From GlobeNewswire: 2024-05-16 09:00:00

Castor Maritime Inc. (NASDAQ: CTRM) revealed its financial results for the first quarter of 2024, showcasing total vessel revenues of $20.4 million, a net income of $22.3 million, EBITDA of $26.8 million, and cash of $165.2 million as of March 31, 2024. CEO Petros Panagiotidis noted a recovery in the dry cargo market and growth opportunities in the shipping space.

The company reported a decrease in total vessel revenues from continuing operations for the first quarter of 2024, dropping to $20.4 million from $24.5 million in the same period of 2023. Factors at play included a decrease in Available Days due to vessel sales, offset by higher charter rates. Voyage expenses declined to $1.1 million, while vessel operating expenses decreased to $8.1 million. Management fees, depreciation costs, and general administrative expenses were also detailed in the financial report.

Castor Maritime Inc. launched a tender offer to purchase outstanding Common Share Purchase Warrants at a price of $0.105 per Warrant, aiming to reduce the number of potential shares outstanding. The Offer is set to expire on May 31, 2024, and the Warrants are exercisable into 1,033,077 common shares at an exercise price of $55.30 per share, reflecting adjustments following recent events in the financial market.



Read more at GlobeNewswire:: Castor Maritime Inc. Reports Net Income of $22.3 Million