Castor Maritime Inc., a diversified global shipping and energy company, announced its results for the three months and nine months ended September 30, 2025.
Highlights of the Third Quarter Ended September 30, 2025:
- Total vessel revenues: $11.4 million for the three months ended September 30, 2025, as compared to $13.4 million for the three months ended September 30, 2024, or a 14.9% decrease;
- Revenue from services: $9.5 million for the three months ended September 30, 2025;
- Net income of $21.0 million for the three months ended September 30, 2025, as compared to $2.8 million for the three months ended September 30, 2024, or a 650.0% increase;
- Adjusted net income(1) of $2.4 million for the three months ended September 30, 2025, as compared to $4.6 million for the three months ended September 30, 2024;
- Earnings per common share, basic: $1.76 per share for the three months ended September 30, 2025, as compared to $0.21 per share for the three months ended September 30, 2024;
- EBITDA(1): $24.3 million for the three months ended September 30, 2025, as compared to $5.0 million for the three months ended September 30, 2024;
- Adjusted EBITDA(1): $5.7 million for the three months ended September 30, 2025, as compared to $6.8 million for the three months ended September 30, 2024; and
- Cash of $123.8 million as of September 30, 2025, as compared to $87.9 million as of December 31, 2024.
Highlights of the Nine Months Ended September 30, 2025:
- Total vessel revenues: $32.9 million for the nine months ended September 30, 2025, as compared to $50.1 million for the nine months ended September 30, 2024, or a 34.3% decrease;
- Revenue from services: $26.3 million for the nine months ended September 30, 2025;
- Net income of $4.0 million for the nine months ended September 30, 2025, as compared to $48.0 million for the nine months ended September 30, 2024, or a 91.7% decrease;
- Adjusted net income(1) of $9.3 million for the nine months ended September 30, 2025, as compared to $38.6 million for the nine months ended September 30, 2024;
- (Loss) / Earnings per common share, basic: $(0.08) per share for the nine months ended September 30, 2025, as compared to $4.73 per share for the nine months ended September 30, 2024;
- EBITDA (1): $16.7 million for the nine months ended September 30, 2025, as compared to $58.3 million for the nine months ended September 30, 2024;
- Adjusted EBITDA (1): $22.0 million for the nine months ended September 30, 2025, as compared to $48.9 million for the nine months ended September 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 fully repaid the loan; and
- During the nine months ended September 30, 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 Third Quarter 2025:
Mr. Petros Panagiotidis, Chief Executive Officer of Castor, commented:
“In Q3 2025, improved rates and stronger charter demand reinforced our conviction in the dry-bulk market’s long-term fundamentals.
During the quarter, we completed our first sale-and-leaseback transaction, introducing modest leverage to support balance-sheet efficiency and optimize our capital structure.
With a disciplined approach to funding and a solid balance sheet, we remain well positioned to capture future opportunities and continue delivering value.”