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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.05 | 1.23% | 4.11 | 4.00 | 4.11 | 4.15 | 4.02 | 4.05 | 35,842 | 23:57:52 |
Form 20-F ☒
|
Form 40-F ☐
|
Exhibit No.
|
Description
|
Unaudited Consolidated Interim Financial Statements for the Six Months Ended June 30, 2024
|
|
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, 2024
|
||
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, 2023 and June 30, 2024
|
(Expressed in U.S. Dollars – except for share data)
|
ASSETS
|
December 31,
|
June 30,
|
|||||||||
CURRENT ASSETS:
|
Note
|
2023
|
2024
|
||||||||
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 |
4(e), 7(b) | ||||||||||
Accrued charter revenue
|
|||||||||||
Total current assets
|
|
|
|||||||||
NON-CURRENT ASSETS:
|
|||||||||||
Vessels, net
|
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(c) |
||||||||||
Total non-current assets
|
|
|
|||||||||
Total assets
|
$ | $ | |||||||||
LIABILITIES, MEZZANINE EQUITY 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
|
|
|
|||||||||
4(d) |
|||||||||||
Total current liabilities
|
|
|
|||||||||
NON-CURRENT LIABILITIES:
|
|||||||||||
Long-term debt, net
|
8
|
||||||||||
Total non-current liabilities
|
|||||||||||
Commitments and contingencies |
12 |
||||||||||
MEZZANINE EQUITY: |
|||||||||||
|
|||||||||||
Total mezzanine equity |
10 |
||||||||||
SHAREHOLDERS’ EQUITY:
|
|||||||||||
Common shares, $
|
10
|
|
|
||||||||
Preferred shares, $
|
10
|
|
|
||||||||
Additional paid-in capital
|
|
|
|||||||||
Retained earnings
|
|
|
|||||||||
Total shareholders’ equity
|
|
|
|||||||||
Total liabilities, mezzanine equity and shareholders’ equity
|
$ |
$
|
|
CASTOR MARITIME INC.
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the six months ended June 30, 2023 and 2024
|
(Expressed in U.S. Dollars – except for share data)
|
Six Months Ended
June 30,
|
Six Months Ended
June 30,
|
||||||||||
|
Note
|
2023
|
2024
|
||||||||
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 vessels
|
7(b) |
||||||||||
Gain from a claim |
12(b) |
||||||||||
Total expenses, net
|
( |
) |
(
|
)
|
|||||||
Operating income
|
|
|
|||||||||
OTHER INCOME/(EXPENSES):
|
|||||||||||
Interest and finance costs
|
8, 17
|
(
|
)
|
(
|
)
|
||||||
Interest income
|
|
|
|||||||||
Foreign exchange losses
|
(
|
)
|
(
|
)
|
|||||||
Dividend income on equity securities |
9 | ||||||||||
Dividend income from related party | 4 |
||||||||||
(Loss) / Gain on equity securities |
9 |
( |
) | ||||||||
Total other (expenses) / income, 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
|
|||||||||||
Dividend on Series D Preferred Shares | ( |
) | |||||||||
Deemed dividend on Series D Preferred Shares | ( |
) | |||||||||
Net income attributable to common shareholders | |||||||||||
Earnings per common share, basic, continuing operations
|
13 |
||||||||||
Earnings per common share, diluted, continuing operations | 13 | ||||||||||
Earnings per common share, basic, discontinued operations
|
13 |
||||||||||
Earnings per common share, diluted, discontinued operations | 13 |
||||||||||
Earnings per common share, basic, total
|
13
|
||||||||||
Earnings per common share, diluted, total | 13 | ||||||||||
Weighted average number of common shares, basic
|
13 | ||||||||||
Weighted average number of common shares, diluted
|
13 |
CASTOR MARITIME INC.
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY AND
MEZZANINE EQUITY
For the six months ended June 30, 2023, and 2024
|
(Expressed in U.S. Dollars – except for share data)
|
Number of shares issued
|
Mezzanine equity
|
|||||||||||||||||||||||||||||||||||
Common
shares
|
Series B
Preferred
shares
|
Par
Value of
Shares
issued
|
Additional
Paid-in
capital
|
Due from
Shareholders
|
Retained
earnings
|
Total
Shareholders’
Equity
|
# of
Series D
Preferred
Shares
|
Mezzanine
Equity
|
||||||||||||||||||||||||||||
Balance, December 31, 2022
|
|
|
|
|
|
|
—
|
—
|
||||||||||||||||||||||||||||
- Distribution of net assets of Toro Corp. to shareholders (Note 1)
|
—
|
—
|
|
(
|
)
|
|
(
|
)
|
—
|
—
|
||||||||||||||||||||||||||
- Issuance of common shares pursuant to the ATM Program (Note 10)
|
|
|
|
|
( |
) |
|
|
—
|
—
|
||||||||||||||||||||||||||
- Net income and comprehensive income
|
—
|
—
|
|
|
|
|
—
|
—
|
||||||||||||||||||||||||||||
Balance, June 30, 2023
|
|
|
|
|
( |
) |
|
|
—
|
—
|
||||||||||||||||||||||||||
Balance, December 31, 2023
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
- Dividend on Series D Preferred Shares
|
—
|
—
|
|
|
(
|
)
|
(
|
)
|
—
|
—
|
||||||||||||||||||||||||||
- Deemed dividend on Series D Preferred Shares
|
—
|
—
|
|
|
(
|
)
|
(
|
)
|
—
|
|
||||||||||||||||||||||||||
- Warrants repurchase (Note 10)
|
— | — | ( |
) | ( |
) | — | — | ||||||||||||||||||||||||||||
- Net income and comprehensive income
|
—
|
—
|
|
|
|
|
—
|
—
|
||||||||||||||||||||||||||||
Balance, June 30, 2024
|
|
|
|
|
|
|
|
|
CASTOR MARITIME INC.
|
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended June 30, 2023, and 2024
(Expressed in U.S. Dollars)
|
|
Six Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||
|
Note |
2023
|
2024
|
||||||||
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 and write off of deferred finance charges
|
17
|
|
|
||||||||
Amortization of fair value of acquired time charters
|
6
|
|
|
||||||||
Gain on sale of vessels
|
7
|
(
|
)
|
(
|
)
|
||||||
Straight line amortization of hire |
( |
) | |||||||||
Unrealized loss / (gain) on equity securities
|
9 |
|
(
|
)
|
|||||||
Realized gain on sale of equity securities
|
9 |
(
|
)
|
(
|
)
|
||||||
Gain from a claim
|
12(b)
|
|
|
(
|
)
|
||||||
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)/provided by Investing Activities of Continuing Operations:
|
|||||||||||
Vessel acquisitions and other vessel improvements
|
7
|
(
|
)
|
(
|
)
|
||||||
Proceeds from a claim |
12(b) | ||||||||||
Net proceeds from sale of vessels |
|||||||||||
Purchase of equity securities
|
9 |
(
|
)
|
(
|
)
|
||||||
Proceeds from sale of equity securities
|
9 |
|
|
||||||||
Net cash (used in) / provided by Investing Activities from Continuing Operations
|
(
|
)
|
|
||||||||
|
|||||||||||
Cash flows used in Financing Activities of Continuing Operations:
|
|||||||||||
Gross proceeds from issuance of common shares
|
|
|
|||||||||
Common share issuance expenses
|
(
|
)
|
|
||||||||
Repurchase of warrants |
10 |
( |
) | ||||||||
Dividends paid on Series D Preferred Shares |
( |
) | |||||||||
Repayment of long-term debt
|
8
|
(
|
)
|
(
|
)
|
||||||
Payment of deferred financing costs
|
(
|
)
|
|
||||||||
Proceeds received from Toro Corp. related to Spin-Off
|
4
|
|
|
||||||||
Net cash 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 (decrease)/increase 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):
|
Company
|
Country of
incorporation
|
Vessel Name
|
DWT
|
Year
Built
|
Delivery date
to Castor
|
|
1
|
Spetses Shipping Co. (“Spetses”)
|
|
|
|
|
|
2
|
Liono Shipping Co. (“Liono”)
|
|
|
|
|
|
3
|
Mulan Shipping Co. (“Mulan”)
|
|
|
|
|
|
4
|
Cinderella Shipping Co. (“Cinderella”)
|
|
|
|
|
|
5
|
Mickey Shipping Co. (“Mickey”)
|
|||||
6
|
Songoku Shipping Co. (“Songoku”)
|
|||||
7
|
Asterix Shipping Co. (“Asterix”)
|
|||||
8
|
Johnny Bravo Shipping Co. (“Johnny Bravo”)
|
|
||||
9 |
Jerry Shipping Co. (“Jerry S”) |
|||||
10
|
Tom Shipping Co. (“Tom S”)
|
Company
|
Country of incorporation
|
|
1
|
Containco Shipping Inc.
|
|
1.
|
Basis of Presentation and General information (continued): |
Company
|
Country of incorporation
|
|
1 |
Castor Maritime SCR Corp. (“Castor SCR”) (1)
|
|
2 |
Indigo Global Corp. (2) |
|
3 |
Bagheera Shipping Co. (“Bagheera”) (3)
|
|
4 |
Luffy Shipping Co. (“Luffy”) (4) |
|
5 |
Kabamaru Shipping Co. (“Kabamaru”) (5) |
|
6 |
Bistro Maritime Co. (“Bistro”) (6) |
|
7 |
Garfield Shipping Co. (“Garfield”) (7) |
|
8 |
Pikachu Shipping Co. (“Pikachu”) (8) |
|
9 |
Jumaru Shipping Co. (“Jumaru”) (9) |
|
10 |
Pumba Shipping Co. (“Pumba”) (10) |
|
11 | Snoopy Shipping Co. (“Snoopy”) (11) |
|
12 |
Super Mario Shipping Co. (“Super Mario”) (12) |
|
13 |
Stewie Shipping Co. (“Stewie”) (13) |
|
14 |
Pocahontas Shipping Co. (“Pocahontas”) (14) |
(1)
|
Incorporated under the laws of the Marshall Islands on September 16, 2021, this entity serves as the Company’s subsidiaries’ cash manager with effect from November 1, 2021.
