Reported Earnings • Apr 16
Full year 2025 earnings released: EPS: US$1.13 (vs US$3.50 in FY 2024) Full year 2025 results: EPS: US$1.13 (down from US$3.50 in FY 2024). Revenue: US$81.8m (up 24% from FY 2024). Net income: US$10.9m (down 68% from FY 2024). Profit margin: 13% (down from 51% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 38% per year, which means it has not declined as severely as earnings. Aankondiging • Jul 30
Castor Maritime Inc., Annual General Meeting, Sep 12, 2025 Castor Maritime Inc., Annual General Meeting, Sep 12, 2025, at 18:00 GTB Standard Time. Location: 223 christodoulou chatzipavlou street, hawaii royal gardens, limassol Cyprus Aankondiging • May 01
Castor Maritime Inc. announced delayed 20-F filing On 04/30/2025, Castor Maritime Inc. announced that they will be unable to file their next 20-F by the deadline required by the SEC. Aankondiging • Feb 16
Castor Maritime Inc. Announces Board and Committee Changes Castor Maritime Inc. announced the appointment of Mr. Angelos Rounick Platanias as Class A Director, and Chairman of the Audit Committee. Mr. Rounick Platanias will fill the seat made vacant by the resignation of Mr. Georgios Daskalakis, who has resigned to pursue other opportunities. Mr. Daskalakis was the Chairman of the Audit Committee of the Company and was serving on the Board of Directors since Castor's establishment in September 2017. Mr. Rounick Platanias serves also as a non-executive director, Secretary and a member of the Audit Committee of Toro Corp., an entity controlled by Mr. Petros Panagiotidis, Chairman and CEO of the Company. Aankondiging • Dec 13
Castor Maritime Inc. (NasdaqCM:CTRM) agreed to acquire 74.09% stake in MPC Münchmeyer Petersen Capital AG (XTRA:MPCK) from MPC Münchmeyer Petersen & Co. GmbH for approximately €180 million. Castor Maritime Inc. (NasdaqCM:CTRM) agreed to acquire 74.09% stake in MPC Münchmeyer Petersen Capital AG (XTRA:MPCK) from MPC Münchmeyer Petersen & Co. GmbH for approximately €180 million on December 12, 2024. As part of consideration, the acquisition price of the shares has been agreed at a price of €7.00 per share, which is equal to an aggregate cost of €182.8 million payable in cash, excluding any transaction-related costs.The transaction was financed with cash on hand and the proceeds of (i) a $100 million (€95.37 million) senior term loan facility between Toro Corp. and Castor and (ii) the issuance of an additional 50,000 of Castor’s 5.00% Series D cumulative perpetual convertible preferred shares, par value $0.001 per share to Toro for an aggregate consideration of $50 million (€47.685 million), each of which are discussed in greater detail below. The transaction is expected to close in December 2024, subject to customary closing conditions. Aankondiging • Aug 07
Castor Maritime Inc., Annual General Meeting, Sep 06, 2024 Castor Maritime Inc., Annual General Meeting, Sep 06, 2024, at 18:00 GTB Standard Time. Location: 223 christodoulou chatzipavlou street, hawaii royal gardens, limassol Cyprus Aankondiging • Apr 17
Castor Maritime Announces Compliance with Nasdaq Minimum Bid Price Requirement Castor Maritime Inc. announced that it received a written confirmation from The Nasdaq Stock Market LLC on April 11, 2024, that the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price of the Company’s stock. Aankondiging • Mar 25
Castor Maritime Announces Reverse Stock Split for Meeting the Minimum $1.00 Per Share Bid Price Requirement Castor Maritime Inc. (“Castor”, or the “Company”) announced that its board of directors (the “Board”) has determined to effect a 1-for-10 reverse stock split of the Company’s common shares. The Company’s shareholders approved the reverse stock split by a ratio of not less than 1-for-two and not more than 1-for-100 and granted the Board the authority to determine the exact split ratio and when to proceed with the reverse stock split at the Company’s Annual Meeting of Shareholders held on September 1, 2023. The reverse stock split will take effect, and the Company’s common shares will begin trading on a split-adjusted basis under their existing symbol “CTRM” on the Nasdaq Capital Market (“Nasdaq”) as of the opening of trading on March 27, 2024. The CUSIP number of Y1146L 208 will be assigned to the Company’s common shares when the reverse stock split becomes effective. The reverse stock split is undertaken with the objective of meeting the minimum $1.00 per share bid price requirement for maintaining the listing of the Company’s common shares on Nasdaq. Reported Earnings • Feb 09
Full year 2023 earnings released: EPS: US$0.20 (vs US$1.25 in FY 2022) Full year 2023 results: EPS: US$0.20 (down from US$1.25 in FY 2022). Revenue: US$97.5m (down 63% from FY 2022). Net income: US$19.6m (down 83% from FY 2022). Profit margin: 20% (down from 45% in FY 2022). New Risk • Dec 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Profit margins are more than 30% lower than last year (26% net profit margin). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Market cap is less than US$100m (US$36.1m market cap). Reported Earnings • Nov 10
