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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 ☐
|
Exhibit No.
|
Description
|
Unaudited Consolidated Interim Financial Statements for the Six Months Ended June 30, 2023
|
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
101.INS
|
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
CASTOR MARITIME INC.
|
||
Dated: August 8, 2023
|
||
By:
|
/s/ Petros Panagiotidis
|
|
Petros Panagiotidis
|
||
Chairman, Chief Executive Officer and Chief Financial Officer
|
Page
|
|
F-2
|
|
F-3
|
|
F-4
|
|
F-5
|
|
F-6
|
CASTOR MARITIME INC.
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
|
December 31, 2022 and June 30, 2023
|
(Expressed in U.S. Dollars – except for share data)
|
ASSETS
|
December 31,
|
June 30,
|
||||||||||
CURRENT ASSETS:
|
Note
|
2022
|
2023
|
|||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||||||
Restricted Cash
|
8 |
|||||||||||
Accounts receivable trade, net
|
|
|
||||||||||
4 | ||||||||||||
Inventories
|
|
|
||||||||||
Prepaid expenses and other assets
|
|
|
||||||||||
Investment in equity securities |
9 |
|||||||||||
Assets held for sale |
7(b) | |||||||||||
Deferred charges, net
|
14 |
|
|
|||||||||
Current assets of discontinued operations
|
3 |
|||||||||||
Total current assets
|
|
|
||||||||||
NON-CURRENT ASSETS:
|
||||||||||||
Vessels, net
|
4, 7
|
|
|
|||||||||
Restricted cash
|
8
|
|
|
|||||||||
|
4 | |||||||||||
Prepaid expenses and other assets
|
|
|
||||||||||
Deferred charges, net
|
5
|
|
|
|||||||||
Fair value of acquired time charters |
6 |
|||||||||||
Investment in related party |
4 |
|||||||||||
Non-current assets of discontinued operations |
3 |
|||||||||||
Total non-current assets
|
|
|
||||||||||
Total assets
|
$ | $ | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||||||
CURRENT LIABILITIES:
|
||||||||||||
Current portion of long-term debt, net
|
8
|
|
|
|||||||||
Debt related to assets held for sale, net |
8 |
|||||||||||
Accounts payable
|
|
|
||||||||||
Deferred revenue
|
|
|
||||||||||
Accrued liabilities
|
|
|
||||||||||
Current liabilities of discontinued operations |
3 | |||||||||||
Total current liabilities
|
|
|
||||||||||
NON-CURRENT LIABILITIES:
|
||||||||||||
Long-term debt, net
|
8
|
|||||||||||
Non-current liabilities of discontinued operations |
3 |
|||||||||||
Total non-current liabilities
|
||||||||||||
Commitments and contingencies |
12 |
|||||||||||
SHAREHOLDERS’ EQUITY:
|
||||||||||||
Common shares, $
|
10
|
|
|
|||||||||
Due from shareholders
|
10
|
( |
) | |||||||||
Preferred shares, $
|
10
|
|
|
|||||||||
Additional paid-in capital
|
|
|
||||||||||
Retained earnings
|
|
|
||||||||||
Total shareholders’ equity
|
|
|
||||||||||
Total liabilities and shareholders’ equity
|
$ |
$
|
|
CASTOR MARITIME INC.
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the six months ended June 30, 2022 and 2023
|
(Expressed in U.S. Dollars – except for share data)
|
Six Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||
|
Note
|
2022
|
2023
|
|||||||||
REVENUES:
|
||||||||||||
Time charter revenues
|
6,14 |
$
|
|
$
|
|
|||||||
Total vessel revenues
|
|
|
||||||||||
EXPENSES:
|
||||||||||||
Voyage expenses (including $
|
4, 15
|
(
|
)
|
(
|
)
|
|||||||
Vessel operating expenses
|
15
|
(
|
)
|
(
|
)
|
|||||||
Management fees to related parties
|
4
|
(
|
)
|
(
|
)
|
|||||||
Depreciation and amortization
|
5,7
|
(
|
)
|
(
|
)
|
|||||||
General and administrative expenses (including $
|
4, 16
|
( |
) | ( |
) | |||||||
Gain on sale of vessel |
7 |
|||||||||||
Total expenses
|
( |
) |
(
|
)
|
||||||||
Operating income
|
|
|
||||||||||
OTHER INCOME/(EXPENSES):
|
||||||||||||
Interest and finance costs
|
8,17
|
(
|
)
|
(
|
)
|
|||||||
Interest income
|
|
|
||||||||||
Foreign exchange gains / (losses)
|
|
(
|
)
|
|||||||||
Dividend income on equity securities |
9 | |||||||||||
Dividend income from related party | 4 |
|||||||||||
Gain on sale of equity securities |
||||||||||||
Unrealized loss on equity securities |
9 | ( |
) | |||||||||
Total other expenses, net
|
(
|
)
|
(
|
)
|
||||||||
Net income and comprehensive income, from continuing operations, before taxes
|
$
|
|
$
|
|
||||||||
Income taxes
|
( |
) | ( |
) | ||||||||
Net income and comprehensive income from continuing operations, net of taxes
|
$ | $ |
||||||||||
Net income and comprehensive income from discontinued operations, net of taxes
|
3 |
|||||||||||
Net income and comprehensive income
|
||||||||||||
Earnings per common share, basic and diluted, continuing operations
|
13 |
|||||||||||
Earnings per common share, basic and diluted, discontinued operations
|
13 |
|||||||||||
Earnings per common share, basic and diluted, Total
|
13
|
|
|
|||||||||
Weighted average number of common shares, basic and diluted
|
|
|
CASTOR MARITIME INC.
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
For the six months ended June 30, 2022, and 2023
|
(Expressed in U.S. Dollars – except for share data)
|
|
Number of Shares Issued
|
Par Value
|
Additional | Total | ||||||||||||||||||||||||
|
Common
shares
|
Series B
Preferred shares
|
of Shares
issued
|
Paid-in
capital |
Due from
Shareholders
|
Retained earnings
|
Shareholders’
Equity
|
|||||||||||||||||||||
Balance, December 31, 2021
|
|
|
|
|
|
|
||||||||||||||||||||||
- Net income and comprehensive income
|
—
|
—
|
|
|
|
|
||||||||||||||||||||||
Balance, June 30, 2022
|
|
|
|
|
|
|
||||||||||||||||||||||
Balance, December 31, 2022
|
||||||||||||||||||||||||||||
- Net income and comprehensive income
|
— | — | ||||||||||||||||||||||||||
- Distribution of net assets of Toro Corp. to shareholders (Note 1)
|
— | — | ( |
) | ( |
) | ||||||||||||||||||||||
- Issuance of common stock pursuant to the ATM Program (Note 10)
|
( |
) | ||||||||||||||||||||||||||
Balance, June 30, 2023
|
( |
) |
CASTOR MARITIME INC.
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended June 30, 2022, and 2023 (Expressed in U.S. Dollars)
|
|
Note
|
Six Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||
|
2022
|
2023
|
||||||||||
Cash Flows provided by Operating Activities of Continuing Operations:
|
||||||||||||
Net income
|
|
|
||||||||||
Less: Net income from discontinued operations, net of taxes
|
|
|
||||||||||
Net income from continuing operations, net of taxes
|
$
|
|
$
|
|
||||||||
Adjustments to reconcile net income from Continuing operations to net cash provided
by Operating Activities:
|
||||||||||||
Depreciation and amortization
|
5,7
|
|
|
|||||||||
Amortization of deferred finance charges
|
17
|
|
|
|||||||||
Amortization of fair value of acquired time charters
|
6
|
|
|
|||||||||
Gain on sale of vessel
|
7
|
|
(
|
)
|
||||||||
Unrealized loss on equity securities
|
|
|
||||||||||
Realized gain on sale of equity securities
|
|
(
|
)
|
|||||||||
Dividend income on equity securities
|
9
|
|
(
|
)
|
||||||||
Dividend income from related party
|
|
(
|
)
|
|||||||||
Changes in operating assets and liabilities:
|
—
|
|||||||||||
Accounts receivable trade, net
|
|
|
||||||||||
Inventories
|
(
|
)
|
(
|
)
|
||||||||
Due from/to related parties
|
(
|
)
|
(
|
)
|
||||||||
Prepaid expenses and other assets
|
|
|
||||||||||
Other deferred charges
|
|
|
||||||||||
Accounts payable
|
|
(
|
)
|
|||||||||
Accrued liabilities
|
|
(
|
)
|
|||||||||
Deferred revenue
|
(
|
)
|
(
|
)
|
||||||||
Dry-dock costs paid
|
(
|
)
|
(
|
)
|
||||||||
Net Cash provided by Operating Activities from Continuing Operations
|
|
|
||||||||||
|
||||||||||||
Cash flow used in Investing Activities of Continuing Operations:
|
||||||||||||
Vessel acquisitions (including time charters attached) and other vessel improvements
|
7
|
(
|
)
|
(
|
)
|
|||||||
Purchase of equity securities
|
|
(
|
)
|
|||||||||
Dividends received on equity securities
|
|
|
||||||||||
Proceeds from sale of equity securities
|
|
|
||||||||||
Dividends received from related parties
|
4
|
|
|
|||||||||
Net proceeds from sale of vessel
|
|
|
||||||||||
Net cash used in Investing Activities from Continuing Operations
|
(
|
)
|
(
|
)
|
||||||||
|
||||||||||||
Cash flows provided by/ (used in) Financing Activities of Continuing Operations:
|
||||||||||||
Gross proceeds from issuance of common shares
|
|
|
||||||||||
Common stock issuance expenses
|
(
|
)
|
(
|
)
|
||||||||
Proceeds from long-term debt
|
8
|
|
|
|||||||||
Repayment of long-term debt
|
8
|
(
|
)
|
(
|
)
|
|||||||
Payment of deferred financing costs
|
(
|
)
|
(
|
)
|
||||||||
Proceeds received from Toro Corp. related to Spin-Off
|
4
|
|
|
|||||||||
Net cash provided by/(used in) Financing Activities from continuing operations
|
|
(
|
)
|
|||||||||
|
||||||||||||
Cash flows of discontinued operations:
|
||||||||||||
Net Cash provided by Operating Activities from discontinued operations
|
|
|
||||||||||
Net cash used in Investing Activities from discontinued operations
|
(
|
)
|
(
|
)
|
||||||||
Net cash used in Financing Activities from discontinued operations
|
(
|
)
|
(
|
)
|
||||||||
Net cash used in discontinued operations
|
(
|
)
|
(
|
)
|
||||||||
|
||||||||||||
Net increase/(decrease) in cash, cash equivalents, and restricted cash
|
|
(
|
)
|
|||||||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
|
|
||||||||||
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
|
|
|||||||||
|
||||||||||||
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
||||||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||||||
Restricted cash, current
|
|
|
||||||||||
Restricted cash, non-current
|
|
|
||||||||||
Cash, cash equivalents, and restricted cash
|
$
|
|
$
|
|
1. |
Basis of Presentation and General
information:
|
1.
|
Basis of Presentation and General information (continued):
|
March 7, 2023
|
||||
Cash and cash equivalents
|
$
|
|
||
Accounts receivable trade, net
|
|
|||
Due from related parties, current
|
|
|||
Inventories
|
|
|||
Prepaid expenses and other assets, current
|
|
|||
Vessels, net
|
|
|||
Restricted cash
|
|
|||
Due from related parties, non-current
|
|
|||
Prepaid expenses and other assets, non-current
|
|
|||
Deferred charges, net
|
|
|||
Due to Related Parties
|
(
|
)
|
||
Accounts payable
|
(
|
)
|
||
Accrued liabilities
|
(
|
)
|
||
Long-term debt, net
|
(
|
)
|
||
Net assets of Toro
|
|
|||
Less Investment in Preferred Shares of Toro issued as part of Spin-Off (refer
Note 4(c) )
|
(
|
)
|
||
Distribution of net assets of Toro to shareholders
|
$
|
|
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”)
|
|
|
|
|
|
2
|
Bistro Maritime Co. (“Bistro”)
|
|
|
|
|
|
3
|
Pikachu Shipping Co. (“Pikachu”)
|
|
|
|
|
|
4
|
Pocahontas Shipping Co. (“Pocahontas”)
|
|
|
|
|
|
5
|
Jumaru Shipping Co. (“Jumaru”)
|
|
|
|
|
|
6
|
Super Mario Shipping Co. (“Super Mario”)
|
|
|
|
|
|
7
|
Pumba Shipping Co. (“Pumba”)
|
|
|
|
|
|
8
|
Kabamaru Shipping Co. (“Kabamaru”)
|
|
|
|
|
|
9
|
Luffy Shipping Co. (“Luffy”)
|
|
|
|
|
|
10
|
Liono Shipping Co. (“Liono”)
|
|
|
|
|
|
11
|
Stewie Shipping Co. (“Stewie”)
|
|
|
|
|
|
12
|
Snoopy Shipping Co. (“Snoopy”)
|
|
|
|
|
|
13
|
Mulan Shipping Co. (“Mulan”)
|
|
|
|
|
|
14
|
Cinderella Shipping Co. (“Cinderella”)
|
|
|
|
|
|
15
|
Mickey Shipping Co. (“Mickey”)
|
|||||
16
|
Songoku Shipping Co. (“Songoku”)
|
|||||
17
|
Asterix Shipping Co. (“Asterix”)
|
|||||
18
|
Johnny Bravo Shipping Co. (“Johnny Bravo”)
|
|
||||
19
|
Garfield Shipping Co. (“Garfield”)
|
|||||
20 |
Jerry Shipping Co. (“Jerry S”) |
|||||
21
|
Tom Shipping Co. (“Tom S”)
|
Company
|
Country of incorporation
|
|
1
|
Tom Maritime Ltd. (“Tom M”)
|
|
2
|
Jerry Maritime Ltd. (“Jerry M”)
|
|
3
|
Containco Shipping Inc.
|
|
1.
