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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.09 | -2.49% | 3.52 | 3.40 | 3.52 | 3.61 | 3.37 | 3.61 | 37,686 | 21:02:01 |
Form 20-F ☒
|
Form 40-F ☐
|
CASTOR MARITIME INC.
|
||
Dated: February 8, 2024
|
||
By:
|
/s/ Petros Panagiotidis
|
|
Petros Panagiotidis
|
||
Chairman, Chief Executive Officer and Chief Financial Officer
|
◾ |
Total vessel revenues from continuing operations: $26.4 million for the three months ended December 31, 2023, as compared to $31.3 million for the three months ended December 31, 2022, or a 15.7% decrease;
|
◾ |
Net income from continuing operations of $25.0 million for the three months ended December 31, 2023, as compared to net income from continuing operations of $7.8 million for the three months ended December 31,
2022, or a 220.5% increase;
|
◾ |
◾ |
Earnings (basic) per common share from continuing operations: $0.25 per share for the three months ended December 31, 2023, as compared to $0.08 per share for the three months ended December 31, 2022;
|
◾ |
EBITDA from continuing operations(1): $31.4 million for the three months ended December 31, 2023, as compared to $15.0 million
for the three months ended December 31, 2022;
|
◾ |
Adjusted EBITDA from continuing operations(1): $12.8 million for the three months ended December 31, 2023, as compared to
$15.0 million for the three months ended December 31, 2022;
|
◾ |
Cash and restricted cash from continuing operations of $120.9 million as of December 31, 2023, as compared to $109.9 million as of December 31, 2022.
|
◾ |
Total vessel revenues from continuing operations: $97.5 million for the year ended December 31, 2023, as compared to $150.2 million for the year ended December 31, 2022, or a 35.1% decrease;
|
◾ |
Net income from continuing operations of $21.3 million for the year ended December 31, 2023, as compared to net income from continuing operations of $66.5 million for the year ended December 31, 2022, or a
67.9% decrease;
|
◾ |
Net income of $38.6 million for the year ended December 31, 2023, as compared to $118.6 million for the year ended December 31, 2022, or a 67.5% decrease;
|
◾ |
Earnings (basic) per common share from continuing operations: $0.21 per share for the year ended December 31, 2023, as compared to $0.70 per share for the year ended December 31, 2022;
|
◾ |
EBITDA from continuing operations(1): $51.6 million for the year ended December 31, 2023, as compared to $91.8 million for the
year ended December 31, 2022;
|
◾ |
Adjusted EBITDA from continuing operations(1): $46.5 million for the year ended December 31, 2023, as compared to $91.8
million for the year ended December 31, 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(1)
|
Daily Gross Charter
Rate
|
Estimated Redelivery Date
|
|
Earliest
|
Latest
|
|||||||
Magic Orion (3)
|
Capesize
|
180,200
|
2006
|
Japan
|
TC period
|
101% of BCI5TC (2)
|
Jan-24(2)
|
Apr-24
|
Magic Venus (3)
|
Kamsarmax
|
83,416
|
2010
|
Japan
|
TC period
|
$11,300 per day (4)
|
Apr-24
|
Jul-24
|
Magic Thunder
|
Kamsarmax
|
83,375
|
2011
|
Japan
|
TC period
|
$11,500 per day(5)
|
Sep-24
|
-(13)
|
Magic Perseus
|
Kamsarmax
|
82,158
|
2013
|
Japan
|
TC period
|
$13,850 per day(6)
|
Sep-24
|
-(13)
|
Magic Starlight
|
Kamsarmax
|
81,048
|
2015
|
China
|
TC period
|
$10,725 per day(7)
|
Jun-24
|
-(14)
|
Magic Nebula
|
Kamsarmax
|
80,281
|
2010
|
Korea
|
TC trip
|
$14,000 per day
|
Apr-24
|
May-24
|
Magic Nova (3)
|
Panamax
|
78,833
|
2010
|
Japan
|
TC period
|
101% of BPI4TC(8)
|
Apr-24
|
-(14)
|
Magic Mars
|
Panamax
|
76,822
|
2014
|
Korea
|
TC period
|
$12,648 per day(9)
|
May-24
|
-(14)
|
Magic Horizon (3)
|
Panamax
|
76,619
|
2010
|
Japan
|
TC period
|
103% of BPI4TC
|
Mar-24
|
-(15)
|
Magic P
|
Panamax
|
76,453
|
2004
|
Japan
|
TC period
|
$11,904 per day(10)
|
May-24
|
-(14)
|
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
|
$14,050 per day (11)
|
Sep-24
|
-(13)
|
Magic Callisto
|
Panamax
|
74,930
|
2012
|
Japan
|
TC period
|
$12,524 per day (12)
|
Apr-24
|
Jul-24
|
Containerships
|
||||||||
Vessel Name
|
Type
|
Capacity (dwt)
|
Year
Built
|
Country of
Construction
|
Type of
Employment
|
Daily Gross Charter
Rate ($/day)
|
Estimated Redelivery Date
|
|
Earliest
|
Latest
|
|||||||
Ariana A
|
Containership
|
38,117
|
2005
|
Germany
|
TC period
|
$16,000
|
May-24
|
Jun-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. Based on the terms of charter, the estimated earliest redelivery date for the M/V Magic Orion was January 2024.
