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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.08 | 2.27% | 3.60 | 3.49 | 3.70 | 3.60 | 3.52 | 3.54 | 26,999 | 01:00:00 |
Form 20-F ☒
|
Form 40-F ☐
|
CASTOR MARITIME INC.
|
||
Dated: November 8, 2023
|
||
By:
|
/s/ Petros Panagiotidis
|
|
Petros Panagiotidis
|
||
Chairman, Chief Executive Officer and Chief Financial Officer
|
■ |
Total Vessel Revenues from continuing operations: $21.4 million for the three months ended September 30, 2023, as compared to $39.4 million for the three months ended September 30, 2022, or a 45.7% decrease;
|
■ |
Net loss from continuing operations of $5.4 million for the three months ended September 30, 2023, as compared to net income of $18.3 million for the three months ended September 30, 2022, or a 129.5%
decrease;
|
■ |
Net loss of $5.4 million for the three months ended September 30, 2023, as compared to net income of $37.1 million for the three months ended September 30, 2022, or a 114.6% decrease;
|
■ |
Earnings / (Loss) (basic and diluted) per common share from continuing operations: $(0.06) per share for the three months ended September 30, 2023, as compared to $0.19 per share for the three months ended
September 30, 2022;
|
■ |
EBITDA from continuing operations(1): $2.5 million for the
three months ended September 30, 2023, as compared to $24.6 million for the three months ended September 30, 2022;
|
■ |
Adjusted EBITDA from continuing operations(1): $10.9 million
for the three months ended September 30, 2023, as compared to $24.6 million for the three months ended September 30, 2022;
|
■ |
Cash and restricted cash of $95.0 million as of September 30, 2023, as compared to $109.9 million as of December 31, 2022.
|
■ |
Total Vessel Revenues from continuing operations: $71.2 million for the nine months ended September 30, 2023, as compared to $118.9 million for the nine months ended September 30, 2022, or a 40.1% decrease;
|
■ |
Net loss from continuing operations of $3.7 million for the nine months ended September 30, 2023, as compared to net income $58.7 million for the nine months ended September 30, 2022, or a 106.3% decrease;
|
■ |
Net income of $13.6 million for the nine months ended September 30, 2023, as compared to $84.9 million for the nine months ended September 30, 2022, or a 84.0% decrease;
|
■ |
Earnings / (loss) (basic and diluted) per common share from continuing operations: $(0.04) per share for the nine months ended September 30, 2023, as compared to $0.62 per share for the nine months ended
September 30, 2022;
|
■ |
EBITDA from continuing operations(1): $20.2 million for the
nine months ended September 30, 2023, as compared to $76.8 million for the nine months ended September 30, 2022;
|
■ |
Adjusted EBITDA from continuing operations(1): $33.7 million
for the nine months ended September 30, 2023, as compared to $76.8 million for the nine months ended September 30, 2022;
|
■ |
The spin-off (the “Spin-Off”) of our Aframax/LR2 and Handysize tanker segments to a new Nasdaq listed company, Toro Corp. (“Toro”), was completed on March 7, 2023; and
|
■ |
Following the Spin-Off, the results of the tanker business are reported as discontinued operations for all periods presented.