|
Basis of Presentation and General information (continued):
|
Company
|
Country of incorporation
|
|
1 |
Castor Maritime SCR Corp. (“Castor SCR”) (1)
|
|
2 |
Bagheera Shipping Co. (“Bagheera”) (2)
|
|
(1)
|
|
(2)
|
|
|
Company
|
Country of incorporation
|
Vessel Name
|
DWT
|
Year Built
|
Delivery date to Castor
|
1
|
Toro Corp. (“Toro”) (3)
|
|
—
|
—
|
—
|
—
|
2
|
Toro RBX Corp. (“Toro RBX”) (4)
|
|
—
|
—
|
—
|
—
|
3
|
Rocket Shipping Co. (“Rocket”)
|
|
|
|
|
|
4
|
Gamora Shipping Co. (“Gamora”)
|
|
|
|
|
|
5
|
Starlord Shipping Co. (“Starlord”)
|
|
|
|
|
|
6
|
Hawkeye Shipping Co. (“Hawkeye”)
|
|
|
|
|
|
7
|
Vision Shipping Co. (“Vision”)
|
|
|
|
|
|
8
|
Colossus Shipping Co. (“Colossus”)
|
|
|
|
|
|
9
|
Xavier Shipping Co. (“Xavier”)
|
|
|
|
|
|
10
|
Drax Shipping Co. (“Drax”)
|
|
|
|
|
|
11
|
Elektra Shipping Co. (“Elektra”) (5)
|
|
—
|
—
|
—
|
—
|
(3)
|
|
(4)
|
|
(5)
|
|
2. |
Significant Accounting Policies and
Recent Accounting Pronouncements:
|
3. |
Discontinued operations:
|
CURRENT ASSETS:
|
December 31, 2022
|
|||
Cash and cash equivalents
|
$
|
|
||
Accounts receivable trade, net
|
|
|||
Due from related parties
|
|
|||
Inventories
|
|
|||
Prepaid expenses and other assets
|
|
|||
Total current assets of discontinued operations
|
|
|||
|
||||
NON-CURRENT ASSETS:
|
||||
Vessels, net
|
|
|||
Restricted cash
|
|
|||
Due from related parties
|
|
|||
Prepaid expenses and other assets
|
|
|||
Deferred charges, net
|
|
|||
Total non-current assets of discontinued operations
|
|
|||
|
||||
CURRENT LIABILITIES:
|
||||
Current portion of long-term debt, net
|
|
|||
Accounts payable
|
|
|||
Accrued liabilities
|
|
|||
Total current liabilities of discontinued operations
|
|
|||
|
||||
NON-CURRENT LIABILITIES:
|
||||
Long-term debt, net
|
|
|||
Total non-current liabilities of discontinued operations
|
|
3. |
Discontinued operations (continued):
|
Six Months Ended
June 30,
|
January 1 through
March 7,
|
|||||||
2022
|
2023
|
|||||||
REVENUES:
|
||||||||
Time charter revenues
|
|
|
||||||
Voyage charter revenues
|
|
|
||||||
Pool revenues
|
|
|
||||||
Total vessel revenues
|
|
|
||||||
|
||||||||
EXPENSES:
|
||||||||
Voyage expenses (including $
|
(
|
)
|
(
|
)
|
||||
Vessel operating expenses
|
(
|
)
|
(
|
)
|
||||
Management fees to related parties
|
(
|
)
|
(
|
)
|
||||
Depreciation and amortization
|
(
|
)
|
(
|
)
|
||||
Recovery of provision for doubtful accounts
|
|
|
||||||
Total expenses
|
(
|
)
|
(
|
)
|
||||
|
||||||||
Operating income
|
|
|
||||||
|
||||||||
OTHER INCOME/(EXPENSES):
|
||||||||
Interest and finance costs
|
(
|
)
|
(
|
)
|
||||
Interest income
|
|
|
||||||
Foreign exchange losses
|
(
|
)
|
(
|
)
|
||||
Total other (expenses)/income, net
|
(
|
)
|
|
|||||
|
||||||||
Net income and comprehensive income from discontinued operations, before taxes
|
$
|
|
$
|
|
||||
Income taxes
|
(
|
)
|
(
|
)
|
||||
Net income and comprehensive income from discontinued operations, net of taxes
|
$
|
|
$
|
|
4. |
Transactions with Related Parties:
|
|
Six months ended
June 30,
|
Six months ended
June 30,
|
||||||
|
2022
|
2023
|
||||||
Management fees-related parties
|
||||||||
Management fees – Castor Ships (a)
|
$
|
|
$
|
|
||||
Management fees – Pavimar (b) | ||||||||
|
||||||||
Included in Voyage expenses
|
||||||||
Charter hire commissions – Castor Ships (a)
|
$
|
|
$
|
|
||||
|
||||||||
Included in General and administrative expenses | ||||||||
Administration fees – Castor Ships (a) | $ | $ |
||||||
Included in Gain on sale of vessel
|
||||||||
Sale & purchase commission – Castor Ships (a)
|
$ |
$ |
||||||
Included in Vessels’ cost | ||||||||
Sale & purchase commission – Castor Ships (a) | $ | $ |
|
December 31,
2022
|
June 30,
2023
|
||||||
Assets:
|
||||||||
Due from Castor Ships (a) – current
|
$ |
$ |
||||||
Due from Castor Ships (a) – non-current
|
||||||||
Due from Pavimar (b) – current
|
||||||||
Due from Toro (c) related to Spin-Off expenses reimbursement
|
||||||||
Investment in Toro (c) – non-current
|
||||||||
|
||||||||
Liabilities:
|
||||||||
Due to Castor (a) – current
|
$ |
$ |
4. |
Transactions with Related Parties
(continued):
|
4. |
Transactions with Related Parties
(continued):
|
4. |
Transactions with Related Parties
(continued):
|
4. |
Transactions with Related Parties (continued):
|
|
Valuation Technique
|
Significant other observable Input
|
Values
|
||
“Straight” Preferred Stock Component
|
Discounted cash flow model
|
• Weighted average cost of capital
|
|
||
Option Component
|
Black Scholes
|
• Volatility
|
|
||
• Risk-free rate
|
|
||||
• Weighted average cost of capital
|
|
||||
• Strike price
|
$ |
|
|||
• Share price (based on the first 5 trading days volume weighted average)
|
$ |
|
5. |
Deferred Charges, net:
|
|
Dry-docking costs
|
|||
Balance December 31, 2022
|
$
|
|
||
Additions
|
|
|||
Amortization
|
(
|
)
|
||
Transfer to Assets held for sale (Note 7(b))
|
( |
) | ||
Disposals |
( |
) | ||
Balance June 30, 2023
|
$
|
|
6. |
Fair
Value of Acquired Time Charters:
|
7. |
Vessels, net/Assets held for sale:
|
Vessel Cost
|
Accumulated depreciation
|
Net Book Value
|
||||||||||
Balance December 31, 2022
|
|
(
|
)
|
|
||||||||
— Transfer to Assets held for sale (b) | ( |
) | ( |
) | ||||||||
— Vessel disposals
|
( |
) | ( |
) | ||||||||
— Period depreciation
|
— |
(
|
)
|
(
|
)
|
|||||||
Balance June 30, 2023
|
|
(
|
)
|
|
7. |
Vessels, net/Assets held for sale (continued):
|
8. |
Long-Term Debt:
|
|
|
Year/Period Ended
|
|||||||
Loan facilities |
Borrowers
|
December 31,
2022
|
June 30,
2023
|
||||||
$
|
|
$
|
|
$
|
|
||||
$
|
|
|
|
||||||
$
|
|||||||||
$
|
|||||||||
$
|
|||||||||
$
|
|||||||||
$ |
|||||||||
Total long-term debt including Debt related to assets held for sale
|
|
$
|
|
$
|
|
||||
Less: Deferred financing costs
|
|
(
|
)
|
(
|
)
|
||||
Total long-term debt including Debt related to assets held for sale, net of deferred finance costs
|
|
$
|
|
$ |
|
||||
|
|
||||||||
Presented:
|
|
||||||||
Current portion of long-term debt
|
|
$
|
|
$
|
|
||||
Less: Current portion of deferred finance costs
|
|
(
|
)
|
(
|
)
|
||||
Current portion of long-term debt, net of deferred finance costs
|
|
$
|
|
$
|
|
||||
Debt related to assets held for sale |
$ |
$ |
|||||||
Less: Current portion of deferred finance costs |
( |
) | |||||||
Debt related to assets held for sale, net of deferred finance costs
|
$ |
$ |
|||||||
|
|
||||||||
Non-Current portion of long-term debt
|
|
|
|
||||||
Less: Non-Current portion of deferred finance costs
|
|
(
|
)
|
(
|
)
|
||||
Non-Current portion of long-term debt, net of deferred finance costs
|
|
$
|
|
$
|
|
8.
|
Long-Term Debt (continued):
|
8.
|
Long-Term Debt (continued):
|
Twelve-month period ending June 30,
|
Amount
|
|||
2024
|
$
|
|
||
2025
|
|
|||
2026
|
|
|||
2027
|
|
|||
2028 | ||||
Total long-term debt
|
$
|
|
9.
|
Investment in equity securities
|
Equity securities
|
||||
Balance December 31, 2022
|
$
|
|
||
Equity securities acquired
|
|
|||
Proceeds from sale of equity securities
|
(
|
)
|
||
Gain on sale of equity securities
|
|
|||
Unrealized loss on equity securities revalued at fair value at end of the period
|
(
|
)
|
||
Balance June 30, 2023
|
$
|
|
10. |
Equity Capital Structure:
|
10.
|
Equity Capital Structure (continued):
|
11. |
Financial Instruments and Fair Value
Disclosures:
|
Cash and cash equivalents, restricted cash, accounts receivable trade, net,
amounts due from/to related party/(ies) and accounts payable: The carrying
values reported in the accompanying unaudited condensed consolidated balance sheets for those financial instruments are reasonable estimates of their fair values due to their short-term maturity nature. Cash and cash equivalents and
restricted cash, current are considered Level 1 items as they represent liquid assets with short term maturities. The carrying value approximates the fair market value for interest bearing cash classified as restricted cash, non-current
and is considered Level 1 item of the fair value hierarchy.
|
Investment in
listed equity securities: The carrying value reported in the accompanying unaudited condensed consolidated balance sheet for this financial instrument represents its fair value and is considered Level 1 item of the fair
value hierarchy as it is determined though quoted prices in an active market.
|
Long-term debt: The secured credit facilities discussed in Note 6, have a recorded value which is a reasonable estimate of their
fair value due to their variable interest rate and are thus considered Level 2 items in accordance with the fair value hierarchy as LIBOR and SOFR rates are observable at commonly quoted intervals for the full terms of the loans.
|
Investment in related party: Investments in related party is initially measured at fair value which is deemed to be the cost and subsequently
assessed for the existence of any observable market for the Series A Preferred Shares and any observable price changes for identical or similar investments and the existence of any indications for impairment. As per the Company’s
assessment no such case was identified as at June 30, 2023.
|
11. |
Financial Instruments and Fair Value Disclosures: (continued):
|
June 30,
2023
|
Significant
other
observable
inputs
(Level 2)
|
Total gain /
(loss)
|
||||||||||
Non-recurring fair value measurements
|
||||||||||||
Investment in related party (Note 4)
|
|
|
|
|||||||||
Total investment in related party
|
$
|
|
$
|
|
$ |
12. |
Commitments and Contingencies:
|
12. |
Commitments and Contingencies (continued):
|
Twelve-month period ending June 30,
|
Amount
|
|||
2024
|
$
|
|
||
2025 |
||||
Total
|
$
|
|
13. |
Earnings Per Common Share:
|
|
Six months ended
June 30,
|
Six months ended
June 30,
|
||||||
|
2022
|
2023
|
||||||
Net income and comprehensive income from continuing operations, net of taxes
|
$ | $ | ||||||
Net income and comprehensive income from discontinued operations, net of taxes | ||||||||
Net income and comprehensive income |
|
|
||||||
Weighted average number of common shares outstanding, basic and diluted
|
|
|
||||||
Earnings per common share, basic and diluted, continuing operations | ||||||||
Earnings per common share, basic and diluted, discontinued operations | ||||||||
Earnings per common share, basic and diluted, total |
14. |
Total Vessel Revenues:
|
|
Six
months ended
June 30,
|
Six
months ended
June 30,
|
||||||
|
2022
|
2023
|
||||||
Time charter revenues
|
|
|
||||||
Total Vessel revenues
|
$
|
|
$
|
|
15. |
Vessel Operating Expenses and Voyage
Expenses:
|
Six
months ended
June 30,
|
Six
months ended
June 30,
|
|||||||
Vessel Operating Expenses
|
2022
|
2023
|
||||||
Crew & crew related costs
|
|
|
|
|
||||
Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling
|
|
|
||||||
Lubricants
|
|
|
||||||
Insurances
|
|
|
||||||
Tonnage taxes
|
|
|
||||||
Other
|
|
|
||||||
Total Vessel operating expenses
|
$
|
|
$
|
|
Six months
ended
June 30,
|
Six months
ended
June 30,
|
|||||||
Voyage expenses
|
2022
|
2023
|
||||||
Brokerage commissions
|
|
|
|
|
||||
Brokerage commissions- related party
|
|
|
||||||
Port & other expenses
|
|
|
||||||
Bunkers consumption
|
|
|
||||||
(Gain)/loss on bunkers
|
(
|
)
|
|
|||||
Total Voyage expenses
|
$
|
|
$
|
|
16. |
General
and Administrative Expenses:
|
Six months ended
June 30,
|
Six months ended
June 30,
|
|||||||
2022
|
2023
|
|||||||
Audit fees
|
$
|
|
$
|
|
||||
Non-executive directors’ compensation |
||||||||
Professional fees and other expenses
|
||||||||
Administration fees-related party (Note 4(a)) |
||||||||
Total
|
$
|
|
$
|
|
17. |
Interest and Finance Costs:
|
Six months ended
June 30,
|
Six months ended
June 30,
|
|||||||
2022
|
2023
|
|||||||
Interest on long-term debt
|
$
|
|
$
|
|
||||
Amortization of deferred finance charges
|
|
|
||||||
Other finance charges
|
|
|
||||||
Total Interest and Finance Costs
|
$
|
|
$
|
|
18.
|
Segment Information:
|
18.
|
Segment Information (continued):
|
Six months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||||||
2022
|
2023
|
|||||||||||||||||||
Dry bulk segment
|
Total
|
Dry bulk segment
|
Container ship segment
|
Total
|
||||||||||||||||
Time charter revenues
|
$
|
|
|
$
|
|
|
|
|||||||||||||
Total vessel revenues
|
$
|
|
|
$
|
|
|
|
|||||||||||||
Voyage expenses (including charges from related party)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Vessel operating expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Management fees to related parties
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Depreciation and amortization
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Gain on sale of vessel
|
|
|
|
|
|
|||||||||||||||
Segments operating income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Interest and finance costs
|
(
|
)
|
(
|
)
|
||||||||||||||||
Interest income
|
|
|
||||||||||||||||||
Foreign exchange (losses)/gains
|
|
(
|
)
|
|||||||||||||||||
Unrealized loss on equity securities
|
|
(
|
)
|
|||||||||||||||||
Unallocated corporate general and administrative expenses
|
(
|
)
|
(
|
)
|
||||||||||||||||
Corporate Interest and finance costs
|
(
|
)
|
(
|
)
|
||||||||||||||||
Corporate Interest income
|
|
|
||||||||||||||||||
Corporate exchange (losses)/ gains
|
|
(
|
)
|
|||||||||||||||||
Dividend income on equity securities
|
|
|
||||||||||||||||||
Dividend income from related party
|
|
|
||||||||||||||||||
Gain on sale of equity securities
|
|
|
||||||||||||||||||
Net income and comprehensive income from continuing operations, before taxes
|
$
|
|
$
|
|
||||||||||||||||
Net income and Comprehensive income from discontinued operations, before taxes
|
$
|
|
$
|
|
||||||||||||||||
Net income and Comprehensive income, before taxes
|
$
|
|
$
|
|
18.
|
Segment Information (continued):
|
As of
December 31,
2022
|
As of
June 30,
2023
|
|||||||
Dry bulk segment
|
$
|
|
$
|
|
||||
Containership segment
|
|
|
||||||
Cash and cash equivalents (1)
|
|
|
||||||
Prepaid expenses and other assets (1)
|
|
|
||||||
Total assets from continuing operations
|
$
|
|
$
|
|
||||
Total assets from discontinued operations
|
$
|
|
$
|
|
||||
Total consolidated assets
|
$
|
|
$
|
|
(1) |
19.
|
Subsequent Events:
|
(a)
|
Sale of the M/V Magic Twilight: On July 20, 2023, the Company completed the previously announced sale of the M/V Magic Twilight by delivering the vessel to its new owners. Please refer to Note 4 and Note 8.
