Castor Maritime Inc. - CTRM STOCK NEWS

Castor Maritime (NASDAQ: CTRM) announced an amendment to the spin-off terms of its tanker fleet, which consists of six Aframax/LR2 and two Handysize tankers to be held by Toro Corp. Shareholders will receive one Toro share for every ten Castor shares held as of December 6, 2022. The spin-off, set for January 2023, is subject to approval and regulatory conditions. Fractional shares will be aggregated and sold in the market, with cash proceeds distributed to eligible shareholders. Toro has filed a registration statement with the SEC as part of this process.

Castor Maritime (NASDAQ: CTRM) held its 2022 Annual General Meeting of Shareholders on December 15, 2022, in Limassol, Cyprus. Key outcomes included the re-election of Mr. Dionysios Makris as Class B Director until the 2025 AGM and the appointment of Deloitte Certified Public Accountants S.A. as the independent auditors for the fiscal year 2022. Castor Maritime operates a fleet of 30 vessels with an aggregate capacity of 2.5 million dwt, enhancing its position in the global shipping industry.

Castor Maritime (NASDAQ: CTRM) announced a delay in the distribution of common shares from its spin-off subsidiary, Toro Corp. Initially set for December 15, 2022, the new date is expected in mid-January 2023. The postponement is due to Toro not yet obtaining the necessary regulatory approvals and the effectiveness of its registration statement. There is no guarantee that the spin-off will occur on the revised date or at all.

Castor Maritime (NASDAQ: CTRM) announced the delivery of two 2005-built containerships, M/V Ariana A and M/V Gabriela A, on November 23 and 30, 2022, respectively. The vessels are secured under charter contracts, with Ariana A earning $23,250 per day and Gabriela A at $26,350 per day. To finance these acquisitions, the company closed a $22.5 million senior term loan with a five-year term, secured by the vessels, and planned to use proceeds for part of the purchases.

Castor Maritime (NASDAQ: CTRM) reported strong financial results for Q3 and the first nine months of 2022. Revenues reached $70.6 million, up 63.0% year-over-year, with a net income of $37.1 million, marking a 139.4% increase. For the nine-month period, revenues soared 167.8% to $192.8 million, and net income grew 267.5% to $84.9 million. The company announced a spin-off of its tanker business, aiming to enhance shareholder value. Cash and restricted cash amounted to $144.1 million, reflecting a robust liquidity position.

Castor Maritime (NASDAQ: CTRM) announced a spin-off of its tanker fleet, including eight vessels, to form a new subsidiary, Toro Corp. Shareholders will receive two shares of Toro for every five shares of Castor held as of December 6, 2022. The spin-off is designed to enhance operational efficiencies and allow both companies to focus on their respective sectors. Toro aims for Nasdaq Capital Market listing. The distribution of Toro shares is expected around December 15, 2022, and shareholders don't need to undertake any action to receive their shares.

Castor Maritime Inc. has announced that its 2022 Annual General Meeting of Shareholders is scheduled for December 15, 2022, at 6:00 p.m. local time in Limassol, Cyprus. Shareholders entitled to vote were determined as of the record date, October 17, 2022. The proxy statement will be mailed to shareholders and also made available on the SEC’s website and the company's website. Castor operates a fleet of 28 vessels with a total capacity of 2.4 million dwt.

Castor Maritime reported strong financial results for Q2 and H1 2022, achieving net revenues of $67.5 million and $122.1 million, respectively, marking increases of 209.6% and 324.0% year-over-year. Net income surged to $27.8 million for Q2, up 327.7%, with earnings per share at $0.29. EBITDA reached $36.0 million for Q2, a substantial increase from the previous year. The company also strengthened its cash position, ending Q2 with $115.3 million in cash. Additionally, Castor finalized the sale of the vessel M/T Wonder Arcturus, expected to generate a capital gain of $3.7 million in Q3.

Castor Maritime reported strong Q1 2022 results with revenues of $54.6 million, up from $7.0 million in Q1 2021. Net income increased to $20.0 million, compared to $1.1 million in the previous year, resulting in earnings per share of $0.21. The company benefited from a robust dry bulk market and saw vessel operating days rise significantly due to fleet expansion. Cash position improved to $84.0 million, and the company adjusted its ATM program from $300 million to $150 million. Management expressed intentions for further acquisitions to drive growth.