|
Dry Bulk Carriers
|
||||||||
Vessel Name
|
Type
|
Capacity
(dwt)
|
Year
Built
|
Country of
Construction
|
Type of
Employment
|
Daily Gross Charter
Rate
|
Estimated Redelivery Date
|
|
Earliest
|
Latest
|
|||||||
Magic Orion
|
Capesize
|
180,200
|
2006
|
Japan
|
TC(1) period
|
101% of BCI5TC (2)
|
Jan-24
|
Apr-24
|
Magic Venus
|
Kamsarmax
|
83,416
|
2010
|
Japan
|
TC period
|
100% of BPI5TC(3)
|
Apr-24
|
Jul-24
|
Magic Thunder
|
Kamsarmax
|
83,375
|
2011
|
Japan
|
TC period
|
$14,350 per day(4)
|
Dec-23
|
Mar-24
|
Magic Argo
|
Kamsarmax
|
82,338
|
2009
|
Japan
|
TC period
|
103% of BPI5TC
|
Apr-24(11)
|
Jul-24
|
Magic Perseus
|
Kamsarmax
|
82,158
|
2013
|
Japan
|
TC period
|
100% of BPI5TC
|
Dec-23
|
Mar-24
|
Magic Starlight
|
Kamsarmax
|
81,048
|
2015
|
China
|
TC period
|
$14,000 per day(5)
|
Jun-24
|
-(9)
|
Magic Nebula
|
Kamsarmax
|
80,281
|
2010
|
Korea
|
TC trip
|
$11,500 per day
|
Dec-23
|
Jan-24
|
Magic Nova
|
Panamax
|
78,833
|
2010
|
Japan
|
TC period
|
101% of BPI4TC(6)
|
Apr-24
|
-(9)
|
Magic Mars
|
Panamax
|
76,822
|
2014
|
Korea
|
TC period
|
$13,900 per day(7)
|
May-24
|
-(9)
|
Magic Phoenix
|
Panamax
|
76,636
|
2008
|
Japan
|
TC trip
|
$11,500 per day
|
Nov-23(11)
|
Nov-23
|
Magic Horizon
|
Panamax
|
76,619
|
2010
|
Japan
|
TC period
|
103% of BPI4TC
|
Mar-24
|
-(8)
|
Magic Moon
|
Panamax
|
76,602
|
2005
|
Japan
|
TC trip
|
$11,000 per day
|
Dec-23
|
Jan-24
|
Magic P
|
Panamax
|
76,453
|
2004
|
Japan
|
TC period
|
96% of BPI4TC
|
May-24
|
-(9)
|
Magic Sun
|
Panamax
|
75,311
|
2001
|
Korea
|
TC trip
|
$13,000 per day
|
Nov-23(11)
|
Nov-23
|
Magic Vela
|
Panamax
|
75,003
|
2011
|
China
|
TC period
|
95% of BPI4TC
|
May-24
|
Aug-24
|
Magic Eclipse
|
Panamax
|
74,940
|
2011
|
Japan
|
TC period
|
100% of BPI4TC
|
Mar-24
|
Jun-24
|
Magic Pluto
|
Panamax
|
74,940
|
2013
|
Japan
|
TC period
|
$14,100 per day (10)
|
Dec-23
|
Mar-24
|
Magic Callisto
|
Panamax
|
74,930
|
2012
|
Japan
|
TC period
|
101% of BPI4TC
|
Apr-24
|
Jul-24
|
Containerships
|
||||||||
Vessel Name
|
Type
|
Capacity
(dwt)
|
Year
Built
|
Country of
Construction
|
Type of
Employment
|
Daily Gross Charter
Rate ($/day)
|
Estimated Redelivery Date
|
|
Earliest
|
Latest
|
|||||||
Ariana A
|
Containership
|
38,117
|
2005
|
Germany
|
TC period
|
$20,200
|
Jan-24
|
Mar-24
|
Gabriela A
|
Containership
|
38,121
|
2005
|
Germany
|
TC period
|
$26,350
|
Feb-24
|
May-24
|
(1) |
TC stands for time charter.
|
(2) |
The benchmark vessel used in the calculation of the average of the Baltic Capesize Index 5TC routes (“BCI5TC”) is a non-scrubber fitted 180,000mt dwt vessel (Capesize) with specific age, speed – consumption, and design
characteristics.
|
(3) |
The benchmark vessel used in the calculation of the average of the Baltic Panamax Index 5TC routes (“BPI5TC”) is a non-scrubber fitted 82,000mt dwt vessel (Kamsarmax) with specific age, speed–consumption, and design characteristics.
|
(4) |
The vessel’s daily gross charter rate is equal to 97% of BPI5TC. In accordance with the prevailing charter party, on September 29, 2023, the owners converted the index-linked rate to fixed from October 1, 2023, until November 30, 2023,
at a rate of $14,350 per day. Upon completion of this period, the rate will be converted back to index‑linked.
|
(5) |
The vessel’s daily gross charter rate is equal to 98% of BPI5TC. In accordance with the prevailing charter party, on September 29, 2023, the owners converted the index-linked rate to fixed from October 1, 2023, until December 31, 2023,
at a rate of $14,000 per day. Upon completion of this period, the rate will be converted back to index‑linked.
|
(6) |
The benchmark vessel used in the calculation of the average of the Baltic Panamax Index 4TC routes (“BPI4TC”) is a non-scrubber fitted 74,000mt dwt vessel (Panamax) with specific age, speed – consumption, and design characteristics.
