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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Castor Maritime Inc | NASDAQ:CTRM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.03 | -0.64% | 4.65 | 4.46 | 4.75 | 4.70 | 4.42 | 4.65 | 91,084 | 01:00:00 |
Form 20-F ☒
|
Form 40-F ☐
|
CASTOR MARITIME INC.
|
||
Dated: May 16, 2024
|
||
By:
|
/s/ Petros Panagiotidis
|
|
Petros Panagiotidis
|
||
Chairman, Chief Executive Officer and Chief Financial Officer
|
Page
|
|
Unaudited Condensed Consolidated Balance Sheets as of December 31, 2023, and March 31, 2024
|
F-2
|
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2023, and 2024
|
F-3
|
Unaudited Condensed Consolidated Statements of Shareholders’ Equity and Mezzanine Equity for the three months ended March 31, 2023, and 2024
|
F-4
|
Unaudited Interim Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2023, and 2024
|
F-5
|
Notes to Unaudited Interim Condensed Consolidated Financial Statements
|
F-6
|
ASSETS
|
December 31,
|
March 31,
|
||||||||||
CURRENT ASSETS:
|
Note
|
2023
|
2024
|
|||||||||
Cash and cash equivalents
|
$
|
111,383,645
|
$
|
157,203,721
|
||||||||
Restricted cash
|
8
|
2,327,502
|
2,830,759
|
|||||||||
Accounts receivable trade, net
|
2,914,899
|
1,749,307
|
||||||||||
Due from related parties
|
4
|
5,650,168
|
4,337,429
|
|||||||||
Inventories
|
977,639
|
997,527
|
||||||||||
Prepaid expenses and other assets
|
3,277,873
|
2,812,783
|
||||||||||
Investment in equity securities
|
9
|
77,089,100
|
90,634,259
|
|||||||||
Assets held for sale
|
4(e), 7(b)
|
|
38,656,048
|
39,068,012
|
||||||||
Accrued charter revenue
|
—
|
872,557
|
||||||||||
Total current assets
|
242,276,874
|
300,506,354
|
||||||||||
NON-CURRENT ASSETS:
|
||||||||||||
Vessels, net
|
7
|
229,536,996
|
189,713,003
|
|||||||||
Restricted cash
|
8
|
7,190,000
|
5,150,000
|
|||||||||
Due from related parties
|
4
|
4,504,340
|
3,599,018
|
|||||||||
Prepaid expenses and other assets
|
500,000
|
500,000
|
||||||||||
Deferred charges, net
|
5
|
3,231,461
|
2,524,666
|
|||||||||
Fair value of acquired time charters
|
6
|
265,173
|
—
|
|||||||||
Investment in related party
|
4(c)
|
|
117,537,135
|
117,541,024
|
||||||||
Total non-current assets
|
362,765,105
|
319,027,711
|
||||||||||
Total assets
|
$
|
605,041,979
|
$
|
619,534,065
|
||||||||
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
|
||||||||||||
CURRENT LIABILITIES:
|
||||||||||||
Current portion of long-term debt, net
|
8
|
17,679,295
|
14,541,683
|
|||||||||
Debt related to assets held for sale, net
|
8
|
2,406,648
|
11,689,285
|
|||||||||
Liability associated with asset held for sale
|
7(b)
|
—
|
4,950,000
|
|||||||||
Accounts payable
|
2,833,167
|
1,767,403
|
||||||||||
Deferred revenue
|
1,548,892
|
1,452,951
|
||||||||||
Accrued liabilities
|
3,592,728
|
3,882,270
|
||||||||||
Due to related party
|
4(d)
|
|
541,666
|
548,610
|
||||||||
Total current liabilities
|
28,602,396
|
38,832,202
|
||||||||||
NON-CURRENT LIABILITIES:
|
||||||||||||
Long-term debt, net
|
8
|
65,709,842
|
48,272,320
|
|||||||||
Total non-current liabilities
|
65,709,842
|
48,272,320
|
||||||||||
Commitments and contingencies
|
12
|
|||||||||||
MEZZANINE EQUITY:
|
||||||||||||
5.00% Series D fixed rate cumulative perpetual convertible preferred shares: 50,000 shares issued and outstanding as of December 31, 2023, and March 31, 2024, respectively,
aggregate liquidation preference of $50,000,000 as of December 31, 2023 and March 31, 2024, respectively
|
49,549,489
|
49,673,302
|
||||||||||
Total mezzanine equity
|
10
|
49,549,489
|
49,673,302
|
|||||||||
SHAREHOLDERS’ EQUITY:
|
||||||||||||
Common shares, $0.001 par value; 1,950,000,000 shares authorized; 9,662,354 issued and outstanding as of December 31, 2023 and March 31, 2024
|
10
|
9,662
|
9,662
|
|||||||||
Preferred shares, $0.001 par value: 50,000,000 shares authorized; Series B Preferred Shares – 12,000 shares issued and outstanding as of December 31, 2023, and March 31, 2024
|
10
|
12
|
12
|
|||||||||
Additional paid-in capital
|
266,447,819
|
266,447,819
|
||||||||||
Retained earnings
|
194,722,759
|
216,298,748
|
||||||||||
Total shareholders’ equity
|
461,180,252
|
482,756,241
|
||||||||||
Total liabilities, mezzanine equity and shareholders’ equity
|
$
|
605,041,979
|
$
|
619,534,065
|
|
Three Months Ended
March 31,
|
Three Months Ended
March 31,
|
||||||||||
|
Note
|
2023
|
2024
|
|||||||||
REVENUES:
|
||||||||||||
Time charter revenues
|
6, 14
|
24,468,970
|
20,390,247
|
|||||||||
Total vessel revenues
|
$
|
24,468,970
|
$
|
20,390,247
|
||||||||
|
||||||||||||
EXPENSES:
|
||||||||||||
Voyage expenses (including $326,770, and $251,581 to related party for the three months ended March 31, 2023, and 2024, respectively)
|
4, 15
|
(1,277,085
|
)
|
(1,064,734
|
)
|
|||||||
Vessel operating expenses
|
15
|
(11,267,683
|
)
|
(8,123,197
|
)
|
|||||||
Management fees to related parties
|
4
|
(1,831,500
|
)
|
(1,422,798
|
)
|
|||||||
Depreciation and amortization
|
5, 7
|
(5,812,463
|
)
|
(3,855,832
|
)
|
|||||||
General and administrative expenses (including $750,000, and $799,500 to related party for the three months ended March 31, 2023, and 2024, respectively)
|
4, 16
|
(1,134,664
|
)
|
(1,929,550
|
)
|
|||||||