|
(b)
|
Subsequent to the period end, the Company issued additional
|
(c)
|
On July 3, 2023, the Company entered into an amendment agreement to its $
|
(d)
|
On August 7, 2023, the Company agreed to issue
|
Dry Bulk Carriers (1)
|
|||||||||||||||
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 Sun
|
Panamax
|
75,311
|
2001
|
Korea
|
$
|
6.71
|
09/05/2019
|
||||||||
Magic Moon(2)
|
Panamax
|
76,602
|
2005
|
Japan
|
$
|
10.20
|
10/20/2019
|
||||||||
Magic Horizon
|
Panamax
|
76,619
|
2010
|
Japan
|
$
|
12.75
|
10/09/2020
|
||||||||
Magic Nova
|
Panamax
|
78,833
|
2010
|
Japan
|
$
|
13.86
|
10/15/2020
|
||||||||
Magic Orion
|
Capesize
|
180,200
|
2006
|
Japan
|
$
|
17.50
|
03/17/2021
|
||||||||
Magic Venus
|
Kamsarmax
|
83,416
|
2010
|
Japan
|
$
|
15.85
|
03/02/2021
|
||||||||
Magic Argo
|
Kamsarmax
|
82,338
|
2009
|
Japan
|
$
|
14.50
|
03/18/2021
|
||||||||
Magic Nebula
|
Kamsarmax
|
80,281
|
2010
|
Korea
|
$
|
15.45
|
05/20/2021
|
||||||||
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
|
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 Phoenix
|
Panamax
|
76,636
|
2008
|
Japan
|
$
|
18.75
|
10/26/2021
|
||||||||
Magic Callisto(3)
|
Panamax
|
74,930
|
2012
|
Japan
|
$
|
23.55
|
01/04/2022
|
||||||||
Containerships(4)
|
|||||||||||||||
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
|
Consolidated Results of Operations
Six months ended June 30, 2023, as compared to the six months ended June 30, 2022
|
||||||||||||
(In U.S. Dollars, except for number of share data)
|
Six Months Ended
June 30,
2022
|
Six Months
Ended June 30,
2023
|
Change-
amount
|
|||||||||
Total vessel revenues
|
$
|
79,529,412
|
$
|
49,747,081
|
$
|
29,782,331
|
||||||
Expenses:
|
||||||||||||
Voyage expenses (including commissions to related party)
|
(1,384,566
|
)
|
(2,698,540
|
)
|
1,313,974
|
|||||||
Vessel operating expenses
|
(20,914,440
|
)
|
(21,676,527
|
)
|
762,087
|
|||||||
Management fees to related parties
|
(3,077,000
|
)
|
(3,615,825
|
)
|
538,825
|
|||||||
Depreciation and amortization
|
(8,602,774
|
)
|
(11,301,547
|
)
|
2,698,773
|
|||||||
General and administrative expenses (including costs from related party)
|
(2,061,302
|
)
|
(2,805,076
|
)
|
743,774
|
|||||||
Gain on sale of vessel
|
-
|
3,128,568
|
3,128,568
|
|||||||||
Operating income
|
$
|
43,489,330
|
$
|
10,778,134
|
$
|
32,711,196
|
||||||
Interest and finance costs, net (including interest costs from related party)
|
(2,959,190
|
)
|
(4,677,732
|
)
|
1,718,542
|
|||||||
Other income/ (expenses) (1)
|
78,916
|
(4,358,470
|
)
|
4,437,386
|
||||||||
Income taxes
|
(176,562
|
)
|
(65,179
|
)
|
111,383
|
|||||||
Net income and comprehensive income from continuing operations, net of taxes
|
$
|
40,432,494
|
$
|
1,676,753
|
$
|
38,755,741
|
||||||
Net income and comprehensive income from discontinued operations, net of taxes
|
$
|
7,297,290
|
$
|
17,339,332
|
$
|
10,042,042
|
||||||
Net income and comprehensive income
|
$
|
47,729,784
|
$
|
19,016,085
|
$
|
28,713,699
|
||||||
Earnings per common share, basic and diluted, continuing operations
|
$
|
0.43
|
$
|
0.02
|
||||||||
Earnings per common share, basic and diluted, discontinued operations
|
$
|
0.08
|
$
|
0.18
|
||||||||
Earnings per common share, basic and diluted, total
|
$
|
0.50
|
$
|
0.20
|
||||||||
Weighted average number of common shares, basic and diluted
|
94,610,088
|
94,784,704
|
Six Months Ended
June 30,
2022
|
January 1
through March 7,
2023
|
|||||||
REVENUES:
|
||||||||
Time charter revenues
|
4,836,315
|
914,000
|
||||||
Voyage charter revenues
|
29,592,279
|
7,930
|
||||||
Pool revenues
|
8,180,973
|
22,447,344
|
||||||
Total vessel revenues
|
42,609,567
|
23,369,274
|
||||||
EXPENSES:
|
||||||||
Voyage expenses (including commissions to related party)
|
(18,669,842
|
)
|
(374,396
|
)
|
||||
Vessel operating expenses
|
(10,807,764
|
)
|
(3,769,132
|
)
|
||||
Management fees to related parties
|
(1,384,650
|
)
|
(507,000
|
)
|
||||
Depreciation and amortization
|
(3,571,444
|
)
|
(1,493,759
|
)
|
||||
Recovery of provision for doubtful accounts
|
—
|
266,732
|
||||||
Total expenses
|
(34,433,700
|
)
|
(5,877,555
|
)
|
||||
Operating income
|
8,175,867
|
17,491,719
|
||||||
OTHER INCOME/ (EXPENSES):
|
||||||||
Interest and finance costs
|
(388,385
|
)
|
(220,061
|
)
|
||||
Interest income
|
1,412
|
253,165
|
||||||
Foreign exchange losses
|
(11,128
|
)
|
(11,554
|
)
|
||||
Total other (expenses)/income, net
|
(398,101
|
)
|
21,550
|
|||||
Net income and comprehensive income from discontinued operations, before taxes
|
$
|
$ 7,777,766
|
$
|
17,513,269
|
||||
Income taxes
|
(480,476
|
)
|
(173,937
|
)
|
||||
Net income and comprehensive income from discontinued operations, net of taxes
|
$
|
$ 7,297,290
|
$
|
17,339,332
|
(In U.S. Dollars)
|
Six months
ended
June 30, 2022
|
Six months
ended
June 30, 2023
|
Change-
amount
|
|||||||||
Total vessel revenues
|
$
|
79,529,412
|
$
|
42,979,593
|
$
|
36,549,819
|
||||||
Expenses:
|
||||||||||||
Voyage expenses (including commissions to related party)
|
(1,384,566
|
)
|
(2,339,460
|
)
|
954,894
|
|||||||
Vessel operating expenses
|
(20,914,440
|
)
|
(18,754,397
|
)
|
2,160,043
|
|||||||
Management fees to related parties
|
(3,077,000
|
)
|
(3,280,975
|
)
|
203,975
|
|||||||
Depreciation and amortization
|
(8,602,774
|
)
|
(8,710,367
|
)
|
107,593
|
|||||||
Gain on sale of vessel
|
-
|
3,128,568
|
3,128,568
|
|||||||||
Operating income (1)
|
$
|
45,550,632
|
$
|
13,022,962
|
$
|
32,527,670
|
(1) |
Does not include corporate general and administrative expenses. See the discussion under “Consolidated Results of Operations” above.
|
(In U.S. Dollars)
|
Six months ended
June 30, 2023
|
|||
Total vessel revenues
|
6,767,488
|
|||
Expenses:
|
||||
Voyage expenses (including commissions to related party)
|
(359,080
|
)
|
||
Vessel operating expenses
|
(2,922,130
|
)
|
||
Management fees to related parties
|
(334,850
|
)
|
||
Depreciation and amortization
|
(2,591,180
|
)
|
||
Operating income (1)
|
$
|
560,248
|
(1) |
Does not include corporate general and administrative expenses. See the discussion under “Consolidated Results of Operations” above.
|
Six months ended June 30,
|
||||||||
(in thousands of U.S. Dollars)
|
2022
|
2023
|
||||||
Net cash provided by operating activities from continuing operations
|
$
|
51,244,248
|
$
|
8,545,797
|
||||
Net cash used in investing activities from continuing operations
|
(23,043,438
|
)
|
(60,289,840
|
)
|
||||
Net cash provided by/(used in) financing activities from continuing operations
|
43,875,645
|
(19,769,246
|
)
|
|||||
Net cash provided by operating activities from discontinued operations
|
1,580,903
|
20,409,041
|
||||||
Net cash used in investing activities from discontinued operations
|
(62,383
|
)
|
(153,861
|
)
|
||||
Net cash used in financing activities from discontinued operations
|
(1,700,000
|
)
|
(62,734,774
|
)
|
||||
Cash, cash equivalents and restricted cash at beginning of period
|
43,386,468
|
152,307,420
|
||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
115,281,443
|
$
|
38,314,537
|
Reconciliation of Daily TCE Rate to Total vessel revenues
|
||||||||
Six-Months ended
June 30, |
Six-Months ended
June 30, |
|||||||
2022
|
2023
|
|||||||
Total vessel revenues
|
$
|
79,529,412
|
$
|
49,747,081
|
||||
Voyage expenses -including commissions from related party
|
(1,384,566
|
)
|
(2,698,540
|
)
|
||||
TCE revenues
|
$
|
78,144,846
|
$
|
47,048,541
|
||||
Available Days
|
3,582
|
3,884
|
||||||
Daily TCE Rate
|
$
|
21,816
|
$
|
12,113
|
Reconciliation of Daily TCE Rate to Total vessel revenues — Dry Bulk Segment
|
||||||||
Six-Months ended
June 30,
|
Six-Months ended
June 30,
|
|||||||
2022
|
2023
|
|||||||
Total vessel revenues
|
$
|
79,529,412
|
$
|
42,979,593
|
||||
Voyage expenses -including commissions from related party
|
(1,384,566
|
)
|
(2,339,460
|
)
|
||||
TCE revenues
|
$
|
78,144,846
|
$
|
40,640,133
|
||||
Available Days
|
3,582
|
3,546
|
||||||
Daily TCE Rate
|
$
|
21,816
|
$
|
11,461
|
Reconciliation of Daily TCE Rate to Total vessel revenues — Containership Segment
|
||||
Six-Months ended
June 30,
|
||||
2023
|
||||
Total vessel revenues
|
$
|
6,767,488
|
||
Voyage expenses -including commissions from related party
|
(359,080
|
)
|
||
TCE revenues
|
$
|
6,408,408
|
||
Available Days
|
338
|
|||
Daily TCE Rate
|
$
|
18,960
|
Document and Entity Information |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Cover [Abstract] | |
Entity Registrant Name | Castor Maritime Inc. |
Entity Central Index Key | 0001720161 |
Current Fiscal Year End Date | --12-31 |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2023 |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
SHAREHOLDERS' EQUITY: | ||
Common shares, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common shares, shares authorized (in shares) | 1,950,000,000 | 1,950,000,000 |
Common shares, shares issued (in shares) | 96,489,976 | 94,610,088 |
Common shares, shares outstanding (in shares) | 96,489,976 | 94,610,088 |
Preferred shares, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred shares, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Series B Preferred Shares [Member] | ||
SHAREHOLDERS' EQUITY: | ||
Preferred shares, shares issued (in shares) | 12,000 | 12,000 |
Preferred shares, shares outstanding (in shares) | 12,000 | 12,000 |
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
EXPENSES: | ||
Voyage expenses, related party | $ 655,431 | $ 1,027,211 |
General and administrative expenses, related party | $ 1,500,000 | $ 600,000 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) |
Common Shares [Member] |
Common Shares [Member]
Preferred B Shares [Member]
|
Preferred Shares [Member]
Preferred B Shares [Member]
|
Par Value of Shares Issued [Member] |
Additional Paid-in Capital [Member] |
Due from Shareholders [Member] |
Retained Earnings [Member] |
Total |
---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2021 | $ 94,622 | $ 303,658,153 | $ 0 | $ 39,181,595 | $ 342,934,370 | |||
Balance (in shares) at Dec. 31, 2021 | 94,610,088 | 12,000 | ||||||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||||||
Net income | 0 | 0 | 47,729,784 | 47,729,784 | ||||
Balance at Jun. 30, 2022 | 94,622 | 303,658,153 | 0 | 86,911,379 | 390,664,154 | |||
Balance (in shares) at Jun. 30, 2022 | 94,610,088 | 12,000 | ||||||
Balance at Dec. 31, 2022 | 94,622 | 303,658,153 | 0 | 157,742,285 | 461,495,060 | |||
Balance (in shares) at Dec. 31, 2022 | 94,610,088 | 12,000 | ||||||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||||||
Distribution of net assets of Toro Corp. to shareholders (Note 1) | (37,919,432) | 0 | 0 | (37,919,432) | ||||
Issuance of common stock pursuant to the ATM Program (Note 10) | 1,880 | 696,683 | (38,475) | 0 | 660,088 | |||
Issuance of common stock pursuant to the ATM Program (Note 10) (in shares) | 1,879,888 | 0 | ||||||
Net income | 0 | 0 | 19,016,085 | 19,016,085 | ||||
Balance at Jun. 30, 2023 | $ 96,502 | $ 266,435,404 | $ (38,475) | $ 176,758,370 | $ 443,251,801 | |||
Balance (in shares) at Jun. 30, 2023 | 96,489,976 | 12,000 |
Basis of Presentation and General information |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and General information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and General information |
Castor Maritime Inc. (“Castor”) was incorporated in September 2017 under the laws of the Republic of the Marshall Islands. The accompanying unaudited interim condensed consolidated financial
statements include the accounts of Castor and its wholly owned subsidiaries (collectively, the “Company”). The Company is engaged in the worldwide transportation of ocean-going cargoes through its vessel-owning
subsidiaries. On December 21, 2018, Castor’s common shares began trading on the Euronext NOTC, under the symbol “CASTOR” and, on February 11, 2019, they began trading on the Nasdaq Capital Market, or Nasdaq, under the symbol “CTRM”. As of June 30, 2023, Castor
was controlled by Thalassa Investment Co. S.A. (“Thalassa”) by virtue of its ownership of 100% of the Series B preferred shares of Castor and, as a result, Thalassa controlled the outcome of matters on which shareholders are entitled to vote.
Thalassa is controlled by Petros Panagiotidis, the Company’s Chairman, Chief Executive Officer and Chief Financial Officer.
On March 7, 2023 (the “Distribution Date”), the Company contributed the subsidiaries constituting the Company’s Aframax/LR2 and Handysize tanker segments and Elektra (as defined below) to the Company’s wholly owned
subsidiary, Toro Corp. (“Toro”), in exchange for (i) the issuance by Toro to Castor of all 9,461,009 of Toro’s issued and
outstanding common shares, and 140,000 1.00%
Series A fixed rate cumulative perpetual convertible preferred shares of Toro (the “Series A Preferred Shares”), having a stated amount of $1,000
and a par value of $0.001 per share and (ii) the issuance of 40,000 Series B preferred shares of Toro, par value $0.001 per share, to
Pelagos Holdings Corp, a company controlled by the Company’s Chairman, Chief Executive Officer and Chief Financial Officer. On the same day, the Company distributed all of Toro’s common shares outstanding to its holders of common stock of record
at the close of business on February 22, 2023 at a ratio of one Toro common share for every ten Company common shares (such transactions collectively, the “Spin-Off”). The Spin-Off was concluded on March 7, 2023. Results of operations and cash flows of the
Aframax/LR2 and Handysize tanker segments and assets and liabilities that were part of the Spin -Off are reported as discontinued operations for all periods presented (Note 3). Toro’s shares commenced trading on the same date on the Nasdaq
Capital Market under the symbol “TORO”. As part of the Spin-Off, Toro entered into various agreements effecting the separation of Toro’s business from the Company, including a Contribution and Spin-Off Distribution Agreement, pursuant to which,
among other things, (i) the Company agreed to indemnify Toro and its vessel-owning subsidiaries for any and all obligations and other liabilities arising from or relating to the operation, management or employment of vessels or subsidiaries the
Company retained after the Distribution Date and Toro agreed to indemnify the Company for any and all obligations and other liabilities arising from or relating to the operation, management or employment of the vessels contributed to it or its
vessel-owning subsidiaries, and (ii) Toro replaced the Company as guarantor under the $18.0 Million Term Loan Facility. The
Contribution and Spin-Off Distribution Agreement also provided for the settlement or extinguishment of certain liabilities and other obligations between the Company and Toro and provides the Company with certain registration rights relating to
Toro’s common shares, if any, issued upon conversion of the Toro Series A Preferred Shares issued to the Company in connection with the Spin-Off.
The assets and liabilities of Toro on March 7, 2023, were as follows:
With effect from July 1, 2022, Castor Ships S.A., a corporation incorporated under the laws of the Republic of the Marshall Islands (“Castor
Ships”), a related party controlled by the Company’s Chairman, Chief Executive Officer and Chief Financial Officer, Petros Panagiotidis, manages the Company’s business overall. Prior to this date, Castor Ships provided only commercial ship
management and administrative services to the Company (see also Note 4).
Pavimar S.A. (“Pavimar”), a related party controlled by Ismini Panagiotidis, the sister of the Company’s Chairman, Chief Executive Officer,
Chief Financial Officer and controlling shareholder, Petros Panagiotidis, provided technical, crew and operational management services to the Company through the first half of 2022. With effect from July 1, 2022, Pavimar co-manages with Castor
Ships the technical management of the Company’s dry bulk vessels.
As of June 30, 2023, the Company owned a
diversified fleet of 21 vessels, with a combined carrying capacity of 1.6 million dwt, consisting of one Capesize, seven Kamsarmax and eleven Panamax
dry bulk vessels, as well as two 2,700 TEU containerships. Details of the
Company’s wholly owned subsidiaries as of June 30, 2023, are listed below.
(a) Consolidated vessel owning subsidiaries:
(b) Consolidated subsidiaries formed to acquire vessels:
(c) Consolidated non-vessel owning subsidiaries:
(d) Entities comprising the discontinued operations as part of the Spin-Off:
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and
applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements.
These statements and the accompanying notes should be read in conjunction with the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on March 8, 2023 (the “2022 Annual Report”).
These
unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments
considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six-month period ended June 30, 2023, are not necessarily indicative of the
results that might be expected for the fiscal year ending December 31, 2023.
|
Significant Accounting Policies and Recent Accounting Pronouncements |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 | |||
Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | |||
Significant Accounting Policies and Recent Accounting Pronouncements |
A discussion of the Company’s significant accounting policies can be found in the consolidated financial
statements for the year ended December 31, 2022, included in the Company’s 2022 Annual Report. Apart from the below additional policies, there have been no material changes to these policies in the six-month period ended June 30, 2023.
New significant accounting policies adopted during the six months ended June 30, 2023
Investment in related party (Financial Instruments, Recognition and Measurement):
The Company has elected to measure equity securities without a readily determinable fair value, that do not qualify for the practical expedient in
ASC 820 Fair Value Measurement to estimate fair value using the NAV per share (or its equivalent), at its cost minus impairment, if any. At each reporting period, the Company also evaluates indicators such as the investee’s performance and its
ability to continue as going concern and market conditions, to determine whether an investment is impaired in which case, the Company will estimate the fair value of the investment to determine the amount of the impairment loss.
Discontinued Operations
The Company classifies as discontinued operations, a component of an entity or group of components that has been disposed of by sale, disposed of other than by sale or
is classified as held for sale and represents a strategic shift that has (or will have) a major effect on the company’s operations and financial results (Note 3).
