Castor Maritime Inc. (NASDAQ: CTRM) (“Castor” or the “Company”), a
diversified global shipping company, today announced its results
for the three months and year ended December 31, 2023.
Earnings Highlights of the Fourth
Quarter Ended December 31, 2023:
- Total vessel revenues from
continuing operations: $26.4 million for the three months ended
December 31, 2023, as compared to $31.3 million for the three
months ended December 31, 2022, or a 15.7% decrease;
- Net income from continuing
operations of $25.0 million for the three months ended December 31,
2023, as compared to net income from continuing operations of $7.8
million for the three months ended December 31, 2022, or a 220.5%
increase;
- Net income of $25.0 million
for the three months ended December 31, 2023, as compared to net
income of $33.7 million for the three months ended December 31,
2022, or a 25.8% decrease;
- Earnings (basic) per common
share from continuing operations: $0.25 per share for the three
months ended December 31, 2023, as compared to $0.08 per share for
the three months ended December 31, 2022;
- EBITDA from continuing
operations(1): $31.4 million for
the three months ended December 31, 2023, as compared to $15.0
million for the three months ended December 31, 2022;
- Adjusted EBITDA from
continuing operations(1): $12.8
million for the three months ended December 31, 2023, as compared
to $15.0 million for the three months ended December 31,
2022;
- Cash and restricted cash
from continuing operations of $120.9 million as of December 31,
2023, as compared to $109.9 million as of December 31,
2022.
(1) 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 definition and reconciliation of these measures to Net income,
the most directly comparable financial measure calculated and
presented in accordance with U.S. GAAP.
Highlights of the Year Ended December
31, 2023:
- Total vessel revenues from
continuing operations: $97.5 million for the year ended December
31, 2023, as compared to $150.2 million for the year ended December
31, 2022, or a 35.1% decrease;
- Net income from continuing
operations of $21.3 million for the year ended December 31, 2023,
as compared to net income from continuing operations of $66.5
million for the year ended December 31, 2022, or a 67.9%
decrease;
- Net income of $38.6 million
for the year ended December 31, 2023, as compared to $118.6 million
for the year ended December 31, 2022, or a 67.5%
decrease;
- Earnings (basic) per common
share from continuing operations: $0.21 per share for the year
ended December 31, 2023, as compared to $0.70 per share for the
year ended December 31, 2022;
- EBITDA from continuing
operations(1): $51.6 million for
the year ended December 31, 2023, as compared to $91.8 million for
the year ended December 31, 2022;
- Adjusted EBITDA from
continuing operations(1): $46.5
million for the year ended December 31, 2023, as compared to $91.8
million for the year ended December 31, 2022;
- The spin-off (the
“Spin-Off”) of our Aframax/LR2 and Handysize tanker segments to a
new Nasdaq listed company, Toro Corp. (“Toro”), was completed on
March 7, 2023; and
- Following the Spin-Off, the
results of the tanker business are reported as discontinued
operations for all periods presented.
(1) 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 definition and reconciliation of these measures to Net income,
the most directly comparable financial measure calculated and
presented in accordance with U.S. GAAP.
Management Commentary Fourth Quarter
2023:
Mr. Petros Panagiotidis, Chairman, Chief
Executive Officer and Chief Financial Officer of Castor
commented:
“In 2023 we once more generated positive
operating cash flows despite a weaker dry cargo market compared to
2022. In the fourth quarter of 2023 we continued with the
disposition of certain of our older dry cargo vessels in order to
improve the profile of our fleet.
We enjoy a strong balance sheet and we remain
committed to our growth trajectory by seeking further opportunities
in the shipping space, including opportunities to modernize our
fleet.”
Earnings Commentary:
Fourth Quarter ended December 31, 2023,
and 2022 Results
Total vessel revenues from continuing operations
for the three months ended December 31, 2023, decreased to $26.4
million from $31.3 million in the same period of 2022. This
variation was mainly driven by the decrease (i) in the prevailing
charter rates of dry bulk vessels and (ii) in our Available Days
(defined below) from 1,824 days in the three months ended December
31, 2022, to 1,740 days in the three months ended December 31,
2023, following the sale of three dry bulk vessels during the three
months ended December 31, 2023.
The decrease in voyage expenses from continuing
operations to $1.1 million in the three months ended December 31,
2023, from $1.6 million in the same period of 2022, is mainly
associated with a decrease in bunkers consumption.
The decrease in vessel operating expenses from
continuing operations by $0.2 million, to $10.1 million in the
three months ended December 31, 2023, from $10.3 million in the
same period of 2022, mainly reflects the decrease in the Ownership
Days of our fleet to 1,740 days in the three-months ended December
31, 2023, from 1,911 days in the same period in 2022.
Management fees from continuing operations in
the three months ended December 31, 2023, amounted to $1.7 million,
whereas in the same period of 2022, management fees totaled $1.8
million. This decrease in management fees is mainly due to the
decrease in our Ownership Days for which our managers charge us a
daily management fee, partly offset by the management fee
adjustment for inflation under our Amended and Restated Master
Management Agreement, with effect from July 1, 2023.
The decrease in vessels’ depreciation and
amortization costs by $0.2 million, to $4.9 million in the three
months ended December 31, 2023, from $5.1 million in the same
period of 2022, mainly reflect the decrease in our Ownership Days
following the sale of the three dry bulk vessels during the three
months ended December 31, 2023.
General and administrative expenses from
continuing operations in the three months ended December 31, 2023,
amounted to $1.3 million, whereas, in the same period of 2022
general and administrative expenses totaled $2.6 million. This
decrease mainly stemmed from higher corporate fees incurred during
the three-month period ended December 31, 2022, which were
primarily related to the Spin-Off.
Net gain on sale of vessels from continuing
operations in the three months ended December 31, 2023, amounted to
$0.1 million following the sales of: (i) M/V Magic Sun on November
14, 2023, (ii) M/V Magic Phoenix on November 27, 2023 and (iii) M/V
Magic Argo on December 14, 2023.
During the three months ended December 31, 2023,
we incurred net interest costs and finance costs from continuing
operations amounting to $1.4 million compared to $1.8 million
during the same period in 2022. The decrease is due to the drop in
our weighted average indebtedness as well as an increase in
interest income we earned from our deposits due to the increased
interest rates, offset by a higher weighted average interest rate,
as a result of the increase in the variable benchmark rates during
the three months ended December 31, 2023, as compared with the same
period of 2022.