|
(7) |
The vessel’s daily gross charter rate is equal to 102% of BPI4TC. In accordance with the prevailing charter party, on September 8, 2023, the owners converted the index-linked rate to fixed from October 1, 2023, until December 31, 2023,
at a rate of $13,900 per day. Upon completion of this period, the rate will be converted back to index‑linked.
|
(8) |
The earliest redelivery under the prevailing charter party is 8 months after delivery. Thereafter both Owners and Charterers have the option to terminate the charter by providing 3 months written notice to the other party.
|
(9) |
The earliest redelivery under the prevailing charter party is 7 months after delivery. Thereafter both Owners and Charterers have the option to terminate the charter by providing 3 months written notice to the other party.
|
(10) |
The vessel’s daily gross charter rate is equal to 100% of BPI4TC. In accordance with the prevailing charter party, on September 12, 2023, the owners converted the index-linked rate to fixed from October 1, 2023, until December 31,
2023, at a rate of $14,100 per day. Upon completion of this period, the rate will be converted back to index‑linked rate.
|
(11) |
We agreed to sell the M/V Magic Argo, M/V Magic Sun and M/V Magic Phoenix on September 22, 2023, October 6,
2023 and October 16, 2023, respectively. The vessels are still employed under their existing charter parties and are each expected to be delivered to their new owners during the fourth quarter of 2023.
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
(Expressed in U.S. dollars)
|
September
30, 2023
(unaudited)
|
September
30, 2022
(unaudited)
|
September
30, 2023
(unaudited)
|
September
30, 2022
(unaudited)
|
||||||||||||
Total vessel revenues
|
$
|
21,404,903
|
$
|
39,390,681
|
$
|
71,151,984
|
118,920,093
|
|||||||||
Operating income
|
$
|
3,787,522
|
$
|
19,757,504
|
$
|
14,565,656
|
63,246,834
|
|||||||||
Net (loss) / income, net of taxes
|
$
|
(5,387,321
|
)
|
$
|
18,264,541
|
$
|
(3,710,568
|
)
|
58,697,035
|
|||||||
EBITDA (1)
|
$
|
2,511,214
|
$
|
24,647,802
|
$
|
20,232,425
|
76,818,822
|
|||||||||
Adjusted EBITDA(1)
|
$
|
10,874,129
|
$
|
24,608,046
|
$
|
33,702,767
|
76,779,066
|
|||||||||
Earnings / (loss) (basic and diluted) per common share
|
$
|
(0.06
|
)
|
$
|
0.19
|
$
|
(0.04
|
)
|
0.62
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
(Expressed in U.S. dollars except for operational data)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Ownership Days (1)(7)
|
1,859
|
1,840
|
5,767
|
5,456
|
||||||||||||
Available Days (2)(7)
|
1,859
|
1,769
|
5,743
|
5,351
|
||||||||||||
Operating Days (3)(7)
|
1,848
|
1,766
|
5,717
|
5,304
|
||||||||||||
Daily TCE Rate (4)
|
$
|
10,830
|
$
|
21,836
|
$
|
11,698
|
$
|
21,823
|
||||||||
Fleet Utilization (5)
|
99
|
%
|
100
|
%
|
100
|
%
|
99
|
%
|
||||||||
Daily vessel operating expenses (6)
|
$
|
5,455
|
$
|
5,455
|
$
|
5,517
|
$
|
5,673
|
(1) |
Ownership Days are the total number of calendar days in a period during which we owned a vessel.
|
(2) |
Available Days are the Ownership Days in a period less the aggregate number of days our vessels are off-hire due to scheduled repairs, dry-dockings or special or intermediate surveys.
|
(3) |
Operating Days are the Available Days in a period after subtracting unscheduled off-hire and idle days.
|
(4) |
Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial
measure calculated and presented in accordance with U.S. GAAP.
|
(5) |
Fleet Utilization is calculated by dividing the Operating Days during a period by the number of Available Days during that period.
|
(6) |
Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the Ownership Days for such period.
|
(7) |
Our definitions of Ownership Days, Available Days, Operating Days, Fleet Utilization may not be comparable to those reported by other companies.