Recent Accounting Pronouncements:
There are no recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s unaudited interim
condensed consolidated financial statements in the current period.
|
Discontinued operations |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued operations |
The Company’s discontinued operations relate to the operations of Toro, Elektra and the subsidiaries formerly comprising the Company’s Aframax/LR2
and Handysize tanker segments following completion of the Spin-Off on March 7, 2023. The Company has no continuing involvement in the Aframax/LR2 and Handysize tanker business as of such date (Note 1).
The components of assets and liabilities of discontinued operations in the unaudited condensed consolidated balance sheet at December 31, 2022
consisted of the following:
The components of the income from discontinued operations for the six months ended June 30, 2022 and for the period January 1, 2023 through
March 7, 2023 in the unaudited interim condensed consolidated statements of comprehensive income consisted of the following:
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Transactions with Related Parties |
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Transactions with Related Parties [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with Related Parties |
During the six months periods ended June 30, 2022, and 2023, the Company incurred the following charges in connection with related party
transactions, which are included in the accompanying unaudited interim condensed consolidated statements of comprehensive income:
As of December 31, 2022,
and June 30, 2023, balances with related parties consisted of the following:
(a) Castor
Ships: During the period from September 1, 2020 (being the initial Castor Ships Management Agreements effective date), and up to June 30, 2022, pursuant to the terms and conditions stipulated in a master management
agreement (the “Master Management Agreement”) and separate commercial ship management agreements (the “Ship Management Agreements”) with Castor Ships (together, the “Castor Ships Management Agreements”), Castor Ships managed the Company’s
business and provided commercial ship management, chartering and administrative services to the Company and its vessel owning subsidiaries. During the abovementioned period, the Company and its subsidiaries, in exchange for Castor Ship’s
services, paid Castor Ships: (i) a flat quarterly management fee in the amount of $0.3 million for the management and
administration of the Company’s business, (ii) a daily fee of $250 per vessel for the provision of the services under the Ship
Management Agreements, (iii) a commission rate of 1.25% on all charter agreements arranged by Castor Ships and (iv) a commission
of 1% on each vessel sale and purchase transaction.
Effective
July 1, 2022, the Company and each of the Company’s vessel owning subsidiaries entered, by mutual consent, into an amended and restated master management agreement with Castor Ships (the “Amended and Restated Master Management Agreement”),
appointing Castor Ships as commercial and technical manager for the Company’s vessels. The Amended and Restated Master Management Agreement along with new ship management agreements signed between each vessel owning subsidiary and Castor Ships
(together, the “Amended Castor Ship Management Agreements”) superseded in their entirety the Castor Ships Management Agreements. Pursuant to the Amended and Restated Master Management Agreement, Castor Ships manages the Company’s overall
business and provides the Company’s vessel owning subsidiaries with a wide range of shipping services such as crew management, technical management, operational employment management, insurance management, provisioning, bunkering, accounting
and audit support services, commercial, chartering and administrative services, including, but not limited to, securing employment for the Company’s fleet, arranging and supervising the vessels’ commercial operations, providing technical
assistance where requested in connection with the sale of a vessel, negotiating loan and credit terms for new financing upon request and providing general corporate and administrative services, among other matters, which it may choose to
subcontract to other parties at its discretion. Castor Ships is generally not liable to the Company for any loss, damage, delay or expense incurred during the provision of the foregoing services, except insofar as such events arise from Castor
Ships or its employees’ fraud, gross negligence or willful misconduct (for which the Company’s recovery will be limited to two times
the Flat Management Fee, as defined below). Notwithstanding the foregoing, Castor Ships will in no circumstances be responsible for the actions of the Company’s crews. The Company has also agreed to indemnify Castor Ships in certain
circumstances.
In
exchange for the services provided by Castor Ships, the Company and its vessel owning subsidiaries, pay Castor Ships (i) a flat quarterly management fee in the amount of $0.75 million for the management and administration of their business (the “Flat Management Fee”), (ii) a commission of 1.25% on all gross income received from the operation of their vessels, and (iii) a commission of 1% on each consummated sale and purchase transaction. In addition, each of the Company’s vessel owning subsidiaries pay Castor Ships a daily management fee of $925 per containership and dry bulk vessel, and a daily management fee of $975 per tanker vessel (collectively, the “Ship Management Fees”) for the provision of the ship management services provided in the ship management agreements. Pavimar is
paid directly by the dry bulk vessel owning subsidiaries its previously agreed proportionate daily management fee of $600 per vessel
and Castor Ships is paid the residual amount of $325 or $375, as applicable, of the agreed daily ship management fee. The Ship
Management Fees and Flat Management Fee will be adjusted annually for inflation on each anniversary of the Amended and Restated Master Management Agreement’s effective date. The Company also reimburses Castor Ships for extraordinary fees and
costs, such as the costs of extraordinary repairs, maintenance or structural changes to the Company’s vessels.
The Amended and Restated Master Management Agreement has a term of eight years from its effective date and this term automatically renews for a successive eight-year term on each anniversary of the effective date, starting from the first anniversary of the effective date, unless the agreements are terminated earlier in accordance with the provisions contained
therein. In the event that the Amended and Restated Master Management Agreement is terminated by the Company or is terminated by Castor Ships due to a material breach of the master management agreement by
the Company or a change of control in the Company (including certain business combinations, such as a merger or the disposal of all or substantially all of the Company’s assets or changes in key personnel such as the Company’s
current directors or Chief Executive Officer), Castor Ships shall be entitled to a termination fee equal to seven times the
total amount of the Flat Management Fee calculated on an annual basis. This termination fee is in addition to any termination fees provided for under each Ship Management Agreement.
In January 2023, Castor Ships transferred the technical sub-management of the Company’s containerships from Pavimar to a
third-party ship management company.
As of June 30, 2023, in accordance with the provisions of the Amended Castor Ship Management Agreements, Castor Ships (i) had
subcontracted to a third-party ship management company the technical management of the Company’s containerships and (ii) was co-managing with Pavimar the Company’s dry bulk vessels. Castor Ships pays, at its own expense, the containership
technical management company a fee for the services it has subcontracted to it, without any additional cost to the Company.
During the six months ended June 30, 2023 and 2022, the Company incurred sale and purchase commissions amounting to $0 and $235,500, respectively, included in ‘Vessels, net’ in the accompanying unaudited condensed consolidated balance sheets and sale and purchase commissions amounting to $126,000 and $0 respectively, due to
the sale of the vessel M/V Magic Rainbow for a gross sale price of $12.6 million, which is included in ‘Gain on sale of vessel’ in
the accompanying unaudited interim condensed consolidated statements of comprehensive income.
The Amended Castor Ship Management Agreements also
provide for an advance funding equal to one month of vessel daily operating costs to be placed with Castor Ships as a working
capital guarantee, refundable in case a vessel is no longer under Castor Ship’s management. As of December 31, 2022, such advances amounted to $3,514,098
and are presented in ‘Due from related parties, non-current’, in the accompanying unaudited condensed consolidated balance sheet, respectively. As of June 30, 2023, such advances amounted to $3,044,495 and $469,603, and are presented in ‘Due from
related parties, non-current’ and ‘Due from related parties, current’, in the accompanying unaudited condensed consolidated balance sheet, respectively. The amount of $469,603 is in relation to the two vessels that have been
classified as held for sale (Note 4(b)) and the M/V Magic Rainbow that was sold on April 18, 2023. In connection with the subcontracting services rendered by the third-party ship-management companies, the Company had, as of December 31,
2022, and June 30, 2023, aggregate working capital guarantee deposits due from Castor Ships of $0 and $201,915 respectively, which are presented in ‘Due from related parties, current’ in the accompanying unaudited condensed consolidated balance
sheet.
As of December 31, 2022, net amounts of $214 were due to Castor Ships in relation to
operating expenses payments made by them on behalf of the Company. As of June 30, 2023, net amounts of $1,618,721 were due from
Castor Ships in relation to operating expenses / drydock payments made by them on behalf of the Company.
Further, as of December 31, 2022, and June 30, 2023, amounts of $227,408 and $228,307 were due to Castor Ships in connection with the services covered by the Castor Ships Management Agreements and the Amended Castor Ships Management Agreements, respectively. As a result, as of December 31, 2022, aggregate amounts of $227,622 were due to Castor Ships and are presented net in ‘Due from related parties, current’, in the accompanying unaudited condensed consolidated balance sheets and as of June 30, 2023, net amounts of $2,061,932 were due from Castor Ships which are presented in ‘Due from related parties, current’, in the accompanying unaudited condensed consolidated balance sheets. (b) Pavimar: From the Company’s inception and until June 30, 2022, Pavimar, provided, on an exclusive basis, all of the Company’s vessel owning subsidiaries with a wide range of shipping services,
including crew management, technical management, operational management, insurance management, provisioning, bunkering, vessel accounting and audit support services, which it could choose to subcontract to other parties at its discretion.
Effective January 1, 2020, and during the eight-month period ended August 31, 2020, the Company’s vessels then comprising its fleet were charged with a daily management fee of $500 per day per vessel. On September 1, 2020, the Company’s then vessel owning subsidiaries entered into revised ship management agreements with Pavimar which replaced the then existing ship management agreements in their entirety (the
“Technical Management Agreements”). Pursuant to the terms of the Technical Management Agreements, effective September 1, 2020, Pavimar provided all of the Company’s vessel owning subsidiaries with the range of technical, crewing, insurance and operational services stipulated in the previous agreements in exchange
for a daily management fee of $600 per vessel.
Effective July 1, 2022, the technical management agreements entered into
between Pavimar and the Company’s tanker vessel owning subsidiaries were terminated by mutual consent.
In connection with such termination,
Pavimar and the tanker vessel owning subsidiaries agreed to mutually discharge and release each other from any past and future liabilities arising from the respective agreements. Further, with effect from July 1, 2022, pursuant to the terms of the Amended and
Restated Master Management Agreement, Pavimar, continues to provide, as co-manager with Castor Ships, the dry-bulk vessel owning subsidiaries with the same range of technical management services it provided prior to the Company’s entry into
the Amended and Restated Management Agreement, in exchange for the previously agreed daily management fee of $600 per vessel. Pavimar also performed the technical management of containerships as sub-manager for Castor Ships from their date of acquisition.
Pavimar had subcontracted the
technical management of four (comprising of three dry bulk and one containership) and three dry bulk of the Company’s vessels to third-party ship-management companies as of
December 31, 2022 and June 30, 2023, respectively. These third-party management companies provided technical management services to the respective vessels for a fixed annual fee which is paid by Pavimar at its own expense. In connection with the subcontracting services rendered by the third-party ship-management companies, the Company had, as of December 31, 2022, and June 30, 2023, aggregate working capital guarantee deposits due from Pavimar of $258,252 in both periods, which are presented in ‘Due from related parties, current’ in the accompanying unaudited condensed consolidated balance sheet. In addition, Pavimar and
its subcontractor third-party managers make payments for operating expenses with funds paid from the Company to Pavimar. As of December 31, 2022, and June 30, 2023, net amounts of $2,665,824 and $3,148,148 were due from Pavimar, respectively, in relation to advance payments to Pavimar on behalf of the Company. Further, as of December 31, 2022, and June 30, 2023, amounts of $259,100 and $37,200 were due to Pavimar in connection with additional services covered by the technical management agreements. As a result, as of December 31, 2022, and June 30, 2023, net amounts of $2,664,976 and $3,369,200, respectively, due
from Pavimar, which are presented in ‘Due from related parties, current’, respectively, in the accompanying unaudited condensed consolidated balance sheets.
(c) Investment in related party:
As discussed in Note 1, as part of the Spin-Off Castor received 140,000 Series A Preferred
Shares, having a stated amount of $1,000 and a par value of $0.001 per share. The Company is the holder of all of the issued and outstanding Series A Preferred Shares (Note 1). The Series A Preferred Shares do not have voting rights. The Series A Preferred Shares are convertible into common stock at the Company’s option commencing upon the third anniversary of
the issue date until but excluding the seventh anniversary, at a conversion price equal to the lesser of (i) 150% of the VWAP of Toro
common shares over the consecutive trading day period commencing on the distribution date, and (ii) the VWAP of Toro common shares
over the 10 consecutive trading day period expiring on the trading day immediately prior to the date of delivery of written notice of
the conversion; provided, that, in no event shall the conversion price be less than $2.50.
As there was no observable market for the Series A Preferred Shares, these were recognized at $117,222,135 (Note 11), being the fair value of the shares determined through Level 2 inputs
of the fair value hierarchy by taking into consideration a third-party valuation. The fair value on the initial recognition is deemed to be the cost. The valuation methodology applied comprised the bifurcation of the value of the Series A Preferred
Shares in two components namely, the “straight” preferred stock component and the option component. The mean of the sum of the two components was used to estimate the value for the Series A Preferred Shares at $117,222,135. The valuation methodology and the significant other observable inputs used for each
component are set out below:
As of June 30, 2023, the aggregate value of investments in Toro amounted to $117,222,135,
including $299,444 of accrued dividends and are separately presented as ‘Investments in related party’ in the accompanying unaudited
condensed consolidated balance sheet. As of June 30, 2023, the Company did not identify any indications for impairment or any observable prices for identical or similar investments of the same issuer.
Furthermore, Castor is entitled to receive cumulative cash dividends, at the annual rate of 1.00% on the stated amount of $1,000 per share, of the 140,000 Series A Preferred Shares, receivable quarterly in arrears on the 15th day of January, April, July and October in each year, subject to Toro’s
Board of Directors approval. However, for each quarterly dividend period commencing on or after the reset date (the seventh anniversary of the issue date of the Series A Preferred Shares), the dividend rate will be the dividend rate in effect for the
prior quarterly dividend period multiplied by a factor of 1.3; provided that the dividend rate will not exceed 20% per annum in respect of any quarterly dividend period. During the six month period ended June 30, 2023 and 2022, dividend income derived from the
Company’s investment in Toro amounted to $451,111 and $0 respectively and is presented in ‘Dividend income from related party’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.
During the six month period ended June 30, 2023, the Company received dividend of $151,667 from its investment in Toro.
Following the successful completion of the Spin-Off, Toro reimbursed Castor $2,667,044
for expenses related to the Spin-Off that have been incurred by Castor. Toro will not reimburse Castor for any of these expenses that were incurred or paid by any of the Toro subsidiaries of Castor after March 7, 2023. As of June 30, 2023,
outstanding expenses due to be reimbursed from Toro amounted to $27,602 and is presented in ‘Due from related parties, current’, in the
accompanying unaudited condensed consolidated balance sheet.
|
Deferred Charges, net |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Deferred Charges, net [Abstract] | ||||||||||||||||||||||||||||||||||||||
Deferred Charges, net |
The movement in
deferred dry-docking costs, net in the accompanying unaudited condensed consolidated balance sheets is as follows:
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Fair Value of Acquired Time Charters |
6 Months Ended | ||
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Jun. 30, 2023 | |||
Fair Value of Acquired Time Charters [Abstract] | |||
Fair Value of Acquired Time Charters |
In connection with the acquisitions in October
2022 of the M/V Ariana A and the M/V Gabriela A with time charters attached, the Company recognized intangible assets of $897,436 and $2,019,608, respectively, representing the fair
values of the favorable time charters attached to the vessels. The M/V Ariana A and M/V
Gabriela A attached charters commenced upon the vessels’ deliveries, on November 23, 2022, and November 30, 2022, respectively. The M/V Ariana A attached charter was concluded within the first quarter of 2023 and the respective intangible liability was fully amortized during that period.
For the
six months ended June 30, 2022, and 2023, the amortization of the acquired time charters related to the above acquisitions amounted to $0 and $1,429,137, respectively,
and is included in ‘Time Charter Revenues’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income. The
aggregate unamortized portion of the M/V Gabriela A intangible asset as of June 30, 2023, amounted to $1,078,368 and will be amortized to vessel revenues by $813,195 within 2023 and by $265,173 within 2024, in accordance with the
anticipated expiration date of the respective charter contract.
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Vessels, net/Assets held for sale |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessels, net/Assets Held for Sale [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessels, net/Assets Held for Sale |
(a) Vessels, net: The amounts in the accompanying unaudited condensed consolidated balance sheets are analyzed as follows:
(b) Assets held for sale/ Disposal of vessels
On March 13, 2023, the Company entered into an agreement with an unaffiliated third party for the sale of the M/V Magic Rainbow for a gross sale price of $12.6 million. The M/V Magic Rainbow was delivered to its new owners on April 18, 2023. In connection with this sale, the Company recognized during the second quarter of 2023 a net gain of $3.1 million which is separately presented in ‘Gain on sale of vessel’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.