|
(2)
|
Incorporated under the
laws of the Marshall Islands on April 24, 2024 for trading purposes. |
(3)
|
Bagheera
Shipping Co. no longer owns any vessel following the sale of the M/V Magic Rainbow on March 13, 2023, and delivery of such vessel to an unaffiliated third-party on April 18, 2023.
|
(4)
|
Luffy Shipping Co. no longer owns any vessel following the sale of the M/V Magic Twilight on June 2, 2023, and delivery of such vessel to an
unaffiliated third-party on July 20, 2023. |
(5)
|
Kabamaru Shipping Co. no longer owns any vessel following the sale of the M/V Magic Argo on September 22, 2023, and delivery of such vessel to an
unaffiliated third-party on December 14, 2023. |
(6)
|
Bistro Maritime Co. no longer owns any vessel following the sale of the M/V Magic Sun on October 6, 2023, and delivery of such vessel to an
unaffiliated third-party on November 14, 2023. |
(7)
|
Garfield Shipping Co. no longer owns any vessel following the sale of the M/V Magic Phoenix on October 16, 2023, and delivery of such vessel to an
unaffiliated third-party on November 27, 2023. |
(8)
|
Pikachu Shipping Co. no longer owns any vessel following the sale of the M/V Magic Moon on November 10, 2023, and delivery of such vessel to an
unaffiliated third-party on January 16, 2024 (see also Note 7). |
(9)
|
Jumaru Shipping Co. no longer owns any vessel following the sale of the M/V Magic Nova on January 19, 2024, and delivery of such vessel to an entity
beneficially owned by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer on March 11, 2024 (see also Note 7). |
(10)
|
Pumba Shipping Co. no longer owns any vessel following the sale of the M/V Magic Orion on December 7, 2023, and delivery of such vessel to an
unaffiliated third-party on March 22, 2024 (see also Note 7). |
(11)
|
Snoopy Shipping Co. no longer owns any vessel following the sale of the M/V Magic Nebula on February 15, 2024, and delivery of such vessel to an entity
affiliated with a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer on April 18, 2024 (see also Note 7). |
(12)
|
Super Mario Shipping Co. no longer owns any vessel following the sale of the M/V Magic Venus on December 21, 2023, and delivery of such vessel to an entity
affiliated with a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer on May 10, 2024 (see also Note 7). |
(13)
|
Stewie Shipping Co. no longer owns any vessel following the sale of the M/V Magic Vela on May 1, 2024, and delivery of such vessel to an
unaffiliated third-party on May 23, 2024 (see also Note 7). |
(14)
|
Pocahontas Shipping Co. no longer owns any vessel following the sale of the M/V Magic Horizon on January 19, 2024, and delivery of such vessel to
an entity beneficially owned by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer on May 28, 2024 (see also Note 7). |
1.
|
Basis of Presentation and General information (continued): |
|
Company
|
Country of
incorporation
|
Vessel Name
|
DWT
|
Year
Built
|
Delivery date
to Castor
|
1
|
Toro Corp. (15)
|
|
—
|
—
|
—
|
—
|
2
|
Toro RBX Corp. (“Toro RBX”) (16)
|
|
—
|
—
|
—
|
—
|
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”) (17)
|
|
—
|
—
|
—
|
—
|
(15)
|
Incorporated on July 29, 2022. At the Distribution Date,
Toro served as the holding company to which the equity interests of the Aframax/LR2 and Handysize tanker owning subsidiaries and Elektra were contributed.
|
(16)
|
Incorporated under the laws of the Marshall Islands on October 3, 2022, to serve, with effect from the Distribution Date, as the cash manager of Toro and its subsidiaries.
|
(17)
|
Elektra no longer owns any vessel following the sale of the M/T Wonder Arcturus on May 9, 2022, and delivery of such vessel to an
unaffiliated third-party on July 15, 2022.
|
2. |
Significant Accounting Policies and
Recent Accounting Pronouncements:
|
3. |
Discontinued operations:
|
January 1
through March 7,
|
||||
2023
|
||||
REVENUES:
|
||||
Time charter revenues
|
|
|||
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:
|
||||
Interest and finance costs
|
(
|
)
|
||
Interest income
|
|
|||
Foreign exchange losses
|
(
|
)
|
||
Total other 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:
|
|
December 31,
2023
|
June 30,
2024
|
||||||
Assets:
|
||||||||
Due from Castor Ships (a) – current
|
$ | $ | ||||||
Due from Castor Ships (a) – non-current
|
||||||||
Due from Pavimar (b) – current
|
||||||||
Investment in Toro (c) – non-current
|
||||||||
|
||||||||
Liabilities:
|
||||||||
Due to Toro (d) – current
|
||||||||
Due to other related parties (e) |
4. |
Transactions with Related Parties (continued): |
4. |
Transactions with Related Parties (continued):
|
5. |
Deferred Charges, net:
|
|
Dry-docking costs
|
|||
Balance December 31, 2023
|
$
|
|
||
Adjustment to additions
|
(
|
)
|
||
Amortization
|
(
|
)
|
||
Disposals (Note 7(b))
|
( |
) | ||
Balance June 30, 2024
|
$
|
|
6. |
Fair
Value of Acquired Time Charters:
|
7. |
Vessels, net/Assets held for sale:
|
Vessel Cost
|
Accumulated depreciation
|
Net Book Value
|
||||||||||
Balance December 31, 2023
|
|
(
|
)
|
|
||||||||
— Acquisitions, improvements, and other vessel costs |
— |
|||||||||||
— Vessel disposals
|
( |
) | ( |
) | ||||||||
— Period depreciation
|
— |
(
|
)
|
(
|
)
|
|||||||
Balance June 30, 2024
|
|
(
|
)
|
|
7. |
Vessels, net/Assets held for sale (continued):
|
Assets held for sale
|
||||
Balance December 31, 2023
|
$
|
|
||
Asset’s disposal |
( |
) | ||
Balance June 30, 2024
|
$
|
|
7.
|
Vessels, net/Assets held for sale (continued):
|
8. |
Long-Term Debt:
|
|
|
Year/Period Ended
|
|||||||
Loan facilities |
Borrowers
|
December 31,
2023
|
June 30,
2024
|
||||||
$
|
|
$
|
|
$
|
|
||||
$
|
|||||||||
$
|
|||||||||
$
|
|||||||||
$ |
|||||||||
Total long-term debt
|
|
$
|
|
$
|
|
||||
Less: Deferred financing costs
|
|
(
|
)
|
(
|
)
|
||||
Total long-term debt, 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
|
|||
2025
|
$
|
|
||
2026
|
|
|||
2027
|
|
|||
Total long-term debt
|
$
|
|
9.
|
Investment in equity securities
|
Equity securities
|
||||
Balance December 31, 2023
|
$
|
|
||
Equity securities acquired
|
|
|||
Proceeds from sale of equity securities |
( |
) | ||
Gain on sale of equity securities |
||||
Realized foreign exchange loss |
( |
) | ||
Unrealized gain on equity securities revalued at fair value at end of the period
|
|
|||
Unrealized foreign exchange loss
|
( |
) | ||
Balance June 30, 2024
|
$
|
|
9.
|
Investment in equity securities (continued)
|
10. |
Equity Capital Structure:
|
10.
|
Equity Capital Structure (continued):
|
11. |
Financial Instruments and Fair Value
Disclosures:
|
12. |
Commitments and Contingencies:
|
12. |
Commitments and Contingencies (continued):
|
Twelve-month period ending June 30,
|
Amount
|
|||
2025 |
$ |
|||
Total
|
$
|
|
13. |
Earnings Per Common Share:
|
Six months ended
June 30,
|
Six months ended
June 30,
|
|||||||
2023
|
2024
|
|||||||
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
|
$
|
|
$
|
|
||||
Less: Dividend on Series D Preferred Shares
|
|
(
|
)
|
|||||
Less: Deemed dividend on Series D Preferred Shares
|
|
(
|
)
|
|||||
Net income and comprehensive income available to common shareholders, basic
|
|
|
||||||
Dividend on Series D Preferred Shares
|
|
|
||||||
Deemed dividend on Series D Preferred Shares
|
|
|
||||||
Net income attributable to common shareholders, diluted
|
|
|
||||||
Weighted average number of common shares outstanding, basic
|
|
|
||||||
Effect of dilutive shares
|
|
|
||||||
Weighted average number of common shares outstanding, diluted
|
|
|
||||||
Earnings per common share, basic, continuing operations
|
$
|
|
$
|
|
||||
Earnings per common share, diluted, continuing operations
|
$
|
|
$
|
|
||||
Earnings per common share, basic, discontinued operations
|
$
|
|
$
|
|
||||
Earnings per common share, diluted, discontinued operations
|
$
|
|
$
|
|
||||
Earnings per common share, basic, Total
|
$
|
|
$
|
|
||||
Earnings per common share, diluted, Total
|
$
|
|
$
|
|
14. |
Total Vessel Revenues:
|
|
Six
months ended
June 30,
|
Six
months ended
June 30,
|
||||||
|
2023
|
2024
|
||||||
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
|
2023
|
2024
|
||||||
Crew & crew related costs
|
|
|
|
|
||||
Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling
|
|
|
||||||
Lubricants
|
|
|
||||||
Insurances
|
|
|
||||||
Tonnage taxes
|
|
|
||||||
Other
|
|
|
||||||
Total Vessel operating expenses
|
$
|
|
$
|
|
15. |
Vessel Operating Expenses and Voyage
Expenses (continued):
|
Six months
ended
June 30,
|
Six months
ended
June 30,
|
|||||||
Voyage expenses
|
2023
|
2024
|
||||||
Brokerage commissions
|
|
|
|
|
||||
Brokerage commissions - related party
|
|
|
||||||
Port & other expenses
|
|
|
||||||
Bunkers consumption
|
|
|
||||||
Loss / (Gain) on bunkers
|
|
(
|
)
|
|||||
Total Voyage expenses
|
$
|
|
$
|
|
16. |
General
and Administrative Expenses:
|
Six months ended
June 30,
|
Six months ended
June 30,
|
|||||||
2023
|
2024
|
|||||||
Non-executive directors’ compensation
|
$
|
|
$
|
|
||||
Audit fees | ||||||||
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,
|
|||||||
2023
|
2024
|
|||||||
Interest on long-term debt
|
$
|
|
$
|
|
||||
Amortization and write-off of deferred finance charges
|
|
|
||||||
Other finance charges
|
|
|
||||||
Total
|
$
|
|
$
|
|
18.