|
(3) |
We agreed to sell the M/V Magic Orion, M/V Magic Venus, M/V Magic Nova and M/V Magic Horizon on December 7,
2023, December 21, 2023, January 19, 2024, and January 19, 2024, respectively. The vessels are still employed under their existing charter parties and are each expected to be delivered to their new owners during the first quarter of 2024.
|
(4) |
The vessel’s daily gross charter rate is equal to 100% of BPI5TC (16). In accordance with the prevailing charter party, on November 13, 2023, we converted the index-linked rate to fixed from January 1, 2024 until March 31,
2024 at a rate of $11,300 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 97% of BPI5TC. In accordance with the prevailing charter party, on November 17, 2023, we converted the index-linked rate to fixed from January 1, 2024 until March 31, 2024 at a rate of
$11,500 per day. Upon completion of this period, in accordance with the prevailing charter party, on January 19, 2024, we converted the index-linked rate to fixed from April 1, 2024 until June 30, 2024 at a rate of $16,200 per day.
Thereafter, the rate will be converted back to index-linked.
|
(6) |
The vessel’s daily gross charter rate is equal to 100% of BPI5TC. In accordance with the prevailing charter party, on November 29, 2023, we converted the index-linked rate to fixed from January 1, 2024 until March 31, 2024 at a rate of
$13,850 per day. Upon completion of this period, in accordance with the prevailing charter party, on January 17, 2024, we converted the index-linked rate to fixed from April 1, 2024, until June 30, 2024, at a rate of $16,300 per day.
Thereafter, the rate will be converted back to index-linked.
|
(7) |
The vessel’s daily gross charter rate is equal to 98% of BPI5TC. In accordance with the prevailing charter party, on November 10, 2023, we converted the index-linked rate to fixed from January 1, 2024 until March 31, 2024 at a rate of
$10,725 per day. Upon completion of this period, in accordance with the prevailing charter party, on January 12, 2024, we converted the index-linked rate to fixed from April 1, 2024 until June 30, 2024 at a rate of $14,600 per day.
Thereafter, the rate will be converted back to index-linked.
|
(8) |
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.
|
(9) |
The vessel’s daily gross charter rate is equal to 102% of BPI4TC. In accordance with the prevailing charter party, on November 30, 2023, we converted the index-linked rate to fixed from January 1, 2024 until March 31, 2024 at a rate of
$12,648 per day. Upon completion of this period, in accordance with the prevailing charter party, on January 16, 2024, we converted the index-linked rate to fixed from April 1, 2024 until June 30, 2024 at a rate of $14,750 per day.
Thereafter, the rate will be converted back to index-linked.
|
(10) |
The vessel’s daily gross charter rate is equal to 96% of BPI4TC. In accordance with the prevailing charter party, on November 30, 2023, we converted the index-linked rate to fixed from January 1, 2024 until March 31, 2024 at a rate of
$11,904 per day. In accordance with the prevailing charter party, on February 6, 2024, we converted the index-linked rate to fixed from April 1, 2024, until September 30, 2024, at a rate of $15,150 per day. Upon completion of these periods,
the rate will be converted back to index‑linked rate.