Other income, net from continuing operations in
the three months ended December 31, 2023, amounted to $19.1
million, which includes (i) the unrealized gain of $18.6 million
from revaluing our investments in listed equity securities at the
period end market rates, (ii) dividend income on equity securities
of $0.1 million and (iii) dividend income of $0.4 million from our
investment in 1.00% Series A Fixed Rate Cumulative Perpetual
Convertible Preferred Shares of Toro (“Series A Preferred Shares”).
During the three months period ended December 31, 2022, we did not
hold any investment in equity securities.
Recent
Financial Developments
Commentary:
At-the-market (“ATM”) Common Shares
offering program
On May 23, 2023, we entered into an equity
distribution agreement, for an at-the-market offering of our common
shares, par value $0.001 per share (the “Common Shares”), with
Maxim Group LLC acting as a sales agent, under which we may sell an
aggregate offering price of up to $30.0 million (the “ATM
Program”). No warrants, derivatives, or other share classes were
associated with this transaction. As of December 31, 2023, we had
received gross proceeds of $0.9 million under the ATM Program by
issuing 2,013,788 Common Shares. There were no sales under the ATM
Program during the fourth quarter 2023. The net proceeds under the
ATM Program, after deducting sales commissions and other
transaction fees and expenses (advisory and legal fees), amounted
to $0.6 million in 2023. As of February 8, 2024, we had 96,623,876
Common Shares issued and outstanding.
Issuance of Series D Preferred
Shares
On August 7, 2023, we agreed to issue 50,000
Series D Preferred Shares, having a stated value of $1,000 and par
value of $0.001 per share, to Toro for aggregate consideration of
$50.0 million in cash. Dividends are payable quarterly and the
dividend rate of the Series D Preferred Shares is 5.00% per annum,
which rate will be multiplied by a factor of 1.3 on the seventh
anniversary of the issue date of the Series D Preferred Shares and
annually thereafter, subject to a maximum dividend rate of 20% per
annum in respect of any quarterly dividend period. On October 16,
2023, we paid Toro a dividend on the Series D Preferred Shares,
amounting to $0.5 million. On January 16, 2024, we paid Toro a
dividend on the Series D Preferred Shares, amounting to $0.6
million.
The Series D Preferred Shares are convertible,
in whole or in part, at Toro’s option to Common Shares from the
first anniversary of the issue date of the Series D Preferred
Shares at the lower of (i) $0.70 per Common Shares and (ii) the 5
day value weighted average price immediately preceding the
conversion. The conversion price of the Series D Preferred Shares
is subject to adjustment upon the occurrence of certain events,
including the occurrence of splits and combinations (including a
reverse stock split) of the Common Shares. The minimum conversion
price is $0.30 per Common Share.
Warrant Repurchases
On October 6, 2023, we repurchased, in privately
negotiated transactions with unaffiliated third-party
warrantholders, 8,900,000 warrants issued on April 7, 2021 (the
“April 7 Warrants”) and 67,864 warrants issued on July 15, 2020
(the “Private Placement Warrants”) for $0.105 per repurchased
warrant, or an aggregate purchase price of $0.9 million. We agreed
that if at any time prior to January 31, 2024, we repurchase
additional April 7 Warrants at a higher price, we will pay the
selling warrantholders the difference between the higher repurchase
price and $0.105 with respect to the applicable repurchased
warrants. Following the repurchase, (i) 10,330,770 April 7 Warrants
with an exercise price of $5.53, (ii) no Private Placement Warrants
and (iii) 62,344 Class A warrants issued on June 26, 2020 with an
exercise price of $2.53, remain outstanding, each exercisable for
one of our common shares.
Liquidity/ Financing/Cash flow
update
Our consolidated cash position (including our
restricted cash) from continuing operations as of December 31,
2023, increased by $11.0 million to $120.9 million, as compared to
our cash position on December 31, 2022, which amounted to $109.9
million. The increase was mainly the result of: (i) $22.2 million
of net operating cash flows received during the year ended December
31, 2023, (ii) $72.0 million of net cash outflow from the net
purchase of equity securities (iii) $63.6 million inflow of net
proceeds from the sales of the M/V Magic Rainbow, M/V Magic
Twilight, M/V Magic Sun, M/V Magic Phoenix and M/V Magic Argo to
unaffiliated third-party buyers, offset by $0.6 million used for
other capital expenditures relating to our fleet, (iv) $49.9
million of net proceeds following the issuance of Series D
Preferred Shares to Toro, offset by $0.5 million of dividends paid
on the Series D Preferred Shares, (v) $53.9 million for scheduled
principal repayments and early prepayments due to sale of vessels,
on our debt, (vi) a $2.7 million cash reimbursement from Toro
related to the Spin-Off expenses incurred by us on Toro’s behalf
during 2022 and up to the completion of the Spin-Off, (vii) $0.9
million of cash outflows for the repurchase of warrants and (viii)
$0.6 million of net proceeds under the ATM Program.
As of December 31, 2023, our total debt from
continuing operations, gross of unamortized deferred loan fees, was
$86.6 million, of which $20.5 million is repayable within one year,
as compared to $140.5 million of gross total debt as of December
31, 2022, a decline mainly due to prepayments in connection with
vessel dispositions.
Recent
Business Developments
Commentary:
On October 6, 2023, we entered into an agreement
with an unaffiliated third party for the sale of the M/V Magic Sun,
a 2001-built Panamax, at a price of $6.55 million. The vessel was
delivered to its new owners on November 14, 2023. The Company
recognized during the fourth quarter of 2023 a net gain on the sale
of the M/V Magic Sun of approximately $0.7 million.
On October 16, 2023, we entered into an
agreement with an unaffiliated third party for the sale of the M/V
Magic Phoenix, a 2008-built Panamax, at a price of $14.0 million.
The vessel was delivered to its new owners on November 27, 2023.
The Company recognized during the fourth quarter of 2023 a net loss
on the sale of the M/V Magic Phoenix of approximately $3.3
million.
On September 22, 2023, we entered into an
agreement with an unaffiliated third party for the sale of the M/V
Magic Argo, a 2009-built Kamsarmax, at price of $15.75 million. The
vessel was delivered to its new owners on December 14, 2023. The
Company recognized during the fourth quarter of 2023 a net gain on
the sale of the M/V Magic Argo of approximately $2.6 million.
On November 10, 2023, we entered into an
agreement with an unaffiliated third party for the sale of the M/V
Magic Moon, a 2005-built Panamax, at a price of $11.8 million. The
vessel was delivered to its new owners on January 16, 2024. We
expect to recognize during the first quarter of 2024 a net gain on
the sale of the M/V Magic Moon of approximately $3.0 million,
excluding any transaction related costs.
