Castor Maritime Inc. (NASDAQ: CTRM) (“Castor” or the “Company”), 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.
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 longterm 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.”
