Castor Maritime Inc., a diversified global shipping and energy company, announced its results for the three months and year ended December 31, 2025.
Highlights of the Fourth Quarter Ended December 31, 2025:
Total vessel revenues: $13.3 million for the three months ended December 31, 2025, as compared to $15.0 million for the three months ended December 31, 2024, or an 11.3% decrease;
Revenue from services: $9.2 million for the three months ended December 31, 2025;
Net income of $17.6 million for the three months ended December 31, 2025, as compared to a $32.7 million loss for the three months ended December 31, 2024, or a 153.8% increase;
Adjusted net income(1) of $5.2 million for the three months ended December 31, 2025, as compared to a $7.7 million loss for the three months ended December 31, 2024;
Earnings / (loss) per common share, basic: $1.21 per share for the three months ended December 31, 2025, as compared to ($1.24) per share for the three months ended December 31, 2024;
EBITDA(1): $23.5 million for the three months ended December 31, 2025, as compared to $(28.7) million for the three months ended December 31, 2024;
Adjusted EBITDA(1): $11.2 million for the three months ended December 31, 2025, as compared to $3.4 million for the three months ended December 31, 2024;
Cash and restricted cash of $152.8 million as of December 31, 2025, as compared to $87.9 million as of December 31, 2024;
On October 13, 2025, we and Toro Corp. (“Toro”) agreed to the full redemption of 60,000 shares of our 8.75% Series E Cumulative Perpetual Convertible Preferred Shares issued by us in September 2025 (the “Series E Preferred Shares”), for cash consideration equal to its stated amount of $60.0 million plus 0.523% thereof, including accrued and unpaid distributions; and
On October 13, 2025, we secured a $50.0 million sustainability-linked senior term loan facility with a five-year tenor.
Highlights of the Year Ended December 31, 2025:
Total vessel revenues: $46.2 million for the year ended December 31, 2025, as compared to $65.1 million for the year ended December 31, 2024, or a 29.0% decrease;
Revenue from services: $35.6 million for the year ended December 31, 2025;
Net income of $21.5 million for the year ended December 31, 2025, as compared to $15.3 million for the year ended December 31, 2024, or a 40.5% increase;
Adjusted net income(1) of $14.5 million for the year ended December 31, 2025, as compared to $30.9 million for the year ended December 31, 2024;
Earnings per common share, basic: $1.13 per share for the year ended December 31, 2025, as compared to $3.50 per share for the year ended December 31, 2024;
EBITDA(1): $40.2 million for the year ended December 31, 2025, as compared to $29.7 million for the year ended December 31, 2024;
Adjusted EBITDA(1): $33.2 million for the year ended December 31, 2025, as compared to $52.3 million for the year ended December 31, 2024;
In addition to the full redemption of the Series E Preferred Shares, during the year ended December 31, 2025, the Company completed full repayment of its $100 million senior term loan from Toro; and
During the year ended December 31, 2025, the Company completed four vessel disposals.
(1) Adjusted net income, EBITDA and Adjusted EBITDA are not recognized measures under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definitions of these measures and reconciliation to Net income / (Loss), the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Management Commentary for Fourth Quarter 2025:
Mr. Petros Panagiotidis, Chief Executive Officer of Castor, commented:
“In Q4 2025, stronger market rates combined with solid charter demand continued to support our positive long-term outlook for the dry-bulk sector.
“During the quarter, we initiated our second sale-and-leaseback transaction, thoughtfully incorporating leverage to enhance balance sheet efficiency and further optimize our capital structure, while also securing a $50.0 million sustainability-linked senior term loan facility.
“With a disciplined approach to funding and a strong balance sheet, we remain well positioned to capitalize on future opportunities and sustain value delivery.”