On December 7, 2023, we entered into an
agreement with an unaffiliated third party for the sale of the M/V
Magic Orion, a 2006-built Capesize, at a price of $17.4 million.
The vessel is expected to be delivered to its new owners during the
first quarter of 2024. We expect to recognize during the first
quarter of 2024 a net gain on the sale of the M/V Magic Orion of
approximately $2.0 million, excluding any transaction related
costs.
On December 21, 2023, we entered into an
agreement with an entity beneficially owned by a family member of
our Chairman, Chief Executive Officer and Chief Financial Officer
for the sale of the M/V Magic Venus, a 2010-built Kamsarmax, at a
price of $17.5 million. The vessel is expected to be delivered to
its new owners during the first quarter of 2024. We expect to
recognize during the first quarter of 2024 a net gain of
approximately $3.5 million, excluding any transaction-related
costs.
On January 19, 2024, we entered into an
agreement with an entity beneficially owned by a family member of
our Chairman, Chief Executive Officer and Chief Financial Officer
for the sale of the M/V Magic Horizon, a 2010-built Panamax, at a
price of $15.8 million. The vessel is expected to be delivered to
its new owners during the first quarter of 2024. We expect to
recognize during the first quarter of 2024 a net gain of
approximately $4.6 million, excluding any transaction-related
costs.
On January 19, 2024, the Company entered into an
agreement with an entity beneficially owned by a family member of
our Chairman, Chief Executive Officer and Chief Financial Officer
for the sale of the M/V Magic Nova, a 2010-built Panamax, at a
price of $16.1 million. The vessel is expected to be delivered to
its new owners during the first quarter of 2024. We expect to
recognize during the first quarter of 2024 a net gain of
approximately $4.4 million, excluding any transaction-related
costs.
Recent Other
Developments Commentary:
Nasdaq Capital Market Minimum Bid Price
Notice
On April 20, 2023, the Company received a
notification from the Nasdaq that it was not in compliance with the
minimum $1.00 per share bid price requirement for continued listing
on the Nasdaq Capital Market and was provided with 180 calendar
days to regain compliance with the Nasdaq Capital Market minimum
bid price requirement. On October 19, 2023, we announced that we
received a notification letter on October 18, 2023 from Nasdaq
granting us an additional 180-day extension to April 15, 2024 (the
“Second Compliance Period”) to regain compliance with Nasdaq’s
$1.00 per share minimum bid price requirement (the “Minimum Bid
Price Requirement”) for continued listing of our Common Shares on
the Nasdaq Capital Market. We can cure this deficiency if the
closing bid price of our Common Shares is $1.00 per share or higher
for at least ten consecutive business days during the Second
Compliance Period. We intend to regain compliance with the Minimum
Bid Price Requirement within the Second Compliance Period and are
considering all available options, including a reverse stock split,
for which we have received shareholder approval. During the Second
Compliance Period, our Common Shares will continue to be listed and
trade on the Nasdaq Capital Market and our business operations are
not affected by receipt of the notification. If we do not regain
compliance within the Second Compliance Period, our Common Shares
will be subject to delisting by Nasdaq.
Fleet Employment Status (as of February
7, 2024) During the three months ended December 31, 2023,
we operated on average 18.9 vessels earning a Daily TCE
Rate(2) of $14,530 as compared to an average of
20.8 vessels earning a Daily TCE Rate(2) of
$16,295 during the same period in 2022.
Our employment profile as of February 7, 2024 is presented
immediately below.
(2) Daily TCE Rate is not a recognized measure under U.S. GAAP.
Please refer to Appendix B for the definition and reconciliation of
this measure to Total vessel revenues, the most directly comparable
financial measure calculated and presented in accordance with U.S.
GAAP.
Dry Bulk Carriers |
Vessel Name |
Type |
Capacity(dwt) |
YearBuilt |
Country ofConstruction |
Type ofEmployment(1) |
Daily Gross CharterRate |
Estimated Redelivery Date |
Earliest |
Latest |
Magic Orion (3) |
Capesize |
180,200 |
2006 |
Japan |
TC period |
101% of BCI5TC (2) |
Jan-24(2) |
Apr-24 |
Magic Venus (3) |
Kamsarmax |
83,416 |
2010 |
Japan |
TC period |
$11,300 per day (4) |
Apr-24 |
Jul-24 |
Magic Thunder |
Kamsarmax |
83,375 |
2011 |
Japan |
TC period |
$11,500 per day(5) |
Sep-24 |
-(13) |
Magic Perseus |
Kamsarmax |
82,158 |
2013 |
Japan |
TC period |
$13,850 per day(6) |
Sep-24 |
-(13) |
Magic Starlight |
Kamsarmax |
81,048 |
2015 |
China |
TC period |
$10,725 per day(7) |
Jun-24 |
-(14) |
Magic Nebula |
Kamsarmax |
80,281 |
2010 |
Korea |
TC trip |
$14,000 per day |
Apr-24 |
May-24 |
Magic Nova (3) |
Panamax |
78,833 |
2010 |
Japan |
TC period |
101% of BPI4TC(8) |
Apr-24 |
-(14) |
Magic Mars |
Panamax |
76,822 |
2014 |
Korea |
TC period |
$12,648 per day(9) |
May-24 |
-(14) |
Magic Horizon (3) |
Panamax |
76,619 |
2010 |
Japan |
TC period |
103% of BPI4TC |
Mar-24 |
-(15) |
Magic P |
Panamax |
76,453 |
2004 |
Japan |
TC period |
$11,904 per day(10) |
May-24 |
-(14) |
Magic Vela |
Panamax |
75,003 |
2011 |
China |
TC period |
95% of BPI4TC |
May-24 |
Aug-24 |
Magic Eclipse |
Panamax |
74,940 |
2011 |
Japan |
TC period |
100% of BPI4TC |
Mar-24 |
Jun-24 |
Magic Pluto |
Panamax |
74,940 |
2013 |
Japan |
TC period |
$14,050 per day (11) |
Sep-24 |
-(13) |
Magic Callisto |
Panamax |
74,930 |
2012 |
Japan |
TC period |
$12,524 per day (12) |
Apr-24 |
Jul-24 |
|
Containerships |
Vessel Name |
Type |
Capacity(dwt) |
YearBuilt |
Country ofConstruction |
Type ofEmployment |
Daily Gross CharterRate ($/day) |
Estimated Redelivery Date |
Earliest |
Latest |
Ariana A |
Containership |
38,117 |
2005 |
Germany |
TC period |
|
$16,000 |
|
May-24 |
Jun-24 |
Gabriela A |
Containership |
38,121 |
2005 |
Germany |
TC period |
|
$26,350 |
|
Feb-24 |
May-24 |
(1) TC stands for time
charter.(2) The benchmark vessel used in the
calculation of the average of the Baltic Capesize Index 5TC routes
(“BCI5TC”) is a non-scrubber fitted 180,000mt dwt vessel (Capesize)
with specific age, speed – consumption, and design characteristics.