Gain on sale of vessels (including $0, and $4,121,720 from related party for the three months ended March 31, 2023 and 2024, respectively)
|
7(b)
|
|
—
|
7,893,530
|
||||||||
Total expenses
|
(21,323,395
|
)
|
(8,502,581
|
)
|
||||||||
|
||||||||||||
Operating income
|
3,145,575
|
11,887,666
|
||||||||||
|
||||||||||||
OTHER INCOME/(EXPENSES):
|
||||||||||||
Interest and finance costs
|
8, 17
|
(3,088,079
|
)
|
(2,033,257
|
)
|
|||||||
Interest income
|
798,964
|
1,475,589
|
||||||||||
Foreign exchange losses
|
(61,578
|
)
|
(52,007
|
)
|
||||||||
Dividend income on equity securities
|
9
|
313,716
|
834,900
|
|||||||||
Dividend income from related party
|
4
|
97,222
|
353,889
|
|||||||||
(Loss) / Gain on equity securities
|
9
|
(7,692,952
|
)
|
9,928,255
|
||||||||
Total other (expenses) / income, net
|
(9,632,707
|
)
|
10,507,369
|
|||||||||
|
||||||||||||
Net (loss) /income and comprehensive (loss)/income from continuing operations, before taxes
|
$
|
(6,487,132
|
)
|
$
|
22,395,035
|
|||||||
Income taxes
|
(22,906
|
)
|
(63,289
|
)
|
||||||||
Net (loss)/income and comprehensive (loss)/income
from continuing operations, net of taxes
|
$
|
(6,510,038
|
)
|
$
|
22,331,746
|
|||||||
Net income and comprehensive income from discontinued operations, net of taxes
|
3
|
17,339,332
|
—
|
|||||||||
Net income and comprehensive income
|
10,829,294
|
22,331,746
|
||||||||||
Dividend on Series D Preferred Shares
|
—
|
(631,944
|
)
|
|||||||||
Deemed dividend on Series D Preferred Shares
|
—
|
(123,813
|
)
|
|||||||||
Net income attributable to common shareholders
|
10,829,294
|
21,575,989
|
||||||||||
|
||||||||||||
(Loss)/Earnings per common share, basic, continuing operations
|
13
|
(0.69
|
)
|
2.23
|
||||||||
(Loss)/Earnings per common share, diluted, continuing operations
|
13
|
(0.69
|
)
|
1.09
|
||||||||
Earnings per common share, basic, discontinued operations
|
13
|
1.83
|
—
|
|||||||||
Earnings per common share, diluted, discontinued operations
|
13
|
1.83
|
—
|
|||||||||
Earnings per common share, basic, total
|
13
|
1.14
|
2.23
|
|||||||||
Earnings per common share, diluted, total
|
13
|
1.14
|
1.09
|
|||||||||
Weighted average number of common shares, basic
|
13
|
9,460,976
|
9,662,354
|
|||||||||
Weighted average number of common shares, diluted
|
13
|
9,460,976
|
20,564,123
|
Number of shares issued
|
Mezzanine equity
|
|||||||||||||||||||||||||||||||||||
Common
shares
|
Preferred
A shares
|
Preferred
B shares
|
Par
Value of
Shares
issued
|
Additional
Paid-in
capital
|
Retained
earnings
|
Total
Shareholders’ Equity
|
# of
Series D Preferred
Shares
|
Mezzanine
Equity
|
||||||||||||||||||||||||||||
Balance, December 31, 2022
|
9,460,976
|
—
|
12,000
|
9,473
|
303,743,302
|
157,742,285
|
461,495,060
|
—
|
—
|
|||||||||||||||||||||||||||
- Distribution of net assets of Toro Corp. to shareholders (Note 1)
|
—
|
—
|
—
|
—
|
(37,919,432
|
)
|
—
|
(37,919,432
|
)
|
—
|
—
|
|||||||||||||||||||||||||
- Net income and comprehensive income
|
—
|
—
|
—
|
—
|
—
|
10,829,294
|
10,829,294
|
—
|
—
|
|||||||||||||||||||||||||||
Balance, March 31, 2023
|
9,460,976
|
—
|
12,000
|
9,473
|
265,823,870
|
168,571,579
|
434,404,922
|
—
|
—
|
|||||||||||||||||||||||||||
Balance, December 31, 2023
|
9,662,354
|
—
|
12,000
|
9,674
|
266,447,819
|
194,722,759
|
461,180,252
|
50,000
|
49,549,489
|
|||||||||||||||||||||||||||
- Dividend on Series D Preferred Shares
|
—
|
—
|
—
|
—
|
—
|
(631,944
|
)
|
(631,944
|
)
|
—
|
—
|
|||||||||||||||||||||||||
- Deemed dividend on Series D Preferred Shares
|
—
|
—
|
—
|
—
|
—
|
(123,813
|
)
|
(123,813
|
)
|
—
|
123,813
|
|||||||||||||||||||||||||
- Net income and comprehensive income
|
—
|
—
|
—
|
—
|
—
|
22,331,746
|
22,331,746
|
—
|
—
|
|||||||||||||||||||||||||||
Balance, March 31, 2024
|
9,662,354
|
—
|
12,000
|
9,674
|
266,447,819
|
216,298,748
|
482,756,241
|
50,000
|
49,673,302
|
|
Note
|
Three
Months
Ended
March 31,
|
Three
Months
Ended
March 31,
|
|||||||
|
2023 | 2024 | ||||||||
Cash Flows provided by Operating Activities of Continuing Operations:
|
||||||||||
Net income
|
10,829,294
|
22,331,746
|
||||||||
Less: Net income from discontinued operations, net of taxes
|
17,339,332
|
—
|
||||||||
Net (loss)/income from continuing operations, net of taxes
|
$
|
(6,510,038
|
)
|
$
|
22,331,746
|
|||||
Adjustments to reconcile net (loss)/income from Continuing operations to net cash provided by Operating Activities:
|
||||||||||
Depreciation and amortization
|
5, 7 |
5,812,463 |
3,855,832
|
|||||||
Amortization of deferred finance charges
|
17 |
186,151 |
146,093
|
|||||||
Amortization of fair value of acquired time charters
|
6 |
1,026,959 |
265,173
|
|||||||
Gain on sale of vessels
|
—
|
(7,893,530
|
)
|
|||||||
Straight line amortization of hire
|
—
|
(872,557
|
)
|
|||||||
Unrealized loss / (gain) on equity securities
|
7,695,588
|
(9,787,434
|
)
|
|||||||
Realized gain on sale of equity securities
|
(2,636
|
)
|
—
|
|||||||
Changes in operating assets and liabilities:
|
||||||||||
Accounts receivable trade, net
|
(195,435
|
)
|
1,165,592
|
|||||||
Inventories
|
180,445
|
254,987
|
||||||||
Due from/to related parties
|
(753,948
|
)
|
2,214,172
|
|||||||
Prepaid expenses and other assets
|
(124,161
|
)
|
465,090
|
|||||||