|
(11) |
The vessel’s daily gross charter rate is equal to 100% of BPI4TC. In accordance with the prevailing charter party, on November 30, 2023, we converted the index-linked rate to fixed from January 1, 2024 until March 31, 2024 at a rate of
$14,050 per day. Upon completion of this period, the rate will be converted back to index‑linked rate.
|
(12) |
The vessel’s daily gross charter rate is equal to 101% of BPI4TC. In accordance with the prevailing charter party, on November 30, 2023, we converted the index-linked rate to fixed from January 1, 2024 until March 31, 2024 at a rate of
$12,524 per day. Upon completion of this period, the rate will be converted back to index‑linked rate.
|
(13) |
The earliest redelivery under the prevailing charter party is 9 months after delivery. Thereafter, both we and the charterers have the option to terminate the charter by providing 3 months written notice to the other party.
|
(14) |
The earliest redelivery under the prevailing charter party is 7 months after delivery. Thereafter, both we and the charterers have the option to terminate the charter by providing 3 months written notice to the other party.
|
(15) |
The earliest redelivery under the prevailing charter party is 8 months after delivery. Thereafter, both we and the charterers have the option to terminate the charter by providing 3 months written notice to the other party.
|
(16) |
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.
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
(Expressed in U.S. dollars)
|
December 31, 2023 (unaudited)
|
December 31, 2022 (unaudited)
|
December 31, 2023 (unaudited)
|
December 31, 2022 (unaudited)
|
||||||||||||
Total vessel revenues
|
$
|
26,363,527
|
$
|
31,296,037
|
$
|
97,515,511
|
$
|
150,216,130
|
||||||||
Operating income
|
$
|
7,442,258
|
$
|
9,846,891
|
$
|
22,007,914
|
$
|
73,093,725
|
||||||||
Net income, net of taxes
|
$
|
25,013,724
|
$
|
7,843,890
|
$
|
21,303,156
|
$
|
66,540,925
|
||||||||
EBITDA (1)
|
$
|
31,375,113
|
$
|
14,972,000
|
$
|
51,607,538
|
$
|
91,790,822
|
||||||||
Adjusted EBITDA(1)
|
$
|
12,770,758
|
$
|
14,972,000
|
$
|
46,473,525
|
$
|
91,790,822
|
||||||||
Earnings (basic) per common share
|
$
|
0.25
|
$
|
0.08
|
$
|
0.21
|
$
|
0.70
|
||||||||
Earnings (diluted) per common share
|
$
|
0.11
|
$
|
0.08
|
$
|
0.10
|
$
|
0.70
|
Three Months Ended
December 31,
|
Year Ended
December 31,
|
|||||||||||||||
(Expressed in U.S. dollars except for operational data)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Ownership Days(1)(7)
|
1,740
|
1,911
|
7,507
|
7,367
|
||||||||||||
Available Days(2)(7)
|
1,740
|
1,824
|
7,483
|
7,175
|
||||||||||||
Operating Days(3)(7)
|
1,716
|
1,821
|
7,433
|
7,125
|
||||||||||||
Daily TCE Rate(4)
|
$
|
14,530
|
$
|
16,295
|
$
|
12,356
|
$
|
20,417
|
||||||||
Fleet Utilization(5)
|
99
|
%
|
100
|
%
|
99
|
%
|
99
|
%
|
||||||||
Daily vessel operating expenses(6)
|
$
|
5,802
|
$
|
5,394
|
$
|
5,583
|
$
|
5,601
|
(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
December 31,
|
Year Ended
December 31,
|
