LIMASSOL, Cyprus, June 02, 2026 (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, 2026.
Highlights of the First Quarter Ended March 31, 2026:
-- Total vessel revenues: $11.9 million for the three months ended March 31,
2026, as compared to $11.3 million for the three months ended March 31,
2025, or a 5.3% increase;
-- Revenue from services: $9.3 million for the three months ended March 31,
2026, as compared to $9.0 million for the three months ended March 31,
2025, or a 3.3% increase;
-- Net income of $69.2 million for the three months ended March 31, 2026, as
compared to a $23.3 million loss for the three months ended March 31,
2025, or a 397.0% increase;
-- Adjusted net income(1) of $9.6 million for the three months ended March
31, 2026, as compared to $4.9 million for the three months ended March
31, 2025;
-- Earnings / (loss) per common share, basic: $4.65 per share for the three
months ended March 31, 2026, as compared to $(2.18) per share for the
three months ended March 31, 2025;
-- EBITDA(1): $74.8 million for the three months ended March 31, 2026, as
compared to $(18.3) million for the three months ended March 31, 2025;
-- Adjusted EBITDA(1): $15.2 million for the three months ended March 31,
2026, as compared to $9.9 million for the three months ended March 31,
2025; and
-- Cash and restricted cash of $192.8 million as of March 31, 2026, as
compared to $152.8 million as of December 31, 2025.(1) Adjusted net
income, 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 definitions 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 2026:
Mr. Petros Panagiotidis, Chief Executive Officer of Castor, commented:
"In Q1 2026, improved market conditions across both dry bulk and containership sectors, underpinned by stronger freight rates and steady charter demand, supported our positive outlook. The strong performance of our listed equity portfolio contributed meaningfully to our results, reflecting a significant unrealized fair value gain during the quarter.
During the quarter, we also completed our second sale-and-leaseback transaction, enhancing our financial flexibility and further optimizing our capital structure. Maintaining our disciplined approach to capital management, we remain focused on preserving financial strength while pursuing opportunities that support long-term shareholder value."
Earnings Commentary:
First Quarter ended March 31, 2026, and 2025 Results
Total vessel revenues for the three months ended March 31, 2026, increased to $11.9 million from $11.3 million in the same period of 2025. This variation was mainly driven by an increase in prevailing charter rates of our vessels, from a Daily TCE Rate of $9,555 in the three months ended March 31, 2025 to $14,926 in the three months ended March 31, 2026, representing a 56.2% increase. The increase was partially offset by the decrease in our Available Days (defined below), from 1,068 days in the three months ended March 31, 2025 to 741 days in the three months ended March 31, 2026, following the sale of two dry bulk vessels and two containership vessels in the first and second quarters of 2025. 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.
Revenue from services for the three months ended March 31, 2026, increased to $9.3 million from $9.0 million in the same period of 2025 and relates to revenue earned from our subsidiary acquired in late 2024, MPC Münchmeyer Petersen Capital AG ("MPC Capital"). Revenue from services primarily consists of transaction and management services. The increase was mainly driven by a $0.8 million rise in management services revenue, partially offset by a $0.5 million decline in transaction services and other revenue.
There was a decrease in voyage expenses to $0.9 million in the three months ended March 31, 2026, from $1.1 million in the same period of 2025, which was mainly associated with the decrease in port and other expenses.
Vessel operating expenses decreased by $1.6 million to $4.1 million in the three months ended March 31, 2026, from $5.7 million in the same period of 2025, mainly reflecting the net decrease in the Ownership Days of our fleet to 810 days in the three months ended March 31, 2026, from 1,094 days in the same period in 2025.
Cost of revenue from services for the three months ended March 31, 2026 increased to $5.6 million from $4.7 million in the same period of 2025 and relates to expenses for purchased services from third party providers as well as employee and other operating expenses of MPC Capital. The increase was primarily attributable to foreign exchange movements, which increased the U.S. dollar translation of Euro-denominated costs, as well as slightly higher personnel expenses during the three-month period ended March 31, 2026.
Management fees in the three months ended March 31, 2026 amounted to $0.8 million, whereas in the same period of 2025, management fees totaled $1.3 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 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, 2025.