|
Segment Information:
|
Six months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||||||||||
2023
|
2024
|
|||||||||||||||||||||||
Dry bulk
segment
|
Containership
segment
|
Total
|
Dry bulk
segment
|
Containership
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 vessels
|
|
|
|
|
|
|
||||||||||||||||||
Gain from a claim |
||||||||||||||||||||||||
Segments operating income
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||
Interest and finance costs
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Interest income
|
|
|
||||||||||||||||||||||
Foreign exchange losses
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Less: Unallocated corporate general and administrative expenses
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Less: Corporate Interest and finance costs
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Less: Corporate Interest income
|
|
|
||||||||||||||||||||||
Less: Corporate exchange losses
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Dividend income on equity securities
|
|
|
||||||||||||||||||||||
Dividend income from related party
|
|
|
||||||||||||||||||||||
(Loss) / Gain on 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,
2023
|
As of
June 30,
2024
|
|||||||
Dry bulk segment
|
$
|
|
$
|
|
||||
Containership segment
|
|
|
||||||
Cash and cash equivalents (1)
|
|
|
||||||
Prepaid expenses and other assets (1)
|
|
|
||||||
Total consolidated assets
|
$
|
|
$
|
|
(1) |
19.
|
Subsequent Events:
|
(a)
|
Dividend on Series D Preferred Shares: On
|
(b)
|
Vessel acquisition: On July 16, 2024, the Company entered into an agreement with an unaffiliated third party to acquire a secondhand 2015
Chinese-built Ultramax dry bulk carrier for a purchase price of $
|
(c)
|
Voluntary loan prepayment: On August 7, 2024, the Company prepaid in full the amount of $
|
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 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 Perseus
|
Kamsarmax
|
82,158
|
2013
|
Japan
|
$
|
21.00
|
08/09/2021
|
||||||||
Magic Pluto
|
Panamax
|
74,940
|
2013
|
Japan
|
$
|
19.06
|
08/06/2021
|
||||||||
Magic Mars
|
Panamax
|
76,822
|
2014
|
Korea
|
$
|
20.40
|
09/20/2021
|
||||||||
Magic Callisto
|
Panamax
|
74,930
|
2012
|
Japan
|
$
|
23.55
|
01/04/2022
|
||||||||
Containerships
|
|||||||||||||||
Ariana A
|
2,700 TEU capacity Containership
|
38,117
|
2005
|
Germany
|
$
|
25.00
|
11/23/2022
|
||||||||
Gabriela A
|
2,700 TEU capacity Containership
|
38,121
|
2005
|
Germany
|
$
|
25.75
|
11/30/2022
|
(1) |
On July 16, 2024, we entered into an agreement with an unaffiliated third party to acquire a secondhand 2015 Chinese-built Ultramax dry bulk carrier for a purchase
price of $25.5 million. The vessel is expected to be delivered to us during the third quarter of 2024 and the delivery is subject to the satisfaction of certain customary closing conditions. The acquisition will be financed in its entirety
with cash on hand.
|
- |
The levels of demand and supply of seaborne cargoes and vessel tonnage in the shipping segments in which we operate;
|
- |
The cyclical nature of the shipping industry in general and its impact on charter rates and vessel values;
|
- |
The successful implementation of the Company’s business strategy, including our ability to obtain equity and debt financing at acceptable and attractive terms to fund
future capital expenditures and/or to implement our business strategy;
|
- |
The global economic growth outlook and trends, such as price inflation and/or volatility;
|
- |
Economic, regulatory, political and governmental conditions that affect shipping and the dry bulk and container segments, including international conflict or war (or
threatened war), such as between Russia and Ukraine and in the Middle East, and acts of piracy or maritime aggression, such as recent maritime incidents involving vessels in and around the Red Sea;
|
- |
The employment and operation of our fleet including the utilization rates of our vessels;
|
- |
Our ability to successfully employ our vessels at economically attractive rates and our strategic decisions regarding the employment mix of our fleet as our charters
expire or are otherwise terminated;
|
- |
Management of the financial, operating, general and administrative elements involved in the conduct of our business and ownership of our fleet, including the effective
and efficient technical management of our fleet by our head and sub-managers, and their suppliers;
|
- |
The number of customers who use our services and the performance of their obligations under their agreements, including their ability to make timely payments to us;
|
- |
Our ability to maintain solid working relationships with our existing customers and our ability to increase the number of our charterers through the development of new
working relationships;
|
- |
The reputation and safety record of our manager and/or sub-managers for the management of our vessels;
|
- |
Dry-docking and special survey costs and duration, both expected and unexpected;
|
- |
The level of any distribution on all classes of our shares;
|
- |
Our borrowing levels and the finance costs related to our outstanding debt as well as our compliance with our debt covenants;
|
- |
Management of our financial resources, including banking relationships and of the relationships with our various stakeholders;
|
- |
Major outbreaks of diseases and governmental responses thereto; and
|
- |
The performance of the listed equity securities in which the Company currently has investments, which is subject to market risk and price volatility, and may adversely
affect our results due to the realization of losses upon disposition of these investments or the recognition of significant unrealized losses during their holding period.
|
(In U.S. Dollars, except for number of share data)
|
Six months ended
June 30, 2023
|
Six months ended
June 30, 2024
|
Change-
amount
|
Change %
|
||||||||||||
Total vessel revenues
|
$
|
49,747,081
|
$
|
36,669,776
|
$
|
13,077,305
|
26.3
|
%
|
||||||||
Expenses:
|
||||||||||||||||
Voyage expenses (including commissions to related party)
|
(2,698,540
|
)
|
(2,012,774
|
)
|
685,766
|
25.4
|
%
|
|||||||||
Vessel operating expenses
|
(21,676,527
|
)
|
(14,657,651
|
)
|
7,018,876
|
32.4
|
%
|
|||||||||
Management fees to related parties
|
(3,615,825
|
)
|
(2,486,692
|
)
|
1,129,133
|
31.2
|
%
|
|||||||||
Depreciation and amortization
|
(11,301,547
|
)
|
(7,387,855
|
)
|
3,913,692
|
34.6
|
%
|
|||||||||
General and administrative expenses (including costs from related party)
|
(2,805,076
|
)
|
(3,387,071
|
)
|
581,995
|
20.7
|
%
|
|||||||||
Gain on sale of vessels (including gain from related party)
|
3,128,568
|
19,307,595
|
16,179,027
|
517.1
|
%
|
|||||||||||
Gain from a claim
|
—
|
1,411,356
|
1,411,356
|
100
|
%
|
|||||||||||
Operating income
|
$
|
10,778,134
|
$
|
27,456,684
|
$
|
16,678,550
|
154.7
|
%
|
||||||||
Interest and finance costs, net
|
(4,677,732
|
)
|
(677,840
|
)
|
3,999,892
|
85.5
|
%
|
|||||||||
Other (expenses) / income (1)
|
(4,358,470
|
)
|
18,501,122
|
22,859,592
|
524.5
|
%
|
||||||||||
Income taxes
|
(65,179
|
)
|
(94,609
|
)
|
29,430
|
45.2
|
%
|
|||||||||
Net income and comprehensive income from continuing operations, net of taxes
|
$
|
1,676,753
|
$
|
45,185,357
|
$
|
43,508,604
|
2594.8
|
%
|
||||||||
Net income and comprehensive income from discontinued operations, net of taxes
|
$
|
17,339,332
|
$
|
—
|
$
|
17,339,332
|
100
|
%
|
||||||||
Net income and comprehensive income
|
$
|
19,016,085
|
$
|
45,185,357
|
$
|
26,169,272
|
137.6
|
%
|
(1) |
Includes aggregated amounts for foreign exchange losses, unrealized gains / (losses) from equity securities and other income, as applicable in each period.
|
(in U.S. Dollars)
|
Six months ended
June 30, 2023
|
Six months ended
June 30, 2024
|
Change-
amount
|
Change
%
|
||||||||||||
Total vessel revenues
|
$
|
42,979,593
|
$
|
30,244,797
|
$
|
12,734,796
|
29.6
|
%
|
||||||||
Expenses:
|
||||||||||||||||
Voyage expenses (including commissions to related party)
|
(2,339,460
|
)
|
(1,701,922
|
)
|
637,538
|
27.3
|
%
|
|||||||||
Vessel operating expenses
|
(18,754,397
|
)
|
(12,379,672
|
)
|
6,374,725
|
34.0
|
%
|
|||||||||
Management fees to related parties
|
(3,280,975
|
)
|
(2,127,788
|
)
|
1,153,187
|
35.1
|
%
|
|||||||||
Depreciation and amortization
|
(8,710,367
|
)
|
(4,630,403
|
)
|
4,079,964
|
46.8
|
%
|
|||||||||
Gain on sale of vessels
|
3,128,568
|
19,307,595
|
16,179,027
|
517.1
|
%
|
|||||||||||
Gain from a claim
|
—
|
1,411,356
|
1,411,356
|
100.0
|
%
|
|||||||||||
Segment operating income(1)
|
$
|
13,022,962
|
$
|
30,123,963
|
$
|
17,101,001
|
131.3
|
%
|
(1) |
Does not include corporate general and administrative expenses. See the discussion under “Consolidated Results of Operations” above.