Other deferred charges
|
51,138
|
—
|
||||||||
Accounts payable
|
(3,595,122
|
)
|
(1,065,765
|
)
|
||||||
Accrued liabilities
|
(1,382,673
|
)
|
347,392
|
|||||||
Deferred revenue
|
(782,933
|
)
|
(95,940
|
)
|
||||||
Dry-dock costs paid
|
(1,315,024
|
)
|
—
|
|||||||
Net Cash provided by Operating Activities from Continuing Operations
|
290,774
|
11,330,851
|
||||||||
|
||||||||||
Cash flow (used in)/provided by Investing Activities of Continuing Operations:
|
||||||||||
Vessel acquisitions and other vessel improvements
|
7 |
(204,763 |
) | (18,923 |
) |
|||||
Advance received for sale of vessel
|
7(b) |
—
|
4,950,000
|
|||||||
Net proceeds from sale of vessels
|
—
|
43,842,720
|
||||||||
Purchase of equity securities
|
(31,742,081
|
)
|
(3,757,725
|
)
|
||||||
Proceeds from sale of equity securities
|
258,999
|
—
|
||||||||
Net cash (used in) / provided by Investing Activities from Continuing Operations
|
(31,687,845
|
)
|
45,016,072
|
|||||||
|
||||||||||
Cash flows used in Financing Activities of Continuing Operations:
|
||||||||||
Dividends paid on Series D Preferred Shares
|
—
|
(625,000
|
)
|
|||||||
Repayment of long-term debt
|
8 |
(8,444,500 |
) |
(11,438,590 |
) |
|||||
Payment of deferred financing costs
|
(25,178
|
)
|
—
|
|||||||
Proceeds received from Toro Corp. related to Spin-Off
|
4 |
2,570,503
|
—
|
|||||||
Net cash used in Financing Activities from continuing operations
|
(5,899,175
|
)
|
(12,063,590
|
)
|
||||||
|
||||||||||
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 (decrease)/increase in cash, cash equivalents, and restricted cash
|
(79,775,840
|
)
|
44,283,333
|
|||||||
Cash, cash equivalents and restricted cash at the beginning of
the period
|
152,307,420
|
120,901,147
|
||||||||
Cash, cash equivalents and restricted cash at the end of the
period
|
$
|
72,531,580
|
165,184,480
|
|||||||
|
||||||||||
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
||||||||||
Cash and cash equivalents
|
$
|
63,091,223
|
$
|
157,203,721
|
||||||
Restricted cash, current
|
1,935,357
|
2,830,759
|
||||||||
Restricted cash, non-current
|
7,505,000
|
5,150,000
|
||||||||
Cash, cash equivalents, and restricted cash
|
$
|
72,531,580
|
$
|
165,184,480
|
1. |
Basis of Presentation and General information:
|
1. |
Basis of Presentation and General information (continued):
|
Company
|
Country of
incorporation
|
Vessel Name
|
DWT
|
Year
Built
|
Delivery date
to Castor
|
|
1
|
Spetses Shipping Co. (“Spetses”)
|
Marshall Islands
|
M/V Magic P
|
76,453
|
2004
|
February 2017
|
2
|
Pocahontas Shipping Co. (“Pocahontas”)
|
Marshall Islands
|
M/V Magic Horizon
|
76,619
|
2010
|
October 2020
|
3
|
Super Mario Shipping Co. (“Super Mario”)
|
Marshall Islands
|
M/V Magic Venus
|
83,416
|
2010
|
March 2021
|
4
|
Liono Shipping Co. (“Liono”)
|
Marshall Islands
|
M/V Magic Thunder
|
83,375
|
2011
|
April 2021
|
5
|
Stewie Shipping Co. (“Stewie”)
|
Marshall Islands
|
M/V Magic Vela
|
75,003
|
2011
|
May 2021
|
6
|
Snoopy Shipping Co. (“Snoopy”)
|
Marshall Islands
|
M/V Magic Nebula
|
80,281
|
2010
|
May 2021
|
7
|
Mulan Shipping Co. (“Mulan”)
|
Marshall Islands
|
M/V Magic Starlight
|
81,048
|
2015
|
May 2021
|
8
|
Cinderella Shipping Co. (“Cinderella”)
|
Marshall Islands
|
M/V Magic Eclipse
|
74,940
|
2011
|
June 2021
|
9
|
Mickey Shipping Co. (“Mickey”)
|
Marshall Islands
|
M/V Magic Callisto
|
74,930
|
2012
|
January 2022
|
10
|
Songoku Shipping Co. (“Songoku”)
|
Marshall Islands
|
M/V Magic Pluto
|
74,940
|
2013
|
August 2021
|
11
|
Asterix Shipping Co. (“Asterix”)
|
Marshall Islands
|
M/V Magic Perseus
|
82,158
|
2013
|
August 2021
|
12
|
Johnny Bravo Shipping Co. (“Johnny Bravo”)
|
Marshall Islands
|
M/V Magic Mars
|
76,822
|
2014
|
September 2021
|
13
|
Jerry Shipping Co. (“Jerry S”)
|
Marshall Islands
|
M/V Ariana A
|
38,117
|
2005
|
November 2022
|
14
|
Tom Shipping Co. (“Tom S”)
|
Marshall Islands
|
M/V Gabriela A
|
38,121
|
2005
|
November 2022
|
1. |
Basis of Presentation and General information (continued):
|
Company
|
Country of incorporation
|
|
1
|
Containco Shipping Inc.
|
Marshall Islands
|
Company
|
Country of incorporation
|
|
1
|
Castor Maritime SCR Corp. (“Castor SCR”)(1)
|
Marshall Islands
|
2
|
Bagheera Shipping Co. (“Bagheera”)(2)
|
Marshall Islands
|
3
|
Luffy Shipping Co. (“Luffy”)(3)
|
Marshall Islands
|
4
|
Kabamaru Shipping Co. (“Kabamaru”)(4)
|
Marshall Islands
|
5
|
Bistro Maritime Co. (“Bistro”) (5)
|
Marshall Islands
|
6
|
Garfield Shipping Co. (“Garfield”)(6)
|
Marshall Islands
|
7
|
Pikachu Shipping Co. (“Pikachu”) (7)
|
Marshall Islands
|
8
|
Jumaru Shipping Co. (“Jumaru”) (8)
|
Marshall Islands
|
9
|
Pumba Shipping Co. (“Pumba”) (9)
|
Marshall Islands
|
(1) |
Incorporated under the laws of the Marshall Islands on September 16, 2021, this entity serves as the Company’s subsidiaries’ cash manager with effect from November 1, 2021.
|
(2) |
Bagheera Shipping Co. no longer owns any vessel following the sale of the M/V Magic Rainbow on March 13, 2023, and delivery of such vessel to an unaffiliated third-party on
April 18, 2023.
|
(3) |
Luffy Shipping Co. no longer owns any vessel following the sale of the M/V Magic Twilight on June 2, 2023, and delivery of such vessel to an unaffiliated third-party on July
20, 2023.