Third quarter 2023 earnings released: US$0.06 loss per share (vs US$0.39 profit in 3Q 2022) Third quarter 2023 results: US$0.06 loss per share (down from US$0.39 profit in 3Q 2022). Revenue: US$21.4m (down 70% from 3Q 2022). Net loss: US$5.84m (down 116% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. New Risk • Nov 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 9.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Market cap is less than US$100m (US$33.0m market cap). Aankondiging • Oct 20
Castor Maritime Inc. Receives 180-Day Extension from Nasdaq to Meet Nasdaq’s Minimum Bid Price Requirement Castor Maritime Inc. announced the receipt of a notification letter on October 18, 2023 from The Nasdaq Stock Market (“Nasdaq”) granting the Company an additional 180-day extension to April 15, 2024 (the “Second Compliance Period”) to regain compliance with Nasdaq’s $1.00 per share minimum bid price requirement (the “Minimum Bid Price Requirement”) for continued listing of the Company’s common shares on the Nasdaq Capital Market. As previously reported on April 21, 2023, the Company received written notification from Nasdaq that it was no longer in compliance with the Minimum Bid Price Requirement. The Company can cure this deficiency if the closing bid price of its common shares is $1.00 per share or higher for at least ten consecutive business days during the Second Compliance Period. The Company intends to regain compliance with the Minimum Bid Price Requirement within the Second Compliance Period and is considering all available options, including a reverse stock split, for which it has received shareholder approval. During the Second Compliance Period, the Company's common stock will continue to be listed and trade on the Nasdaq Capital Market. If the Company does not regain compliance within the Second Compliance Period, the Company’s common stock will be subject to delisting by Nasdaq. The Company's business operations are not affected by the receipt of the notification. Aankondiging • Aug 09
Castor Maritime Inc. announced that it expects to receive $50 million in funding from Toro Corp. Castor Maritime Inc. announced that it has entered into a share purchase agreement pursuant to which the company has agreed to issue 50,000 5.00% Series D cumulative perpetual convertible preferred shares at an issue price of $1,000 per share for the gross proceeds of $50,000,000 on August 8, 2023. The Series D Preferred Shares will be issued in a private placement pursuant to Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder. The Series D Preferred Shares are convertible, in whole or in part, at Toro’s option, subject to certain conditions, to common shares of Castor at any time after the first anniversary of their issue date, at the lower of $0.70 per common share of Castor, and the value weighted average price of Castor’s common shares over the 5 consecutive trading day period immediately preceding the conversion, subject to a minimum conversion price of $0.30 per common share of the company. The transaction has been been approved by independent and disinterested members of the board of directors. The Purchase Agreement contains customary representations, warranties, and covenants of each party. Pursuant to the Purchase Agreement, Toro may not dispose of any of the Series D Preferred Shares for a period of 180 days after the closing date of the transaction. Reported Earnings • Aug 08
Second quarter 2023 earnings released: EPS: US$0.086 (vs US$0.29 in 2Q 2022) Second quarter 2023 results: EPS: US$0.086 (down from US$0.29 in 2Q 2022). Revenue: US$25.3m (down 63% from 2Q 2022). Net income: US$8.19m (down 71% from 2Q 2022). Profit margin: 32% (down from 41% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. New Risk • Aug 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Market cap is less than US$100m (US$44.7m market cap). Aankondiging • Aug 01
Castor Maritime Inc., Annual General Meeting, Sep 01, 2023 Castor Maritime Inc., Annual General Meeting, Sep 01, 2023, at 18:00 E. Europe Standard Time. Location: 223 Christodoulou Chatzipavlou Street,Hawaii Royal Gardens, 3036 Limassol Limassol Cyprus Agenda: To elect one Class C Director to serve until the 2026 Annual Meeting of Shareholders (Proposal One); To ratify the appointment of Deloitte Certified Public Accountants S.A., as the Company’s independent auditors for the fiscal year of 2023 (Proposal Two); To approve one or more amendments to the Company’s Articles of Incorporation to effect one or more reverse stock splits of the Company’s issued common shares, at a ratio of not less than one-for-two and not more than one-for-100 and in the aggregate at a ratio of not more than one-for-100, inclusive (Proposal Three, and together with Proposal One and Proposal Two, the Proposals); and To transact such other business as may properly come before the Meeting or any adjournment thereof. Reported Earnings • May 24