|
Six months ended
June 30, 2023
|
Six months ended
June 30, 2024
|
Change -
amount
|
Change
%
|
|||||||||||||
Total vessel revenues
|
$
|
6,767,488
|
$
|
6,424,979
|
$
|
342,509
|
5.1
|
%
|
||||||||
Expenses:
|
||||||||||||||||
Voyage expenses (including commissions to related party)
|
(359,080
|
)
|
(310,852
|
)
|
48,228
|
13.4
|
%
|
|||||||||
Vessel operating expenses
|
(2,922,130
|
)
|
(2,277,979
|
)
|
644,151
|
22.0
|
%
|
|||||||||
Management fees to related parties
|
(334,850
|
)
|
(358,904
|
)
|
24,054
|
7.2
|
%
|
|||||||||
Depreciation and amortization
|
(2,591,180
|
)
|
(2,757,452
|
)
|
166,272
|
6.4
|
%
|
|||||||||
Segment operating income
|
$
|
560,248
|
$
|
719,792
|
$
|
159,544
|
28.5
|
%
|
Six months ended June 30,
|
||||||||
(in U.S. Dollars)
|
2023
|
2024
|
||||||
Net cash provided by operating activities from continuing operations
|
$
|
9,063,466
|
$
|
23,848,121
|
||||
Net cash (used in) / provided by investing activities from continuing operations
|
(60,807,509
|
)
|
137,235,681
|
|||||
Net cash used in financing activities from continuing operations
|
(19,769,246
|
)
|
(45,691,738
|
)
|
||||
Net cash provided by operating activities from discontinued operations
|
20,409,041
|
—
|
||||||
Net cash used in investing activities from discontinued operations
|
(153,861
|
)
|
—
|
|||||
Net cash used in financing activities from discontinued operations
|
(62,734,774
|
)
|
—
|
|||||
Cash, cash equivalents and restricted cash at beginning of period
|
152,307,420
|
120,901,147
|
||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
38,314,537
|
$
|
236,293,211
|
Six-months ended
June 30,
|
Six-months ended
June 30,
|
|||||||
2023
|
2024
|
|||||||
Total vessel revenues
|
$
|
49,747,081
|
$
|
36,669,776
|
||||
Voyage expenses -including commissions to related party
|
(2,698,540
|
)
|
(2,012,774
|
)
|
||||
TCE revenues
|
$
|
47,048,541
|
$
|
34,657,002
|
||||
Available Days
|
3,884
|
2,517
|
||||||
Daily TCE Rate
|
$
|
12,113
|
$
|
13,769
|
Six-months ended
June 30,
|
Six-months ended
June 30,
|
|||||||
2023
|
2024
|
|||||||
Total vessel revenues
|
$
|
42,979,593
|
$
|
30,244,797
|
||||
Voyage expenses - including commissions to related party
|
(2,339,460
|
)
|
(1,701,922
|
)
|
||||
TCE revenues
|
$
|
40,640,133
|
$
|
28,542,875
|
||||
Available Days
|
3,546
|
2,153
|
||||||
Daily TCE Rate
|
$
|
11,461
|
$
|
13,257
|
Six-months ended
June 30,
|
Six-months ended
June 30,
|
|||||||
2023
|
2024
|
|||||||
Total vessel revenues
|
$
|
6,767,488
|
$
|
6,424,979
|
||||
Voyage expenses - including commissions to related party
|
(359,080
|
)
|
(310,852
|
)
|
||||
TCE revenues
|
$
|
6,408,408
|
$
|
6,114,127
|
||||
Available Days
|
338
|
364
|
||||||
Daily TCE Rate
|
$
|
18,960
|
$
|
16,797
|
Document and Entity Information |
6 Months Ended |
---|---|
Jun. 30, 2024 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2024 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | Castor Maritime Inc. |
Entity Central Index Key | 0001720161 |
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
EXPENSES: | ||
Voyage expenses | $ 2,012,774 | $ 2,698,540 |
General and administrative expenses | 3,387,071 | 2,805,076 |
Related Party [Member] | ||
EXPENSES: | ||
Voyage expenses | 463,672 | 655,431 |
General and administrative expenses | $ 1,599,000 | $ 1,500,000 |
Basis of Presentation and General information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, par value $0.001 (the “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, 2024, 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 27, 2024, the Company effected a reverse stock split
on its issued and outstanding common shares (Note 10). All share and per share amounts disclosed in the accompanying unaudited interim condensed consolidated financial statements give effect to this reverse stock split retroactively for the periods
presented.
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 shares 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 the six-month period ended June 30, 2023 (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 an $18.0 million term loan facility entered into by
Alpha Bank S.A. and two of the Company’s former tanker-owning subsidiaries on April 27, 2021. 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.
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, 2024, the Company owned a diversified fleet of 10 vessels, with a combined carrying capacity of 0.7
million dwt, consisting of three Kamsarmax and five Panamax dry bulk vessels, as well as two 2,700 TEU containerships. Details of the Company’s wholly owned subsidiaries as of June 30, 2024, 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. They do not include all the information and notes required by U.S. GAAP for complete
financial statements. Accordingly, 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, 2023, filed with the SEC on February 29, 2024 (the “2023
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, 2024, are not necessarily indicative of the
results that might be expected for the fiscal year ending December 31, 2024.
|
Significant Accounting Policies and Recent Accounting Pronouncements |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2024 | |||
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,
2023, included in the Company’s 2023 Annual Report. There have been no material changes to these policies in the six-month period ended June 30, 2024.
|
Discontinued operations |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 and from March 7, 2023 (Note 1).
The components of the income from discontinued operations for the period January 1, 2023 through March 7, 2023 in the consolidated statements of
comprehensive income consisted of the following:
|
Transactions with Related Parties |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with Related Parties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with Related Parties |
As of December 31, 2023,
and June 30, 2024, balances with related parties consisted of the following:
(a) Castor
Ships:
Castor Ships has acted as the Company’s commercial ship manager since September 1, 2020. Details of the Company’s transactions with Castor Ships are discussed in Note 4(a) to the consolidated financial statements for the year ended
December 31, 2023, included in the Company’s 2023 Annual Report.
As of June 30, 2024, in accordance with the provisions of the Amended Castor Ship Management Agreements (as defined in the 2023 Annual Report), 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 the six months ended June 30, 2024, the Company’s subsidiaries were charged the
following fees and commissions by Castor Ships: (i) management fees amounting to $1,270,425 and $1,191,892, respectively, (ii) charter hire commissions amounting to $655,431 and $463,672, respectively and (iii) sale and purchase commissions amounting to $126,000,
and $1,112,000 respectively. Sale
and purchase commissions were charged due to the sale of one Panamax vessel in 2023 and four Panamax vessels, two Kamsarmax vessels and one
Capesize vessel in 2024, which are included in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income. Moreover, during the six months ended June 30, 2023, and the six months ended June 30, 2024 the flat management fees amounted to $1,500,000 and 1,599,000,
respectively, and are included in ‘General and administrative expenses’ 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 two months 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, 2023, such advances amounted to $4,504,340
and $1,740,931, and are presented in ‘Due from related parties, non-current’ and ‘Due from related parties, current’, in the
accompanying consolidated balance sheet, respectively. The amount of $1,740,931 relates to the M/V
Magic Venus, M/V Magic Orion, M/V Magic Moon which had been classified as held for sale (Note 7(b)), and the M/V Magic Sun, M/V Magic Phoenix and M/V Magic Argo, that were sold on November 14, 2023, November 27, 2023 and December 14, 2023, respectively. As of June 30, 2024, such advances amounted to $3,275,020, and are presented in ‘Due from related parties, non-current’, in the accompanying unaudited condensed consolidated balance sheet. In
connection with the subcontracting services rendered by the third-party ship-management companies, as of December 31, 2023, and June 30, 2024, $605,688
and $2,127 were due from Castor Ships, respectively, which are presented in ‘Due from related parties, current’ in the accompanying
unaudited condensed consolidated balance sheets.
As of December 31, 2023 and June 30, 2024, net amounts of $43,689
and $653,917 were due from Castor Ships in relation to advances for operating expenses/drydock payments made by the Company to Castor
Ships.