Depreciation and amortization expenses are comprised of vessels' depreciation, the amortization of vessels' capitalized dry-dock costs, property, plant and equipment depreciation and intangible assets amortization. Depreciation expenses decreased to $2.3 million in the three months ended March 31, 2026, from $2.7 million in the same period of 2025. The decrease by $0.4 million reflects mainly the decrease in the Ownership Days of our fleet following the sales of vessels discussed above. Dry-dock and special survey amortization charges amounted to $0.5 million for the three months ended March 31, 2026, compared to a charge of $0.2 million in the respective period of 2025. This variation in dry-dock and special survey amortization charges reflects mainly the increase in aggregate amortization days resulting from three vessels undergoing scheduled dry-dock from April 1, 2025 to December 31, 2025, and two vessels undergoing scheduled dry-dock from January 1, 2026 to March 31, 2026. Further to the above, depreciation and amortization expenses for our asset management segment amounted to $0.9 million for the three-month period ended March 31, 2026 from $0.5 million in the same period of 2025. The increase was primarily driven by higher depreciation charges in the current period, following the reclassification of Energiepark Heringen-Philippsthal WP HP GmbH & Co. KG ("EP Heringen") property, plant and equipment from assets held for sale to property, plant and equipment in the consolidated balance sheet as of December 31, 2025, upon which depreciation for this asset recommenced. While EP Heringen was classified as held for sale, the related property, plant and equipment was not subject to depreciation.
General and administrative expenses in the three months ended March 31, 2026, amounted to $3.9 million, whereas, in the same period of 2025, general and administrative expenses totaled $4.1 million. The decrease was primarily attributable to lower professional fees and other expenses, as the prior year comparable period reflected elevated costs following the acquisition of MPC Capital in late 2024, partially offset by higher audit fees and personnel expenses.
Net loss from equity method investments in the three months ended March 31, 2026, amounted to $0.3 million compared to $0.6 million net gain in the same period of 2025, representing our share in jointly owned companies or equity method investments (all of which relate to the asset management segment).
Net gain from equity method investments measured at fair value in the three months ended March 31, 2026, amounted to $46.5 million compared to $26.4 million net loss in the same period of 2025, resulting from the revaluation of such investments. These represent our shares in MPC Container Ships ASA ("MPCC"), whose share price appreciated by approximately 30% during the quarter, and MPC Energy Solutions N.V. for which we have elected the fair value option. No additional shares were acquired during the first quarter ended March 31, 2026. The revaluation effect on MPCC shares is higher compared to prior periods, as the Company presented a greater number of MPCC shares subject to fair value measurement following a change in its consolidation scope as of January 1, 2026, whereby the Company consolidated an entity holding an equity interest in MPCC, as well as the aforementioned appreciation in MPCC's share price during the quarter. A portion of the revaluation gain is attributable to non-controlling interests and is reflected accordingly in the unaudited condensed consolidated statements of comprehensive income / (loss).
During the three months ended March 31, 2026, we incurred net interest and finance costs of $0.3 million, compared to $1.3 million during the same period in 2025. The decrease was primarily attributable to reduced interest expense, reflecting lower long-term debt obligations and more favorable interest rates during the three months ended March 31, 2026, compared to the corresponding period in the prior year.
Other income, net in the three months ended March 31, 2026 amounted to $18.5 million and mainly includes (i) a realized gain on sale of equity securities of $3.5 million and an unrealized gain of $3.3 million from revaluing our investments in listed equity and debt securities at period end market rates , (ii) dividend income on equity securities of $0.6 million, (iii) 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 Corp. (the "Toro Series A Preferred Shares"), (iv) other net amounting to $0.8 million due to recoveries of prior year allowances and reversals of provisions and (v) foreign exchange gains amounting to $10.0 million, primarily resulting from the foreign currency remeasurement effects associated with the Company's NOK-denominated investment in MPCC. Other income, net in the three months ended March 31, 2025, amounted to $6.5 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 Toro Series A Preferred Shares, and (iii) foreign exchange gains of $3.0 million mainly resulting from the revaluation of the equity method investments.
Dividend income from equity method investments measured at fair value (related party) amounted to $4.2 million and $5.1 million in the three months ended March 31, 2026 and 2025, respectively, and includes dividend income from MPCC.