||||||||||||||
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
REVENUES
|
||||||||||||||||
Total vessel revenues
|
$
|
26,363,527
|
$
|
31,296,037
|
$
|
97,515,511
|
$
|
150,216,130
|
||||||||
EXPENSES
|
||||||||||||||||
Voyage expenses (including commissions to related party)
|
(1,081,795
|
)
|
(1,573,556
|
)
|
(5,052,228
|
)
|
(3,721,277
|
)
|
||||||||
Vessel operating expenses
|
(10,095,623
|
)
|
(10,308,607
|
)
|
(41,913,628
|
)
|
(41,259,554
|
)
|
||||||||
Management fees - related parties
|
(1,718,598
|
)
|
(1,783,400
|
)
|
(7,167,397
|
)
|
(6,562,400
|
)
|
||||||||
Depreciation and amortization
|
(4,851,439
|
)
|
(5,143,370
|
)
|
(22,076,831
|
)
|
(18,535,237
|
)
|
||||||||
General and administrative expenses (including related party fees)
|
(1,279,218
|
)
|
(2,640,213
|
)
|
(5,681,371
|
)
|
(7,043,937
|
)
|
||||||||
Net gain on sale of vessels
|
105,404
|
—
|
6,383,858
|
—
|
||||||||||||
Operating income
|
$
|
7,442,258
|
$
|
9,846,891
|
$
|
22,007,914
|
$
|
73,093,725
|
||||||||
Interest and finance costs, net (1)
|
(1,431,062
|
)
|
(1,848,545
|
)
|
(8,049,757
|
)
|
(6,325,991
|
)
|
||||||||
Other income / (expenses), net
|
19,081,416
|
(18,261
|
)
|
7,522,793
|
161,860
|
|||||||||||
Income taxes
|
(78,888
|
)
|
(136,195
|
)
|
(177,794
|
)
|
(388,669
|
)
|
||||||||
Net income and comprehensive income from continuing operations, net of taxes
|
$
|
25,013,724
|
$
|
7,843,890
|
$
|
21,303,156
|
$
|
66,540,925
|
||||||||
Net income and comprehensive income from discontinued operations, net of taxes
|
$
|
—
|
25,837,658
|
$
|
17,339,332
|
$
|
52,019,765
|
|||||||||
Net income and comprehensive income
|
$
|
25,013,724
|
33,681,548
|
$
|
38,642,488
|
$
|
118,560,690
|
|||||||||
Dividend on Series D Preferred Shares
|
(638,889
|
)
|
—
|
(1,020,833
|
)
|
—
|
||||||||||
Deemed dividend on Series D Preferred Shares
|
(123,273
|
)
|
—
|
(196,296
|
)
|
—
|
||||||||||
Deemed dividend on warrants repurchase
|
(444,885
|
)
|
—
|
(444,885
|
)
|
—
|
||||||||||
Net income attributable to common shareholders
|
$
|
23,806,677
|
33,681,548
|
$
|
36,980,474
|
118,560,690
|
||||||||||
Earnings per common share, basic, continuing operations
|
$
|
0.25
|
$
|
0.08
|
$
|
0.21
|
$
|
0.70
|
||||||||
Earnings per common share, diluted, continuing operations
|
$
|
0.11
|
$
|
0.08
|
$
|
0.10
|
$
|
0.70
|
||||||||
Earnings per common share, basic,
discontinued operations
|
$
|
—
|
$
|
0.27
|
$
|
0.18
|
$
|
0.55
|
||||||||
Earnings per common share, diluted,
discontinued operations
|
$
|
—
|
$
|
0.27
|
$
|
0.08
|
$
|
0.55
|
||||||||
Earnings per common share, basic, Total
|
$
|
0.25
|
$
|
0.36
|
$
|
0.39
|
$
|
1.25
|
||||||||
Earnings per common share, diluted, Total
|
$
|
0.11
|
$
|
0.36
|
$
|
0.17
|
$
|
1.25
|
||||||||
Weighted average number of common shares outstanding, basic
|
96,623,876
|
94,610,088
|
95,710,781
|
94,610,088
|
||||||||||||
Weighted average number of common shares outstanding, diluted
|
226,956,120
|
94,610,088
|
219,530,247
|
94,610,088
|
(1) |
Includes interest and finance costs and interest income, if any.