Further, as of December 31, 2023, and June 30, 2024, amounts of $107,099 and $77,890, respectively, were due to Castor Ships in connection with the services covered by the Amended Castor Ships Management Agreements. As a result, as of December 31, 2023 and June 30, 2024, net amounts of $2,283,209 and $578,154 were due from Castor Ships which are presented in ‘Due from related parties, current’, in the accompanying unaudited condensed consolidated balance sheets. (b) Pavimar:
With effect from July 1, 2022, pursuant to the terms of the Amended and Restated Master Management Agreement, Pavimar provides, as co-manager with Castor Ships, the dry-bulk vessel owning subsidiaries with a range of technical, crewing, insurance and operational services it provided prior to the Company’s entry into the Amended and Restated Management Agreement, in exchange for a 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 up to January 2023. During the six months ended June 30, 2023, and the six months ended June 30, 2024, management fees paid amounted to $2,345,400 and $1,294,800, respectively. Pavimar had subcontracted the technical management of three and one of the Company’s dry
bulk vessels to third-party ship-management companies as of December 31, 2023 and June 30, 2024, 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, 2023, and June 30, 2024, 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, 2023, and June 30, 2024, net amounts of $3,302,157 and $821,366 were due from Pavimar, respectively, in relation to advance payments to Pavimar on behalf of the Company. Further, as of
December 31, 2023, and June 30, 2024, amounts of $193,450 and $95,550 were
due to Pavimar in connection with additional services covered by the technical management agreements. As a result, as of December 31, 2023, and June 30, 2024, net amounts of $3,366,959 and $984,068 were due from Pavimar, respectively, 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 shares 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 of December 31, 2023 and June 30, 2024, the aggregate value of investments in Toro amounted to $117,537,135 and $117,544,913, including $315,000 and $322,778 of accrued dividends,
respectively and are separately presented as ‘Investment in related party’ in the accompanying unaudited condensed consolidated balance sheets. As of June 30, 2024, the Company did not identify any 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 periods ended June 30, 2023 and 2024, dividend income derived from the
Company’s investment in Toro amounted to $451,111 and $707,777, respectively, and is presented in ‘Dividend income from related party’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.
During the six months ended June 30, 2024, the Company received dividend of $700,000
from its investment in Toro.
Following the successful completion of the Spin-Off, as of June 30, 2023, Toro reimbursed Castor $2,667,044 for expenses related to the Spin-Off that have been incurred by Castor.
(d) Issuance of Series D Preferred
shares to Toro:
On August 7, 2023, the Company issued 50,000 5.00% Series D fixed rate cumulative perpetual convertible preferred shares (the “Series D Preferred Shares”) to Toro in exchange for $50,000,000 in cash, as referenced in Note 10. The amounts of accrued dividend on the Series D Preferred Shares due to Toro as of December 31, 2023, and as of June 30, 2024 were
$541,666 and $555,556
respectively, and are presented in ‘Due to related parties, current’ in the accompanying unaudited condensed consolidated balance sheets.
(e) Vessel Disposals:
On December 21, 2023, the Company entered into an agreement with an entity affiliated with a family member of the Company’s Chairman, Chief Executive Officer and Chief
Financial Officer for the sale of the M/V Magic Venus, for a gross sale price of $17.5 million.
The vessel was delivered to its new owner on May 10, 2024.
On January 19, 2024, the Company entered into an agreement with an entity beneficially owned by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer for the sale of the M/V Magic Nova for a gross sale price of $16.1 million. The vessel was delivered to its new owners
on March 11, 2024.
On January 19, 2024, the Company entered into an agreement with an entity beneficially owned by a family member of the Company’s Chairman, Chief Executive Officer and
Chief Financial Officer for the sale of the M/V Magic Horizon for a gross sale price of $15.8
million. The vessel was delivered to its new owners on May 28, 2024.
On February 15, 2024, the Company entered into an agreement with an entity affiliated with a family member of the Company’s Chairman, Chief Executive Officer and Chief
Financial Officer for the sale of the M/V Magic Nebula for a gross sale price of $16.2 million.
The vessel was delivered to its new owners on April 18, 2024. During the six
months ended June 30, 2024, the Company has agreed to pay a brokerage commission of $324,000 on the sale of M/V Magic Nebula to a company related to the buyer of the vessel. Such amount was not paid as of June 30, 2024, and it
is presented in ‘Due to related parties, current’ in the accompanying unaudited condensed consolidated balance sheets and is also included in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of
comprehensive income.
The terms of the sales of the M/V Magic Venus, M/V Magic Nova, M/V Magic
Horizon and M/V Magic Nebula were each negotiated and approved by a special committee of the Company’s disinterested and independent directors.
|
Deferred Charges, net |
6 Months Ended | ||||||||||||||||||||||||||||||||
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Deferred Charges, net [Abstract] | |||||||||||||||||||||||||||||||||
Deferred Charges, net |
The movement in
deferred dry-docking costs, net in the accompanying consolidated balance sheets is as follows:
|
Fair Value of Acquired Time Charters |
6 Months Ended | ||
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Jun. 30, 2024 | |||
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 asset was fully amortized during
that period. The charter attached to the M/V Gabriela A was concluded within the first quarter of 2024 and the respective intangible asset was fully amortized during that period.
For the
six months ended June 30, 2023 and 2024, the amortization of the acquired time charters related to the above acquisitions amounted to $1,429,137 and $265,173,
respectively, and is included in ‘Time Charter Revenues’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.
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Vessels, net/Assets held for sale |
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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) Disposal of vessels / Assets held for sale
On November 10, 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 $11.8 million. The M/V Magic Moon was
delivered to its new owner on January 16, 2024. In connection with this sale, the Company recognized during the first quarter of 2024 a net gain of $2.4
million which is separately presented in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.
On December 7, 2023, the Company entered into an agreement with an unaffiliated third party for the sale of the M/V Magic Orion for a gross sale price of $17.4 million. The M/V Magic Orion
was delivered to its new owner on March 22, 2024. In connection with this sale, the Company recognized during the first quarter of 2024 a net gain of $1.4 million which is separately presented in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.
On December 21, 2023, the Company entered into an agreement with an entity affiliated with a family member of the Company’s Chairman, Chief
Executive Officer and Chief Financial Officer for the sale of the M/V Magic Venus (Note 4), for a gross sale price of $17.5 million. The M/V Magic Venus was delivered to its new owner on May 10, 2024. In connection with this sale,
the Company recognized during the second quarter of 2024 a net gain of $3.2 million which is separately presented in ‘Gain on
sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.
On January 19, 2024, the Company entered into an agreement with an entity beneficially owned by a family member of the Company’s Chairman,
Chief Executive Officer and Chief Financial Officer for the sale of the M/V Magic Nova for a gross sale price of $16.1 million. The M/V Magic Nova was delivered to its new owner on March 11, 2024. In connection with this sale, the Company recognized during the first quarter of 2024 a net gain of $4.1 million which is separately presented in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements
of comprehensive income.
On January 19, 2024, the Company entered into an agreement with an entity beneficially owned by a family member of the Company’s Chairman,
Chief Executive Officer and Chief Financial Officer, for the sale of the M/V Magic Horizon for a gross sale price of $15.8 million. The M/V Magic Horizon was delivered to its new owner on May 28, 2024. In connection with this sale, the Company recognized during the second quarter
of 2024 a net gain of $4.4 million which is separately presented in ‘Gain on sale of vessels’ in the accompanying unaudited
interim condensed consolidated statements of comprehensive income.
On February 15, 2024, the Company entered into an agreement with an entity affiliated with a family member of
the Company’s Chairman, Chief Executive Officer and Chief Financial Officer, for the sale of the M/V Magic Nebula for a gross sale price of $16.2 million. The M/V Magic Nebula was delivered to its new owner on April 18, 2024. In connection with this sale, the Company
recognized during the second quarter of 2024 a net gain of $1.8 million which is separately presented in ‘Gain on sale of vessels’
in the accompanying unaudited interim condensed consolidated statements of comprehensive income.
On May 1, 2024, the Company entered into an agreement with an unaffiliated third party for the sale of the M/V Magic Vela for a gross sale price of $16.4 million. The M/V
Magic Vela was delivered to its new owner on May 23, 2024. In connection with this sale, the Company recognized during the second quarter of 2024 a net gain of $2.0 million which is separately presented in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.
The respective sales of the above vessels took place due to favorable offers in each case. The terms of each of the transactions on December 21,
2023, January 19, 2024 and February 15, 2024 were negotiated and approved by a special committee of the Company’s disinterested and independent directors.
As of December 31, 2023, and June 30, 2024, net amounts of $38,656,048 and $0, respectively, are presented in ‘Assets held for
sale’, in the accompanying unaudited condensed consolidated balance sheets.
As of June 30, 2024, 9 of the 10
vessels in the Company’s fleet, having an aggregate carrying value of $152.8 million, were first priority mortgaged as
collateral to their loan facilities (Note 8).
Consistent with prior practices, the
Company reviewed all its vessels for impairment, and none were found to be impaired at December 31, 2023 and June 30,
2024.
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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, 2024, is analyzed as follows:
Details of the Company’s senior secured credit facilities are discussed in Note 8 to the consolidated financial statements for the year ended
December 31, 2023, included in the Company’s 2023 Annual Report, and are supplemented by the below new activities within the six-month period ended June 30, 2024.
a. $11.0 Million Term Loan Facility
On February 14, 2024, the Company entered into a first supplemental agreement with
Alpha Bank S.A. (“Alpha Bank”), pursuant to which, with effect from April 3, 2023, SOFR replaced LIBOR as the reference rate under the Company’s $11.0
million term loan facility and the margin was increased by a percentage of 0.045%, which is the equivalent of the positive difference as of April 3, 2023 between USD LIBOR and SOFR for the first rollover period commencing April 3, 2023 selected upon application of SOFR methodology. Such
percentage will apply over the tenor of the loan going forward regardless of future rollover periods.
On January 16, 2024, Alpha Bank entered into a deed of partial release, with respect to the M/V Magic Moon, releasing and discharging the underlying borrower and all securities created over the M/V Magic Moon in full after the settlement of the outstanding
balance of $2.4 million pertaining to M/V Magic Moon’s tranche. The facility’s repayment
schedule was adjusted accordingly.
b. $15.29 Million Term Loan Facility
On March 8, 2024, Hamburg Commercial Bank AG entered into a deed of partial release, with respect to the M/V Magic Nova, releasing and discharging the underlying borrower and all securities created over the M/V Magic Nova in full after the settlement of the outstanding balance of $4.9 million pertaining
to M/V Magic Nova’s
tranche. The facility’s repayment schedule was adjusted accordingly.