Recent Financial Developments Commentary:
Liquidity/Financing/Cash flow update
Our consolidated cash position (including our restricted cash) as of March 31, 2026, increased by $40.0 million to $192.8 million, as compared to our cash position on December 31, 2025, which amounted to $152.8 million. The net increase was mainly the result of: (i) $8.6 million of net operating cash inflows during the three months ended March 31, 2026, (ii) net inflows of $5.7 million associated with the acquisition and disposition of equity method investments, (iii) net inflows of $15.4 million associated with the purchase and sale of equity securities / investments and (iv) $15.6 million of proceeds related to the sale and leaseback transaction of the M/V Magic Perseus, offset by (v) $2.3 million consisting of scheduled principal repayments under our existing credit facilities and financial liabilities and $0.5 million related to payments of deferred financing costs, (vi) $1.25 million of dividends paid relating to our 5.00% Series D Fixed Rate Cumulative Perpetual Convertible Preferred Shares (the "Series D Preferred Shares"), (vii) $0.1 million for other vessel improvements and acquisitions of property, plant and equipment and (viii) a $1.1 million effect of exchange rate changes on cash, cash equivalents and restricted cash.
On January 22, 2026, we successfully completed a sale and leaseback transaction for the M/V Magic Perseus, a 2013-built Kamsarmax bulk carrier vessel with a Japanese counterparty. The bareboat financing amounts to $15.6 million, has a duration of eleven years, including a put option for the counterparty at the end of year eight, and a purchase option for the Company beginning at the end of the second year of the bareboat charter period.
As of March 31, 2026, our total debt (including financial liabilities), gross of unamortized deferred loan fees (of $1.7 million), was $98.4 million, of which $9.8 million is repayable within one year, as compared to $85.6 million of total debt (including financial liabilities), gross of unamortized deferred loan fees, as of December 31, 2025, an increase mainly due to the sale and leaseback transaction of the M/V Magic Perseus.
Fleet Employment Status (as of June 2, 2026)
During the three months ended March 31, 2026, we operated on average 9.0 vessels earning a Daily TCE Rate(2) of $14,926 as compared to an average of 12.2 vessels earning a Daily TCE Rate(2) of $9,555 during the same period in 2025.
Our employment profile as of June 2, 2026 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
---------------------------------------------------------------------------------------------------------
Daily Gross
Vessel Capacity Year Country of Type of Charter Estimated
Name Type (dwt) Built Construction Employment(1) Rate Redelivery Date
---------- -------------- -------- ----- ------------ ------------- ----------- ------------------
Earliest Latest
---------- -------------- -------- ----- ------------ ------------- ----------- -------- --------
Magic
Thunder Kamsarmax 83,375 2011 Japan TC period $15,300(3) -(4) -(4)
---------- -------------- -------- ----- ------------ ------------- ----------- -------- --------
Magic
Perseus Kamsarmax 82,158 2013 Japan TC period $15,400(5) -(4) -(4)
---------- -------------- -------- ----- ------------ ------------- ----------- -------- --------
Magic
Starlight Kamsarmax 81,048 2015 China TC period $16,600(6) -(4) -(4)
---------- -------------- -------- ----- ------------ ------------- ----------- -------- --------
Magic Mars Panamax 76,822 2014 Korea TC period $18,425(8) -(4) -(4)
---------- -------------- -------- ----- ------------ ------------- ----------- -------- --------
Panamax
Magic P Panamax 76,453 2004 Japan Pool(9) N/A -(10) -(10)
---------- -------------- -------- ----- ------------ ------------- ----------- -------- --------
Magic
Pluto Panamax 74,940 2013 Japan TC period $15,650(11) -(4) -(4)
---------- -------------- -------- ----- ------------ ------------- ----------- -------- --------
108% of
Magic BPI5TC((2)
Ariel Kamsarmax 81,845 2020 China TC period () -(4) -(4)
---------- -------------- -------- ----- ------------ ------------- ----------- -------- --------
Magic 111% of
Celeste Ultramax 63,310 2015 China TC period BSI10TC(12) -(4) -(4)
---------- -------------- -------- ----- ------------ ------------- ----------- -------- --------
Containerships
---------------------------------------------------------------------------------------------------------
Daily Gross
Charter
Vessel Capacity Year Country of Type of Rate Estimated
Name Type (dwt) Built Construction Employment ($/day) Redelivery Date
---------- -------------- -------- ----- ------------ ------------- ----------- ------------------
Earliest Latest
---------- -------------- -------- ----- ------------ ------------- ----------- -------- --------
Raphaela Containership 26,811 2008 Turkey TC period $26,250 Nov-26 Jan-27
---------- -------------- -------- ----- ------------ ------------- ----------- -------- --------
(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 November 17, 2025, we converted the index-linked rate to fixed from April 1, 2026 until June 30, 2026 at a rate of $15,300 per day. In accordance with the prevailing charter party, on January 26, 2026, we converted the index-linked rate to fixed from July 1, 2026 until September 30, 2026 at a rate of $15,000 per day. In accordance with the prevailing charter party, on March 1, 2026, we converted the index-linked rate to fixed from October 1, 2026 until December 31, 2026 at a rate of $16,300 per day. Thereafter, the rate will be converted back to index-linked.