On March 23, 2023, the Company entered into an agreement with an unaffiliated third party for the sale of the M/V Magic Moon for a gross sale price of $13.95 million. In addition, on June 2, 2023, the
Company entered into an agreement with an unaffiliated third party for the sale of the M/V Magic Twilight for a gross sale price of $17.5 million. The Company followed the provisions of ASC360 and, as all criteria required for their classifications as such were met at the balance sheet date, as of June 30, 2023,
classified the carrying value of the vessels amounting to $22,373,719 and such vessels’ deferred charges and inventory onboard,
amounting to $548,078 and, $126,849,
respectively, as “Assets held for sale” measured at the lower of carrying value and fair value (sale price) less costs to sell. No
impairment charges have been recorded as of June 30, 2023, in connection with the anticipated sale of the vessels since their carrying amounts plus unamortized dry-dock costs as at the balance sheet date were lower than their fair values less
cost to sell. The Company expects to recognize during the third quarter of 2023 a gain on the sale of the M/V Magic Twilight of approximately $4.0 million and a gain on the sale of the M/V Magic Moon of approximately $4.6 million, excluding any transaction related costs. The M/V Magic Twilight was delivered to its new owners on July 20, 2023, and the M/V Magic Moon is expected to be delivered to its new owner during the third quarter of 2023.
As a result, as of December 31, 2022, and June 30, 2023, net amounts of $0 and $23,048,646, respectively, are presented in ‘Assets held for
sale’, in the accompanying unaudited condensed consolidated balance sheets.
As of June 30,
2023, 17 of the 21
vessels in the Company’s fleet having an aggregate carrying value of $260.1 million, including the carrying value of vessels that
were classified as held for sale as of June 30, 2023, were first priority mortgaged as collateral to their loan facilities (Note 8).
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Long-Term Debt |
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Long-Term Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt |
The amount of long-term
debt shown in the accompanying unaudited condensed consolidated balance sheet of June 30, 2023, is analyzed as follows:
a. $11.0 Million Term Loan Facility:
On March 31, 2023, a notice of LIBOR replacement by SOFR has been signed with Alpha Bank, S.A. (“Alpha Bank”), where the
Margin (as defined in the loan agreement) will be increased by a percentage which is the equivalent of the positive difference (i.e. 0.045%
with value date April 3, 2023) between USD LIBOR and SOFR for the first rollover period selected upon application of SOFR methodology. Such percentage will apply over the tenor of the loan going forward regardless of future rollover periods.
Further details of the Company’s $11.0 million senior secured credit facility with Alpha Bank (the “$11.0 Million Term Loan Facility”) are discussed in Note 7 of the consolidated financial statements for the year ended December 31, 2022, included in the
Company’s 2022 Annual Report.
As of June 30, 2023, the loan tranche relating to M/V Magic Moon, amounting to $2.8 million has been classified as Debt related to assets held for sale under current liabilities.
b. $4.5 Million Term Loan Facility:
On June 21, 2023, the Company entered into an amendment
agreement to its $4.5 million senior secured term loan facility with Chailease International Financial Services Co., Ltd. With effect
from July 31, 2023, the current interest rate shall be replaced by a replacement interest rate, comprised of Term SOFR, a credit spread adjustment of 0.11448%
and the Margin (as defined in the loan agreement). Details of the Company’s $4.5 million senior secured credit facility with Chailease
International Financial Services Co. Ltd. (the “$4.5 Million Term Loan Facility”), are discussed in Note 7 of the consolidated financial
statements for the year ended December 31, 2022, included in the Company’s 2022 Annual Report.
c. $15.29 Million Term Loan Facility
On July 3, 2023, the Company entered into an amendment
agreement to its $15.29 million senior secured term loan facility with Hamburg Commercial Bank AG. With effect from July 3, 2023, the
current interest rate shall be replaced by a replacement interest rate, i.e. Term SOFR, and the Margin (as defined in the loan agreement). Details of the Company’s $15.29 million senior secured credit facility with Hamburg Commercial Bank AG, (the “$15.29
Million Term Loan Facility”), are discussed in Note 7 of the consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 Annual Report.
d. $18.0 Million Term Loan
Facility
On March 7, 2023, as part of the Spin-Off, the outstanding
amount of principal, net of deferred finance charges was contributed to Toro with amount of $12,413,056 (Note 1) and Toro replaced the
Company as guarantor under the $18.0 million senior secured credit facility with Alpha Bank S.A., (the “$18.0 Million Term Loan Facility”). Further details of the $18.0
Million Term Loan Facility are discussed in Note 7 of the consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 Annual Report.
e. $40.75 Million Term Loan Facility
On July 3, 2023, the Company entered into an amendment agreement to its $40.75 million senior secured term loan facility with Hamburg Commercial Bank AG. With effect from July 3, 2023, the current interest rate shall be replaced by a replacement
interest rate, i.e. Term SOFR, and the Margin (as defined in the loan agreement). Details of the Company’s $40.75 million senior
secured credit facility with Hamburg Commercial Bank AG, (the “$40.75 Million Term Loan Facility”), are discussed in Note 7 of the
consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 Annual Report.
As of June 30, 2023, the loan tranche relating to M/V Magic Twilight, amounting
to $7.9 million has been classified as Debt related to assets held for sale under current liabilities. On July 20, 2023, the Company
repaid $7.91 million under this facility from the proceeds of the sale of M/V Magic Twilight,
being the part of the loan secured by M/V Magic Twilight, and the repayment schedule was adjusted accordingly.
f. $23.15 Million Term Loan Facility
On May 23, 2023, the Company entered
into an amendment agreement to its $23.15 million senior secured term loan facility with Chailease International Financial
Services Co., Ltd. With effect from April 24, 2023, the current interest rate shall be replaced by a replacement interest rate, comprised of Term SOFR 1M, a credit spread adjustment of 0.11448% and the Margin (as defined in the loan agreement). Details of the Company’s $23.15 million senior secured credit facility with Chailease International Financial Services (Singapore) Pte. Ltd., (the “$23.15 Million Term Loan Facility”), are discussed in Note 7 of the consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 Annual Report. On April 18, 2023,
the Company repaid $6.95 million under this facility from the proceeds of the sale of M/V Magic Rainbow, being the part of the loan secured by M/V Magic Rainbow, and the repayment schedule was adjusted accordingly.
g. $55.0 Million Term Loan Facility
Details of the Company’s $55.0 million senior secured credit facility with Deutsche Bank AG, (the “$55.0 Million Term Loan
Facility”), are discussed in Note 7 of the consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 Annual Report.
h. $22.5 Million Term
Loan Facility
Details of the Company’s $22.5 million senior secured credit facility with Chailease International Financial Services (Singapore) Pte. Ltd. (the “$22.5 Million Term Loan Facility”), are discussed in Note 7 of the consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 Annual Report.
As of December 31, 2022, and June 30, 2023, the Company was in compliance with all financial covenants
prescribed in its debt agreements.
Restricted cash as of June 30, 2023, current and non-current, includes (i) $6.7 million of minimum liquidity deposits required pursuant to the $11.0
Million Term Loan Facility, the $15.29 Million Term Loan Facility, the $40.75 Million Term Loan Facility and the $55.0 Million Term Loan
Facility discussed above, (ii) $1.4 million in the dry-dock reserve accounts required under the $15.29 Million Term Loan
Facility, the $40.75 Million Term Loan Facility and the $55.0 Million Term Loan Facility discussed above, and (iii) $1.7
million of retention deposits required under the $15.29 Million Term Loan Facility and the $40.75 Million Term Loan Facility.
Restricted cash as of December
31, 2022, current and non-current, includes (i) $6.6 million of minimum liquidity deposits required pursuant to the $11.0 Million Term Loan Facility, the $15.29
Million Term Loan Facility, the $40.75 Million Term Loan Facility and the $55.0 Million Term Loan Facility discussed above, (ii) $0.9
million in the dry-dock reserve accounts required under the $15.29 Million Term Loan Facility, the $40.75 Million Term Loan Facility and the $55.0
Million Term Loan Facility discussed above, and (iii) $1.7 million of retention deposits required under the $15.29 Million Term Loan Facility and the $40.75
Million Term Loan Facility.
The annual principal payments for the Company’s outstanding debt arrangements (including the debt related to assest held for sale) as of
June 30, 2023, required to be made after the balance sheet date, are as follows:
The weighted average interest rate on the Company’s long-term debt for the six month
ended June 30, 2022, and 2023 was 3.9% and 8.3%
respectively.
Total interest incurred on long-term debt for the six month ended June 30, 2022,
and 2023, amounted to $2.6 million and $5.3
million respectively, and is included in Interest and finance costs (Note 17) in the accompanying unaudited interim condensed consolidated statements of comprehensive income.
|
Investment in equity securities |
6 Months Ended | |||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Investment in equity securities [Abstract] | ||||||||||||||||||||||||||||||||||||||
Investment in equity securities |
A summary of the movement in listed equity securities for the six-month period ended
June 30, 2023 is presented in the table below:
On June 30, 2023, the Company filed a Schedule 13G, reporting that it holds 1,391,500 shares of common stock of Eagle Bulk Shipping Inc.(“Eagle”), representing 14.99% of the issued and outstanding shares of common stock of Eagle as of June 23, 2023.
In the six-month periods ended June 30, 2022, and 2023, the Company received dividends
of $0 and $366,002,
respectively, from its investments in listed equity securities.
|
Equity Capital Structure |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 | |||
Equity Capital Structure [Abstract] | |||
Equity Capital Structure |
Under the Company’s
Articles of Incorporation, as amended, the Company’s authorized capital stock consists of 2,000,000,000 shares, par value $0.001 per share, of which 1,950,000,000
shares are designated as common shares and 50,000,000 shares are designated as preferred shares. During
the six months ended June 30, 2023, there was no movement in the Company’s outstanding warrants. For a further description of the terms and rights of the Company’s capital stock and details of its equity transactions prior to
January 1, 2023, please refer to Note 8 of the consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 Annual Report.
On April 20, 2023, the Company received written notification from the Nasdaq Stock Market
that it was not in compliance with the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market and was initially provided with 180 calendar days, or until October 17, 2023, to regain compliance with the
subject requirement. The Company intends to monitor the closing bid price of its common stock during the compliance period and is considering its options to regain compliance with the Nasdaq Capital Market minimum bid price requirement. The
Company can cure this deficiency if the closing bid price of its common stock is $1.00 per share or higher for at least ten consecutive business days during the cure period. In the event the Company does not regain compliance within the cure
period and meets all other listing standards and requirements, the Company may be eligible for an additional 180-day cure period.
The Company intends to cure the deficiency within the prescribed cure period. During this time, the Company’s common stock will continue to be listed and trade on the Nasdaq Capital Market. The Company’s business operations are not affected by the receipt of the notification. At-the-market (“ATM”) common stock offering
program
On May 23, 2023, the Company, entered into an equity distribution agreement for an at-the-market offering, with Maxim Group LLC (“Maxim”), under which the Company may sell an aggregate
offering price of up to $30.0 million of its common stock with Maxim acting as a sales agent over a minimum period of 12
months (the “ATM Program”).
No warrants, derivatives, or other share classes were associated with this transaction. As of June 30, 2023, the Company had received gross proceeds of $0.8 million under the ATM Program by issuing 1,879,888 common shares. The net proceeds under the ATM Program, after deducting sales commissions and other transaction fees and
expenses (advisory and legal fees), amounted to $0.7 million. As
of June 30, 2023, there was an outstanding receivable of $38,475 from shareholders relating to the issuance of shares under the
ATM Program, which is presented as a deduction from stockholders’ equity. The receivable was fully repaid in cash on July 3, 2023.
|
Financial Instruments and Fair Value Disclosures |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments and Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments and Fair Value Disclosures |
The principal financial assets of the Company consist of cash at banks, restricted
cash, trade accounts receivable, investments in listed equities, an investment in related party and amounts due from related party/(ies). The principal financial liabilities of the Company consist of trade accounts payable, accrued liabilities,
amounts due to related party/(ies) and long-term debt.
The following methods
and assumptions were used to estimate the fair value of each class of financial instruments:
The following is a tabular presentation of the non-recurring fair value measurement of Investment in related party.
Concentration
of credit risk: Financial instruments, which
potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with
high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by
performing ongoing credit evaluations of its customers’ financial condition.
|
Commitments and Contingencies |
6 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||
Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||
Commitments and Contingencies |
Various claims, lawsuits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping
business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. Currently, management is not aware of any such claims or contingent
liabilities, which should be disclosed, or for which a provision should be established in the accompanying unaudited interim condensed consolidated financial statements.
The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the
probable exposure. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying unaudited interim condensed consolidated financial statements. The Company is covered for liabilities associated with the vessels’ actions to the maximum limits as provided by Protection and Indemnity
(P&I) Clubs, members of the International Group of P&I Clubs.
(a) Commitments under long-term lease contracts
The following table sets forth the future minimum contracted lease payments to
the Company (gross of charterers’ commissions), based on the Company’s vessels’ commitments to non-cancelable time charter contracts as of June 30, 2023. Non-cancelable time charter contracts include both fixed-rate time charters or charters
linked to the Baltic Dry Index (“BDI”). For index linked contracts, contracted lease payments have been calculated using the BDI linked rate as measured at the commencement date.
In addition, certain of the variable-rate contracts have the option at the Company’s option to convert to a fixed rate for a predetermined period, in such cases where lease payments have been converted to a fixed rate, the minimum contracted lease payments for this period are calculated using the agreed converted fixed rate. The calculation does not include any assumed off-hire days.
|
Earnings Per Common Share |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share |
The Company calculates earnings per common share by dividing net income available to common shareholders in each period by the
weighted-average number of common shares outstanding during that period.
Diluted earnings per common share, if applicable, reflects the potential dilution that could occur if potentially dilutive instruments were exercised, resulting in the issuance of additional shares that would then
share in the Company’s net income. For the six months ended June 30, 2022, and 2023, the effect of the warrants outstanding during these periods and as of that dates, would be antidilutive, hence were excluded from the computation of
diluted earnings per share. As a result, for the six months ended June 30, 2022, and 2023, ‘Basic earnings per share’ equaled ‘Diluted earnings per share’. For more information on the terms and conditions of these securities, please refer
to Note 11 of the consolidated financial statements for the year ended December 31, 2022, included in the Company’s 2022 Annual Report.
The components of the calculation of basic and diluted earnings per common share are as follows:
|
Total Vessel Revenues |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Total Vessel Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||
Total Vessel Revenues |
The following table includes the voyage revenues earned by the Company in each of the six-month periods ended June 30, 2022, and 2023, as presented in the accompanying unaudited interim condensed consolidated
statements of comprehensive income:
During each
of the six-month periods ended June 30, 2022 and 2023, the Company generated its revenues from time charters.
The Company
typically enters into fixed rate or index-linked rate charters with an option to convert to fixed rate time charters ranging from one month
to twelve months and in isolated cases on longer terms depending on market conditions. The charterer has the full discretion
over the ports visited, shipping routes and vessel speed, subject to the owner protective restrictions discussed below. Time charter agreements may have extension options ranging from months, to sometimes, years. The time charter party
generally provides, among others, typical warranties regarding the speed and the performance of the vessel as well as owner protective restrictions such that the vessel is sent only to safe ports by the charterer, subject always to
compliance with applicable sanction laws and war risks, and carries only lawful and non-hazardous cargo.
|
Vessel Operating Expenses and Voyage Expenses |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessel Operating Expenses and Voyage Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessel Operating Expenses and Voyage Expenses |
The
amounts in the accompanying unaudited interim condensed consolidated statements of comprehensive income are analyzed as follows:
|
General and Administrative Expenses |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and Administrative Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and Administrative Expenses |
General and administrative expenses are analyzed as follows:
|
Interest and Finance Costs |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and Finance Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and Finance Costs |
The amounts in the accompanying unaudited interim consolidated
statements of comprehensive income are analyzed as follows:
|
Segment Information |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information |
In late 2022, the Company acquired two containerships. As a result of the different characteristics of
such containerships in relation to the Company’s other operating segments, the Company determined that, with effect from the fourth quarter of 2022, it operated in two reportable segments: (i) dry bulk and (ii) containerships on a continued operations basis. The reportable segments reflect the internal organization of the Company and the way the chief operating decision
maker reviews the operating results and allocates capital within the Company. In addition, the transport of dry cargo commodities, which are carried by dry bulk vessels, has different characteristics to the transport of containerized products
(carried by containerships). In addition, the transportation of containerized goods, the nature of trade, as well as the trading routes, charterers and cargo handling, is different from the dry-bulk segment.
The table below presents information about the Company’s reportable segments as of and for the six months ended June 30, 2022, and 2023. The accounting policies followed in the preparation of the reportable segments
are the same as those followed in the preparation of the Company’s unaudited interim condensed consolidated financial statements. Segment results are evaluated based on income from operations.