Based on the terms of charter, the estimated earliest redelivery
date for the M/V Magic Orion was January
2024.(3) We agreed to sell the M/V Magic
Orion, M/V Magic Venus, M/V Magic Nova and M/V Magic Horizon on
December 7, 2023, December 21, 2023, January 19, 2024, and January
19, 2024, respectively. The vessels are still employed under their
existing charter parties and are each expected to be delivered to
their new owners during the first quarter of 2024.
(4) The vessel’s daily gross charter rate is
equal to 100% of BPI5TC (16). In accordance with the prevailing
charter party, on November 13, 2023, we converted the index-linked
rate to fixed from January 1, 2024 until March 31, 2024 at a rate
of $11,300 per day. Upon completion of this period, the rate will
be converted back to index‑linked. (5) The
vessel’s daily gross charter rate is equal to 97% of BPI5TC. In
accordance with the prevailing charter party, on November 17, 2023,
we converted the index-linked rate to fixed from January 1, 2024
until March 31, 2024 at a rate of $11,500 per day. Upon completion
of this period, in accordance with the prevailing charter party, on
January 19, 2024, we converted the index-linked rate to fixed from
April 1, 2024 until June 30, 2024 at a rate of $16,200 per day.
Thereafter, the rate will be converted back to
index-linked.(6) The vessel’s daily gross
charter rate is equal to 100% of BPI5TC. In accordance with the
prevailing charter party, on November 29, 2023, we converted the
index-linked rate to fixed from January 1, 2024 until March 31,
2024 at a rate of $13,850 per day. Upon completion of this period,
in accordance with the prevailing charter party, on January 17,
2024, we converted the index-linked rate to fixed from April 1,
2024, until June 30, 2024, at a rate of $16,300 per day.
Thereafter, the rate will be converted back to
index-linked.(7) The vessel’s daily gross
charter rate is equal to 98% of BPI5TC. In accordance with the
prevailing charter party, on November 10, 2023, we converted the
index-linked rate to fixed from January 1, 2024 until March 31,
2024 at a rate of $10,725 per day. Upon completion of this period,
in accordance with the prevailing charter party, on January 12,
2024, we converted the index-linked rate to fixed from April 1,
2024 until June 30, 2024 at a rate of $14,600 per day. Thereafter,
the rate will be converted back to
index-linked.(8) The benchmark vessel used
in the calculation of the average of the Baltic Panamax Index 4TC
routes (“BPI4TC”) is a non-scrubber fitted 74,000mt dwt vessel
(Panamax) with specific age, speed – consumption, and design
characteristics.(9) The vessel’s daily gross
charter rate is equal to 102% of BPI4TC. In accordance with the
prevailing charter party, on November 30, 2023, we converted the
index-linked rate to fixed from January 1, 2024 until March 31,
2024 at a rate of $12,648 per day. Upon completion of this period,
in accordance with the prevailing charter party, on January 16,
2024, we converted the index-linked rate to fixed from April 1,
2024 until June 30, 2024 at a rate of $14,750 per day. Thereafter,
the rate will be converted back to
index-linked.(10) The vessel’s daily gross
charter rate is equal to 96% of BPI4TC. In accordance with the
prevailing charter party, on November 30, 2023, we converted the
index-linked rate to fixed from January 1, 2024 until March 31,
2024 at a rate of $11,904 per day. In accordance with the
prevailing charter party, on February 6, 2024, we converted the
index-linked rate to fixed from April 1, 2024, until September 30,
2024, at a rate of $15,150 per day. Upon completion of these
periods, the rate will be converted back to index‑linked
rate.(11) The vessel’s daily gross charter
rate is equal to 100% of BPI4TC. In accordance with the prevailing
charter party, on November 30, 2023, we converted the index-linked
rate to fixed from January 1, 2024 until March 31, 2024 at a rate
of $14,050 per day. Upon completion of this period, the rate will
be converted back to index‑linked
rate.(12) The vessel’s daily gross charter
rate is equal to 101% of BPI4TC. In accordance with the prevailing
charter party, on November 30, 2023, we converted the index-linked
rate to fixed from January 1, 2024 until March 31, 2024 at a rate
of $12,524 per day. Upon completion of this period, the rate will
be converted back to index‑linked
rate.(13) The earliest redelivery under the
prevailing charter party is 9 months after delivery. Thereafter,
both we and the charterers have the option to terminate the charter
by providing 3 months written notice to the other
party.(14) The earliest redelivery under the
prevailing charter party is 7 months after delivery. Thereafter,
both we and the charterers have the option to terminate the charter
by providing 3 months written notice to the other
party.(15) The earliest redelivery under the
prevailing charter party is 8 months after delivery. Thereafter,
both we and the charterers have the option to terminate the charter
by providing 3 months written notice to the other
party.(16) The benchmark vessel used in the
calculation of the average of the Baltic Panamax Index 5TC routes
(“BPI5TC”) is a non-scrubber fitted 82,000mt dwt vessel (Kamsarmax)
with specific age, speed–consumption, and design
characteristics.
