,626,168 | (57,307,719 | ) | |||
| Cash, cash equivalents and restricted cash at the beginning of the period | 120,901,147 | 152,307,420 | ||||
| Cash, cash equivalents and restricted cash at the end of the period | $ | 171,527,315 | $ | 94,999,701 | ||
APPENDIX B
Non-GAAP Financial Information
Daily Time Charter (“TCE”) Rate. The Daily Time Charter Equivalent Rate (“Daily TCE Rate”) is a measure of the average daily revenue performance of a vessel. The Daily TCE Rate is not a measure of financial performance under U.S. GAAP (non-GAAP measure) and should not be considered as an alternative to any measure of financial performance presented in accordance with U.S. GAAP. We calculate Daily TCE Rate by dividing total revenues (time charter and/or voyage charter revenues, and/or pool revenues, net of charterers’ commissions), less voyage expenses, by the number of Available Days during that period. Under a time charter, the charterer pays substantially all the vessel voyage related expenses. However, we may incur voyage related expenses when positioning or repositioning vessels before or after the period of a time or other charter, during periods of commercial waiting time or while off-hire during dry-docking. Under voyage charters, the majority of voyage expenses are generally borne by us whereas for vessels in a pool, such expenses are borne by the pool operator. The Daily TCE Rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a company’s performance and management believes that the Daily TCE Rate provides meaningful information to our investors since it compares daily net earnings generated by our vessels irrespective of the mix of charter types (i.e., time charter, voyage charter, or other) under which our vessels are employed between the periods while it further assists our management in making decisions regarding the deployment and use of our vessels and in evaluating our financial performance. Our calculation of the Daily TCE Rates may be different from and may not be comparable to that reported by other companies.
The following table reconciles the calculation of the Daily TCE Rate for our dry bulk and containership fleet (continuing operations) to Total vessel revenues (from continuing operations) for the periods presented (amounts in U.S. dollars, except for Available Days):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
| (In U.S. dollars, except for Available Days) | 2024 | 2023 | 2024 | 2023 | |||||||||
| Total vessel revenues | $ | 13,410,037 | $ | 21,404,903 | $ | 50,079,813 | $ | 71,151,984 | |||||
| Voyage expenses - including commissions to related party | (991,717 | ) | (1,271,893 | ) | (3,004,491 | ) | (3,970,433 | ) | |||||
| TCE revenues | $ | 12,418,320 | $ | 20,133,010 | $ | 47,075,322 | $ | 67,181,551 | |||||
| Available Days | $ | 929 | $ | 1,859 | $ | 3,446 | $ | 5,743 | |||||
| Daily TCE Rate | $ | 13,367 | $ | 10,830 | $ | 13,661 | $ | 11,698 | |||||
EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are not measures of financial performance under U.S. GAAP, do not represent and should not be considered as an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. We define EBITDA as earnings before interest and finance costs (if any), net of interest income, taxes (when incurred), depreciation and amortization of deferred dry-docking costs. Adjusted EBITDA represents EBITDA adjusted to exclude unrealized gain/loss on equity securities, which the Company believes are not indicative of the ongoing performance of its core operations. EBITDA and Adjusted EBITDA are used as supplemental financial measure by management and external users of financial statements to assess our operating performance. We believe that EBITDA and Adjusted EBITDA assists our management by providing useful information that increases the comparability of our operating performance from period to period and against the operating performance of other companies in our industry that provide EBITDA information. This increased comparability is achieved by excluding the potentially disparate effects between periods or companies of interest, other financial items, depreciation and amortization and taxes for EBITDA, and further excluding unrealized gains/loss on securities for Adjusted EBITDA, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. We believe that including EBITDA and Adjusted EBITDA as measures of operating performance benefits investors in (a) selecting between investing in us and other investment alternatives and (b) monitoring our ongoing financial and operational strength. Our basis of computing EBITDA and Adjusted EBITDA as presented below may be different from and may not be comparable to similarly titled measures of other companies.
