Castor Maritime Inc., a diversified global shipping company, announced its results for the three months and year ended December 31, 2022.

Highlights of the Fourth Quarter Ended December 31, 2022:

• Total Vessel Revenues: $69.3 million for the three months ended December 31, 2022, as compared to $60.0 million for the three months ended December 31, 2021, or a 15.5% increase;
• Net income: $33.7 million for the three months ended December 31, 2022, as compared to $29.2 million for the three months ended December 31, 2021, or a 15.4% increase;
• Earnings (basic) per common share: $0.36 per share for the three months ended December 31, 2022, as compared to $0.18 per share for the three months ended December 31, 2021;
• EBITDA(1): $42.9 million for the three months ended December 31, 2022, as compared to $36.1 million for the three months ended December 31, 2021;
• Cash and restricted cash of $152.3 million as of December 31, 2022, as compared to $43.4 million as of December 31, 2021; and
• The spin-off of our Aframax/LR2 and Handysize tanker segments to a new Nasdaq-listed company, Toro Corp. was completed on March 7, 2023.

Earnings Highlights of the Year Ended December 31, 2022:

• Total Vessel Revenues: $262.1 million for the year ended December 31, 2022, as compared to $132.0 million for the year ended December 31, 2021, or a 98.6% increase;
• Net income: $118.6 million for the year ended December 31, 2022, as compared to net income of $52.3 million for the year ended December 31, 2021, or a 126.8% increase;
• Earnings (basic) per common share: $1.25 per share for the year ended December 31, 2022, as compared to $0.48 per share for the year ended December 31, 2021; and
• EBITDA(1): $152.8 million for the year ended December 31, 2022, as compared to $69.9 million for the year ended December 31, 2021.

Management Commentary:

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

“2022 was a record year for the net earnings of Castor aided, mainly, by the higher Aframax/LR2 and Handysize vessel earnings following the timely acquisitions we made in the tanker sector during 2021. We enjoyed strong cash flows as our operating cash flow more than doubled in 2022 compared to 2021 to $123.8 million and our balance sheet is strong, positioning us to further pursue our growth strategy in 2023.

The Aframax/LR2 and Handysize tanker segments further improved their performance with combined operating income for the twelve months of 2022 of $53.7 million (of which $26.1 million was generated in the fourth quarter of 2022), and the combined book value of these segments’ assets was $157.5 million as of December 31, 2022, while our dry bulk segment continued to be robust with operating income for the twelve months of 2022 of $80.1 million (of which $12.4 million was generated in the fourth quarter of 2022), and the book value of its assets was $339.6 million as of December 31, 2022.

On March 7, 2023, we completed the previously announced spin-off of our Aframax/LR2 and Handysize tanker segments through the distribution of all of the common shares of Toro Corp. (“Toro”) to our shareholders of record as of February 22, 2023 (the “Spin-Off”). We believe the Spin-Off, which represents a substantial payment by Castor to its shareholders, is an important strategic step that will establish Toro as a ‘pure play’ tanker business at a time of increased focus on energy supplies and as the tanker shipping market enjoys strong supply demand fundamentals, as demonstrated especially in the second half of 2022.

Castor has retained 20 dry bulk and two container vessels, totaling a sizeable fleet of 22 vessels with an average age of 13.7 years enjoying a strong balance sheet. The dry bulk fundamentals remain healthy given the historically low order book and the improved outlook of the Chinese economy.”