First quarter 2023 earnings released: US$0.069 loss per share (vs US$0.21 profit in 1Q 2022) First quarter 2023 results: US$0.069 loss per share (down from US$0.21 profit in 1Q 2022). Revenue: US$24.5m (down 55% from 1Q 2022). Net loss: US$6.51m (down 133% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 55% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: US$1.25 (vs US$0.48 in FY 2021) Full year 2022 results: EPS: US$1.25 (up from US$0.48 in FY 2021). Revenue: US$262.1m (up 99% from FY 2021). Net income: US$118.6m (up 193% from FY 2021). Profit margin: 45% (up from 31% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has fallen by 50% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 24
Third quarter 2022 earnings released: EPS: US$0.39 (vs US$0.16 in 3Q 2021) Third quarter 2022 results: EPS: US$0.39 (up from US$0.16 in 3Q 2021). Revenue: US$70.6m (up 63% from 3Q 2021). Net income: US$37.1m (up 140% from 3Q 2021). Profit margin: 53% (up from 36% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 60% per year and the company’s share price has also fallen by 60% per year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Secretary & Independent Director Dionysios Makris was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Seeking Alpha • Sep 26
Castor Maritime: Outstanding Financial Condition Despite Weaker Dry Bulk Market Conditions Summary
Company reported strong Q2 results with impressive operating cash flow generation.
Tanker exposure should continue to benefit results in Q3.
Updating net asset value estimates. While NAV has increased to new all-time highs, shares are trading near all-time lows as investors remain wary of weaker dry bulk charter market conditions.
Castor Maritime remains in outstanding financial condition with plenty of liquidity and negligible net debt.
At this point, I remain reluctant to downgrade shares near all-time lows, particularly given recent removal of the long-standing ATM overhang and meaningful exposure to the red hot tanker markets.
Note:
I have covered Castor Maritime (CTRM) previously, so investors should view this as an update to my earlier articles on the company.
Last month, junior Cyprus-based shipping company Castor Maritime reported anticipated, strong second-quarter results.
The company's average daily time charter revenue ("TCE") rate increased by more than 20% sequentially to $21,705 fueled by strong contributions from both the dry bulk and the recently acquired tanker segment.
In Q2, Castor Maritime generated almost $40 million in operating cash flow, a new record for the company thus causing cash and cash equivalents to increase to $115.3 million.
Net debt amounted to $31.4 million or just slightly above 5% of Castor Maritime's estimated fleet value of $591.5 million.
Please note that the previously announced sale of the Aframax tanker Wonder Arcturus for $13.15 million closed after the end of the quarter. The transaction is expected to result in a $3.7 million capital gain before expenses in the current quarter.
Unfortunately, dry bulk charter rates have weakened substantially across all market segments in recent months due to a combination of rapidly easing port congestion and underwhelming demand from China.
That said, the company's latest fleet employment status (as of August 5) still points to another strong earnings report in November:
Company Press Release
The only negative development appears to be the "unfixed" status of the Aframax tanker Wonder Musica, which is somewhat perplexing in the current, strong tanker market as the vessel is not yet due for its 5-year special survey and doesn't seem to have suffered any sort of damage as of late.
Please note that the company's recently downsized at-the-market common stock offering program ("ATM program") expired on June 15 without replacement.
Due to the company's decent first half performance and strong secondhand vessel values, net asset value ("NAV") per share has increased substantially quarter-over-quarter:
Company's SEC Filings/Compass Maritime
Recent weakness in dry bulk charter rates and widespread fears of a global recession have caused the discount to NAV to increase to a record 82%. In addition, investors appear to remain mindful of a number of issues:
Castor Maritime's past involvement in capital raising schemes to the detriment of common shareholders very similar to smaller peers Globus Maritime (GLBS), Imperial Petroleum (IMPP, IMPPP), United Maritime (USEA) and OceanPal (OP).
CEO, CFO and Chairman Petros Panagiotidis retaining full control of the company via supervoting preferred shares.
A company controlled by the CEO's sister remains responsible for the technical management of Castor Maritime's fleet.
An entity controlled by the CEO is providing the commercial management for Castor Maritime.
