Castor posts strong third quarter results

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Castor Maritime, a diversified global shipping company, announced its results for the three and nine months ended September 30, 2021.

Highlights of the Third Quarter Ended September 30, 2021:

• Revenues, net: $43.3 million for the three months ended September 30, 2021, as compared to $2.8 million for the three months ended September 30, 2020;
• Net income/loss: Net income of $15.5 million for the three months ended September 30, 2021, as compared to net loss of $0.6 million for the three months ended September 30, 2020;
• Earnings/Loss per common share(1): $0.16 earnings per share for the three months ended September 30, 2021, as compared to loss per share of $0.05 for the three months ended September 30, 2020;
• EBITDA(2): $21.2 million for the three months ended September 30, 2021, as compared to $0.1 million for the three months ended September 30, 2020;
• Cash and restricted cash of $42.4 million as of September 30, 2021, as compared to $9.4 million as of December 31, 2020;
• During the third quarter of 2021 and as of the date of this press release, we have taken successful delivery of four vessels consisting of one Kamsarmax and three Panamax dry bulk carriers. As a result, Castor currently owns a diversified fleet of 27 vessels with an aggregate capacity of 2.3 million dwt, having more than quadrupled the number of the vessels it owns since December 31, 2020.
Earnings Highlights of the Nine Months Ended September 30, 2021:

• Revenues, net: $72.0 million for the nine months ended September 30, 2021, as compared to $8.1 million for the nine months ended September 30, 2020;
• Net income/loss: Net income of $23.1 million for the nine months ended September 30, 2021, as compared to net loss of $1.0 million for the nine months ended September 30, 2020;
• Earnings/Loss per common share (1): $0.29 earnings per share for the nine months ended September 30, 2021, as compared to loss per share of $0.21 for the nine months ended September 30, 2020; and
• EBITDA(2): $33.8 million for the nine months ended September 30, 2021, as compared to $2.1 million for the nine months ended September 30, 2020.

(1) All share and per share amounts disclosed throughout this press release and in the financial information presented in Appendix B have been retroactively updated to reflect the one-for-ten (1-for-10) reverse stock split effected on May 28, 2021, unless otherwise indicated.

(2) EBITDA is not a recognized measure under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition and reconciliation of this measure to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.

Management Commentary:

Mr. Petros Panagiotidis, Chief Executive Officer of Castor commented:

“We have completed all the acquisitions that we have announced since the beginning of 2021, and we are pleased with the solidity of our balance sheet following our expansion to date. The cash flow generation in the third quarter was robust and we have been able to fix a number of our vessels at attractive rates with our fleet utilization continuing at high levels.

The demand for dry bulk tonnage remains healthy and the newbuilding orderbook stands at a historically low level. We will continue to look for opportunities in the shipping space taking advantage of our strong capital position.”