Financial Results Overview of Continuing
Operations:
Set forth below are selected financial data of
our dry bulk and containerships fleets (continuing operations) for
each of the three months and year ended December 31, 2023, and
2022, respectively:
|
Three Months Ended |
|
Year Ended |
(Expressed in U.S. dollars) |
|
December 31,2023(unaudited) |
|
December 31,2022(unaudited) |
|
December 31,2023(unaudited) |
|
December 31,2022(unaudited) |
Total vessel revenues |
$ |
26,363,527 |
$ |
31,296,037 |
$ |
97,515,511 |
$ |
150,216,130 |
Operating income |
$ |
7,442,258 |
$ |
9,846,891 |
$ |
22,007,914 |
$ |
73,093,725 |
Net income, net of taxes |
$ |
25,013,724 |
$ |
7,843,890 |
$ |
21,303,156 |
$ |
66,540,925 |
EBITDA (1) |
$ |
31,375,113 |
$ |
14,972,000 |
$ |
51,607,538 |
$ |
91,790,822 |
Adjusted EBITDA(1) |
$ |
12,770,758 |
$ |
14,972,000 |
$ |
46,473,525 |
$ |
91,790,822 |
Earnings (basic) per common
share |
$ |
0.25 |
$ |
0.08 |
$ |
0.21 |
$ |
0.70 |
Earnings (diluted) per common
share |
$ |
0.11 |
$ |
0.08 |
$ |
0.10 |
$ |
0.70 |
(1) EBITDA and Adjusted EBITDA
are not recognized measures under U.S. GAAP. Please refer to
Appendix B of this release for the definition and reconciliation of
these measures to Net income, the most directly comparable
financial measure calculated and presented in accordance with U.S.
GAAP.
Consolidated Fleet Selected Financial
and Operational Data:
Set forth below are selected financial and
operational data of our dry bulk and containership fleets
(continuing operations) for each of the three months and year ended
December 31, 2023, and 2022, respectively, that we believe are
useful in analyzing trends in our results of operations.
|
|
Three Months EndedDecember
31, |
|
|
Year EndedDecember 31, |
(Expressed in U.S. dollars except for operational
data) |
|
2023 |
|
2022 |
|
|
2023 |
|
2022 |
Ownership Days(1)(7) |
|
1,740 |
|
1,911 |
|
|
7,507 |
|
7,367 |
Available Days(2)(7) |
|
1,740 |
|
1,824 |
|
|
7,483 |
|
7,175 |
Operating Days(3)(7) |
|
1,716 |
|
1,821 |
|
|
7,433 |
|
7,125 |
Daily TCE Rate(4) |
$ |
14,530 |
$ |
16,295 |
|
$ |
12,356 |
$ |
20,417 |
Fleet Utilization(5) |
|
99% |
|
100% |
|
|
99% |
|
99% |
Daily vessel operating
expenses(6) |
$ |
5,802 |
$ |
5,394 |
|
$ |
5,583 |
$ |
5,601 |
(1) Ownership Days are the total number of
calendar days in a period during which we owned a vessel.
(2) Available Days are the Ownership Days in a
period less the aggregate number of days our vessels are off-hire
due to scheduled repairs, dry-dockings or special or intermediate
surveys.(3) Operating Days are the Available Days
in a period after subtracting unscheduled off-hire and idle
days.(4) Daily TCE Rate is not a recognized
measure under U.S. GAAP. Please refer to Appendix B for the
definition and reconciliation of this measure to Total vessel
revenues, the most directly comparable financial measure calculated
and presented in accordance with U.S.
GAAP.(5) Fleet Utilization is calculated by
dividing the Operating Days during a period by the number of
Available Days during that period.(6) Daily vessel
operating expenses are calculated by dividing vessel operating
expenses for the relevant period by the Ownership Days for such
period.(7) Our definitions of Ownership Days,
Available Days, Operating Days, Fleet Utilization may not be
comparable to those reported by other companies.
APPENDIX A
CASTOR MARITIME
INC.Unaudited Condensed Consolidated Statements of
Comprehensive Income(Expressed in U.S.
Dollars—except for number of share data)
(In U.S. dollars except for
number of share data) |
|
Three Months EndedDecember
31, |
|
|
Year EndedDecember 31, |
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
REVENUES |
|
|
|
|
|
|
|
|
|
Total vessel revenues |
$ |
26,363,527 |
|
$ |
31,296,037 |
|
|
$ |
97,515,511 |
|
$ |
150,216,130 |
|
EXPENSES |
|
|
|
|
|
|
|
|
|
Voyage expenses (including
commissions to related party) |
|
(1,081,795 |
) |
|
(1,573,556 |
) |
|
|
(5,052,228 |
) |
|
(3,721,277 |
) |
Vessel operating expenses |
|
(10,095,623 |
) |
|
(10,308,607 |
) |
|
|
(41,913,628 |
) |
|
(41,259,554 |
) |
Management fees - related
parties |
|
(1,718,598 |
) |
|
(1,783,400 |
) |
|
|
(7,167,397 |
) |
|
(6,562,400 |
) |
Depreciation and
amortization |
|
(4,851,439 |
) |
|
(5,143,370 |
) |
|
|
(22,076,831 |
) |
|
(18,535,237 |
) |
General and administrative
expenses (including related party fees) |
|
(1,279,218 |
) |
|
(2,640,213 |
) |
|
|
(5,681,371 |
) |
|
(7,043,937 |
) |
Net gain on sale of
vessels |
|
105,404 |
|
|
— |
|
|
|
6,383,858 |
|
|
— |
|
Operating income |
$ |
7,442,258 |
|
$ |
9,846,891 |
|
|
$ |
22,007,914 |
|
$ |
73,093,725 |
|
Interest and finance costs,
net (1) |
|
(1,431,062 |
) |
|
(1,848,545 |
) |
|
|
(8,049,757 |
) |
|
(6,325,991 |
) |
Other income / (expenses),
net |
|
19,081,416 |
|
|
(18,261 |
) |
|
|
7,522,793 |
|
|
161,860 |
|
Income taxes |
|
(78,888 |
) |
|
(136,195 |
) |
|
|
(177,794 |
) |
|
(388,669 |
) |
Net income and comprehensive income from continuing
operations, net of taxes |
$ |
25,013,724 |
|
$ |
7,843,890 |
|
|
$ |
21,303,156 |
|
$ |
66,540,925 |
|
Net income and
comprehensive income from discontinued
operations, net of taxes |
$ |
— |
|
|
25,837,658 |
|
|
$ |
17,339,332 |
|
$ |
52,019,765 |
|
Net income and comprehensive income |
$ |
25,013,724 |
|
|
33,681,548 |
|
|
$ |
38,642,488 |
|
$ |
118,560,690 |
|
Dividend on Series D Preferred
Shares |
|
(638,889 |
) |
|
— |
|
|
|
(1,020,833 |
) |
|
— |
|
Deemed dividend on Series D
Preferred Shares |
|
(123,273 |
) |
|
— |
|
|
|
(196,296 |
) |
|
— |
|
Deemed dividend on warrants
repurchase |
|
(444,885 |
) |
|
— |
|
|
|
(444,885 |
) |
|
— |
|
Net income
attributable to common shareholders |
$ |
23,806,677 |
|
|
33,681,548 |
|
|
$ |
36,980,474 |
|
|
118,560,690 |
|
Earnings per common share, basic, continuing
operations |
$ |
0.25 |
|
$ |
0.08 |
|
|
$ |
0.21 |
|
$ |
0.70 |
|
Earnings per common
share, diluted, continuing operations |
$ |
0.11 |
|
$ |
0.08 |
|
|
$ |
0.10 |
|
$ |
0.70 |
|
Earnings per common
share, basic, discontinued
operations |
$ |
— |
|
$ |
0.27 |
|
|
$ |
0.18 |
|
$ |
0.55 |
|
Earnings per common
share, diluted, discontinued
operations |
$ |
— |
|
$ |
0.27 |
|
|
$ |
0.08 |
|
$ |
0.55 |
|
Earnings per common
share, basic, Total |
$ |
0.25 |
|
$ |
0.36 |
|
|
$ |
0.39 |
|
$ |
1.25 |
|
Earnings per common
share, diluted, Total |
$ |
0.11 |
|
$ |
0.36 |
|
|
$ |
0.17 |
|
$ |
1.25 |
|
Weighted average number of
common shares outstanding, basic |
|
96,623,876 |
|
|
94,610,088 |
|
|
|
95,710,781 |
|
|
94,610,088 |
|
Weighted average number of
common shares outstanding, diluted |
|
226,956,120 |
|
|
94,610,088 |
|
|
|
219,530,247 |
|
|
94,610,088 |
|
(1) Includes interest and finance costs and interest
income, if any.