(4) In accordance with the prevailing charter party, 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 November 17, 2025, we converted the index-linked rate to fixed from January 1, 2026 until June 30, 2026 at a rate of $15,400 per day. In accordance with the prevailing charter party, on March 1, 2026, we converted the index-linked rate to fixed from July 1, 2026 until December 31, 2026 at a rate of $17,550 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 January 26, 2026, we converted the index-linked rate to fixed from April 1, 2026 until June 30, 2026 at a rate of $16,600 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 February 20, 2026, we converted the index-linked rate to fixed from April 1, 2026 until June 30, 2026 at a rate of $18,425 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 vessel's daily gross charter rate is equal to 100% of BPI4TC(7). In accordance with the prevailing charter party, on January 27, 2026, we converted the index-linked rate to fixed from February 1, 2026 until June 30, 2026 at a rate of $15,650 per day. Thereafter, the rate will be converted back to index-linked.
(12) 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.
Financial Results Overview of Operations:
Set forth below are selected financial data of our dry bulk, containership and asset management segments for each of the three months ended March 31, 2026, and 2025, respectively:
Three Months Ended
--------------------------------
March 31, 2026 March 31, 2025
(Expressed in U.S. dollars) (unaudited) (unaudited)
-------------- --------------
Total vessel revenues $ 11,942,829 $ 11,322,496
Revenue from services $ 9,315,113 $ 9,021,663
Operating income/(loss) $ 48,387,942 $ (33,448,226)
Net income / (loss), net of taxes $ 69,217,821 $ (23,346,862)
Adjusted net income, net of
taxes(1) $ 9,631,660 $ 4,860,721
EBITDA(1) $ 74,831,349 $ (18,315,626)
Adjusted EBITDA(1) $ 15,245,188 $ 9,891,957
Earnings / (Loss) per common
share, basic attributable to
Castor Maritime Inc. common
shareholders $ 4.65 $ (2.18)
Earnings / (Loss) per common
share, diluted attributable to
Castor Maritime Inc. common
shareholders $ 0.83 $ (2.18)
(1) Adjusted net income, 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 which are applicable only for our dry bulk vessel and containership segments for each of the three months ended March 31, 2026, and 2025, 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) 2026 2025
Ownership Days(1)(7) 810 1,094
Available Days(2)(7) 741 1,068
Operating Days(3)(7) 740 1,064
Daily TCE Rate(4) $ 14,926 $ 9,555
Fleet Utilization(5) (7) 99.9% 99.6%
Daily vessel operating expenses(6) $ 5,122 $ 5,180
(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 and Fleet Utilization may not be comparable to those reported by other companies.
APPENDIX A
CASTOR MARITIME INC.