|
|
December 31,
2023
|
December 31,
2022
|
||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
111,383,645
|
$
|
100,593,557
|
||||
Restricted cash
|
2,327,502
|
1,684,269
|
||||||
Due from related parties
|
5,650,168
|
2,664,976
|
||||||
Assets held for sale
|
38,656,048
|
—
|
||||||
Other current assets
|
84,259,511
|
6,762,778
|
||||||
Current assets of discontinued operations
|
—
|
54,763,308
|
||||||
Total current assets
|
242,276,874
|
166,468,888
|
||||||
|
||||||||
NON-CURRENT ASSETS:
|
||||||||
Vessels, net
|
229,536,996
|
343,408,466
|
||||||
Restricted cash
|
7,190,000
|
7,550,000
|
||||||
Due from related parties
|
4,504,340
|
3,514,098
|
||||||
Investment in related party
|
117,537,135
|
—
|
||||||
Other non-currents assets
|
3,996,634
|
9,491,322
|
||||||
Non-Current assets of discontinued operations
|
—
|
102,715,796
|
||||||
Total non-current assets
|
362,765,105
|
466,679,682
|
||||||
Total assets
|
605,041,979
|
633,148,570
|
||||||
|
||||||||
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Current portion of long-term debt, net
|
17,679,295
|
29,170,815
|
||||||
Debt related to assets held for sale, net
|
2,406,648
|
—
|
||||||
Due to related parties, current
|
541,666
|
227,622
|
||||||
Other current liabilities
|
7,974,787
|
15,671,903
|
||||||
Current liabilities of discontinued operations
|
—
|
6,519,051
|
||||||
Total current liabilities
|
28,602,396
|
51,589,391
|
||||||
NON-CURRENT LIABILITIES:
|
||||||||
Long-term debt, net
|
65,709,842
|
109,600,947
|
||||||
Non-Current liabilities of discontinued operations
|
—
|
10,463,172
|
||||||
Total non-current liabilities
|
65,709,842
|
120,064,119
|
||||||
Total liabilities
|
94,312,238
|
171,653,510
|
||||||
|
||||||||
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 December 31, 2023, respectively, aggregate
liquidation preference of $0 and $50,000,000 as of December 31, 2022 and December 31, 2023, respectively
|
49,549,489
|
—
|
||||||
Total mezzanine equity
|
49,549,489
|
—
|
||||||
|
||||||||
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 December 31, 2023, respectively
|
96,624
|
94,610
|
||||||
Series B Preferred Shares- 12,000 shares issued and outstanding as of December 31, 2023, and December 31, 2022
|
12
|
12
|
||||||
Additional paid-in capital
|
266,360,857
|
303,658,153
|
||||||
Retained Earnings
|
194,722,759
|
157,742,285
|
||||||
Total shareholders’ equity
|
461,180,252
|
461,495,060
|
||||||
Total liabilities, mezzanine equity and shareholders’ equity
|
$
|
605,041,979
|
$
|
633,148,570
|
(Expressed in U.S. Dollars)
|
Year Ended
December 31,
|
|||||||
2023
|
2022
|
|||||||
Cash Flows provided by Operating Activities of
continuing operations:
|
||||||||
Net income
|
$
|
38,642,488
|
$
|
118,560,690
|
||||
Less: Net income from discontinued operations, net of taxes
|
17,339,332
|
52,019,765
|
||||||
Net income from continuing operations, net of taxes
|
21,303,156
|
66,540,925
|
||||||
Adjustments to reconcile net income from continuing operations to net cash provided by Operating Activities:
|
||||||||
Depreciation and amortization
|
22,076,831
|
18,535,237
|
||||||
Amortization of deferred finance charges
|
888,523
|
730,513
|
||||||
Amortization of fair value of acquired time charters
|
2,242,333
|
409,538
|
||||||
Net gain on sale of vessels
|
(6,383,858
|
)
|
—
|
|||||
Realized gain on sale of equity securities
|
(2,636
|
)
|
(27,450
|
)
|
||||
Unrealized gains on equity securities
|
(5,134,013
|
)
|
—
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable trade, net
|
(208,487
|
)
|
1,415,828
|
|||||
Inventories
|
539,742
|
(640,665
|
)
|
|||||
Due from/to related parties
|
(4,518,056
|
)
|
7,573,712
|
|||||
Prepaid expenses and other assets
|
(86,333
|
)
|
247,377
|
|||||
Other deferred charges
|
51,138
|
114,761
|
||||||
Accounts payable
|
(3,260,521
|
)
|
3,344,840
|