CASTOR MARITIME INC.Unaudited Condensed
Consolidated Balance
Sheets(Expressed in U.S. Dollars—except for number
of share data)
|
|
December 31,2023 |
|
December 31,2022 |
ASSETS |
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
Cash and cash equivalents |
$ |
111,383,645 |
$ |
100,593,557 |
Restricted cash |
|
2,327,502 |
|
1,684,269 |
Due from related parties |
|
5,650,168 |
|
2,664,976 |
Assets held for sale |
|
38,656,048 |
|
— |
Other current assets |
|
84,259,511 |
|
6,762,778 |
Current assets of discontinued
operations |
|
— |
|
54,763,308 |
Total current assets |
|
242,276,874 |
|
166,468,888 |
|
|
|
|
|
NON-CURRENT
ASSETS: |
|
|
|
|
Vessels, net |
|
229,536,996 |
|
343,408,466 |
Restricted cash |
|
7,190,000 |
|
7,550,000 |
Due from related parties |
|
4,504,340 |
|
3,514,098 |
Investment in related
party |
|
117,537,135 |
|
— |
Other non-currents assets |
|
3,996,634 |
|
9,491,322 |
Non-Current assets of
discontinued operations |
|
— |
|
102,715,796 |
Total non-current
assets |
|
362,765,105 |
|
466,679,682 |
Total assets |
|
605,041,979 |
|
633,148,570 |
|
|
|
|
|
LIABILITIES, MEZZANINE
EQUITY AND SHAREHOLDERS’ EQUITY |
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
Current portion of long-term
debt, net |
|
17,679,295 |
|
29,170,815 |
Debt related to assets held
for sale, net |
|
2,406,648 |
|
— |
Due to related parties,
current |
|
541,666 |
|
227,622 |
Other current liabilities |
|
7,974,787 |
|
15,671,903 |
Current liabilities of
discontinued operations |
|
— |
|
6,519,051 |
Total current liabilities |
|
28,602,396 |
|
51,589,391 |
NON-CURRENT
LIABILITIES: |
|
|
|
|
Long-term debt, net |
|
65,709,842 |
|
109,600,947 |
Non-Current liabilities of
discontinued operations |
|
— |
|
10,463,172 |
Total non-current
liabilities |
|
65,709,842 |
|
120,064,119 |
Total liabilities |
|
94,312,238 |
|
171,653,510 |
|
|
|
|
|
MEZZANINE
EQUITY |
|
|
|
|
5.00% Series D fixed rate
cumulative perpetual convertible preferred shares: 0 and 50,000
shares issued and outstanding as of December 31, 2022, and December
31, 2023, respectively, aggregate liquidation preference of $0 and
$50,000,000 as of December 31, 2022 and December 31, 2023,
respectively |
|
49,549,489 |
|
— |
Total mezzanine equity |
|
49,549,489 |
|
— |
|
|
|
|
|
SHAREHOLDERS’
EQUITY |
|
|
|
|
Common shares, $0.001 par
value; 1,950,000,000 shares authorized; 94,610,088 and 96,623,876
issued and outstanding as of December 31, 2022, and December 31,
2023, respectively |
|
96,624 |
|
94,610 |
Series B Preferred Shares-
12,000 shares issued and outstanding as of December 31, 2023, and
December 31, 2022 |
|
12 |
|
12 |
Additional paid-in
capital |
|
266,360,857 |
|
303,658,153 |
Retained Earnings |
|
194,722,759 |
|
157,742,285 |
Total shareholders’ equity |
|
461,180,252 |
|
461,495,060 |
Total liabilities, mezzanine equity and shareholders’
equity |
$ |
605,041,979 |
$ |
633,148,570 |
CASTOR MARITIME
INC.Unaudited Consolidated Statements of Cash
Flows
(Expressed in U.S.