|
(In U.S. dollars except for number of share data)
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
REVENUES
|
||||||||||||||||
Total vessel revenues
|
$
|
21,404,903
|
$
|
39,390,681
|
$
|
71,151,984
|
$
|
118,920,093
|
||||||||
EXPENSES
|
||||||||||||||||
Voyage expenses (including commissions to related party)
|
(1,271,893
|
)
|
(763,155
|
)
|
(3,970,433
|
)
|
(2,147,721
|
)
|
||||||||
Vessel operating expenses
|
(10,141,478
|
)
|
(10,036,507
|
)
|
(31,818,005
|
)
|
(30,950,947
|
)
|
||||||||
Management fees - related parties
|
(1,832,974
|
)
|
(1,702,000
|
)
|
(5,448,799
|
)
|
(4,779,000
|
)
|
||||||||
Depreciation and amortization
|
(5,923,845
|
)
|
(4,789,093
|
)
|
(17,225,392
|
)
|
(13,391,867
|
)
|
||||||||
General and administrative expenses (including related party fees)
|
(1,597,077
|
)
|
(2,342,422
|
)
|
(4,402,153
|
)
|
(4,403,724
|
)
|
||||||||
Gain on sale of vessel
|
3,149,886
|
—
|
6,278,454
|
—
|
||||||||||||
Operating income
|
$
|
3,787,522
|
$
|
19,757,504
|
$
|
14,565,656
|
$
|
63,246,834
|
||||||||
Interest and finance costs, net (including related party interest costs) (1)
|
(1,940,963
|
)
|
(1,518,256
|
)
|
(6,618,695
|
)
|
(4,477,446
|
)
|
||||||||
Other income / (expenses), net
|
(7,200,153
|
)
|
101,205
|
(11,558,623
|
)
|
180,121
|
||||||||||
Income taxes
|
(33,727
|
)
|
(75,912
|
)
|
(98,906
|
)
|
(252,474
|
)
|
||||||||
Net (loss) / income and comprehensive income / (loss) from continuing operations, net of taxes
|
$
|
(5,387,321
|
)
|
$
|
18,264,541
|
$
|
(3,710,568
|
)
|
$
|
58,697,035
|
||||||
Net income and comprehensive income from discontinued operations, net of taxes
|
$
|
—
|
18,884,817
|
$
|
17,339,332
|
$
|
26,182,107
|
|||||||||
Net (loss) / income and comprehensive income / (loss)
|
$
|
(5,387,321
|
)
|
37,149,358
|
$
|
13,628,764
|
$
|
84,879,142
|
||||||||
Dividend on Series D Preferred Shares
|
(381,944
|
)
|
—
|
(381,944
|
)
|
—
|
||||||||||
Deemed dividend on Series D Preferred Shares
|
(73,023
|
)
|
—
|
(73,023
|
)
|
—
|
||||||||||
Net (loss) / income attributable to common shareholders
|
$
|
(5,842,288
|
)
|
37,149,358
|
$
|
13,173,797
|
84,879,142
|
|||||||||
(Loss) / earnings per common share, basic and diluted, continuing operations
|
$
|
(0.06
|
)
|
$
|
0.19
|
$
|
(0.04
|
)
|
$
|
0.62
|
||||||
Earnings per common share, basic and diluted, discontinued operations
|
$
|
—
|
$
|
0.20
|
$
|
0.18
|
$
|
0.28
|
||||||||
(Loss) / earnings per common share, basic and diluted, Total
|
$
|
(0.06
|
)
|
$
|
0.39
|
$
|
0.14
|
$
|
0.90
|
|||||||
Weighted average number of common shares outstanding, basic and diluted
|
96,619,641
|
94,610,088
|
95,403,071
|
94,610,088
|
(1) |
Includes interest and finance costs and interest income, if any.