On May 28, 2024, Hamburg Commercial Bank AG entered into a deed of release, with
respect to the M/V Magic Horizon, releasing and discharging the underlying borrower and all securities created over the M/V Magic Horizon in full after the
settlement of the outstanding balance of $4.5 million pertaining to M/V Magic Horizon’s
tranche. As of June 30, 2024, this loan facility has been fully repaid.
c. $40.75 Million Term Loan Facility
On April 18, 2024, Hamburg Commercial Bank AG entered into a deed of partial
release, with respect to the M/V Magic Nebula, releasing and discharging the underlying borrower and all securities created over the M/V Magic Nebula in full, after
the settlement of the outstanding balance of $7.0 million pertaining to M/V Magic Nebula’s
tranche. The facility’s repayment schedule was adjusted accordingly.
d. $55.0 Million Term Loan Facility
On May 23, 2024, Deutsche Bank AG entered into a deed of partial release, with
respect to the M/V Magic Vela, releasing and discharging the underlying borrower and all securities created over the M/V Magic Vela in full, after the settlement of
the outstanding balance of $4.3 million pertaining to M/V Magic Vela’s tranche. On the same
date, the Company voluntarily prepaid $12.2 million in aggregate with respect to the remaining tranches under this facility from the
proceeds of the sale of M/V Magic Vela. Following the prepayments, the facility is repayable in 10
quarterly installments (installments 1 to 3 in the amount of $1,487,500, installments 4 to 9 in the amount of $1,139,000 and installment 10
in the amount of $802,500).
e. $22.5 Million Term Loan Facility
In connection with the $22.5 million senior secured term loan facility with Chailease International Financial Services (Singapore) Pte., Ltd, on July 16, 2024, the Company notified the lender that it would
voluntarily prepay in total the outstanding amount of $14.6 million. Such amount is classified under ‘Current portion of long-term
debt’ as of June 30, 2024. On August 7, 2024, the outstanding amount of the loan was fully prepaid, releasing and discharging the underlying borrowers and all securities created.
As of December 31, 2023 and June 30, 2024, the Company was in compliance with all
financial covenants prescribed in its debt agreements.
Restricted cash as of December 31, 2023 and June 30, 2024, current and non-current,
represent minimum liquidity deposits, retention deposits and cash balances in dry-dock reserve accounts required under certain of our loan facilities.
The annual principal payments for the Company’s outstanding debt arrangements as of June 30, 2024, 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 years
ended June 30, 2023 and 2024 was 8.3%, and 8.7%
respectively.
Total interest incurred on long-term debt for the six months ended June 30, 2023
and 2024, amounted to $5.3 million and $3.1
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 | |||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||
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, 2024 is presented in the table below:
On June 30, 2023, the Company filed a Schedule 13G, reporting that it held 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. On December 11, 2023, Star Bulk Carriers Corp. (“Star Bulk”) and Eagle announced that they had entered
into a definitive agreement to combine in an all-stock merger. On April 5, 2024 the merger terms were approved by the shareholders of Eagle and on April 9, 2024 the merger was completed. Under the terms of the merger agreement, each Eagle shareholder
received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned.
In the six-month periods ended June 30, 2023 and 2024, the Company received dividends
of $366,002 and $2,853,165,
respectively, from its investments in listed equity securities.
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Equity Capital Structure |
6 Months Ended | ||
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Jun. 30, 2024 | |||
Equity Capital Structure [Abstract] | |||
Equity Capital Structure |
Reverse Stock Split
On March 27, 2024, the Company effected a reverse stock split of its common shares
without any change in the number of authorized common shares. All share and per share amounts, as well as the number of warrant shares eligible for purchase under the Company’s effective warrant schemes in the accompanying unaudited interim
consolidated financial statements have been retroactively adjusted to reflect the reverse stock split. As a result of the reverse stock split, the number of outstanding shares as of March 27, 2024, was decreased to 9,662,354 while the par value of the Company’s common shares remained unchanged to $0.001 per share.
As of June 30, 2024 the Company’s outstanding, (i) Class A warrants issued on June 26, 2020 were exercisable in the aggregate into 623 of our common shares, par value $0.001 per share, at an exercise
price of $25.30 per warrant share and (ii) Common Share Purchase Warrants issued on April 7, 2021 (the “April 7 Warrants”) were
exercisable in the aggregate into 25,000 of our common shares, par value $0.001 per share, at an exercise price of $55.30 per warrant
share.
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, 2024, please refer to Note 10 to the consolidated financial
statements for the year ended December 31, 2023 included in the Company’s 2023 Annual Report.
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.
Nasdaq Minimum Bid Price Requirement
On April 20, 2023, the Company received a notification from the Nasdaq
Stock Market (“Nasdaq”) that it was not in compliance with the minimum $1.00 per share bid price requirement for continued listing (the “Minimum Bid Price Requirement”) on the Nasdaq Capital Market and was provided with 180 calendar days to
regain compliance with the Minimum Bid Price Requirement. On October 18, 2023, the Company received a notification letter from Nasdaq granting the Company an additional 180-day extension, until April 15, 2024 to regain compliance with the
Minimum Bid Price Requirement (the “Second Compliance Period”).
On March 27, 2024, the Company effected a
reverse stock split of its common shares without any change in the number of authorized common shares. All share and per share amounts, as well as the number of warrant shares eligible for purchase under the Company’s effective warrant schemes in the accompanying unaudited interim consolidated financial statements have been retroactively adjusted to reflect the reverse stock split. As a result of the reverse stock split, the number of outstanding shares as of March 27, 2024, was decreased to 9,662,354 while the par value of the Company’s common shares remained unchanged to $0.001 per share. On April 11, 2024, the Company received a written confirmation from
Nasdaq that it had regained compliance with the Minimum Bid Price Requirement.
Warrants tender offer
On April 22, 2024, the Company commenced a tender offer to purchase all
of its outstanding April 7 Warrants at a price of $0.105 per warrant. The April 7 Warrants were exercisable in the aggregate into 1,033,077 of the Company’s common shares, par value $0.001
per share (the “Warrant Shares”), at an exercise price per warrant share of $55.30. The number of Warrant Shares and the exercise
price reflected adjustments as a result of the reverse stock split
discussed above. On May 31, 2024, the Company repurchased in the tender offer 10,080,770 Warrants, exercisable in the aggregate
into 1,008,077 Common Shares for an aggregate cost of $1,058,481 excluding fees relating to the tender offer. Following the retirement and cancellation by the Company of the April 7 Warrants purchased pursuant to the tender
offer, the April 7 Warrants that remain outstanding are exercisable in the aggregate into 25,000 Common Shares.
Mezzanine equity:
5.00% SERIES D CUMULATIVE PERPETUAL CONVERTIBLE PREFERRED SHARES
On August 7, 2023, the Company agreed to issue 50,000 Series D Preferred Shares, having a stated value of $1,000 and par value of $0.001 per share, to Toro for aggregate
consideration of $50.0 million in cash. Details of the Company’s Series D Preferred Shares are discussed in Note 10 to the
Company’s consolidated financial statements for the year ended December 31, 2023, included in the 2023 Annual Report.
The Series D Preferred Shares are convertible, in whole or in part, at
the holder’s option to common shares of Castor from the first anniversary of their issue date at the lower of (i) $7.00 per common
share, and (ii) the 5-day-value-weighted average price immediately preceding the conversion. The conversion price of the Series D
Preferred Shares is subject to adjustment upon the occurrence of certain events, including the occurrence of splits and combinations (including a reverse stock split) of the common shares and was adjusted to $7.00 per common share on March 27, 2024 from $0.70
per common share following effectiveness of the reverse stock split discussed herein. The minimum conversion price of the
Series D Preferred Shares is $0.30 per common share.
The Company uses an effective interest rate of 6.12% over the expected life of the Series D Preferred Shares being nine years, which is the expected earliest redemption date. This is consistent with the interest method, taking into account the discount between the issuance price and liquidation
preference and the stated dividends, including “step-up” amounts. The amount accreted in the six months ended June 30, 2024, was $249,515,
and is presented as ‘Deemed dividend on Series D Preferred Shares’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.
As of June 30, 2024, the net value of Mezzanine Equity amounted to $49,799,004, including the amount of $249,515
of deemed dividend on the Series D Preferred Shares in the six months ended June 30, 2024, and is separately presented as ‘Mezzanine Equity’ in the accompanying unaudited condensed consolidated balance sheet. During the six months ended June
30, 2024, the Company paid to Toro a dividend amounting to $1,250,000 on the Series D Preferred Shares for the periods from October
15, 2023 to January 14, 2024 and from January 15, 2024 to April 14, 2024, and the accrued amount for the period from April 15, 2024 to June 30, 2024 (included in the dividend period ended July 14, 2024) amounted to $555,556.
|
Financial Instruments and Fair Value Disclosures |
6 Months Ended | ||
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Jun. 30, 2024 | |||
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, accrued charter revenue, 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:
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 8, 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 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, 2024.
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 | |||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||
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 (except as disclosed under Note 12(b)), 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 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, 2024. 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.