|
(4) |
Kabamaru Shipping Co. no longer owns any vessel following the sale of the M/V Magic Argo on September 22, 2023, and delivery of such vessel to an unaffiliated third-party on
December 14, 2023.
|
(5) |
Bistro Maritime Co. no longer owns any vessel following the sale of the M/V Magic Sun on October 6, 2023, and delivery of such vessel to an unaffiliated third-party on
November 14, 2023.
|
(6) |
Garfield Shipping Co. no longer owns any vessel following the sale of the M/V Magic Phoenix on October 16, 2023, and delivery of such vessel to an unaffiliated third-party
on November 27, 2023.
|
(7) |
Pikachu Shipping Co. no longer owns any vessel following the sale of the M/V Magic Moon on November 10, 2023, and delivery of such vessel to an unaffiliated third-party on
January 16, 2024 (see also Note 7).
|
(8) |
Jumaru Shipping Co. no longer owns any vessel following the sale of the M/V Magic Nova on January 19, 2024, and
delivery of such vessel to an entity beneficially owned by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer on March
11, 2024 (see also Note 7).
|
(9) |
Pumba Shipping Co. no longer owns any vessel following the sale of the M/V Magic Orion on December 7, 2023, and delivery of such vessel to an unaffiliated third-party on
March 22, 2024 (see also Note 7).
|
1. |
Basis of Presentation and General information (continued):
|
Company
|
Country of
incorporation
|
Vessel Name
|
DWT
|
Year
Built
|
Delivery date to
Castor
|
|
1
|
Toro Corp. (10)
|
Marshall Islands
|
—
|
—
|
—
|
—
|
2
|
Toro RBX Corp. (“Toro RBX”) (11)
|
Marshall Islands
|
—
|
—
|
—
|
—
|
3
|
Rocket Shipping Co. (“Rocket”)
|
Marshall Islands
|
M/T Wonder Polaris
|
115,351
|
2005
|
March 2021
|
4
|
Gamora Shipping Co. (“Gamora”)
|
Marshall Islands
|
M/T Wonder Sirius
|
115,341
|
2005
|
March 2021
|
5
|
Starlord Shipping Co. (“Starlord”)
|
Marshall Islands
|
M/T Wonder Vega
|
106,062
|
2005
|
May 2021
|
6
|
Hawkeye Shipping Co. (“Hawkeye”)
|
Marshall Islands
|
M/T Wonder Avior
|
106,162
|
2004
|
May 2021
|
7
|
Vision Shipping Co. (“Vision”)
|
Marshall Islands
|
M/T Wonder Mimosa
|
36,718
|
2006
|
May 2021
|
8
|
Colossus Shipping Co. (“Colossus”)
|
Marshall Islands
|
M/T Wonder Musica
|
106,290
|
2004
|
June 2021
|
9
|
Xavier Shipping Co. (“Xavier”)
|
Marshall Islands
|
M/T Wonder Formosa
|
36,660
|
2006
|
June 2021
|
10
|
Drax Shipping Co. (“Drax”)
|
Marshall Islands
|
M/T Wonder Bellatrix
|
115,341
|
2006
|
December 2021
|
11
|
Elektra Shipping Co. (“Elektra”) (12)
|
Marshall Islands
|
—
|
—
|
—
|
—
|
(10) |
Incorporated on July 29, 2022. At the Distribution Date, Toro served as the holding company to which the equity interests of the Aframax/LR2 and Handysize tanker owning subsidiaries and Elektra were contributed.
|
(11) |
Incorporated under the laws of the Marshall Islands on October 3, 2022, to serve, with effect from the Distribution Date, as the cash manager of Toro and its subsidiaries.
|
(12) |
Elektra no longer owns any vessel following the sale of the M/T Wonder Arcturus on May 9, 2022, and delivery of such vessel to an unaffiliated third-party on July 15, 2022.
|
2. |
Significant Accounting Policies and Recent Accounting Pronouncements:
|
3. |
Discontinued operations:
|
January 1 through
March 7,
|
||||
2023
|
||||
REVENUES:
|
||||
Time charter revenues
|
914,000
|
|||
Voyage charter revenues
|
7,930
|
|||
Pool revenues
|
22,447,344
|
|||
Total vessel revenues
|
23,369,274
|
|||
EXPENSES:
|
||||
Voyage expenses (including $294,831 to related party for the period January 1, 2023 through March 7, 2023)
|
(374,396
|
)
|
||
Vessel operating expenses
|
(3,769,132
|
)
|
||
Management fees to related parties
|
(507,000
|
)
|
||
Depreciation and amortization
|
(1,493,759
|
)
|
||
Recovery of provision for doubtful accounts
|
266,732
|
|||
Total expenses
|
(5,877,555
|
)
|
||
Operating income
|
17,491,719
|
|||
OTHER INCOME:
|
||||
Interest and finance costs
|
(220,061
|
)
|
||
Interest income
|
253,165
|
|||
Foreign exchange losses
|
(11,554
|
)
|
||
Total other income, net
|
21,550
|
|||
Net income and comprehensive income from discontinued operations, before taxes
|
$
|
17,513,269
|
||
Income taxes
|
(173,937
|
)
|
||
Net income and comprehensive income from discontinued operations, net of taxes
|
$
|
17,339,332
|
4. |
Transactions with Related Parties:
|
Three months ended
March 31,
|
Three months ended
March 31,
|
|||||||
2023
|
2024
|
|||||||
Management fees-related parties
|
||||||||
Management fees – Castor Ships (a)
|
$
|
643,500
|
$
|
666,198
|
||||
Management fees – Pavimar (b)
|
1,188,000
|
756,600
|
||||||
Included in Voyage expenses
|
||||||||
Charter hire commissions – Castor Ships (a)
|
$
|
326,770
|
$
|
251,581
|
||||
Included in General and administrative expenses
|
||||||||
Administration fees – Castor Ships (a)
|
$
|
750,000
|
$
|
799,500
|
||||
Included in Gain on sale of vessel
|
||||||||
Sale & purchase commission – Castor Ships (a)
|
$
|
—
|
$
|
453,000
|
December 31,
2023
|
March 31,
2024
|
|||||||
Assets:
|
||||||||
Due from Castor Ships (a) – current
|
$
|
2,283,209
|
$
|
1,560,109
|
||||
Due from Castor Ships (a) – non-current
|
4,504,340
|
3,599,018
|
||||||
Due from Pavimar (b) – current
|
3,366,959
|
2,777,320
|
||||||
Investment in Toro (c) – non-current
|
117,537,135
|
117,541,024
|
||||||
Liabilities:
|
||||||||
Due to Toro (d) – current
|
541,666
|
548,610
|
4. |