Unaudited Condensed Consolidated Statements of Comprehensive Income / (Loss)
(Expressed in U.S. Dollars--except for number of share data)
(In U.S. dollars except for number of Three Months Ended
share data) March 31,
---------------------------
2026 2025
REVENUES
Time charter revenues $ 10,914,590 $ 11,322,496
Pool revenues 1,028,239 --
Total vessel revenues $ 11,942,829 $ 11,322,496
Revenue from services (including
related party revenues) $ 9,315,113 $ 9,021,663
Total revenues $ 21,257,942 $ 20,344,159
EXPENSES
Voyage expenses (including commissions
to related party) (882,438) (1,117,692)
Vessel operating expenses (4,148,479) (5,667,151)
Cost of revenue from services (5,610,294) (4,723,514)
Management fees - related parties (847,140) (1,279,215)
Depreciation and amortization (3,696,879) (3,449,413)
Loss on vessels held for sale
(including commissions to related
party) -- (5,554,777)
(Provision) / recovery of provision
for doubtful accounts 75,622 (4,981)
General and administrative expenses
(including related party fees) (3,899,356) (4,133,036)
Net loss on sale of vessel (including
commissions to related party) -- (2,084,289)
Net gain on disposition of assets 637 19,256
Net (loss) / gain from equity method
investments (343,371) 569,498
Net gain / (loss) from equity method
investments measured at fair value 46,481,698 (26,367,071)
Operating income / (loss) $ 48,387,942 $(33,448,226)
-------------------------------------- ----------- -----------
Interest and finance costs, net(1)
(including related party interest
expense) (337,528) (1,287,414)
Other income, net 18,541,411 6,539,666
Dividend income from equity method
investments measured at fair value
(related party) 4,205,117 5,143,521
Income taxes (1,579,121) (294,409)
Net income / (loss) $ 69,217,821 $(23,346,862)
-------------------------------------- ----------- -----------
Less: Net (income) / loss attributable
to the non-controlling interest (22,222,104) 4,261,079
Net income / (loss) attributable to
Castor Maritime Inc. 46,995,717 (19,085,783)
Dividend on Series D Preferred Shares (1,250,000) (1,250,000)
Deemed dividend on Series D Preferred
Shares (799,816) (712,537)
Net income / (loss) attributable to
common shareholders of Castor
Maritime Inc. $ 44,945,901 $(21,048,320)
-------------------------------------- ----------- -----------
Other comprehensive income / (loss):
Foreign currency translation (8,427,085) 9,187,348
Net cash flow hedges (140,764) 256,907
Other comprehensive income / (loss) (8,567,849) 9,444,255
Other comprehensive loss / (income)
attributable to noncontrolling
interests 3,571,480 (2,458,445)
Other comprehensive income / (loss)
attributable to Castor Maritime Inc. (4,996,369) 6,985,810
Total comprehensive income / (loss) 60,649,972 (13,902,607)
Less: Comprehensive (income) / loss
attributable to noncontrolling interests (18,650,624) 1,802,634 Total comprehensive income / (loss) attributable to Castor Maritime Inc. 41,999,348 (12,099,973) Earnings / (loss) per common share, basicattributable to Castor Maritime Inc. common shareholders $ 4.65 $ (2.18) Earnings / (loss) per common share, dilutedattributable to Castor Maritime Inc. common shareholders $ 0.83 $ (2.18) Weighted average number of common shares outstanding, basic 9,662,354 9,662,354 Weighted average number of common shares outstanding, diluted 56,558,376 9,662,354
(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)
March 31, December 31,
2026 2025
ASSETS
---------------------------------------------
CURRENT ASSETS:
Cash and cash equivalents $191,809,759 $ 151,775,129
Due from related parties 10,828,910 13,155,509
Investment in equity securities 19,335,272 27,759,775
Investment in debt securities 557,745 554,924
Other current assets 28,368,579 28,169,537
Total current assets 250,900,265 221,414,874
--------------------------------------------- ----------- ------------
NON-CURRENT ASSETS:
Vessels, net 154,259,328 156,496,033
Property, plant and equipment, net 33,576,594 34,658,519
Restricted cash 1,000,000 1,000,000
Due from related parties 2,893,839 2,893,839
Investment in related party 117,521,579 117,521,579
Equity method investments 43,303,140 50,045,840
Equity method investments measured at fair
value 215,481,838 139,745,917
Intangible assets, net 20,112,217 21,173,403
Goodwill 23,551,297 24,126,824
Other non-current assets 30,443,636 28,281,613
Total non-current assets 642,143,468 575,943,567
Total assets 893,043,733 797,358,441
--------------------------------------------- ----------- ------------
LIABILITIES, MEZZANINE EQUITY AND
SHAREHOLDERS' EQUITY