(b) Claims
Following the buyers’ failure to take delivery of the M/V Magic Moon, as discussed in Note 12 to the consolidated financial statements for the year ended December 31, 2023, included in
the Company’s 2023 Annual Report, Pikachu Shipping Co. (the “sellers” or the “owners”), a wholly owned subsidiary of the Company, terminated the sale of the vessel under the Memorandum of Agreement, dated March 23, 2023, between the sellers and the
buyers (the “MoA”). Notably, the MoA required that the buyers deposit 10% of the purchase price into an escrow account administered by
the escrow agent as security for completion of the transaction according to the terms and conditions set forth in the MoA and the buyers deposited $1,395,000
into such account prior to their breach of the MoA (the “Deposit”). The owners accordingly initiated arbitration proceedings during September 2023 for the release of and remittance to the owners of the $1,395,000 deposit held in escrow based on the owners’ position that the buyers’ failure to take delivery of the M/V Magic Moon constituted
a default under the MoA. All the submissions on behalf of the Company were prepared, reviewed and filed with the London arbitrator, who on April 28, 2024 issued and on May 1, 2024 delivered his arbitration award in favor of the owners, awarding
them the return of the Deposit subject to no appeal being filed by the buyers within 28 days from the day of the issuance of the award. On May 28, 2024, the Company collected the amount of $1,411,356 (including the deposit amount of $1,395,000 and gross interest earned on the deposit),
and following the provisions of ASC 450-30-25-1, has recorded this gain in its financial statements for the six month period ended June 30, 2024.
In addition, the M/V Magic Moon was arrested on August 17, 2023 by the buyers to secure a claim before the Korean courts for the amount of $1,395,000, equal to the amount of the Deposit, and the owners paid a counter-security of $1,395,000 for the purpose of lifting the arrest of the vessel. The owners have applied to the Korean courts to decide the issue of the return of the counter-security to them. The Company has included the $1,395,000 in ‘Prepaid expenses and other assets’ in the accompanying unaudited condensed consolidated balance sheets for the six month period ended June
30, 2024 incurred in connection with the cash deposit made in 2023 by the owners for the purpose of lifting the arrest of the M/V Magic Moon. While the Company is unable to provide any assurances as to the
ultimate outcome of the case, it believes it will prevail in its request from the courts in Korea to award to the owners the return of the counter-security.
It is possible that from time to time in the ordinary course of business the Company may be involved in legal proceedings or investigations, which could have an adverse impact on its reputation, business and financial
condition and divert the attention of management from the operation of the business. However, the Company believes that the current legal proceedings are not expected to have a material adverse effect on its business, financial position or results
of operations.
|
Earnings Per Common Share |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share |
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, 2024 and 2023, the effect of the warrants outstanding during that period and as of that date, would be antidilutive, hence they were excluded from the computation of diluted earnings per
share. For the purpose of calculating diluted earnings per common share, the weighted average number of diluted shares outstanding includes the conversion of outstanding Series D Preferred Shares (Note 10) calculated with the “if converted”
method by using the average closing market price over the reporting period from January 1, 2024 to June 30, 2024.
The components of the
calculation of basic and diluted earnings per common share are as follows:
|
Total Vessel Revenues |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||
Total Vessel Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||
Total Vessel Revenues |
The following table includes the vessel revenues earned by the Company in each of the six-month periods ended June 30, 2023 and 2024, as presented in the accompanying unaudited interim condensed consolidated
statements of comprehensive income:
During each
of the six-month periods ended June 30, 2023 and 2024, 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.
From time to time, the Company’s dry bulk vessels
are fixed on period charter contracts with the rate of daily hire linked to the average of the time charter routes comprising the respective indices for dry bulk vessels of the Baltic Exchange. Such contracts also carry an option for
the Company to convert the index-linked rate to a fixed rate for a minimum period of six months and up to the maximum remaining duration of the charter contract, according to the average of the forward freight agreement curve of the
respective Baltic index for the desired period, at the time of conversion. The index-linked contracts with conversion clause provide flexibility and allow the Company to either enjoy exposure in the spot market, when the rate is
floating, or to secure foreseeable cash flow when the rate has been converted to fixed over a certain period.
|
Vessel Operating Expenses and Voyage Expenses |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) the dry bulk segment and (ii) the containership segment, each 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, which are carried by containerships. Furthermore, the nature of trade, as well as the trading routes, charterers and cargo handling, is different in the
containership segment and 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, 2023 and 2024. 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 interim
consolidated balance sheets of December 31, 2023 and June 30, 2024, is as follows:
|
Subsequent Events |
6 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||
Subsequent Events [Abstract] | ||||||||||||
Subsequent Events |
|
Basis of Presentation and General information (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2024 | |
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. They do not include all the information and notes required by U.S. GAAP for complete
financial statements. Accordingly, 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, 2023, filed with the SEC on February 29, 2024 (the “2023
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, 2024, are not necessarily indicative of the
results that might be expected for the fiscal year ending December 31, 2024.
|
Basis of Presentation and General Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and General information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Vessel Owning Subsidiaries |
(a) Consolidated vessel owning subsidiaries:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Subsidiaries Formed to Acquire Vessels |
(b) Consolidated subsidiaries formed to acquire vessels:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued operations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations |
The components of the income from discontinued operations for the period January 1, 2023 through March 7, 2023 in the consolidated statements of
comprehensive income consisted of the following:
|
Transactions with Related Parties (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with Related Parties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with Related Parties |
As of December 31, 2023,
and June 30, 2024, balances with related parties consisted of the following:
|
Deferred Charges, net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||
Deferred Charges, net [Abstract] | |||||||||||||||||||||||||||||||
Deferred Dry-Docking Costs, net |
The movement in
deferred dry-docking costs, net in the accompanying consolidated balance sheets is as follows:
|
Vessels, net/Assets held for sale (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets Held for Sale |
The respective sales of the above vessels took place due to favorable offers in each case. The terms of each of the transactions on December 21,
2023, January 19, 2024 and February 15, 2024 were negotiated and approved by a special committee of the Company’s disinterested and independent directors.
|
Long-Term Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2024, is analyzed as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Principal Payments |
The annual principal payments for the Company’s outstanding debt arrangements as of June 30, 2024, required to be made after the balance
sheet date, are as follows:
|
Investment in equity securities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
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, 2024 is presented in the table below:
|
Commitments and Contingencies (Tables) |
6 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||
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, 2024. 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2024 | |||||||||||||||||||||||||||||||||||||
Total Vessel Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||
Vessel Revenues |
The following table includes the vessel revenues earned by the Company in each of the six-month periods ended June 30, 2023 and 2024, 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, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023 and 2024. 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 interim
consolidated balance sheets of December 31, 2023 and June 30, 2024, is as follows:
|
Transactions with Related Parties, Summary (Details) - USD ($) |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Assets [Abstract] | ||
Due from related parties - current | $ 1,562,222 | $ 5,650,168 |
Due from related party - non-current | 3,275,020 | 4,504,340 |
Investment in related party - non-current | 117,544,913 | 117,537,135 |
Liabilities [Abstract] | ||
Due to related party - current | 879,556 | 541,666 |
Related Party [Member] | M/V Magic Nebula [Member] | ||
Liabilities [Abstract] | ||
Due to related party - current | 324,000 | 0 |
Related Party [Member] | Castor Ships [Member] | ||
Assets [Abstract] | ||
Due from related parties - current | 578,154 | 2,283,209 |
Due from related party - non-current | 3,275,020 | 4,504,340 |
Related Party [Member] | Pavimar [Member] | ||
Assets [Abstract] | ||
Due from related parties - current | 984,068 | 3,366,959 |
Related Party [Member] | Toro [Member] | ||
Assets [Abstract] | ||
Investment in related party - non-current | 117,544,913 | 117,537,135 |
Liabilities [Abstract] | ||
Due to related party - current | $ 555,556 | $ 541,666 |
