Castor Maritime, a diversified global shipping and energy company, announced its results for the three months and six months ended June 30, 2025.
Highlights of the Second Quarter Ended June 30, 2025:
- Total vessel revenues: $10.2 million for the three months ended June 30, 2025, as compared to $16.3 million for the three months ended June 30, 2024, or a 37.4% decrease;
- Net income of $6.3 million for the three months ended June 30, 2025, as compared to $22.9 million for the three months ended June 30, 2024, or a 72.5% decrease;
- Adjusted net income(1) of $2.0 million for the three months ended June 30, 2025, as compared to $21.5 million for the three months ended June 30, 2024;
- Earnings per common share, basic: $0.34 per share for the three months ended June 30, 2025, as compared to $2.29 per share for the three months June 30, 2024;
- EBITDA (1): $10.7 million for the three months ended June 30, 2025, as compared to $26.5 million for the three months ended June 30, 2024;
- Adjusted EBITDA (1): $6.4 million for the three months ended June 30, 2025, as compared to $25.2 million for the three months ended June 30, 2024;
- Cash of $44.8 million as of June 30, 2025, as compared to $87.9 million as of December 31, 2024; and
- During the three months ended June 30, 2025, the Company completed two vessel disposals and whereas during the three months ended June 30, 2024, completed four vessel disposals.
Highlights of the Six Months Ended June 30, 2025:
- Total vessel revenues: $21.5 million for the six months ended June 30, 2025, as compared to $36.7 million for the six months ended June 30, 2024, or a 41.4% decrease;
- Net loss of $17.0 million for the six months ended June 30, 2025, as compared to net income of $45.2 million for the six months ended June 30, 2024, or a 137.6% decrease;
- Adjusted net income(1) of $6.9 million for the six months ended June 30, 2025, as compared to $33.9 million for the six months ended June 30, 2024;
- (Loss) / Earnings per common share, basic: $(1.84) per share for the six months ended June 30, 2025, as compared to $4.52 per share for the six months June 30, 2024;
- EBITDA (1): $(7.6) million for the six months ended June 30, 2025, as compared to $53.3 million for the six months ended June 30, 2024;
- Adjusted EBITDA (1): $16.3 million for the six months ended June 30, 2025, as compared to $42.1 million for the six months ended June 30, 2024;
- On March 24, 2025, March 31, 2025 and April 29, 2025, Castor made partial prepayments to the term loan from Toro Corp. (“Toro”), amounting to $13,500,000, $34,000,000 and $14,000,000, respectively, in addition to $2,500,000 as part of the scheduled repayment of the loan. On May 5, 2025, we prepaid the amount of $36,000,000 that remained outstanding as of that date; and
- During the six months ended June 30, 2025, the Company completed four vessel disposals and whereas during the six months ended June 30, 2024, completed seven vessel disposals.
(1) EBITDA, Adjusted EBITDA and adjusted net income are not recognized measures under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition 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 Second Quarter 2025:
Mr. Petros Panagiotidis, Chief Executive Officer of Castor, commented: “Amid ongoing market headwinds in the dry bulk sector during the second quarter of 2025, we advanced our fleet renewal strategy through the sale of older vessels, further enhancing efficiency and overall quality. While near-term market conditions remain challenging, we are confident in the sector’s long-term fundamentals and in our ability to capture future opportunities. Backed by a solid balance sheet, the strength and strategic flexibility of our business model, reinforces our belief that disciplined capital deployment and portfolio renewal can deliver value.”