Dollars) |
Year Ended December 31, |
|
|
2023 |
|
|
2022 |
|
Cash Flows provided by
Operating Activities ofcontinuing
operations: |
|
|
|
|
Net income |
$ |
38,642,488 |
|
$ |
118,560,690 |
|
Less: Net income from
discontinued operations, net of taxes |
|
17,339,332 |
|
|
52,019,765 |
|
Net income from continuing
operations, net of taxes |
|
21,303,156 |
|
|
66,540,925 |
|
Adjustments to
reconcile net income from continuing operations to net cash
provided by Operating Activities: |
|
|
|
|
Depreciation and
amortization |
|
22,076,831 |
|
|
18,535,237 |
|
Amortization of deferred
finance charges |
|
888,523 |
|
|
730,513 |
|
Amortization of fair value of
acquired time charters |
|
2,242,333 |
|
|
409,538 |
|
Net gain on sale of
vessels |
|
(6,383,858 |
) |
|
— |
|
Realized gain on sale of
equity securities |
|
(2,636 |
) |
|
(27,450 |
) |
Unrealized gains on equity
securities |
|
(5,134,013 |
) |
|
— |
|
Changes in operating
assets and liabilities: |
|
|
|
|
Accounts receivable trade,
net |
|
(208,487 |
) |
|
1,415,828 |
|
Inventories |
|
539,742 |
|
|
(640,665 |
) |
Due from/to related
parties |
|
(4,518,056 |
) |
|
7,573,712 |
|
Prepaid expenses and other
assets |
|
(86,333 |
) |
|
247,377 |
|
Other deferred charges |
|
51,138 |
|
|
114,761 |
|
Accounts payable |
|
(3,260,521 |
) |
|
3,344,840 |
|
Accrued liabilities |
|
(1,894,102 |
) |
|
1,407,618 |
|
Deferred revenue |
|
(1,034,987 |
) |
|
(796,014 |
) |
Dry-dock costs paid |
|
(2,395,365 |
) |
|
(3,180,671 |
) |
Net Cash provided by
Operating Activities from continuing operations |
|
22,183,365 |
|
|
95,675,549 |
|
|
|
|
|
|
Cash flow used in
Investing Activities of continuing operations: |
|
|
|
|
Vessel acquisitions and other
vessel improvements |
|
(623,283 |
) |
|
(75,553,224 |
) |
Purchase of equity
securities |
|
(72,211,450 |
) |
|
(60,750 |
) |
Proceeds from sale of equity
securities |
|
258,999 |
|
|
88,200 |
|
Net proceeds from sale of
vessels |
|
63,607,430 |
|
|
— |
|
Net cash used in
Investing Activities from continuing operations |
|
(8,968,304 |
) |
|
(75,525,774 |
) |
|
|
|
|
|
Cash flows (used in) /
provided by Financing Activities of continuing
operations: |
|
|
|
|
Gross proceeds from issuance
of common shares |
|
881,827 |
|
|
— |
|
Common shares issuance
expenses |
|
(260,936 |
) |
|
(65,797 |
) |
Repurchase of warrants |
|
(941,626 |
) |
|
— |
|
Proceeds from Series D
Preferred Shares, net of costs |
|
49,853,193 |
|
|
— |
|
Dividends paid on Series D
Preferred Shares |
|
(479,167 |
) |
|
— |
|
Proceeds from long-term
debt |
|
— |
|
|
77,500,000 |
|
Repayment of long-term
debt |
|
(53,864,500 |
) |
|
(24,493,000 |
) |
Payment of deferred financing
costs |
|
(25,178 |
) |
|
(986,209 |
) |
Proceeds received from Toro
related to Spin-Off |
|
2,694,647 |
|
|
— |
|
Net cash (used in) /
provided by Financing Activities from continuing
operations |
|
(2,141,740 |
) |
|
51,954,994 |
|
|
|
|
|
|
Cash flows of
discontinued operations: |
|
|
|
|
Net cash provided by Operating
Activities from discontinued operations |
|
20,409,041 |
|
|
28,077,502 |
|
Net cash (used in) / provided
by Investing Activities from discontinued operations |
|
(153,861 |
) |
|
11,788,681 |
|
Net cash used in Financing
Activities from discontinued operations |
|
(62,734,774 |
) |
|
(3,050,000 |
) |
Net cash (used in) /
provided by discontinued operations |
|
(42,479,594 |
) |
|
36,816,183 |
|
|
|
|
|
|
Net
(decrease)/increase in cash, cash equivalents, and restricted
cash |
|
(31,406,273 |
) |
|
108,920,952 |
|
Cash, cash equivalents
and restricted cash at the beginning of the period |
|
152,307,420 |
|
|
43,386,468 |
|
Cash, cash equivalents
and restricted cash at the end of the period |
$ |
120,901,147 |
|
$ |
152,307,420 |
|
APPENDIX B
Non-GAAP Financial
Information
Daily Time Charter (“TCE”)
Rate. The Daily Time Charter Equivalent Rate (“Daily TCE
Rate”) is a measure of the average daily revenue performance of a
vessel. The Daily TCE Rate is not a measure of financial
performance under U.S. GAAP (non-GAAP measure) and should not be
considered as an alternative to any measure of financial
performance presented in accordance with U.S. GAAP. We calculate
Daily TCE Rate by dividing total revenues (time charter and/or
voyage charter revenues, and/or pool revenues, net of charterers’
commissions), less voyage expenses, by the number of Available Days
during that period. Under a time charter, the charterer pays
substantially all the vessel voyage related expenses. However, we
may incur voyage related expenses when positioning or repositioning
vessels before or after the period of a time or other charter,
during periods of commercial waiting time or while off-hire during
dry-docking or due to other unforeseen circumstances. Under voyage
charters, the majority of voyage expenses are generally borne by us
whereas for vessels in a pool, such expenses are borne by the pool
operator. The Daily TCE Rate is a standard shipping industry
performance measure used primarily to compare period-to-period
changes in a company’s performance and management believes that the
Daily TCE Rate provides meaningful information to our investors
since it compares daily net earnings generated by our vessels
irrespective of the mix of charter types (i.e., time charter,
voyage charter, or other) under which our vessels are employed
between the periods while it further assists our management in
making decisions regarding the deployment and use of our vessels
and in evaluating our financial performance. Our calculation of the
Daily TCE Rates may be different from and may not be comparable to
that reported by other companies.
The following table reconciles the calculation
of the Daily TCE Rate for our dry bulk and containership fleet
(continuing operations) to Total vessel revenues (from continuing
operations) for the periods presented (amounts in U.S. dollars,
except for Available Days):
|
Three Months EndedDecember 31, |
|
Year EndedDecember 31, |
(In U.S. dollars, except for Available Days) |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
Total vessel revenues |
$ |
26,363,527 |
|
$ |
31,296,037 |
|
|
$ |
97,515,511 |
|
$ |
150,216,130 |
|
Voyage expenses - including
commissions to related party |
|
(1,081,795 |
) |
|
(1,573,556 |
) |
|
|
(5,052,228 |
) |
|
(3,721,277 |
) |
TCE revenues |
$ |
25,281,732 |
|
$ |
29,722,481 |
|
|
$ |
92,463,283 |
|
$ |
146,494,853 |
|
Available Days |
|
1,740 |
|
|
1,824 |
|
|
|
7,483 |
|
|
7,175 |
|
Daily TCE Rate |
$ |
14,530 |
|
$ |
16,295 |
|
|
$ |
12,356 |
|
$ |
20,417 |
|
EBITDA and Adjusted EBITDA.