Transactions with Related Parties, Issuance of Series D Preferred shares to Toro (Details) - Series D Preferred Stock [Member] - USD ($) |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Aug. 07, 2023 |
Jun. 30, 2024 |
Dec. 31, 2023 |
|
Transactions with Related Parties [Abstract] | |||
Preferred shares, dividend rate | 5.00% | 5.00% | 5.00% |
Related Party [Member] | Toro Corp [Member] | |||
Transactions with Related Parties [Abstract] | |||
Preferred shares, shares issued (in shares) | 50,000 | ||
Preferred shares, dividend rate | 5.00% | ||
Consideration received for preferred shares issued | $ 50,000,000 | ||
Accrued dividends | $ 555,556 | $ 541,666 |
Deferred Charges, net (Details) |
6 Months Ended |
---|---|
Jun. 30, 2024
USD ($)
| |
Deferred Charges, net [Abstract] | |
Balance at beginning of period | $ 3,231,461 |
Adjustment to additions | (57,850) |
Amortization | (759,870) |
Disposals (Note 7(b)) | (758,372) |
Balance at end of period | $ 1,655,369 |
Fair Value of Acquired Time Charters (Details) - USD ($) |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Oct. 31, 2022 |
|
Fair Value of Acquired Time Charters [Abstract] | ||||
Fair value of acquired time charters | $ 0 | $ 265,173 | ||
Amortization of fair value of acquired charter | $ 265,173 | $ 1,429,137 | ||
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 | $ 2,019,608 |
Vessels, net/Assets held for sale, Net Book Value (Details) |
6 Months Ended |
---|---|
Jun. 30, 2024
USD ($)
| |
Net Book Value [Abstract] | |
Beginning balance | $ 229,536,996 |
Ending balance | 173,358,856 |
Vessels [Member] | |
Vessel Cost [Abstract] | |
Beginning balance | 262,066,353 |
Acquisitions, improvements, and other vessel costs | 26,494 |
Vessel disposals | (57,997,284) |
Ending balance | 204,095,563 |
Accumulated Depreciation [Abstract] | |
Beginning balance | (32,529,357) |
Vessel disposals | 8,420,635 |
Period depreciation | (6,627,985) |
Ending balance | (30,736,707) |
Net Book Value [Abstract] | |
Beginning balance | 229,536,996 |
Vessel disposals | (49,576,649) |
Ending balance | $ 173,358,856 |
Vessels, net/Assets held for sale, Assets Held for Sale (Details) - Assets Held For Sale [Member] |
6 Months Ended |
---|---|
Jun. 30, 2024
USD ($)
| |
Assets Held for Sale [Abstract] | |
Beginning balance | $ 38,656,048 |
Asset's disposal | (38,656,048) |
Ending balance | $ 0 |
Long-Term Debt, $11.0 Million Term Loan Facility (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jan. 16, 2024 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Long-Term Debt [Abstract] | ||||
Repayment of loan | $ 43,383,257 | $ 23,131,200 | ||
$11.0 Million Term Loan Facility [Member] | ||||
Long-Term Debt [Abstract] | ||||
Face amount | $ 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] | ||||
Repayment of loan | $ 2,400,000 |
Long-Term Debt, $15.29 Million Term Loan Facility (Details) - USD ($) |
6 Months Ended | |||
---|---|---|---|---|
May 28, 2024 |
Mar. 08, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Long-Term Debt [Abstract] | ||||
Repayment of loan | $ 43,383,257 | $ 23,131,200 | ||
$15.29 Million Term Loan Facility [Member] | ||||
Long-Term Debt [Abstract] | ||||
Face amount | $ 15,290,000 | |||
$15.29 Million Term Loan Facility [Member] | M/V Magic Nova [Member] | ||||
Long-Term Debt [Abstract] | ||||
Repayment of loan | $ 4,900,000 | |||
$15.29 Million Term Loan Facility [Member] | M/V Magic Horizon [Member] | ||||
Long-Term Debt [Abstract] | ||||
Repayment of loan | $ 4,500,000 |
Long-Term Debt, $40.75 Million Term Loan Facility (Details) - USD ($) |
6 Months Ended | ||
---|---|---|---|
Apr. 18, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Long-Term Debt [Abstract] | |||
Repayment of loan | $ 43,383,257 | $ 23,131,200 | |
$40.75 Million Term Loan Facility [Member] | |||
Long-Term Debt [Abstract] | |||
Face amount | $ 40,750,000 | ||
$40.75 Million Term Loan Facility [Member] | M/V Magic Nebula [Member] | |||
Long-Term Debt [Abstract] | |||
Repayment of loan | $ 7,000,000 |
Long-Term Debt, $55.0 Million Term Loan Facility (Details) |
6 Months Ended | ||
---|---|---|---|
May 23, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
Installment
|
Jun. 30, 2023
USD ($)
|
|
Long-Term Debt [Abstract] | |||
Repayment of loan | $ 43,383,257 | $ 23,131,200 | |
$55.0 Million Term Loan Facility [Member] | |||
Long-Term Debt [Abstract] | |||
Face amount | $ 55,000,000 | ||
Repayment of loan | $ 12,200,000 | ||
Number of payment installments | Installment | 10 | ||
Frequency of periodic payment | quarterly | ||
$55.0 Million Term Loan Facility [Member] | Installments 1 to 3 [Member] | |||
Long-Term Debt [Abstract] | |||
Installment payment | 1,487,500 | ||
$55.0 Million Term Loan Facility [Member] | Installments 4 to 9 [Member] | |||
Long-Term Debt [Abstract] | |||
Installment payment | 1,139,000 | ||
$55.0 Million Term Loan Facility [Member] | Installments 10 [Member] | |||
Long-Term Debt [Abstract] | |||
Installment payment | 802,500 | ||
$55.0 Million Term Loan Facility [Member] | M/V Magic Vela [Member] | |||
Long-Term Debt [Abstract] | |||
Repayment of loan | $ 4,300,000 |
Long-Term Debt, $22.5 Million Term Loan Facility (Details) - USD ($) |
6 Months Ended | ||
---|---|---|---|
Aug. 07, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Long-Term Debt [Abstract] | |||
Repayment of loan | $ 43,383,257 | $ 23,131,200 | |
$22.5 Million Term Loan Facility [Member] | |||
Long-Term Debt [Abstract] | |||
Face amount | $ 22,500,000 | ||
$22.5 Million Term Loan Facility [Member] | Subsequent Event [Member] | |||
Long-Term Debt [Abstract] | |||
Repayment of loan | $ 14,600,000 |
Long-Term Debt, Annual Principal Payments (Details) - USD ($) |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
Annual Principal Payments [Abstract] | |||
2025 | $ 24,585,788 | ||
2026 | 6,731,157 | ||
2027 | 11,903,798 | ||
Total long-term debt | 43,220,743 | $ 86,604,000 | |
Interest incurred on long-term debt | $ 3,100,000 | $ 5,300,000 | |
Long-Term Debt [Member] | |||
Annual Principal Payments [Abstract] | |||
Weighted average interest rate | 8.70% | 8.30% |
Investment in equity securities (Details) - USD ($) |
6 Months Ended | |||
---|---|---|---|---|
Apr. 09, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 23, 2023 |
|
Equity Securities [Abstract] | ||||
Beginning balance | $ 77,089,100 | |||
Equity securities acquired | 18,114,116 | $ 72,211,450 | ||
Proceeds from sale of equity securities | (46,088,578) | (258,999) | ||
Gain on sale of equity securities | 3,788,132 | |||
Realized foreign exchange loss | (170,110) | |||
Unrealized gain on equity securities revalued at fair value at end of the period | 11,237,706 | |||
Unrealized foreign exchange loss | (29) | |||
Ending balance | 63,970,337 | |||
Dividend income on equity securities | 2,853,165 | 366,002 | ||
Eagle Bulk Shipping Inc [Member] | ||||
Equity Securities [Abstract] | ||||
Number of shares held (in shares) | 1,391,500 | |||
Percentage of shares held | 14.99% | |||
Number of shares of Star Bulk common stock received for each share of Eagle common stock owned (in shares) | 2.6211 | |||
Dividend income on equity securities | $ 2,853,165 | $ 366,002 |
Commitments and Contingencies (Details) - USD ($) |
6 Months Ended | ||
---|---|---|---|
Mar. 23, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Future Minimum Contracted Lease Payments [Abstract] | |||
2025 | $ 17,035,221 | ||
Total | 17,035,221 | ||
Claims [Abstract] | |||
Gain from a claim | $ 1,411,356 | $ 0 | |
Sale of M/V Magic Moon [Member] | |||
Claims [Abstract] | |||
Percentage of purchase price required as deposit into escrow account | 10.00% | ||
Deposit into escrow by buyers | $ 1,395,000 | ||
Period to file appeal after award by arbitrator | 28 days | ||
Gain from a claim | $ 1,411,356 | ||
Sale of M/V Magic Moon [Member] | Prepaid Expenses and Other Assets [Member] | |||
Claims [Abstract] | |||
Counter-security payment | $ 1,395,000 |
Total Vessel Revenues (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Disaggregation of Revenue [Abstract] | ||
Time charter revenues | $ 36,669,776 | $ 49,747,081 |
Total vessel revenues | $ 36,669,776 | $ 49,747,081 |
Minimum [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Term of time charters | 1 month | |
Maximum [Member] | ||
Disaggregation of Revenue [Abstract] | ||
Term of time charters | 12 months |
Vessel Operating Expenses and Voyage Expenses (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Vessel Operating Expenses [Abstract] | ||
Crew & crew related costs | $ 7,443,322 | $ 11,487,787 |
Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling | 3,546,818 | 4,945,421 |
Lubricants | 775,910 | 1,453,131 |
Insurances | 1,198,818 | 1,823,010 |
Tonnage taxes | 352,854 | 458,174 |
Other | 1,339,929 | 1,509,004 |
Total Vessel operating expenses | 14,657,651 | 21,676,527 |
Voyage Expenses [Abstract] | ||
Brokerage commissions | 878,439 | 831,742 |
Brokerage commissions - related party | 463,672 | 655,431 |
Port & other expenses | 615,366 | 306,616 |
Bunkers consumption | 177,317 | 640,672 |
Loss / (Gain) on bunkers | (122,020) | 264,079 |
Total Voyage expenses | $ 2,012,774 | $ 2,698,540 |
General and Administrative Expenses (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
General and Administrative Expenses [Abstract] | ||
Non-executive directors' compensation | $ 63,000 | $ 36,000 |
Audit fees | 130,653 | 140,065 |
Professional fees and other expenses | 1,594,418 | 1,129,011 |
Administration fees-related party (Note 4(a)) | 1,599,000 | 1,500,000 |
General and administrative expenses | $ 3,387,071 | $ 2,805,076 |
Interest and Finance Costs (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Interest and Finance Costs [Abstract] | ||
Interest on long-term debt | $ 3,058,877 | $ 5,318,880 |
Amortization and write-off of deferred finance charges | 451,227 | 423,855 |
Other finance charges | 494,590 | 374,906 |
Total | $ 4,004,694 | $ 6,117,641 |
Segment Information, Reconciliation of Total Segment Assets to Total Assets (Details) - USD ($) |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
||
---|---|---|---|---|---|
Segment Information [Abstract] | |||||
Total assets | $ 602,265,911 | $ 605,041,979 | |||
Cash and cash equivalents | 230,137,481 | 111,383,645 | $ 28,574,177 | ||
Operating Segment [Member] | Dry Bulk Segment [Member] | |||||
Segment Information [Abstract] | |||||
Total assets | 149,400,998 | 259,759,770 | |||
Operating Segment [Member] | Containership Segment [Member] | |||||
Segment Information [Abstract] | |||||
Total assets | 43,644,662 | 46,202,603 | |||
Segment Reconciling Items [Member] | |||||
Segment Information [Abstract] | |||||
Cash and cash equivalents | [1] | 227,613,893 | 103,822,505 | ||
Prepaid expenses and other assets | [1] | $ 181,606,358 | $ 195,257,101 | ||
|
1 Year Castor Maritime Chart |
1 Month Castor Maritime Chart |
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