Transactions with Related Parties (continued):
|
4. |
Transactions with Related Parties (continued):
|
4. |
Transactions with Related Parties (continued):
|
5. |
Deferred Charges, net:
|
Dry-docking costs
|
||||
Balance December 31, 2023
|
$
|
3,231,461
|
||
Adjustment to additions
|
(57,850
|
)
|
||
Amortization
|
(405,784
|
)
|
||
Transfer to Assets held for sale (Note 7(b))
|
(243,161
|
)
|
||
Balance March 31, 2024
|
$
|
2,524,666
|
6. |
Fair Value of Acquired Time Charters:
|
7. |
Vessels, net/Assets held for sale:
|
Vessel Cost
|
Accumulated depreciation
|
Net Book Value
|
||||||||||
Balance December 31, 2023
|
262,066,353
|
(32,529,357
|
)
|
229,536,996
|
||||||||
— Acquisitions, improvements, and other vessel costs
|
18,923
|
—
|
18,923
|
|||||||||
— Transfer to Assets held for sale (b)
|
(28,904,269
|
)
|
4,242,535
|
(24,661,734
|
)
|
|||||||
— Vessel disposals
|
(13,951,340
|
)
|
2,220,206
|
(11,731,134
|
)
|
|||||||
— Period depreciation
|
—
|
(3,450,048
|
)
|
(3,450,048
|
)
|
|||||||
Balance March 31, 2024
|
219,229,667
|
(29,516,664
|
)
|
189,713,003
|
7. |
Vessels, net/Assets held for sale (continued):
|
Assets held for sale
|
||||
Balance December 31, 2023
|
$
|
38,656,048
|
||
Asset’s disposal
|
(24,564,213
|
)
|
||
Transfer to Assets held for sale
|
24,976,177
|
|||
Balance March 31, 2024
|
$
|
39,068,012
|
7. |
Vessels, net/Assets held for sale (continued):
|
8. |
Long-Term Debt:
|
Year/Period Ended
|
||||||||||
Loan facilities
|
Borrowers
|
December 31,
2023
|
March 31,
2024
|
|||||||
$11.0 Million Term Loan Facility (a)
|
Spetses- Pikachu
|
$
|
4,600,000
|
$
|
1,999,565
|
|||||
$15.29 Million Term Loan Facility (b)
|
Pocahontas- Jumaru
|
10,109,000
|
4,775,845
|
|||||||
$40.75 Million Term Loan Facility
|
Liono-Snoopy-Cinderella
|
23,055,000
|
22,200,000
|
|||||||
$55.00 Million Term Loan Facility
|
Mulan- Johnny Bravo-Songoku-Asterix-Stewie
|
32,040,000
|
30,290,000
|
|||||||
$22.5 million Term Loan Facility
|
Tom-Jerry
|
16,800,000
|
15,900,000
|
|||||||
Total long-term debt
|
$
|
86,604,000
|
$
|
75,165,410
|
||||||
Less: Deferred financing costs
|
(808,215
|
)
|
(662,122
|
)
|
||||||
Total long-term debt, net of deferred finance costs
|
$
|
85,795,785
|
$
|
74,503,288
|
||||||
Presented:
|
||||||||||
Current portion of long-term debt
|
$
|
18,089,000
|
$
|
14,823,565
|
||||||
Less: Current portion of deferred finance costs
|
(409,705
|
)
|
(281,882
|
)
|
||||||
Current portion of long-term debt, net of deferred finance costs
|
$
|
17,679,295
|
$
|
14,541,683
|
||||||
Debt related to assets held for sale
|
$
|
2,415,000
|
$
|
11,785,845
|
||||||
Less: Current portion of deferred finance costs
|
(8,352
|
)
|
(96,560
|
)
|
||||||
Debt related to assets held for sale, net of deferred finance costs
|
$
|
2,406,648
|
$
|
11,689,285
|
||||||
Non-Current portion of long-term debt
|
66,100,000
|
48,556,000
|
||||||||
Less: Non-Current portion of deferred finance costs
|
(390,158
|
)
|
(283,680
|
)
|
||||||
Non-Current portion of long-term debt, net of deferred finance costs
|
$
|
65,709,842
|
$
|
48,272,320
|
8. |
Long-Term Debt (continued):
|
Twelve-month period ending March 31,
|
Amount
|
|||
2025
|
$
|
26,609,410
|
||
2026
|
11,184,000
|
|||
2027
|
32,272,000
|
|||
2028
|
5,100,000
|
|||
Total long-term debt
|
$
|
75,165,410
|
8. |
Long-Term Debt (continued):
|
9. |
Investment in equity securities
|
Equity securities
|
||||
Balance December 31, 2023
|
$
|
77,089,100
|
||
Equity securities acquired
|
3,757,725
|
|||
Unrealized gain on equity securities revalued at fair value at end of the period
|
9,928,255
|
|||
Unrealized foreign exchange loss
|
(140,821
|
)
|
||
Balance March 31, 2024
|
$
|
90,634,259
|
10. |
Equity Capital Structure:
|
10. |
Equity Capital Structure (continued):
|
10. |
Equity Capital Structure (continued):
|
11. |
Financial Instruments and Fair Value Disclosures:
|
12. |
Commitments and Contingencies:
|
Twelve-month period ending March 31,
|
Amount
|
|||
2025
|
$
|
18,435,733
|
||
Total
|
$
|
18,435,733
|
13. |
Earnings Per Common Share:
|
Three months ended
March 31,
|
Three months ended
March 31,
|
|||||||
2023
|
2024
|
|||||||
Net (loss)/income and comprehensive (loss)/income from continuing operations, net of taxes
|
(6,510,038
|
)
|
22,331,746
|
|||||
Net income and comprehensive income from discontinued operations, net of taxes
|
17,339,332
|
—
|
||||||
Net income and comprehensive income
|
$
|
10,829,294
|
$
|
22,331,746
|
||||
Less: Dividend on Series D Preferred Shares
|
—
|
(631,944
|
)
|
|||||
Less: Deemed dividend on Series D Preferred Shares
|
—
|
(123,813
|
)
|
|||||
Net income and comprehensive income available to common shareholders, basic
|
10,829,294
|
21,575,989
|
||||||
Dividend on Series D Preferred Shares
|
—
|
631,944
|
||||||
Deemed dividend on Series D Preferred Shares
|
—
|
123,813
|
||||||
Net income attributable to common shareholders, diluted
|
10,829,294
|
22,331,746
|
||||||
Weighted average number of common shares outstanding, basic
|
9,460,976
|
9,662,354
|
||||||
Effect of dilutive shares
|
—
|
10,901,769
|
||||||
Weighted average number of common shares outstanding, diluted
|
9,460,976
|
20,564,123
|
||||||
(Loss)/Earnings per common share, basic, continuing operations
|
$
|
(0.69
|
)
|
$
|
2.23
|
|||
(Loss)/Earnings per common share, diluted, continuing operations
|
$
|
(0.69
|
)
|
$
|
1.09
|
|||
Earnings per common share, basic, discontinued operations