|
September 30,
2023
|
December 31,
2022
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
85,810,135
|
$
|
100,593,557
|
||||
Restricted cash
|
1,384,566
|
1,684,269
|
||||||
Due from related parties
|
5,348,216
|
2,437,354
|
||||||
Assets held for sale
|
12,785,218
|
—
|
||||||
Other current assets
|
65,917,828
|
6,762,778
|
||||||
Current assets of discontinued operations
|
—
|
54,763,308
|
||||||
Total current assets
|
171,245,963
|
166,241,266
|
||||||
NON-CURRENT ASSETS:
|
||||||||
Vessels, net
|
293,380,517
|
343,408,466
|
||||||
Restricted cash
|
7,805,000
|
7,550,000
|
||||||
Due from related parties
|
5,934,351
|
3,514,098
|
||||||
Investment in related party
|
117,529,357
|
—
|
||||||
Other non-currents assets
|
6,072,363
|
9,491,322
|
||||||
Non-Current assets of discontinued operations
|
—
|
102,715,796
|
||||||
Total non-current assets
|
430,721,588
|
466,679,682
|
||||||
Total assets
|
601,967,551
|
632,920,948
|
||||||
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Current portion of long-term debt, net
|
18,982,140
|
29,170,815
|
||||||
Due to related parties, current
|
381,944
|
—
|
||||||
Other current liabilities
|
13,011,129
|
15,671,903
|
||||||
Current liabilities of discontinued operations
|
—
|
6,519,051
|
||||||
Total current liabilities
|
32,375,213
|
51,361,769
|
||||||
NON-CURRENT LIABILITIES:
|
||||||||
Long-term debt, net
|
82,276,763
|
109,600,947
|
||||||
Non-Current liabilities of discontinued operations
|
—
|
10,463,172
|
||||||
Total non-current liabilities
|
82,276,763
|
120,064,119
|
||||||
Total liabilities
|
114,651,976
|
171,425,888
|
||||||
MEZZANINE EQUITY
|
||||||||
5.00% Series D fixed rate cumulative perpetual convertible preferred shares: 0 and 50,000 shares issued and outstanding as of December 31, 2022, and September 30, 2023, respectively,
aggregate liquidation preference of $0 and $50,000,000 as of December 31, 2022 and September 30, 2023, respectively
|
49,426,216
|
—
|
||||||
Total mezzanine equity
|
49,426,216
|
—
|
||||||
SHAREHOLDERS’ EQUITY
|
||||||||
Common shares, $0.001 par value; 1,950,000,000 shares authorized; 94,610,088 and 96,623,876 issued and outstanding as of December 31, 2022, and September 30, 2023, respectively
|
96,624
|
94,610
|
||||||
Series B Preferred Shares- 12,000 shares issued and outstanding as of September 30, 2023, and December 31, 2022
|
12
|
12
|
||||||
Additional paid-in capital
|
266,876,641
|
303,658,153
|
||||||
Retained Earnings
|
170,916,082
|
157,742,285
|
||||||
Total shareholders’ equity
|
437,889,359
|
461,495,060
|
||||||
Total liabilities, mezzanine equity and shareholders’ equity
|
$
|
601,967,551
|
$
|
632,920,948
|
(Expressed in U.S. Dollars)
|
Nine months Ended
September 30,
|
|||||||
2023
|
2022
|
|||||||
Cash Flows provided by Operating Activities of continuing operations:
|
||||||||
Net income
|
$
|
13,628,764
|
$
|
84,879,142
|
||||
Less: Net income from discontinued operations, net of taxes
|
17,339,332
|
26,182,107
|
||||||
Net (loss) / income from continuing operations, net of taxes
|
(3,710,568
|
)
|
58,697,035
|
|||||
Adjustments to reconcile net (loss) / income from continuing operations to net cash provided by Operating Activities:
|
||||||||
Depreciation and amortization
|
17,225,392
|
13,391,867
|
||||||
Amortization of deferred finance charges
|
672,441
|
551,652
|
||||||
Amortization of fair value of acquired time charters
|
1,835,735
|
—
|
||||||
Gain on sale of vessel
|
(6,278,454
|
)
|
—
|
|||||
Realized gain on sale of equity securities
|
(2,636
|
)
|
—
|
|||||
Unrealized losses / (gains) on equity securities
|
13,470,342
|
(39,756
|
)
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable trade, net
|
234,631
|
2,889,646
|
||||||
Inventories
|
447,541
|
(2,315,432
|
)
|
|||||
Due from/to related parties
|
(5,638,336
|
)
|
(9,699,137
|
)
|
||||
Prepaid expenses and other assets
|
(958,289
|
)
|
407,082
|
|||||
Other deferred charges
|
(42,490
|
)
|
148,572