A reconciliation of total segment assets to total assets presented in the accompanying unaudited condensed
consolidated balance sheets of December 31, 2022, and June 30, 2023, is as follows:
|
Subsequent Events |
6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||
Subsequent Events [Abstract] | |||||||||||
Subsequent Events |
|
Basis of Presentation and General information (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Basis of Presentation and General information [Abstract] | |
Basis of Presentation |
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and
applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements.
These statements and the accompanying notes should be read in conjunction with the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on March 8, 2023 (the “2022 Annual Report”).
These
unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments
considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six-month period ended June 30, 2023, are not necessarily indicative of the
results that might be expected for the fiscal year ending December 31, 2023.
|
Significant Accounting Policies and Recent Accounting Pronouncements (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | |
Investment in related party (Financial Instruments, Recognition and Measurement) |
Investment in related party (Financial Instruments, Recognition and Measurement):
The Company has elected to measure equity securities without a readily determinable fair value, that do not qualify for the practical expedient in
ASC 820 Fair Value Measurement to estimate fair value using the NAV per share (or its equivalent), at its cost minus impairment, if any. At each reporting period, the Company also evaluates indicators such as the investee’s performance and its
ability to continue as going concern and market conditions, to determine whether an investment is impaired in which case, the Company will estimate the fair value of the investment to determine the amount of the impairment loss.
|
Discontinued Operations |
Discontinued Operations
The Company classifies as discontinued operations, a component of an entity or group of components that has been disposed of by sale, disposed of other than by sale or
is classified as held for sale and represents a strategic shift that has (or will have) a major effect on the company’s operations and financial results (Note 3).
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements:
There are no recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s unaudited interim
condensed consolidated financial statements in the current period.
|
Basis of Presentation and General Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and General information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities of Toro |
The assets and liabilities of Toro on March 7, 2023, were as follows:
|
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Consolidated Vessel Owning Subsidiaries |
(a) Consolidated vessel owning subsidiaries:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries Formed to Acquire Vessels |
(b) Consolidated subsidiaries formed to acquire vessels:
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Consolidated Non-Vessel Owning Subsidiaries |
(c) Consolidated non-vessel owning subsidiaries:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entities Comprising Discontinued Operations as Part of Spin-Off |
(d) Entities comprising the discontinued operations as part of the Spin-Off:
|
Discontinued operations (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations |
The components of assets and liabilities of discontinued operations in the unaudited condensed consolidated balance sheet at December 31, 2022
consisted of the following:
|
Transactions with Related Parties (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with Related Parties |
During the six months periods ended June 30, 2022, and 2023, the Company incurred the following charges in connection with related party
transactions, which are included in the accompanying unaudited interim condensed consolidated statements of comprehensive income:
As of December 31, 2022,
and June 30, 2023, balances with related parties consisted of the following:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation Methodology and Significant Other Observable Inputs |
As there was no observable market for the Series A Preferred Shares, these were recognized at $117,222,135 (Note 11), being the fair value of the shares determined through Level 2 inputs
of the fair value hierarchy by taking into consideration a third-party valuation. The fair value on the initial recognition is deemed to be the cost. The valuation methodology applied comprised the bifurcation of the value of the Series A Preferred
Shares in two components namely, the “straight” preferred stock component and the option component. The mean of the sum of the two components was used to estimate the value for the Series A Preferred Shares at $117,222,135. The valuation methodology and the significant other observable inputs used for each
component are set out below:
|
Deferred Charges, net (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||
Deferred Charges, net [Abstract] | ||||||||||||||||||||||||||||||||||||
Deferred Dry-Docking Costs, net |
The movement in
deferred dry-docking costs, net in the accompanying unaudited condensed consolidated balance sheets is as follows:
|
Vessels, net/Assets held for sale (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessels, net/Assets Held for Sale [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessels, Net |
(a) Vessels, net: The amounts in the accompanying unaudited condensed consolidated balance sheets are analyzed as follows:
|
Long-Term Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt |
The amount of long-term
debt shown in the accompanying unaudited condensed consolidated balance sheet of June 30, 2023, is analyzed as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Principal Payments |
The annual principal payments for the Company’s outstanding debt arrangements (including the debt related to assest held for sale) as of
June 30, 2023, required to be made after the balance sheet date, are as follows:
|
Investment in equity securities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||
Investment in equity securities [Abstract] | ||||||||||||||||||||||||||||||||||||
Investment in Listed Equity Securities |
A summary of the movement in listed equity securities for the six-month period ended
June 30, 2023 is presented in the table below:
|
Financial Instruments and Fair Value Disclosures (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments and Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recurring Fair Value Measurement of Investment in Related Party |
The following is a tabular presentation of the non-recurring fair value measurement of Investment in related party.
|
Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||
Commitments and Contingencies [Abstract] | |||||||||||||||||||||
Future Minimum Contracted Lease Payments |
The following table sets forth the future minimum contracted lease payments to
the Company (gross of charterers’ commissions), based on the Company’s vessels’ commitments to non-cancelable time charter contracts as of June 30, 2023. Non-cancelable time charter contracts include both fixed-rate time charters or charters
linked to the Baltic Dry Index (“BDI”). For index linked contracts, contracted lease payments have been calculated using the BDI linked rate as measured at the commencement date.
In addition, certain of the variable-rate contracts have the option at the Company’s option to convert to a fixed rate for a predetermined period, in such cases where lease payments have been converted to a fixed rate, the minimum contracted lease payments for this period are calculated using the agreed converted fixed rate. The calculation does not include any assumed off-hire days.
|
Earnings Per Common Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of Basic and Diluted Earnings per Share |
The components of the calculation of basic and diluted earnings per common share are as follows:
|
Total Vessel Revenues (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||
Total Vessel Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||
Vessel Revenues |
The following table includes the voyage revenues earned by the Company in each of the six-month periods ended June 30, 2022, and 2023, as presented in the accompanying unaudited interim condensed consolidated
statements of comprehensive income:
|
Vessel Operating Expenses and Voyage Expenses (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessel Operating Expenses and Voyage Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessel Operating Expenses |
The
amounts in the accompanying unaudited interim condensed consolidated statements of comprehensive income are analyzed as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Voyage Expenses |
|
General and Administrative Expenses (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and Administrative Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and Administrative Expenses |
General and administrative expenses are analyzed as follows:
|
Interest and Finance Costs (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and Finance Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and Finance Costs |
The amounts in the accompanying unaudited interim consolidated
statements of comprehensive income are analyzed as follows:
|
Segment Information (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information about Company's Reportable Segments |
The table below presents information about the Company’s reportable segments as of and for the six months ended June 30, 2022, and 2023. The accounting policies followed in the preparation of the reportable segments
are the same as those followed in the preparation of the Company’s unaudited interim condensed consolidated financial statements. Segment results are evaluated based on income from operations.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Total Segment Assets to Total Assets |
A reconciliation of total segment assets to total assets presented in the accompanying unaudited condensed
consolidated balance sheets of December 31, 2022, and June 30, 2023, is as follows:
|
Discontinued operations (Details) - USD ($) |
2 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 07, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
CURRENT ASSETS: | ||||
Total current assets of discontinued operations | $ 0 | $ 54,763,308 | ||
NON-CURRENT ASSETS: | ||||
Total non-current assets of discontinued operations | 0 | 102,715,796 | ||
CURRENT LIABILITIES: | ||||
Total current liabilities of discontinued operations | 0 | 6,519,051 | ||
NON-CURRENT LIABILITIES: | ||||
Total non-current liabilities of discontinued operations | 0 | 10,463,172 | ||
OTHER INCOME/(EXPENSES): | ||||
Net income and comprehensive income from discontinued operations, before taxes | $ 17,513,269 | $ 7,777,766 | ||
Toro Corp [Member] | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 41,779,594 | |||
Accounts receivable trade, net | 10,616,573 | |||
Due from related parties | 558,328 | |||
Inventories | 893,568 | |||
Prepaid expenses and other assets | 915,245 | |||
Total current assets of discontinued operations | 54,763,308 | |||
NON-CURRENT ASSETS: | ||||
Vessels, net | 92,486,178 | |||
Restricted cash | 700,000 | |||
Due from related parties | 1,708,474 | |||
Prepaid expenses and other assets | 5,199,999 | |||
Deferred charges, net | 2,621,145 | |||
Total non-current assets of discontinued operations | 102,715,796 | |||
CURRENT LIABILITIES: | ||||
Current portion of long-term debt, net | 2,606,302 | |||
Accounts payable | 1,643,468 | |||
Accrued liabilities | 2,269,281 | |||
Total current liabilities of discontinued operations | 6,519,051 | |||
NON-CURRENT LIABILITIES: | ||||
Long-term debt, net | 10,463,172 | |||
Total non-current liabilities of discontinued operations | $ 10,463,172 | |||
Revenue [Abstract] | ||||
Vessel revenues | $ 23,369,274 | 42,609,567 | ||
EXPENSES: | ||||
Voyage expenses (including $530,089, and $294,831 to related party for the six months ended June 30, 2022, and 2023, respectively) | (374,396) | (18,669,842) | ||
Vessel operating expenses | (3,769,132) | (10,807,764) | ||
Management fees to related parties | (507,000) | (1,384,650) | ||
Depreciation and amortization | (1,493,759) | (3,571,444) | ||
Recovery of provision for doubtful accounts | 266,732 | 0 | ||
Total expenses | (5,877,555) | (34,433,700) | ||
Operating income | 17,491,719 | 8,175,867 | ||
OTHER INCOME/(EXPENSES): | ||||
Interest and finance costs | (220,061) | (388,385) | ||
Interest income | 253,165 | 1,412 | ||
Foreign exchange losses | (11,554) | (11,128) | ||
Total other (expenses)/income, net | 21,550 | (398,101) | ||
Net income and comprehensive income from discontinued operations, before taxes | 17,513,269 | 7,777,766 | ||
Income taxes | (173,937) | (480,476) | ||
Net income and comprehensive income from discontinued operations, net of taxes | 17,339,332 | 7,297,290 | ||
Voyage expenses, related party | 294,831 | 530,089 | ||
Toro Corp [Member] | Time Charter [Member] | ||||
Revenue [Abstract] | ||||
Vessel revenues | 914,000 | 4,836,315 | ||
Toro Corp [Member] | Voyage Charter [Member] | ||||
Revenue [Abstract] | ||||
Vessel revenues | 7,930 | 29,592,279 | ||
Toro Corp [Member] | Pool [Member] | ||||
Revenue [Abstract] | ||||
Vessel revenues | $ 22,447,344 | $ 8,180,973 |
Transactions with Related Parties, Summary (Details) - USD ($) |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 07, 2023 |
Dec. 31, 2022 |
|
Transactions with Related Parties [Abstract] | ||||
Management fees | $ 3,615,825 | $ 3,077,000 | ||
Administration fees | 1,500,000 | 600,000 | ||
Assets [Abstract] | ||||
Due from related parties - current | 5,458,734 | $ 2,437,354 | ||
Due from related party - non-current | 3,044,495 | 3,514,098 | ||
Investment in related party - non-current | 117,521,579 | 0 | ||
Castor Ships [Member] | ||||
Transactions with Related Parties [Abstract] | ||||
Management fees | 1,270,425 | 905,000 | ||
Sale & purchase commission | 0 | 235,500 | ||
Castor Ships [Member] | Vessels [Member] | ||||
Transactions with Related Parties [Abstract] | ||||
Sale & purchase commission | 0 | 235,500 | ||
Castor Ships [Member] | Voyage Expenses [Member] | ||||
Transactions with Related Parties [Abstract] | ||||
Charter hire commissions | 655,431 | 1,027,211 | ||
Castor Ships [Member] | Gain on Sale of Vessel [Member] | ||||
Transactions with Related Parties [Abstract] | ||||
Sale & purchase commission | 126,000 | 0 | ||
Pavimar [Member] | ||||
Transactions with Related Parties [Abstract] | ||||
Management fees | 2,345,400 | 2,172,000 | ||
Related Party [Member] | ||||
Liabilities [Abstract] | ||||
Due to related party - current | 3,369,200 | 2,664,976 | ||
Related Party [Member] | Castor Ships [Member] | ||||
Assets [Abstract] | ||||
Due from related parties - current | 2,061,932 | 0 | ||
Due from related party - non-current | 3,044,495 | 3,514,098 | ||
Liabilities [Abstract] | ||||
Due to related party - current | 0 | 227,622 | ||
Related Party [Member] | Castor Ships [Member] | General and Administrative Expenses [Member] | ||||
Transactions with Related Parties [Abstract] | ||||
Administration fees | 1,500,000 | $ 600,000 | ||
Related Party [Member] | Pavimar [Member] | ||||
Assets [Abstract] | ||||
Due from related parties - current | 3,369,200 | 2,664,976 | ||
Related Party [Member] | Toro Corp [Member] | ||||
Assets [Abstract] | ||||
Due from related parties - current | 27,602 | $ 4,528,948 | 0 | |
Due from related party - non-current | 1,708,474 | |||
Investment in related party - non-current | $ 117,521,579 | $ 0 | ||
Liabilities [Abstract] | ||||
Due to related party - current | $ 3,001,865 |
Transactions with Related Parties, Castor Ships (Details) |
6 Months Ended | 8 Months Ended | 12 Months Ended | 22 Months Ended | |||
---|---|---|---|---|---|---|---|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Aug. 31, 2020
$ / shares
|
Jun. 30, 2023
USD ($)
$ / d
|
Jun. 30, 2022
USD ($)
$ / d
|
Apr. 18, 2023
Vessel
|
Dec. 31, 2022
USD ($)
|
|
Transactions with Related Parties [Abstract] | |||||||
Due from related party - non-current | $ 3,044,495 | $ 3,044,495 | $ 3,514,098 | ||||
Due from related party, current | 5,458,734 | 5,458,734 | 2,437,354 | ||||
Castor Ships [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Sale & purchase commission | 0 | $ 235,500 | |||||
Castor Ships [Member] | Vessels, Net [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Sale & purchase commission | 126,000 | 0 | |||||
Castor Ships [Member] | Due from Related Parties, Current [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Working capital guarantee deposits | 201,915 | 201,915 | 0 | ||||