|
$
|
1.83
|
$
|
—
|
||||
Earnings per common share, diluted, discontinued operations
|
$
|
1.83
|
$
|
—
|
||||
Earnings per common share, basic, Total
|
$
|
1.14
|
$
|
2.23
|
||||
Earnings per common share, diluted, Total
|
$
|
1.14
|
$
|
1.09
|
14. |
Total Vessel Revenues:
|
Three months ended
March 31,
|
Three months ended
March 31,
|
|||||||
2023
|
2024
|
|||||||
Time charter revenues
|
24,468,970
|
20,390,247
|
||||||
Total Vessel revenues
|
$
|
24,468,970
|
$
|
20,390,247
|
15. |
Vessel Operating Expenses and Voyage Expenses:
|
Three months ended
March 31,
|
Three months ended
March 31,
|
|||||||
Vessel Operating Expenses
|
2023
|
2024
|
||||||
Crew & crew related costs
|
5,937,987
|
4,267,132
|
||||||
Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling
|
2,862,901
|
1,913,788
|
||||||
Lubricants
|
796,155
|
427,649
|
||||||
Insurances
|
913,414
|
696,170
|
||||||
Tonnage taxes
|
235,212
|
198,412
|
||||||
Other
|
522,014
|
620,046
|
||||||
Total Vessel operating expenses
|
$
|
11,267,683
|
$
|
8,123,197
|
Three months ended
March 31,
|
Three months ended
March 31,
|
|||||||
Voyage expenses
|
2023
|
2024
|
||||||
Brokerage commissions
|
393,247
|
473,526
|
||||||
Brokerage commissions- related party
|
326,770
|
251,581
|
||||||
Port & other expenses
|
88,534
|
211,910
|
||||||
Bunkers consumption
|
402,131
|
126,230
|
||||||
Loss on bunkers
|
66,403
|
1,487
|
||||||
Total Voyage expenses
|
$
|
1,277,085
|
$
|
1,064,734
|
16. |
General and Administrative Expenses:
|
Three months ended
March 31,
|
Three months ended
March 31,
|
|||||||
2023
|
2024
|
|||||||
Non-executive directors’ compensation
|
$
|
18,000
|
$
|
31,500
|
||||
Audit fees
|
57,496
|
62,663
|
||||||
Professional fees and other expenses
|
309,168
|
1,035,887
|
||||||
Administration fees-related party (Note 4(a))
|
750,000
|
799,500
|
||||||
Total
|
$
|
1,134,664
|
$
|
1,929,550
|
17. |
Interest and Finance Costs:
|
Three months ended
March 31,
|
Three months ended
March 31,
|
|||||||
2023
|
2024
|
|||||||
Interest on long-term debt
|
$
|
2,719,402
|
$
|
1,775,602
|
||||
Amortization and write-off of deferred finance charges
|
186,151
|
146,093
|
||||||
Other finance charges
|
182,526
|
111,562
|
||||||
Total
|
$
|
3,088,079
|
$
|
2,033,257
|
18.
|
Segment Information:
|
Three months ended March 31,
|
Three months ended March 31,
|
|||||||||||||||||||||||
2023
|
2024
|
|||||||||||||||||||||||
Dry bulk segment
|
Container
ship
segment
|
Total
|
Dry bulk segment
|
Container
ship
segment
|
Total | |||||||||||||||||||
- Time charter revenues
|
$
|
21,031,930
|
$
|
3,437,040
|
$
|
24,468,970
|
$
|
17,247,214
|
$
|
3,143,033
|
$
|
20,390,247
|
||||||||||||
Total vessel revenues
|
$
|
21,031,930
|
$
|
3,437,040
|
$
|
24,468,970
|
$
|
17,247,214
|
$
|
3,143,033
|
$
|
20,390,247
|
||||||||||||
Voyage expenses (including charges from related party)
|
(1,109,565
|
)
|
(167,520
|
)
|
(1,277,085
|
)
|
(907,286
|
)
|
(157,448
|
)
|
(1,064,734
|
)
|
||||||||||||
Vessel operating expenses
|
(9,708,905
|
)
|
(1,558,778
|
)
|
(11,267,683
|
)
|
(6,851,407
|
)
|
(1,271,790
|
)
|
(8,123,197
|
)
|
||||||||||||
Management fees to related parties
|
(1,665,000
|
)
|
(166,500
|
)
|
(1,831,500
|
)
|
(1,243,346
|
)
|
(179,452
|
)
|
(1,422,798
|
)
|
||||||||||||
Depreciation and amortization
|
(4,553,307
|
)
|
(1,259,156
|
)
|
(5,812,463
|
)
|
(2,477,106
|
)
|
(1,378,726
|
)
|
(3,855,832
|
)
|
||||||||||||
Gain on sale of vessels
|
—
|
—
|
—
|
7,893,530
|
—
|
7,893,530
|
||||||||||||||||||
Segments operating income
|
$
|
3,995,153
|
$
|
285,086
|
$
|
4,280,239
|
$
|
13,661,599
|
$
|
155,617
|
$
|
13,817,216
|
||||||||||||
Interest and finance costs
|
(2,941,420
|
)
|
(1,957,338
|
)
|
||||||||||||||||||||
Interest income
|
660,541
|
844,587
|
||||||||||||||||||||||
Foreign exchange losses
|
(55,082
|
)
|
(3,096
|
)
|
||||||||||||||||||||
Less: Unallocated corporate general and administrative expenses
|
(1,134,664
|
)
|
(1,929,550
|
)
|
||||||||||||||||||||
Less: Corporate Interest and finance costs
|
(146,659
|
)
|
(75,919
|
)
|
||||||||||||||||||||
Less: Corporate Interest income
|
138,423
|
631,002
|
||||||||||||||||||||||
Less: Corporate exchange losses
|
(6,496
|
)
|
(48,911
|
)
|
||||||||||||||||||||
Dividend income on equity securities
|
313,716
|
834,900
|
||||||||||||||||||||||
Dividend income from related party
|
97,222
|
353,889
|
||||||||||||||||||||||
(Losses) / Gains on equity securities
|
(7,692,952
|
)
|
9,928,255
|
|||||||||||||||||||||
Net income and comprehensive income from continuing operations, before taxes
|
$
|
(6,487,132
|
)
|
$
|
22,395,035
|
|||||||||||||||||||
Net income and Comprehensive income from discontinued operations, before taxes
|
17,513,269
|
—
|
||||||||||||||||||||||
Net income and Comprehensive income, before taxes
|
11,026,137
|
22,395,035
|
18. |
Segment Information (continued):
|
As of
December 31,
2023
|
As of
March 31,
2024
|
|||||||
Dry bulk segment
|
$
|
259,759,770
|
$
|
213,961,698
|
||||
Containership segment
|
46,202,603
|
44,176,844
|
||||||
Cash and cash equivalents (1)
|
103,822,505
|
152,898,080
|
||||||
Prepaid expenses and other assets (1)
|
195,257,101
|
208,497,443
|
||||||
Total consolidated assets
|
$
|
605,041,979
|
$
|
619,534,065
|
(1) |
Refers to assets of other, non-vessel owning, entities included in the unaudited interim condensed consolidated financial statements.