|
|||||
Accounts payable
|
(1,987,440
|
)
|
1,200,507
|
|||||
Accrued liabilities
|
(1,603,572
|
)
|
974,565
|
|||||
Deferred revenue
|
(712,255
|
)
|
(1,325,603
|
)
|
||||
Dry-dock costs paid
|
(1,781,351
|
)
|
(1,528,701
|
)
|
||||
Net Cash provided by Operating Activities from continuing operations
|
11,170,691
|
63,352,297
|
||||||
Cash flow used in Investing Activities of continuing operations:
|
||||||||
Vessel acquisitions and other vessel improvements
|
(204,763
|
)
|
(22,895,661
|
)
|
||||
Purchase of equity securities
|
(72,211,450
|
)
|
(60,750
|
)
|
||||
Proceeds from sale of equity securities
|
258,999
|
—
|
||||||
Advance received for sale of vessel
|
3,150,000
|
—
|
||||||
Net proceeds from sale of vessel
|
28,031,102
|
—
|
||||||
Net cash used in Investing Activities from continuing operations
|
(40,976,112
|
)
|
(22,956,411
|
)
|
||||
Cash flows provided by Financing Activities of continuing operations:
|
||||||||
Gross proceeds from Issuance of common shares
|
881,827
|
—
|
||||||
Common shares issuance expenses
|
(241,893
|
)
|
(65,797
|
)
|
||||
Proceeds from Series D Preferred Shares, net of costs
|
49,853,193
|
—
|
||||||
Proceeds from long-term debt
|
—
|
55,000,000
|
||||||
Repayment of long-term debt
|
(38,185,300
|
)
|
(17,298,499
|
)
|
||||
Payment of deferred financing costs
|
(25,178
|
)
|
(704,559
|
)
|
||||
Proceeds received from Toro related to Spin-Off
|
2,694,647
|
—
|
||||||
Net cash provided by Financing Activities from continuing operations
|
14,977,296
|
36,931,145
|
||||||
Cash flows of discontinued operations:
|
||||||||
Net cash provided by Operating Activities from discontinued operations
|
20,409,041
|
13,917,491
|
||||||
Net cash (used in) / provided by Investing Activities from discontinued operations
|
(153,861
|
)
|
11,857,255
|
|||||
Net cash used in Financing Activities from discontinued operations
|
(62,734,774
|
)
|
(2,375,000
|
)
|
||||
Net cash (used in) / provided by discontinued operations
|
(42,479,594
|
)
|
23,399,746
|
|||||
Net (decrease)/increase in cash, cash equivalents, and restricted cash
|
(57,307,719
|
)
|
100,726,777
|
|||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
152,307,420
|
43,386,468
|
||||||
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
94,999,701
|
$
|
144,113,245
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
(In U.S. dollars, except for Available Days)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Total vessel revenues
|
$
|
21,404,903
|
$
|
39,390,681
|
$
|
71,151,984
|
$
|
118,920,093
|
||||||||
Voyage expenses - including commissions to related party
|
(1,271,893
|
)
|
(763,155
|
)
|
(3,970,433
|
)
|
(2,147,721
|
)
|
||||||||
TCE revenues
|
$
|
20,133,010
|
$
|
38,627,526
|
$
|
67,181,551
|
$
|
116,772,372
|
||||||||
Available Days
|
1,859
|
1,769
|
5,743
|
5,351
|
||||||||||||
Daily TCE Rate
|
$
|
10,830
|
$
|
21,836
|
$
|
11,698
|
$
|
21,823
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
(In U.S. dollars)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Net Income / (loss) from continuing operations, net of taxes
|
$
|
(5,387,321
|
)
|
$
|
18,264,541
|
$
|
(3,710,568
|
)
|
$
|
58,697,035
|
||||||
Depreciation and amortization
|
5,923,845
|
4,789,093
|
17,225,392
|
13,391,867
|
||||||||||||
Interest and finance costs, net (including related party interest costs) (1)
|
1,940,963
|
1,518,256
|
6,618,695
|
4,477,446
|
||||||||||||
US source income taxes
|
33,727
|
75,912
|
98,906
|
252,474
|
||||||||||||
EBITDA
|
$
|
2,511,214
|
$
|
24,647,802
|
$
|
20,232,425
|
$
|
76,818,822
|
||||||||
Unrealized loss/ (gain) on equity securities
|
8,362,915
|
(39,756
|
)
|
13,470,342
|
(39,756
|
)
|
||||||||||
Adjusted EBITDA
|
$
|
10,874,129
|
$
|
24,608,046
|
$
|
33,702,767
|
$
|
76,779,066
|
(1) |
Includes interest and finance costs and interest income, if any.
|
1 Year Castor Maritime Chart |
1 Month Castor Maritime Chart |
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