|||||
Accrued liabilities
|
(1,894,102
|
)
|
1,407,618
|
|||||
Deferred revenue
|
(1,034,987
|
)
|
(796,014
|
)
|
||||
Dry-dock costs paid
|
(2,395,365
|
)
|
(3,180,671
|
)
|
||||
Net Cash provided by Operating Activities from continuing operations
|
22,183,365
|
95,675,549
|
||||||
|
||||||||
Cash flow used in Investing Activities of continuing operations:
|
||||||||
Vessel acquisitions and other vessel improvements
|
(623,283
|
)
|
(75,553,224
|
)
|
||||
Purchase of equity securities
|
(72,211,450
|
)
|
(60,750
|
)
|
||||
Proceeds from sale of equity securities
|
258,999
|
88,200
|
||||||
Net proceeds from sale of vessels
|
63,607,430
|
—
|
||||||
Net cash used in Investing Activities from continuing operations
|
(8,968,304
|
)
|
(75,525,774
|
)
|
||||
|
||||||||
Cash flows (used in) / provided by Financing Activities of continuing operations:
|
||||||||
Gross proceeds from issuance of common shares
|
881,827
|
—
|
||||||
Common shares issuance expenses
|
(260,936
|
)
|
(65,797
|
)
|
||||
Repurchase of warrants
|
(941,626
|
)
|
—
|
|||||
Proceeds from Series D Preferred Shares, net of costs
|
49,853,193
|
—
|
||||||
Dividends paid on Series D Preferred Shares
|
(479,167
|
)
|
—
|
|||||
Proceeds from long-term debt
|
—
|
77,500,000
|
||||||
Repayment of long-term debt
|
(53,864,500
|
)
|
(24,493,000
|
)
|
||||
Payment of deferred financing costs
|
(25,178
|
)
|
(986,209
|
)
|
||||
Proceeds received from Toro related to Spin-Off
|
2,694,647
|
—
|
||||||
Net cash (used in) / provided by Financing Activities from continuing operations
|
(2,141,740
|
)
|
51,954,994
|
|||||
|
||||||||
Cash flows of discontinued operations:
|
||||||||
Net cash provided by Operating Activities from discontinued operations
|
20,409,041
|
28,077,502
|
||||||
Net cash (used in) / provided by Investing Activities from discontinued operations
|
(153,861
|
)
|
11,788,681
|
|||||
Net cash used in Financing Activities from discontinued operations
|
(62,734,774
|
)
|
(3,050,000
|
)
|
||||
Net cash (used in) / provided by discontinued operations
|
(42,479,594
|
)
|
36,816,183
|
|||||
|
||||||||
Net (decrease)/increase in cash, cash equivalents, and restricted cash
|
(31,406,273
|
)
|
108,920,952
|
|||||
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
|
$
|
120,901,147
|
$
|
152,307,420
|
Three Months Ended
December 31,
|
Year Ended
December 31,
|
|||||||||||||||
(In U.S. dollars, except for Available Days)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Total vessel revenues
|
$
|
26,363,527
|
$
|
31,296,037
|
$
|
97,515,511
|
$
|
150,216,130
|
||||||||
Voyage expenses - including commissions to related party
|
(1,081,795
|
)
|
(1,573,556
|
)
|
(5,052,228
|
)
|
(3,721,277
|
)
|
||||||||
TCE revenues
|
$
|
25,281,732
|
$
|
29,722,481
|
$
|
92,463,283
|
$
|
146,494,853
|
||||||||
Available Days
|
1,740
|
1,824
|
7,483
|
7,175
|
||||||||||||
Daily TCE Rate
|
$
|
14,530
|
$
|
16,295
|
$
|
12,356
|
$
|
20,417
|
Three Months Ended
December 31,
|
Year Ended
December 31,
|
|||||||||||||||
(In U.S. dollars)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Net Income from continuing operations, net of taxes
|
$
|
25,013,724
|
$
|
7,843,890
|
$
|
21,303,156
|
$
|
66,540,925
|
||||||||
Depreciation and amortization
|
4,851,439
|
5,143,370
|
22,076,831
|
18,535,237
|
||||||||||||
Interest and finance costs, net (1)
|
1,431,062
|
1,848,545
|
8,049,757
|
6,325,991
|
||||||||||||
US source income taxes
|
78,888
|
136,195
|
177,794
|
388,669
|
||||||||||||
EBITDA
|
$
|
31,375,113
|
$
|
14,972,000
|
$
|
51,607,538
|
$
|
91,790,822
|
||||||||
Unrealized gain on equity securities
|
(18,604,355
|
)
|
-
|
(5,134,013
|
)
|
-
|
||||||||||
Adjusted EBITDA
|
$
|
12,770,758
|
$
|
14,972,000
|
$
|
46,473,525
|
$
|
91,790,822
|
(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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