Castor Ships [Member] | Gain on Sale of Vessel [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Sale & purchase commission | 126,000 | $ 0 | |||||
Sale price | $ 12,600,000 | 12,600,000 | |||||
Castor Ships [Member] | Castor Ship Management Agreements [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Quarterly management fee | $ 300,000 | ||||||
Daily fee for services | $ / d | 250 | ||||||
Commission rate on charter agreements | 1.25% | ||||||
Commission rate on each vessel sale and purchase transaction | 1.00% | ||||||
Castor Ships [Member] | Amended Castor Ship Management Agreements [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Quarterly management fee | $ 750,000 | ||||||
Commission rate on charter agreements | 1.25% | ||||||
Commission rate on each vessel sale and purchase transaction | 1.00% | ||||||
Recovery fee multiplier | 2 | ||||||
Term of agreement | 8 years | ||||||
Renewal term of agreement | 8 years | ||||||
Termination fee multiplier | 7 | ||||||
Funding period for advance to cover vessel daily operating costs | 1 month | ||||||
Number of vessels sold | Vessel | 2 | ||||||
Castor Ships [Member] | Amended Castor Ship Management Agreements [Member] | Containership and Dry Bulk Vessels [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Daily fee for services | $ / d | 925 | ||||||
Castor Ships [Member] | Amended Castor Ship Management Agreements [Member] | Tanker Vessels [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Daily fee for services | $ / d | 975 | ||||||
Castor Ships [Member] | Amended Castor Ship Management Agreements [Member] | Dry Bulk Vessels [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Daily fee for services | $ / d | 325 | ||||||
Pavimar [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Daily fee for services | $ / shares | 500 | ||||||
Pavimar [Member] | Amended Castor Ship Management Agreements [Member] | Dry Bulk Vessels [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Daily fee for services | $ / d | 600 | ||||||
Related Party [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Due to related party, current | $ 3,369,200 | $ 3,369,200 | 2,664,976 | ||||
Related Party [Member] | Castor Ships [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Due from related party - non-current | 3,044,495 | 3,044,495 | 3,514,098 | ||||
Due from related party, current | 2,061,932 | 2,061,932 | 0 | ||||
Due to related party, current | 0 | 0 | 227,622 | ||||
Related Party [Member] | Castor Ships [Member] | Castor Ship Management Agreements [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Due to related party, current | 227,408 | ||||||
Related Party [Member] | Castor Ships [Member] | Amended Castor Ship Management Agreements [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Due from related party, current | 469,603 | 469,603 | |||||
Due to related party, current | 228,307 | 228,307 | |||||
Related Party [Member] | Castor Ships [Member] | Working Capital Guarantee Advances [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Due from related party - non-current | 3,044,495 | 3,044,495 | 3,514,098 | ||||
Related Party [Member] | Castor Ships [Member] | Operating Expenses Payments [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Due from related party, current | 1,618,721 | 1,618,721 | |||||
Due to related party, current | 214 | ||||||
Related Party [Member] | Pavimar [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Due from related party, current | $ 3,369,200 | $ 3,369,200 | $ 2,664,976 |
Transactions with Related Parties, Pavimar (Details) |
6 Months Ended | 8 Months Ended | 22 Months Ended | ||||
---|---|---|---|---|---|---|---|
Jun. 30, 2023
USD ($)
$ / shares
|
Aug. 31, 2020
$ / shares
|
Jun. 30, 2022
$ / shares
|
Jun. 30, 2023
Vessel
|
Jun. 30, 2023
DryBulkVessels
|
Jun. 30, 2023
Vote
|
Dec. 31, 2022
USD ($)
Vessel
|
|
Transactions with Related Parties [Abstract] | |||||||
Due from related party, current | $ 5,458,734 | $ 2,437,354 | |||||
Pavimar [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Daily fee for services | $ / shares | 500 | ||||||
Pavimar [Member] | Technical Management Agreements [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Daily fee for services | $ / shares | 600 | 600 | |||||
Pavimar [Member] | Subcontracted Management Agreements [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Number of vessels under technical management | 4 | 3 | 1 | 3 | |||
Working capital guarantee deposits | $ 258,252 | $ 258,252 | |||||
Related Party [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Due to related party, current | 3,369,200 | 2,664,976 | |||||
Related Party [Member] | Technical Management Agreements [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Due to related party, current | 37,200 | 259,100 | |||||
Related Party [Member] | Subcontracted Management Agreements [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Due from related party, current | 3,148,148 | 2,665,824 | |||||
Related Party [Member] | Pavimar [Member] | |||||||
Transactions with Related Parties [Abstract] | |||||||
Due from related party, current | $ 3,369,200 | $ 2,664,976 |
Transactions with Related Parties, Investment in related party (Details) |
6 Months Ended | |||
---|---|---|---|---|
Mar. 07, 2023
USD ($)
$ / shares
|
Jun. 30, 2023
USD ($)
Vote
$ / shares
shares
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
$ / shares
|
|
Investment in Related Party [Abstract] | ||||
Preferred shares, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||
Fair Value Assumptions [Abstract] | ||||
Dividend income from related party | $ 451,111 | $ 0 | ||
Proceeds received related to Spin-Off | 2,667,044 | 0 | ||
Due from related party, current | $ 5,458,734 | $ 2,437,354 | ||
Discounted Cash Flow Model [Member] | ||||
Fair Value Assumptions [Abstract] | ||||
Weighted average cost of capital | 12.80% | |||
Black Scholes Option Pricing Model [Member] | ||||
Fair Value Assumptions [Abstract] | ||||
Volatility | 69.00% | |||
Risk-free rate | 3.16% | |||
Weighted average cost of capital | 12.80% | |||
Strike price (in dollars per share) | $ / shares | $ 5.75 | |||
Share price (in dollars per share) | $ / shares | $ 4.52 | |||
Related Party [Member] | Toro [Member] | ||||
Investment in Related Party [Abstract] | ||||
Investment in related party (Note 4) | $ (117,222,135) | |||
Fair Value Assumptions [Abstract] | ||||
Due from related party, current | $ 4,528,948 | $ 27,602 | $ 0 | |
Series A Preferred Stock [Member] | ||||
Investment in Related Party [Abstract] | ||||
Preferred shares, shares issued (in shares) | shares | 140,000 | |||
Preferred shares, stated amount (in dollars per share) | $ / shares | $ 1,000 | |||
Preferred shares, par value (in dollars per share) | $ / shares | $ 0.001 | |||
Preferred Stock, Voting Rights, Number of Votes | Vote | 0 | |||
Series A Preferred Stock [Member] | Maximum [Member] | ||||
Investment in Related Party [Abstract] | ||||
Conversion price (in dollars per share) | $ / shares | $ 2.5 | |||
Series A Preferred Stock [Member] | Toro [Member] | ||||
Investment in Related Party [Abstract] | ||||
Preferred shares, stated amount (in dollars per share) | $ / shares | $ 1,000 | |||
Preferred shares, par value (in dollars per share) | $ / shares | $ 0.001 | |||
Investment in related party (Note 4) | $ 117,222,135 | |||
Fair Value Assumptions [Abstract] | ||||
Percentage of cash dividends | 1.00% | |||
Dividend income from related party | $ 0 | |||
Series A Preferred Stock [Member] | Related Party [Member] | Toro [Member] | ||||
Investment in Related Party [Abstract] | ||||
Percentage of conversion price | 150.00% | |||
Number of consecutive trading day commencing on distribution date | 5 days | |||
Number of consecutive trading day expiring on trading day | 10 days | |||
Fair Value Assumptions [Abstract] | ||||
Accrued dividends | $ 299,444 | |||
Percentage of cash dividends | 1.00% | |||
Multiplication factor prior quarterly dividend rate | 1.3 | |||
Maximum quarterly dividend rate | 20.00% | |||
Dividend income from related party | $ 451,111 | |||
Dividends received from related parties | 151,667 | |||
Proceeds received related to Spin-Off | 2,667,044 | |||
Due from related party, current | 27,602 | |||
Series A Preferred Stock [Member] | Related Party [Member] | Toro [Member] | Level 2 [Member] | ||||
Investment in Related Party [Abstract] | ||||
Investment in related party (Note 4) | $ 117,222,135 |
Deferred Charges, net (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Deferred Charges, net [Abstract] | |
Balance at beginning of period | $ 5,357,816 |
Additions | 1,112,815 |
Amortization | (1,038,325) |
Transfer to Assets held for sale (Note 7(b)) | (548,078) |
Disposals | (614,014) |
Balance at end of period | $ 4,270,214 |
Fair Value of Acquired Time Charters (Details) - USD ($) |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Oct. 31, 2022 |
|
Fair Value of Acquired Time Charters [Abstract] | ||||
Fair value of acquired time charters | $ 1,078,368 | $ 2,507,506 | ||
Amortization of fair value of acquired charter | 1,429,137 | $ 0 | ||
M/V Ariana A [Member] | ||||
Fair Value of Acquired Time Charters [Abstract] | ||||
Fair value of acquired time charters | $ 897,436 | |||
M/V Gabriela A [Member] | ||||
Fair Value of Acquired Time Charters [Abstract] | ||||
Fair value of acquired time charters | 1,078,368 | $ 2,019,608 | ||
Amortization to vessel revenues in 2023 | 813,195 | |||
Amortization to vessel revenues in 2024 | $ 265,173 |
Vessels, net/Assets held for sale, Net Book Value (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Net Book Value [Abstract] | |
Beginning balance | $ 343,408,466 |
Ending balance | 302,550,388 |
Vessels [Member] | |
Vessel Cost [Abstract] | |
Beginning balance | 372,382,480 |
Transfer to Assets held for sale | (26,016,507) |
Vessel disposals | (9,093,719) |
Ending balance | 337,272,254 |
Accumulated Depreciation [Abstract] | |
Beginning balance | (28,974,014) |
Transfer to Assets held for sale | 3,642,788 |
Vessel disposals | 872,582 |
Period depreciation | (10,263,222) |
Ending balance | (34,721,866) |
Net Book Value [Abstract] | |
Beginning balance | 343,408,466 |
Transfer to Assets held for sale | (22,373,719) |
Vessel disposals | (8,221,137) |
Ending balance | $ 302,550,388 |
Vessels, net/Assets held for sale, Disposal of vessels (Details) |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
Vessel
|
Jun. 30, 2023
USD ($)
Vessel
|
Jun. 30, 2022
USD ($)
|
Jun. 02, 2023
USD ($)
|
Mar. 23, 2023
USD ($)
|
Mar. 13, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Assets Held for Sale/ Disposal of Vessels [Abstract] | ||||||||
Gain of sale of vessel | $ 3,128,568 | $ 0 | ||||||
Number of vessels first priority mortgaged as collateral to loan facilities | Vessel | 17 | 17 | ||||||
Number of vessels | Vessel | 21 | 21 | ||||||
Aggregate carrying value | $ 302,550,388 | $ 302,550,388 | $ 343,408,466 | |||||
Assets held for sale | 23,048,646 | 23,048,646 | $ 0 | |||||
M/V Magic Rainbow [Member] | ||||||||
Assets Held for Sale/ Disposal of Vessels [Abstract] | ||||||||
Sale price | $ 12,600,000 | |||||||
Gain of sale of vessel | 3,100,000 | |||||||
M/V Magic Moon and M/V Magic Twilight [Member] | ||||||||
Assets Held for Sale/ Disposal of Vessels [Abstract] | ||||||||
Carrying value of the vessel | 22,373,719 | 22,373,719 | ||||||
Deferred charges held for sale | 548,078 | 548,078 | ||||||
Inventory held for sale | 126,849 | 126,849 | ||||||
Impairment charges | 0 | |||||||
M/V Magic Moon [Member] | ||||||||
Assets Held for Sale/ Disposal of Vessels [Abstract] | ||||||||
Sale price | $ 13,950,000 | |||||||
M/V Magic Moon [Member] | Plan [Member] | ||||||||
Assets Held for Sale/ Disposal of Vessels [Abstract] | ||||||||
Gain of sale of vessel | $ 4,000,000 | |||||||
M/V Magic Twilight [Member] | ||||||||
Assets Held for Sale/ Disposal of Vessels [Abstract] | ||||||||
Sale price | $ 17,500,000 | |||||||
M/V Magic Twilight [Member] | Plan [Member] | ||||||||
Assets Held for Sale/ Disposal of Vessels [Abstract] | ||||||||
Gain of sale of vessel | $ 4,600,000 | |||||||
Vessels Mortgaged as Collateral [Member] | ||||||||
Assets Held for Sale/ Disposal of Vessels [Abstract] | ||||||||
Aggregate carrying value | $ 260,100,000 | $ 260,100,000 |
Long-Term Debt, Long-Term Debt Including Related Party Debt (Details) - USD ($) |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2023 |
Jul. 03, 2023 |
Dec. 31, 2022 |
Jan. 12, 2022 |
|
Loan Facilities [Abstract] | ||||
Total long-term debt including Debt related to assets held for sale | $ 117,337,300 | $ 140,468,500 | ||
Less: Deferred financing costs | (1,272,882) | (1,696,738) | ||
Total long-term debt including Debt related to assets held for sale, net of deferred finance costs | 116,064,418 | 138,771,762 | ||
Presented [Abstract] | ||||
Current portion of long-term debt | 20,943,399 | 29,848,400 | ||
Less: Current portion of deferred finance costs | (514,820) | (677,585) | ||
Current portion of long-term debt, net of deferred finance costs | 20,428,579 | 29,170,815 | ||
Debt related to assets held for sale | 10,742,000 | 0 | ||
Less: Current portion of deferred finance costs | (119,348) | 0 | ||
Debt related to assets held for sale, net of deferred finance costs | 10,622,652 | 0 | ||
Non-Current portion of long-term debt | 85,651,901 | 110,620,100 | ||
Less: Non-Current portion of deferred finance costs | (638,714) | (1,019,153) | ||
Non-Current portion of long-term debt, net of deferred finance costs | 85,013,187 | 109,600,947 | ||
$11.0 Million Term Loan Facility [Member] | ||||
Loan Facilities [Abstract] | ||||
Face amount | $ 11,000,000 | 11,000,000 | ||
Borrowers | Spetses- Pikachu | |||
Total long-term debt including Debt related to assets held for sale | $ 5,400,000 | 6,200,000 | ||
$4.5 Million Term Loan Facility [Member] | ||||
Loan Facilities [Abstract] | ||||
Face amount | $ 4,500,000 | |||
Borrowers | Bistro | |||
Total long-term debt including Debt related to assets held for sale | $ 2,550,000 | 2,850,000 | ||
$15.29 Million Term Loan Facility [Member] | ||||
Loan Facilities [Abstract] | ||||
Face amount | $ 15,290,000 | $ 15,290,000 | 15,290,000 | |
Borrowers | Pocahontas- Jumaru | |||
Total long-term debt including Debt related to assets held for sale | $ 11,051,000 | 11,993,000 | ||
$40.75 Million Term Loan Facility [Member] | ||||
Loan Facilities [Abstract] | ||||
Face amount | $ 40,750,000 | $ 40,750,000 | 40,750,000 | |
Borrowers | Liono-Snoopy-Cinderella-Luffy | |||
Total long-term debt including Debt related to assets held for sale | $ 32,672,000 | 34,980,000 | ||
Presented [Abstract] | ||||
Debt related to assets held for sale, net of deferred finance costs | 7,900,000 | |||
$23.15 Million Term Loan Facility [Member] | ||||
Loan Facilities [Abstract] | ||||
Face amount | $ 23,150,000 | |||
Borrowers | Bagheera-Garfield | |||
Total long-term debt including Debt related to assets held for sale | $ 9,089,300 | 17,800,500 | ||
$55.0 Million Term Loan Facility [Member] | ||||
Loan Facilities [Abstract] | ||||
Face amount | $ 55,000,000 | 55,000,000 | $ 55,000,000 | |
Borrowers | Mulan- Johnny Bravo-Songoku-Asterix-Stewie | |||
Total long-term debt including Debt related to assets held for sale | $ 37,325,000 | 44,395,000 | ||
22.5 Million Term Loan Facility [Member] | ||||
Loan Facilities [Abstract] | ||||
Face amount | $ 22,500,000 | |||
Borrowers | Tom-Jerry | |||
Total long-term debt including Debt related to assets held for sale | $ 19,250,000 | $ 22,250,000 |
Long-Term Debt, $11.0 Million Term Loan Facility (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Long-Term Debt [Abstract] | |||
Debt related to assets held for sale, net | $ 10,622,652 | $ 0 | |
$11.0 Million Term Loan Facility [Member] | |||
Long-Term Debt [Abstract] | |||
Face amount | 11,000,000 | $ 11,000,000 | |
Margin on variable rate | 0.045% | ||
$11.0 Million Term Loan Facility [Member] | M/V Magic Moon [Member] | |||
Long-Term Debt [Abstract] | |||
Debt related to assets held for sale, net | $ 2,800,000 |
Long-Term Debt, $4.5 Million Term Loan Facility (Details) - $4.5 Million Term Loan Facility [Member] - USD ($) $ in Millions |
Jun. 21, 2023 |
Jun. 30, 2023 |
---|---|---|
Long-Term Debt [Abstract] | ||
Face amount | $ 4.5 | |
Margin on variable rate | 0.11448% |
Long-Term Debt, $15.29 Million Term Loan Facility (Details) - USD ($) $ in Thousands |
Jul. 03, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|---|
$15.29 Million Term Loan Facility [Member] | |||
Long-Term Debt [Abstract] | |||
Face amount | $ 15,290 | $ 15,290 | $ 15,290 |
Long-Term Debt, $18.0 Million Term Loan Facility (Details) - USD ($) |
Jun. 30, 2023 |
Mar. 07, 2023 |
Dec. 31, 2022 |
---|---|---|---|
Long-Term Debt [Abstract] | |||
Net of deferred finance charges | $ 85,013,187 | $ 109,600,947 | |