---------------------------------------------
CURRENT LIABILITIES:
Current portion of long-term debt, net 6,479,332 5,637,620
Current portion of financial liabilities, net 2,860,159 1,548,990
Accrued liabilities 15,731,739 16,700,000
Due to related parties, current 1,073,082 1,106,606
Other current liabilities 10,340,624 9,413,688
Total current liabilities 36,484,936 34,406,904
--------------------------------------------- ----------- ------------
NON-CURRENT LIABILITIES:
Long-term debt, net 62,240,232 64,992,597
Long--term financial liabilities, net 25,146,445 12,046,770
Deferred tax liabilities 11,624,337 10,596,230
Other non-current liabilities 5,972,582 6,358,462
Total non-current liabilities 104,983,596 93,994,059
Total liabilities 141,468,532 128,400,963
--------------------------------------------- ----------- ------------
MEZZANINE EQUITY
5.00% Series D fixed rate cumulative
perpetual convertible preferred shares:
100,000 shares issued and outstanding as of
March 31, 2026 and December 31, 2025,
aggregate liquidation preference of
$100,000,000 as of March 31, 2026 and
December 31, 2025 81,513,891 80,714,075
Total mezzanine equity 81,513,891 80,714,075
SHAREHOLDERS' EQUITY
Common shares, $0.001 par value;
1,950,000,000 shares authorized; 9,662,354
issued and outstanding as of March 31, 2026
and December 31, 2025 9,662 9,662
Series B Preferred Shares - 12,000 shares
issued and outstanding as of March 31, 2026
and December 31, 2025 12 12
Additional paid-in capital 265,339,741 265,339,741
Retained earnings 284,398,681 239,452,780
Accumulated other comprehensive income 15,632,143 20,628,512
Total Castor Maritime Inc. shareholders'
equity 565,380,239 525,430,707
Noncontrolling interests 104,681,071 62,812,696
Total shareholders' equity 670,061,310 588,243,403
============================================= =========== ============
Total liabilities, mezzanine equity and
shareholders' equity $893,043,733 $ 797,358,441
--------------------------------------------- ----------- ------------
CASTOR MARITIME INC.
Unaudited Consolidated Statements of Cash Flows
Three Months Ended
(Expressed in U.S. Dollars) March 31,
---------------------------------
2026 2025
Cash Flows provided by / (used in)
Operating Activities:
Net income / (loss) $ 69,217,821 $ (23,346,862)
Adjustments to reconcile net income to
net cash provided by / (used in)
Operating Activities:
Depreciation and amortization 3,696,879 3,449,413
Amortization and write off of deferred
finance charges 117,245 8,587
Amortization of fair value of acquired
time charters -- 119,733
Straight line amortization of hire (405,823) 52,084
Net loss on sale of vessels -- 2,084,289
Loss on vessels held for sale -- 5,554,777
Provision / (recovery) of provision for
doubtful accounts (75,622) 4,981
Share-based compensation 62,575 53,753
Non-cash compensation (transfer of
shares) -- 272,780
Adjustments for non-cash finance costs 40,189 --
Net gain on disposition of assets (637) (19,256)
Non-cash effects from translation to
reporting currency (942,498) (89,232)
Unrealized losses / (gains) from equity
method investments 343,371 (569,498)
Unrealized (gains) / losses from equity
method investments measured at fair
value (46,481,698) 26,367,071
Dividend income from equity method
investments measured at fair value
(related party) (4,205,117) (5,143,521)
Unrealized foreign exchange gains from
equity method investments (10,236,718) (3,179,953)
Realized gain on sale of equity
securities (3,481,080) (1,980,684)
Unrealized gains on equity securities (3,270,869) (291,347)
Unrealized gain on debt securities (2,822) --
Deferred income taxes 1,582,716 --
Changes in operating assets and
liabilities:
Accounts receivable trade 10,823 (1,955,462)
Inventories (19,705) 818,493
Due from/to related parties 2,462,778 (1,030,053)
Prepaid expenses and other assets (287,561) (1,271,340)
Accounts payable (446,428) 2,064,552
Accrued liabilities (865,023) (6,589,824)
Income tax receivable / payable (346,204) (695,443)
Derivative assets and liabilities, net 251,979 (467,075)
Deferred revenue 269,400 49,137
Dry-dock costs paid (2,583,828) (1,148,908)
Dividends received from equity method
investments measured at fair value 4,205,117 5,143,521
Net Cash provided by / (used in)
Operating Activities: 8,609,260 (1,735,287)
Cash flow provided by Investing
Activities:
Vessel acquisition and other vessel
improvements (16,290) (106,375)
Net proceeds from sale of vessels -- 29,191,321
Advance received for sale of vessel -- 1,450,000
Acquisitions of property and equipment,
net (99,696) (112,563)
Purchase of equity securities -- -- (8,880,477)