|
19. |
Subsequent Events:
|
(a) |
Compliance with Nasdaq Capital Market Listing Requirements: On April 11, 2024, following the completion of the 1-for-10 reverse stock split discussed herein, the Company
received a written confirmation from Nasdaq that it had regained compliance with Nasdaq Listing Rule 5550(a)(2) concerning the Minimum Bid Price of the Company’s stock.
|
(b) |
Dividend on Series D Preferred Shares: On April 15, 2024, the Company paid to Toro a dividend (declared on March 27, 2024) amounting to $625,000 on the
Series D Preferred Shares for the dividend period from January 15, 2024 to April 14, 2024.
|
(c) |
Warrants tender offer: On April 22, 2024, the Company commenced a tender offer (the “Offer”) to purchase all of its outstanding April 7 Warrants at a price of $0.105 per warrant, net to the seller in
cash, without interest. Payments made pursuant to the Offer will be rounded down to the nearest whole cent. The April 7 Warrants are exercisable in the aggregate into 1,033,077 of the Company’s common shares at an exercise price per warrant
share of $55.30. The Offer will expire at the end of the day, 5:00 P.M., Eastern time, on May 31, 2024, unless extended.
|
(d) |
Sale of the M/V Magic Nebula: On April 18, 2024, the Company completed the previously announced
sale of the M/V Magic Nebula described in Note 7 by delivering the vessel to its new owners. Following completion of the sale, Hamburg Commercial Bank entered into a deed of partial release on April
18, 2024 with respect to the M/V Magic Nebula, releasing and discharging the underlying borrower and all securities created over the M/V Magic Nebula in full,
after the settlement by the Company of the outstanding balance of $7.3 million due under the $40.75 million term loan facility.
|
(e) |
Sale of the M/V Magic Vela: On May 1, 2024, the Company entered into an agreement with an
unaffiliated third party for the sale of the M/V Magic Vela for a gross sale price of $16.4 million. The vessel is expected to be delivered to its new owners during the second quarter of 2024. The
Company expects to record during the second quarter of 2024 a net gain of approximately $2.7 million, excluding any transaction-related costs.
|
(f) |
Sale of the M/V Magic Venus: On May 10, 2024, the Company completed the previously announced sale of the M/V Magic Venus by delivering the vessel to its new owners. Please refer to Note 4 and Note 7.
|
Dry Bulk Carriers
|
|||||||||||||||
Vessel Name
|
Vessel Type
|
DWT
|
Year
Built
|
Country of
Construction
|
Purchase
Price
(in million)
|
Delivery
Date
|
|||||||||
Magic P
|
Panamax
|
76,453
|
2004
|
Japan
|
$
|
7.35
|
02/21/2017
|
||||||||
Magic Horizon (1)
|
Panamax
|
76,619
|
2010
|
Japan
|
$
|
12.75
|
10/09/2020
|
||||||||
Magic Thunder
|
Kamsarmax
|
83,375
|
2011
|
Japan
|
$
|
16.85
|
04/13/2021
|
||||||||
Magic Eclipse
|
Panamax
|
74,940
|
2011
|
Japan
|
$
|
18.48
|
06/07/2021
|
||||||||
Magic Starlight
|
Kamsarmax
|
81,048
|
2015
|
China
|
$
|
23.50
|
05/23/2021
|
||||||||
Magic Vela(2)
|
Panamax
|
75,003
|
2011
|
China
|
$
|
14.50
|
05/12/2021
|
||||||||
Magic Perseus
|
Kamsarmax
|
82,158
|
2013
|
Japan
|
$
|
21.00
|
08/09/2021
|
||||||||
Magic Pluto
|
Panamax
|
74,940
|
2013
|
Japan
|
$
|
19.06
|
08/06/2021
|
||||||||
Magic Mars
|
Panamax
|
76,822
|
2014
|
Korea
|
$
|
20.40
|
09/20/2021
|
||||||||
Magic Callisto
|
Panamax
|
74,930
|
2012
|
Japan
|
$
|
23.55
|
01/04/2022
|
||||||||
Containerships
|
|||||||||||||||
Ariana A
|
2,700 TEU capacity Containership
|
38,117
|
2005
|
Germany
|
$
|
25.00
|
11/23/22
|
||||||||
Gabriela A
|
2,700 TEU capacity Containership
|
38,121
|
2005
|
Germany
|
$
|
25.75
|
11/30/22
|
- |
The levels of demand and supply of seaborne cargoes and vessel tonnage in the shipping segments in which we operate;
|
- |
The cyclical nature of the shipping industry in general and its impact on charter rates and vessel values;
|
- |
The successful implementation of the Company’s business strategy, including our ability to obtain equity and debt financing at acceptable and attractive terms to fund future capital expenditures and/or to
implement our business strategy;
|
- |
The global economic growth outlook and trends, such as price inflation and/or volatility;
|
- |
Economic, regulatory, political and governmental conditions that affect shipping and the dry bulk and container segments, including international conflict or war (or threatened war), such as between Russia and
Ukraine and in the Middle East, and acts of piracy or maritime aggression, such as recent maritime incidents involving vessels in and around the Red Sea;
|
- |
The employment and operation of our fleet including the utilization rates of our vessels;
|
- |
Our ability to successfully employ our vessels at economically attractive rates and our strategic decisions regarding the employment mix of our fleet as our charters expire or are otherwise terminated;
|
- |
Management of the financial, operating, general and administrative elements involved in the conduct of our business and ownership of our fleet, including the effective and efficient technical management of our
fleet by our head and sub-managers, and their suppliers;
|
- |
The number of customers who use our services and the performance of their obligations under their agreements, including their ability to make timely payments to us;
|
- |
Our ability to maintain solid working relationships with our existing customers and our ability to increase the number of our charterers through the development of new working relationships;
|
- |
The reputation and safety record of our manager and/or sub-managers for the management of our vessels;
|
- |
Dry-docking and special survey costs and duration, both expected and unexpected;
|
- |
The level of any distribution on all classes of our shares;
|
- |
Our borrowing levels and the finance costs related to our outstanding debt as well as our compliance with our debt covenants;
|
- |
Management of our financial resources, including banking relationships and of the relationships with our various stakeholders;
|
- |
Major outbreaks of diseases and governmental responses thereto; and
|
- |
The performance of the listed equity securities in which the Company currently has investments, which is subject to market risk and price volatility, and may adversely affect our results due to the realization of
losses upon disposition of these investments or the recognition of significant unrealized losses during their holding period.