EBITDA and Adjusted EBITDA are not measures of financial
performance under U.S. GAAP, do not represent and should not be
considered as an alternative to net income, operating income, cash
flow from operating activities or any other measure of financial
performance presented in accordance with U.S. GAAP. We define
EBITDA as earnings before interest and finance costs (if any), net
of interest income, taxes (when incurred), depreciation and
amortization of deferred dry-docking costs. Adjusted EBITDA
represents EBITDA adjusted to exclude unrealized gain/loss on
equity securities, which the Company believes are not indicative of
the ongoing performance of its core operations. EBITDA and Adjusted
EBITDA are used as supplemental financial measure by management and
external users of financial statements to assess our operating
performance. We believe that EBITDA and Adjusted EBITDA assists our
management by providing useful information that increases the
comparability of our operating performance from period to period
and against the operating performance of other companies in our
industry that provide EBITDA information. This increased
comparability is achieved by excluding the potentially disparate
effects between periods or companies of interest, other financial
items, depreciation and amortization and taxes for EBITDA, and
further excluding unrealized gains/ loss on securities for Adjusted
EBITDA, which items are affected by various and possibly changing
financing methods, capital structure and historical cost basis and
which items may significantly affect net income between periods. We
believe that including EBITDA and Adjusted EBITDA as measures of
operating performance benefits investors in (a) selecting between
investing in us and other investment alternatives and (b)
monitoring our ongoing financial and operational strength. Our
basis of computing EBITDA and Adjusted EBITDA as presented below
may be different from and may not be comparable to similarly titled
measures of other companies.
The following table reconciles EBITDA and
Adjusted EBITDA to Net income from continuing operations, the most
directly comparable U.S. GAAP financial measure, for the periods
presented:
|
|
Three Months EndedDecember 31, |
|
|
Year EndedDecember 31, |
(In U.S. dollars) |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
Net Income from
continuing operations, net of taxes |
$ |
25,013,724 |
|
$ |
7,843,890 |
|
|
$ |
21,303,156 |
|
$ |
66,540,925 |
|
Depreciation and
amortization |
|
4,851,439 |
|
|
5,143,370 |
|
|
|
22,076,831 |
|
|
18,535,237 |
|
Interest and finance costs,
net (1) |
|
1,431,062 |
|
|
1,848,545 |
|
|
|
8,049,757 |
|
|
6,325,991 |
|
US source income taxes |
|
78,888 |
|
|
136,195 |
|
|
|
177,794 |
|
|
388,669 |
|
EBITDA |
$ |
31,375,113 |
|
$ |
14,972,000 |
|
|
$ |
51,607,538 |
|
$ |
91,790,822 |
|
Unrealized gain on equity securities |
|
(18,604,355 |
) |
|
- |
|
|
|
(5,134,013 |
) |
|
- |
|
Adjusted EBITDA |
$ |
12,770,758 |
|
$ |
14,972,000 |
|
|
$ |
46,473,525 |
|
$ |
91,790,822 |
|
(1) Includes interest and finance costs and
interest income, if any.
Cautionary Statement Regarding Forward-Looking
Statements
Matters discussed in this press release may
constitute forward-looking statements. We intend such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 27A
of the Securities Act of 1933, as amended (the “Securities Act”)
and Section 21E of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance (including the expected deliveries of vessels by us
discussed herein), and underlying assumptions and other statements,
which are other than statements of historical facts. We are
including this cautionary statement in connection with this safe
harbor legislation. The words “believe”, “anticipate”, “intend”,
“estimate”, “forecast”, “project”, “plan”, “potential”, “will”,
“may”, “should”, “expect”, “pending” and similar expressions
identify forward-looking statements. The forward-looking statements
in this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including
without limitation, our management’s examination of current or
historical operating trends, data contained in our records and
other data available from third parties. Although we believe that
these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you that we will achieve or
accomplish these forward-looking statements, including these
expectations, beliefs or projections. In addition to these
important factors, other important factors that, in our view, could
cause actual results to differ materially from those discussed in
the forward‐looking statements include the effects of the spin-off
of our tanker business, our business strategy, shipping markets
conditions and trends, changes in the size and composition of our
fleet, our ability to realize the expected benefits of vessel
acquisitions, increased transactions costs and other adverse
effects (such as lost profit) due to any failure to consummate any
sale of our vessels, our relationships with our current and future
service providers and customers, our ability to borrow under
existing or future debt agreements or to refinance our debt on
favorable terms and our ability to comply with the covenants
contained therein, our continued ability to enter into time or
voyage charters with existing and new customers and to re-charter
our vessels upon the expiry of the existing charters, changes in
our operating and capitalized expenses, our ability to fund future
capital expenditures and investments in the acquisition and
refurbishment of our vessels, instances of off-hire, future sales
of our securities in the public market and our ability to maintain
compliance with applicable listing standards, volatility in our
share price, potential conflicts of interest involving members of
our board of directors, senior management and certain of our
service providers that are related parties, general domestic and
international political conditions or events (including armed
conflicts such as the war in Ukraine and the conflict in the Middle
East, acts of piracy or maritime aggression, such as recent
maritime incidents involving vessels in and around the Red Sea,
“trade wars”, global public health threats and major outbreaks of
disease), changes in seaborne and other transportation (including
as a result of the maritime incidents in and around the Red Sea),
changes in governmental rules and regulations or actions taken by
regulatory authorities, accidents and the impact of adverse weather
and natural disasters. The information set forth herein speaks only
as of the date hereof, and we disclaim any intention or obligation
to update any forward looking statements as a result of
developments occurring after the date of this communication, except
to the extent required by applicable law. New factors emerge from
time to time, and it is not possible for us to predict all or any
of these factors. Further, we cannot assess the impact of each such
factor on our business or the extent to which any factor, or
combination of factors, may cause actual results to be materially
different from those contained in any forward-looking statement.
Please see our filings with the Securities and Exchange Commission
for a more complete discussion of these foregoing and other risks
and uncertainties. These factors and the other risk factors
described in this press release are not necessarily all of the
important factors that could cause actual results or developments
to differ materially from those expressed in any of our
forward-looking statements. Given these uncertainties, prospective
investors are cautioned not to place undue reliance on such
forward-looking statements.
CONTACT DETAILS For further
information please contact:
Petros PanagiotidisChief Executive Officer &
Chief Financial Officer Castor Maritime Inc. Email:
ir@castormaritime.com
Media Contact: Kevin Karlis Capital LinkEmail:
castormaritime@capitallink.com
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