Proceeds from sale of equity securities 15,203,916 21,936,807
Payments for acquisition of equity
method investments (36,858) (2,595,745)
Payments received from disposition of
equity method investments 5,702,697 --
Proceeds from disposition of equity
investments 1,287,110 --
Payments for acquisition of equity
investments (1,106,423) --
Net cash provided by Investing
Activities: 20,934,456 40,882,968
Cash flows (used in) / provided by Financing Activities: Dividends paid on Series D Preferred Shares (1,250,000) (847,222) Repayment of long-term debt (including related party) (1,511,693) (50,527,407) Proceeds from long-term debt -- 1,577,002 Proceeds from long term financial liability 15,600,000 -- Repayment of long-term financial liability (761,040) -- Payment of deferred financing costs (476,653) (110,000) Net cash (used in) / provided by Financing Activities: 11,600,614 (49,907,627) Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,109,700) 1,289,919 Net increase / (decrease) in cash, cash equivalents, and restricted cash 40,034,630 (9,470,027) Cash, cash equivalents and restricted cash at the beginning of the period 152,775,129 88,616,996 Cash, cash equivalents and restricted cash at the end of the period $192,809,759 $ 79,146,969
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, pools) 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 which is applicable only for our dry bulk and containership fleet to Total vessel revenues (applicable only to dry bulk and containership segments) for the periods presented (amounts in U.S. dollars, except for Available Days):
Three Months Ended
March 31,
--------------------------
(In U.S. dollars, except for Available
Days) 2026 2025
Total vessel revenues $11,942,829 $11,322,496
Voyage expenses - including commissions
to related party (882,438) (1,117,692)
TCE revenues $11,060,391 $10,204,804
---------------------------------------- ---------- ----------
Available Days 741 1,068
Daily TCE Rate $ 14,926 $ 9,555
---------------------------------------- ---------- ----------
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 and debt securities and equity method investments (including those measured at fair value), unrealized foreign exchange losses / (gains) from equity method investments and non-recurring expenses, which the Company believes are not indicative of the ongoing performance of its core operations. EBITDA and Adjusted EBITDA are used as supplemental financial measures by management and external users of financial statements to assess our operating performance. We believe that EBITDA and Adjusted EBITDA assist 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 gain/loss on securities and non-recurring expenses 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 (loss)/ income, the most directly comparable U.S. GAAP financial measure, for the periods presented:
Three Months Ended
March 31,
---------------------------
(In U.S. dollars) 2026 2025
Net income / (loss), net of taxes $ 69,217,821 $(23,346,862)
Depreciation and amortization 3,696,879 3,449,413
Interest and finance costs, net(1) 337,528 1,287,414
Income taxes 1,579,121 294,409
EBITDA $ 74,831,349 $(18,315,626)
====================================== =========== ===========
Unrealized (gain) / loss on equity
securities (3,270,869) (291,347)
Unrealized (gain) / loss on debt
securities (2,822) --
Unrealized loss / (gain) from equity
method investments 343,371 (569,498)
Unrealized (gains) / losses from
equity method investments measured at
fair value (46,481,698) 26,367,071
Unrealized foreign exchange losses /
(gains) from equity method
investments (10,236,718) (3,179,953)
(Gain) / Loss on vessels held for sale -- 5,554,777
Share-based compensation 62,575 53,753
Non-cash compensation (transfer of
shares) -- 272,780
Adjusted EBITDA $ 15,245,188 $ 9,891,957
====================================== =========== ===========
(1) Includes interest and finance costs and interest income, if any.
Adjusted Net Income. To derive Adjusted Net Income/(Loss) from Net Income/(Loss), we exclude certain non-cash items, as provided in the table below. We believe that Adjusted Net Income assists our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash item as unrealized losses from investments measured at fair value and other items which may vary from year to year, for reasons unrelated to overall operating performance. Our method of computing Adjusted Net Income may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles Adjusted Net Income for the periods presented:
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