In aggregate, the CEO and his sister managed to extract a whopping $13.2 million in management fees, charter hire commissions, administration fees and sale and purchase commissions during 2021.
While I recently downgraded peer Globus Maritime based on its newbuilding exposure and a perceived lack of near-term catalysts, I am hesitant to apply similar standards to Castor Maritime given the company's outstanding financial condition, exposure to the red hot tanker markets and the recent removal of the long-standing ATM program overhang.
While I do not really expect major catalysts like share buybacks or a dividend initiation to emerge, I am reluctant to downgrade shares near-all-time lows with earnings and NAV at all-time highs. Reported Earnings • Aug 10
Second quarter 2022 earnings released: EPS: US$0.29 (vs US$0.073 in 2Q 2021) Second quarter 2022 results: EPS: US$0.29 (up from US$0.073 in 2Q 2021). Revenue: US$67.5m (up 210% from 2Q 2021). Net income: US$27.8m (up 329% from 2Q 2021). Profit margin: 41% (up from 30% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 60% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improved over the past week After last week's 15% share price gain to US$1.51, the stock trades at a trailing P/E ratio of 2.4x. Average trailing P/E is 3x in the Shipping industry in the US. Total loss to shareholders of 96% over the past three years. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 22% share price decline to US$1.52, the stock trades at a trailing P/E ratio of 2.4x. Average trailing P/E is 3x in the Shipping industry in the US. Total loss to shareholders of 97% over the past three years. Reported Earnings • May 10
First quarter 2022 earnings released: EPS: US$0.21 (vs US$0.02 in 1Q 2021) First quarter 2022 results: EPS: US$0.21 (up from US$0.02 in 1Q 2021). Revenue: US$54.6m (up US$47.7m from 1Q 2021). Net income: US$20.0m (up US$18.8m from 1Q 2021). Profit margin: 37% (up from 16% in 1Q 2021). The increase in margin was driven by higher revenue. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Secretary & Independent Director Dionysios Makris was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improved over the past week After last week's 16% share price gain to US$2.00, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 4x in the Shipping industry in the US. Total loss to shareholders of 96% over the past three years. Reported Earnings • Apr 04
Full year 2021 earnings released: EPS: US$0.48 (vs US$0.26 loss in FY 2020) Full year 2021 results: EPS: US$0.48 (up from US$0.26 loss in FY 2020). Revenue: US$132.0m (up US$119.6m from FY 2020). Net income: US$40.5m (up US$42.3m from FY 2020). Profit margin: 31% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Reported Earnings • Feb 08
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$0.48 (up from US$0.26 loss in FY 2020). Revenue: US$132.0m (up US$119.6m from FY 2020). Net income: US$40.5m (up US$42.3m from FY 2020). Profit margin: 31% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improved over the past week After last week's 22% share price gain to US$1.46, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 6x in the Shipping industry in the US. Total loss to shareholders of 97% over the past three years. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$1.13, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 6x in the Shipping industry in the US. Total loss to shareholders of 72% over the past year. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS US$0.16 (vs US$0.047 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$43.3m (up US$40.5m from 3Q 2020). Net income: US$15.5m (up US$16.0m from 3Q 2020). Profit margin: 36% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improved over the past week After last week's 17% share price gain to US$2.58, the stock trades at a trailing P/E ratio of 38.6x. Average trailing P/E is 12x in the Shipping industry in the US. Total returns to shareholders of 62% over the past year. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 16% share price gain to US$2.17, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 12x in the Shipping industry in the US. Total returns to shareholders of 32% over the past year. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS US$0.069 (vs US$0.12 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$21.8m (up US$19.2m from 2Q 2020). Net income: US$6.48m (up US$6.62m from 2Q 2020). Profit margin: 30% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Reported Earnings • Jun 06
First quarter 2021 earnings released: EPS US$0.02 (vs US$0.68 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$6.97m (up 156% from 1Q 2020). Net income: US$1.13m (up US$1.39m from 1Q 2020). Profit margin: 16% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Reported Earnings • Apr 02
Full year 2020 earnings released: US$0.026 loss per share (vs US$0.31 profit in FY 2019) The company reported a decent full year result with improved revenues, although earnings and control over costs were weaker. Full year 2020 results: Revenue: US$12.5m (up 109% from FY 2019). Net loss: US$1.75m (down 312% from profit in FY 2019). Is New 90 Day High Low • Jan 29
New 90-day high: US$0.61 The company is up 406% from its price of US$0.12 on 30 October 2020. The American market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 41% over the same period.