$18.0 Million Term Loan Facility [Member] | |||
Long-Term Debt [Abstract] | |||
Face amount | $ 18,000,000 | ||
Net of deferred finance charges | $ 12,413,056 |
Long-Term Debt, $40.75 Million Term Loan Facility (Details) - USD ($) |
Jul. 20, 2023 |
Jul. 03, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Long-Term Debt [Abstract] | ||||
Debt related to assets held for sale, net | $ 10,622,652 | $ 0 | ||
$40.75 Million Term Loan Facility [Member] | ||||
Long-Term Debt [Abstract] | ||||
Face amount | $ 40,750,000 | 40,750,000 | $ 40,750,000 | |
Debt related to assets held for sale, net | $ 7,900,000 | |||
$40.75 Million Term Loan Facility [Member] | Subsequent Event [Member] | ||||
Long-Term Debt [Abstract] | ||||
Repayment of loan | $ 7,910,000 |
Long-Term Debt, $23.15 Million Term Loan Facility (Details) - $23.15 Million Term Loan Facility [Member] - USD ($) $ in Thousands |
Apr. 24, 2023 |
Apr. 18, 2023 |
Jun. 30, 2023 |
---|---|---|---|
Long-Term Debt [Abstract] | |||
Face amount | $ 23,150 | ||
Margin on variable rate | 0.11448% | ||
Repayment of loan | $ 6,950 |
Long-Term Debt, $55.0 Million Term Loan Facility (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jan. 12, 2022 |
---|---|---|---|
$55.0 Million Term Loan Facility [Member] | |||
Long-Term Debt [Abstract] | |||
Face amount | $ 55,000 | $ 55,000 | $ 55,000 |
Long-Term Debt, $22.5 Million Term Loan Facility (Details) $ in Millions |
Jun. 30, 2023
USD ($)
|
---|---|
22.5 Million Term Loan Facility [Member] | |
Debt Instruments [Abstract] | |
Face amount | $ 22.5 |
Long-Term Debt, Annual Principal Payments (Details) - USD ($) |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jul. 03, 2023 |
Dec. 31, 2022 |
Jan. 12, 2022 |
|
Long-Term Debt [Abstract] | |||||
Minimum liquidity deposits | $ 6,700,000 | $ 6,600,000 | |||
Retention deposits | 1,700,000 | 1,700,000 | |||
Annual Principal Payments [Abstract] | |||||
2024 | 31,685,399 | ||||
2025 | 27,776,401 | ||||
2026 | 13,624,400 | ||||
2027 | 40,051,100 | ||||
2028 | 4,200,000 | ||||
Total long-term debt | 117,337,300 | 140,468,500 | |||
Interest incurred on long-term debt | 5,300,000 | $ 2,600,000 | |||
$11.0 Million Term Loan Facility [Member] | |||||
Long-Term Debt [Abstract] | |||||
Face amount | 11,000,000 | 11,000,000 | |||
Annual Principal Payments [Abstract] | |||||
Total long-term debt | 5,400,000 | 6,200,000 | |||
$18.0 Million Term Loan Facility [Member] | |||||
Long-Term Debt [Abstract] | |||||
Face amount | 18,000,000 | ||||
$15.29 Million Term Loan Facility [Member] | |||||
Long-Term Debt [Abstract] | |||||
Face amount | 15,290,000 | $ 15,290,000 | 15,290,000 | ||
Dry-dock reserve accounts | 1,400,000 | 900,000 | |||
Annual Principal Payments [Abstract] | |||||
Total long-term debt | 11,051,000 | 11,993,000 | |||
$40.75 Million Term Loan Facility [Member] | |||||
Long-Term Debt [Abstract] | |||||
Face amount | 40,750,000 | $ 40,750,000 | 40,750,000 | ||
Dry-dock reserve accounts | 1,400,000 | 900,000 | |||
Retention deposits | 1,700,000 | 1,700,000 | |||
Annual Principal Payments [Abstract] | |||||
Total long-term debt | 32,672,000 | 34,980,000 | |||
$55.0 Million Term Loan Facility [Member] | |||||
Long-Term Debt [Abstract] | |||||
Face amount | 55,000,000 | 55,000,000 | $ 55,000,000 | ||
Dry-dock reserve accounts | 1,400,000 | 900,000 | |||
Annual Principal Payments [Abstract] | |||||
Total long-term debt | $ 37,325,000 | $ 44,395,000 | |||
Long-Term Debt (Including Related Party Debt) [Member] | |||||
Annual Principal Payments [Abstract] | |||||
Weighted average interest rate | 8.30% | 3.90% |
Investment in equity securities (Details) - USD ($) |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 23, 2023 |
|
Equity Securities [Abstract] | |||
Beginning balance | $ 0 | ||
Equity securities acquired | 72,211,450 | $ 0 | |
Proceeds from sale of equity securities | (258,999) | 0 | |
Gain on sale of equity securities | 2,636 | 0 | |
Unrealized loss on equity securities revalued at fair value at end of the period | (5,107,427) | 0 | |
Ending balance | 66,847,660 | ||
Dividend income on equity securities | 366,002 | 0 | |
Eagle Bulk Shipping Inc [Member] | |||
Equity Securities [Abstract] | |||
Number of shares held (in shares) | 1,391,500 | ||
Percentage of shares held | 14.99% | ||
Dividend income on equity securities | $ 366,002 | $ 0 |
Equity Capital Structure, Capital Stock (Details) - $ / shares |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Equity Capital Structure [Abstract] | ||
Capital shares, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Capital shares, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common shares, shares authorized (in shares) | 1,950,000,000 | 1,950,000,000 |
Preferred shares, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Equity Capital Structure, At-the-Market Common Stock Offering (Details) - USD ($) |
1 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Apr. 20, 2023 |
Aug. 08, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
May 23, 2023 |
Dec. 31, 2022 |
|
Common Shares [Abstract] | ||||||
Minimum period for aggregate offering price | 12 months | |||||
Gross proceeds from issuance of common shares | $ 785,804 | $ 0 | ||||
Due from shareholder | $ (38,475) | $ 0 | ||||
Maximum [Member] | ||||||
Common Shares [Abstract] | ||||||
Common stock that can be sold under ATM | $ 30,000,000 | |||||
Common Shares [Member] | ||||||
Common Shares [Abstract] | ||||||
Issuance of common stock (in shares) | 133,900 | 1,879,888 | ||||
Gross proceeds from issuance of common shares | $ 60,000.00 | $ 800,000 | ||||
Net proceeds from issuance of common stock | $ 50,000.00 | 700,000 | ||||
Due from Shareholders [Member] | ||||||
Common Shares [Abstract] | ||||||
Due from shareholder | $ (38,475) |
Financial Instruments and Fair Value Disclosures (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Fair Value, Net Asset (Liability) [Abstract] | |
Total gain/(loss) | $ 0 |
Related Party [Member] | |
Fair Value, Net Asset (Liability) [Abstract] | |
Total gain/(loss) | 0 |
Nonrecurring [Member] | |
Fair Value, Net Asset (Liability) [Abstract] | |
Investment | 117,222,135 |
Nonrecurring [Member] | Related Party [Member] | |
Fair Value, Net Asset (Liability) [Abstract] | |
Investment | 117,222,135 |
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |
Fair Value, Net Asset (Liability) [Abstract] | |
Investment | 117,222,135 |
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Related Party [Member] | |
Fair Value, Net Asset (Liability) [Abstract] | |
Investment | $ 117,222,135 |
Commitments and Contingencies (Details) |
Jun. 30, 2023
USD ($)
|
---|---|
Future Minimum Contracted Lease Payments [Abstract] | |
2023 | $ 51,648,713 |
2024 | 0 |
Total | $ 51,648,713 |
Earnings Per Common Share (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Earnings Per Share [Abstract] | ||
Net income and comprehensive income from continuing operations, net of taxes | $ 1,676,753 | $ 40,432,494 |
Net income and comprehensive income from discontinued operations, net of taxes | 17,339,332 | 7,297,290 |
Net income | 19,016,085 | 47,729,784 |
Comprehensive income | $ 19,016,085 | $ 47,729,784 |
Weighted average number of common shares outstanding, basic (in shares) | 94,784,704 | 94,610,088 |
Weighted average number of common shares outstanding, diluted (in shares) | 94,784,704 | 94,610,088 |
Earnings per common share, basic, continuing operations (in dollars per share) | $ 0.02 | $ 0.43 |
Earnings per common share, diluted, continuing operations (in dollars per share) | 0.02 | 0.43 |
Earnings per common share, basic, discontinued operations (in dollars per share) | 0.18 | 0.08 |
Earnings per common share, diluted, discontinued operations (in dollars per share) | 0.18 | 0.08 |
Earnings per common share, basic, total (in dollars per share) | 0.2 | 0.5 |
Earnings per common share, diluted, total (in dollars per share) | $ 0.2 | $ 0.5 |
Total Vessel Revenues (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Disaggregation of Revenue [Abstract] | ||
Total vessel revenues | $ 49,747,081 | $ 79,529,412 |
Minimum [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Term of time charters | 1 month | |
Maximum [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Term of time charters | 12 months | |
Time Charter [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Vessel revenues | $ 49,747,081 | $ 79,529,412 |
Vessel Operating Expenses and Voyage Expenses (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Vessel Operating Expenses [Abstract] | ||
Crew & crew related costs | $ 11,487,787 | $ 10,779,784 |
Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling | 4,945,421 | 5,861,285 |
Lubricants | 1,453,131 | 1,161,176 |
Insurances | 1,823,010 | 1,763,236 |
Tonnage taxes | 458,174 | 373,988 |
Other | 1,509,004 | 974,971 |
Total Vessel operating expenses | 21,676,527 | 20,914,440 |
Voyage Expenses [Abstract] | ||
Brokerage commissions | 831,742 | 954,866 |
Brokerage commissions- related party | 655,431 | 1,027,211 |
Port & other expenses | 306,616 | 406,120 |
Bunkers consumption | 640,672 | 1,594,928 |
(Gain)/loss on bunkers | 264,079 | (2,598,559) |
Total Voyage expenses | $ 2,698,540 | $ 1,384,566 |
General and Administrative Expenses (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
General and Administrative Expenses [Abstract] | ||
Audit fees | $ 140,065 | $ 124,408 |
Non-executive directors' compensation | 36,000 | 36,000 |
Professional fees and other expenses | 1,129,011 | 1,300,894 |
Administration fees-related party (Note 4(a)) | 1,500,000 | 600,000 |
Total | $ 2,805,076 | $ 2,061,302 |
Interest and Finance Costs (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Interest and Finance Costs [Abstract] | ||
Interest on long-term debt | $ 5,318,880 | $ 2,644,821 |
Amortization of deferred finance charges | 423,855 | 373,239 |
Other finance charges | 374,906 | 81,109 |
Total Interest and Finance Costs | $ 6,117,641 | $ 3,099,169 |
Segment Information, Information about Company's Reportable Segments (Details) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023
USD ($)
Segment
Vessel
|
Jun. 30, 2022
USD ($)
|
|
Segment Information [Abstract] | ||
Number of containerships acquired | Vessel | 2 | |
Number of reportable segments | Segment | 2 | |
Segment Information [Abstract] | ||
Total vessel revenues | $ 49,747,081 | $ 79,529,412 |
Voyage expenses (including charges from related party) | (2,698,540) | (1,384,566) |
Vessel operating expenses | (21,676,527) | (20,914,440) |
Management fees to related parties | (3,615,825) | (3,077,000) |
Depreciation and amortization | (11,301,547) | (8,602,774) |
Gain on sale of vessel | 3,128,568 | 0 |
Operating income | 10,778,134 | 43,489,330 |
Interest and finance costs | (6,117,641) | (3,099,169) |
Interest income | 1,439,909 | 139,979 |
Foreign exchange (losses)/gains | (70,792) | 78,916 |
Unrealized loss on equity securities | 5,107,427 | 0 |
Unallocated general and administrative expenses | (2,805,076) | (2,061,302) |
Dividend on equity securities | 366,002 | 0 |
Gain on sale of equity securities | 2,636 | 0 |
Net income from continuing operations, before taxes | 1,741,932 | 40,609,056 |
Net income and comprehensive income from discontinued operations, before taxes | 17,513,269 | 7,777,766 |
Net income and Comprehensive income, before taxes | 19,255,201 | 48,386,822 |
Time Charter [Member] | ||
Segment Information [Abstract] | ||
Vessel revenues | 49,747,081 | 79,529,412 |
Operating Segment [Member] | ||
Segment Information [Abstract] | ||
Total vessel revenues | 49,747,081 | |
Operating income | 13,583,210 | 45,550,632 |
Operating Segment [Member] | Time Charter [Member] | ||
Segment Information [Abstract] | ||
Vessel revenues | 49,747,081 | |
Operating Segment [Member] | Dry Bulk Segment [Member] | ||
Segment Information [Abstract] | ||
Total vessel revenues | 42,979,593 | 79,529,412 |
Voyage expenses (including charges from related party) | (2,339,460) | (1,384,566) |
Vessel operating expenses | (18,754,397) | (20,914,440) |
Management fees to related parties | (3,280,975) | (3,077,000) |
Depreciation and amortization | (8,710,367) | (8,602,774) |
Gain on sale of vessel | 3,128,568 | 0 |
Operating income | 13,022,962 | 45,550,632 |
Operating Segment [Member] | Dry Bulk Segment [Member] | Time Charter [Member] | ||
Segment Information [Abstract] | ||
Vessel revenues | 42,979,593 | 79,529,412 |
Operating Segment [Member] | Container Ship Segment [Member] | ||
Segment Information [Abstract] | ||
Total vessel revenues | 6,767,488 | |
Voyage expenses (including charges from related party) | (359,080) | |
Vessel operating expenses | (2,922,130) | |
Management fees to related parties | (334,850) | |
Depreciation and amortization | (2,591,180) | |
Gain on sale of vessel | 0 | |
Operating income | 560,248 | |
Operating Segment [Member] | Container Ship Segment [Member] | Time Charter [Member] | ||
Segment Information [Abstract] | ||
Vessel revenues | 6,767,488 | |
Segment Reconciling Items [Member] | ||
Segment Information [Abstract] | ||
Interest and finance costs | (5,812,565) | (3,068,061) |
Interest income | 1,161,934 | 9,815 |
Foreign exchange (losses)/gains | (66,035) | 74,006 |
Unrealized loss on equity securities | (5,107,427) | 0 |
Gain on sale of equity securities | 2,636 | 0 |
Segment Reconciling Items [Member] | Nonrelated Party [Member] | ||
Segment Information [Abstract] | ||
Dividend on equity securities | 366,002 | 0 |
Segment Reconciling Items [Member] | Related Party [Member] | ||
Segment Information [Abstract] | ||
Dividend on equity securities | 451,111 | 0 |
Corporate [Member] | ||
Segment Information [Abstract] | ||
Interest and finance costs | (305,076) | (31,108) |
Interest income | 277,975 | 130,164 |
Foreign exchange (losses)/gains | (4,757) | 4,910 |
Unallocated general and administrative expenses | $ (2,805,076) | $ (2,061,302) |
Segment Information, Reconciliation of Total Segment Assets to Total Assets (Details) - USD ($) |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
||
---|---|---|---|---|---|
Segment Information [Abstract] | |||||
Cash and cash equivalents | $ 28,574,177 | $ 100,593,557 | $ 104,387,715 | ||
Total assets from continuing operations | 568,314,008 | 475,441,844 | |||
Total assets from discontinued operations | 0 | 157,479,104 | |||
Total assets | 568,314,008 | 632,920,948 | |||
Operating Segment [Member] | Dry Bulk Segment [Member] | |||||
Segment Information [Abstract] | |||||
Total assets from continuing operations | 307,452,711 | 339,599,683 | |||
Operating Segment [Member] | Container Ship Segment [Member] | |||||
Segment Information [Abstract] | |||||
Total assets from continuing operations | 50,004,481 | 52,850,927 | |||
Segment Reconciling Items [Member] | |||||
Segment Information [Abstract] | |||||
Cash and cash equivalents | [1] | 26,159,930 | 82,336,438 | ||
Prepaid expenses and other assets | [1] | $ 184,696,886 | $ 654,796 | ||
|
Subsequent Events (Details) - USD ($) |
1 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Aug. 07, 2023 |
Aug. 08, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jul. 03, 2023 |
Dec. 31, 2022 |
|
Subsequent Events [Abstract] | ||||||
Gross proceeds from issuance of common shares | $ 785,804 | $ 0 | ||||
Preferred shares, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||
$15.29 Million Term Loan Facility [Member] | ||||||
Subsequent Events [Abstract] | ||||||
Face amount | $ 15,290,000 | $ 15,290,000 | $ 15,290,000 | |||
$40.75 Million Term Loan Facility [Member] | ||||||
Subsequent Events [Abstract] | ||||||
Face amount | $ 40,750,000 | $ 40,750,000 | $ 40,750,000 | |||
Common Shares [Member] | ||||||
Subsequent Events [Abstract] | ||||||
Issuance of common stock (in shares) | 133,900 | 1,879,888 | ||||
Gross proceeds from issuance of common shares | $ 60,000.00 | $ 800,000 | ||||
Net proceeds from issuance of common stock | $ 50,000.00 | $ 700,000 | ||||
Subsequent Event [Member] | Related Party [Member] | Toro Corp [Member] | Series D Preferred Stock [Member] | ||||||
Subsequent Events [Abstract] | ||||||
Preferred shares, shares issued (in shares) | 50,000 | |||||
Preferred shares, par value (in dollars per share) | $ 1,000 | |||||
Consideration received for preferred shares issued | $ 50,000,000 | |||||
Preferred shares, dividend rate | 5.00% | |||||
Conversion price (in dollars per share) | $ 0.7 | |||||
Period used to determine weighted average price for conversion | 5 days | |||||
Dividend rate multiplier | 1.3 | |||||
Subsequent Event [Member] | Related Party [Member] | Toro Corp [Member] | Series D Preferred Stock [Member] | Maximum [Member] | ||||||
Subsequent Events [Abstract] | ||||||
Preferred shares, dividend rate | 20.00% |
1 Year Castor Maritime Chart |
1 Month Castor Maritime Chart |
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