The following table reconciles EBITDA and Adjusted EBITDA to Net income / (loss) from continuing operations, the most directly comparable U.S. GAAP financial measure, for the periods presented:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
| (In U.S. dollars) | 2024 | 2023 | 2024 | 2023 | |||||||||
| Net Income / (loss) from continuing operations, net of taxes | $ | 2,836,455 | $ | (5,387,321 | ) | $ | 48,021,812 | $ | (3,710,568 | ) | |||
| Depreciation and amortization | 3,660,974 | 5,923,845 | 11,048,829 | 17,225,392 | |||||||||
| Interest and finance costs, net (1) | (1,500,652 | ) | 1,940,963 | (822,812 | ) | 6,618,695 | |||||||
| US source income taxes | 5,078 | 33,727 | 99,687 | 98,906 | |||||||||
| EBITDA | $ | 5,001,855 | $ | 2,511,214 | $ | 58,347,516 | $ | 20,232,425 | |||||
| Unrealized loss / (gain) on equity securities | 1,809,827 | 8,362,915 | (9,427,850 | ) | 13,470,342 | ||||||||
| Adjusted EBITDA | $ | 6,811,682 | $ | 10,874,129 | $ | 48,919,666 | $ | 33,702,767 | |||||
(1) Includes interest and finance costs and interest income, if any.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. We are including this cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “will”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of current or historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these forward-looking statements, including these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward‐looking statements include generally: the effects of the spin-off of our tanker business, our business strategy, expected capital spending and other plans and objectives for future operations, dry bulk and containership market conditions and trends, including volatility in charter rates (particularly for vessels employed in short-term time charters or index linked period time charters), factors affecting supply and demand, fluctuating vessel values, opportunities for the profitable operations of dry bulk and container vessels and the strength of world economies, changes in the size and composition of our fleet, our ability to realize the expected benefits from our past or future vessel acquisitions, our ability to realize the expected benefits of vessel acquisitions, increased transactions costs and other adverse effects (such as lost profit) due to any failure to consummate any sale of our vessels, our relationships with our current and future service providers and customers, including the ongoing performance of their obligations, dependence on their expertise, compliance with applicable laws, and any impacts on our reputation due to our association with them, our ability to borrow under existing or future debt agreements or to refinance our debt on favorable terms and our ability to comply with the covenants contained therein, in particular due to economic, financial or operational reasons, our continued ability to enter into time or voyage charters with existing and new customers and to re-charter our vessels upon the expiry of the existing charters, changes in our operating and capitalized expenses, including bunker prices, dry-docking, insurance costs, costs associated with regulatory compliance, and costs associated with climate change, our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations dates, expected downtime and lost revenue), instances of off-hire, due to vessel upgrades and repairs, fluctuations in interest rates and currencies, including the value of the U.S. dollar relative to other currencies, any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity breach, existing or future disputes, proceedings or litigation, future sales of our securities in the public market and our ability to maintain compliance with applicable listing standards, volatility in our share price, including due to high volume transactions in our shares by retail investors, potential conflicts of interest involving affiliated entities and/or members of our board of directors, senior management and certain of our service providers that are related parties, general domestic and international political conditions or events, including armed conflicts such as the war in Ukraine and the conflict in the Middle East, acts of piracy or maritime aggression, such as recent maritime incidents involving vessels in and around the Red Sea, sanctions, “trade wars”, global public health threats and major outbreaks of disease, changes in seaborne and other transportation, including due to the maritime incidents in and around the Red Sea, fluctuating demand for dry bulk and container vessels and/or disruption of shipping routes due to accidents, political events, international sanctions, international hostilities and instability, piracy or acts of terrorism, changes in governmental rules and regulations or actions taken by regulatory authorities, including changes to environmental regulations applicable to the shipping industry, accidents, the impact of adverse weather and natural disasters and any other factors described in our filings with the SEC. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication, except to the extent required by applicable law. New factors emerge from time to time, and it is not possible for us to predict all or any of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these foregoing and other risks and uncertainties. These factors and the other risk factors described in this press release are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Given these uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements.
CONTACT DETAILS
For further information please contact:
Petros Panagiotidis
Chief Executive Officer & Chief Financial Officer
Castor Maritime Inc.
Email: ir@castormaritime.com
Media Contact:
Kevin Karlis
Capital Link
Email: castormaritime@capitallink.com
FAQ
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