|
(In U.S. Dollars, except for number of share data)
|
Three months
ended
March 31,
2023
|
Three
months
ended
March 31, 2024
|
Change-
amount
|
Change %
|
||||||||||||
Total vessel revenues
|
$
|
24,468,970
|
$
|
20,390,247
|
$
|
4,078,723
|
16.7
|
%
|
||||||||
Expenses:
|
||||||||||||||||
Voyage expenses (including commissions to related party)
|
(1,277,085
|
)
|
(1,064,734
|
)
|
212,351
|
16.6
|
%
|
|||||||||
Vessel operating expenses
|
(11,267,683
|
)
|
(8,123,197
|
)
|
3,144,486
|
27.9
|
%
|
|||||||||
Management fees to related parties
|
(1,831,500
|
)
|
(1,422,798
|
)
|
408,702
|
22.3
|
%
|
|||||||||
Depreciation and amortization
|
(5,812,463
|
)
|
(3,855,832
|
)
|
1,956,631
|
33.7
|
%
|
|||||||||
General and administrative expenses (including costs from related party)
|
(1,134,664
|
)
|
(1,929,550
|
)
|
794,886
|
70.1
|
%
|
|||||||||
Gain on sale of vessels (including gain from related party)
|
—
|
7,893,530
|
7,893,530
|
100
|
%
|
|||||||||||
Operating income
|
$
|
3,145,575
|
$
|
11,887,666
|
$
|
8,742,091
|
277.9
|
%
|
||||||||
Interest and finance costs, net
|
(2,289,115
|
)
|
(557,668
|
)
|
1,731,447
|
75.6
|
%
|
|||||||||
Other (expenses) / income (1)
|
(7,343,592
|
)
|
11,065,037
|
18,408,629
|
250.7
|
%
|
||||||||||
Income taxes
|
(22,906
|
)
|
(63,289
|
)
|
40,383
|
176.3
|
%
|
|||||||||
Net (loss)/income and comprehensive (loss)/income from continuing operations, net of taxes
|
$
|
(6,510,038
|
)
|
$
|
22,331,746
|
$
|
28,841,784
|
443.0
|
%
|
|||||||
Net income and comprehensive income from discontinued operations, net of taxes
|
$
|
17,339,332
|
$
|
—
|
$
|
17,339,332
|
100
|
%
|
||||||||
Net income and comprehensive income
|
$
|
10,829,294
|
$
|
22,331,746
|
$
|
11,502,452
|
106.2
|
%
|
(in U.S. Dollars)
|
Three
months
ended
March
31, 2023
|
Three
months
ended
March
31, 2024
|
Change-
amount
|
Change
%
|
||||||||||||
Total vessel revenues
|
21,031,930
|
17,247,214
|
3,784,716
|
18.0
|
%
|
|||||||||||
Expenses:
|
||||||||||||||||
Voyage expenses (including commissions to related party)
|
(1,109,565
|
)
|
(907,286
|
)
|
202,279
|
18.2
|
%
|
|||||||||
Vessel operating expenses
|
(9,708,905
|
)
|
(6,851,407
|
)
|
2,857,498
|
29.4
|
%
|
|||||||||
Management fees to related parties
|
(1,665,000
|
)
|
(1,243,346
|
)
|
421,654
|
25.3
|
%
|
|||||||||
Depreciation and amortization
|
(4,553,307
|
)
|
(2,477,106
|
)
|
2,076,201
|
45.6
|
%
|
|||||||||
Gain on sale of vessels
|
—
|
7,893,530
|
7,893,530
|
100.0
|
%
|
|||||||||||
Segment operating income(1)
|
3,995,153
|
13,661,599
|
9,666,446
|
242.0
|
%
|
(1) |
Does not include corporate general and administrative expenses. See the discussion under “Consolidated Results of Operations” above.
|
Three
months
ended
March 31,
2023
|
Three months ended
March 31,
2024
|
Change -
amount
|
Change
%
|
|||||||||||||
Total vessel revenues
|
3,437,040
|
3,143,033
|
294,007
|
8.6
|
%
|
|||||||||||
Expenses:
|
||||||||||||||||
Voyage expenses (including commissions to related party)
|
(167,520
|
)
|
(157,448
|
)
|
10,072
|
6.0
|
%
|
|||||||||
Vessel operating expenses
|
(1,558,778
|
)
|
(1,271,790
|
)
|
286,988
|
18.4
|
%
|
|||||||||
Management fees to related parties
|
(166,500
|
)
|
(179,452
|
)
|
12,952
|
7.8
|
%
|
|||||||||
Depreciation and amortization
|
(1,259,156
|
)
|
(1,378,726
|
)
|
119,570
|
9.5
|
%
|
|||||||||
Segment operating income
|
285,086
|
155,617
|
129,469
|
45.4
|
%
|
Three months ended March 31,
|
||||||||
(in U.S. Dollars)
|
2023
|
2024
|
||||||
Net cash provided by operating activities from continuing operations
|
$
|
290,774
|
$
|
11,330,851
|
||||
Net cash (used in) / provided by investing activities from continuing operations
|
(31,687,845
|
)
|
45,016,072
|
|||||
Net cash used in financing activities from continuing operations
|
(5,899,175
|
)
|
(12,063,590
|
)
|
||||
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
|
)
|
—
|
|||||
Cash, cash equivalents and restricted cash at beginning of period
|
152,307,420
|
120,901,147
|
||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
72,531,580
|
$
|
165,184,480
|
Three-months ended
March 31,
|
Three-months ended
March 31,
|
|||||||
2023
|
2024
|
|||||||
Total vessel revenues
|
$
|
24,468,970
|
$
|
20,390,247
|
||||
Voyage expenses -including commissions to related party
|
(1,277,085
|
)
|
(1,064,734
|
)
|
||||
TCE revenues
|
$
|
23,191,885
|
$
|
19,325,513
|
||||
Available Days
|
1,980
|
1,441
|
||||||
Daily TCE Rate
|
$
|
11,713
|
$
|
13,411
|
Three-months ended
March 31,
|
Three-months ended
March 31,
|
|||||||
2023
|
2024
|
|||||||
Total vessel revenues
|
$
|
21,031,930
|
$
|
17,247,214
|
||||
Voyage expenses - including commissions to related party
|
(1,109,565
|
)
|
(907,286
|
)
|
||||
TCE revenues
|
$
|
19,922,365
|
$
|
16,339,928
|
||||
Available Days
|
1,800
|
1,259
|
||||||
Daily TCE Rate
|
$
|
11,068
|
$
|
12,978
|
Three-months ended
March 31,
|
Three-months ended
March 31,
|
|||||||
2023
|
2024
|
|||||||
Total vessel revenues
|
$
|
3,437,040
|
$
|
3,143,033
|
||||
Voyage expenses - including commissions to related party
|
(167,520
|
)
|
(157,448
|
)
|
||||
TCE revenues
|
$
|
3,269,520
|
$
|
2,985,585
|
||||
Available Days
|
180
|
182
|
||||||
Daily TCE Rate
|
$
|
18,164
|
$
|
16,404
|
1 Year Castor Maritime Chart |
1 Month Castor Maritime Chart |
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