UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2024

Commission File Number: 001-38802

CASTOR MARITIME INC.
(Translation of registrant’s name into English)

223 Christodoulou Chatzipavlou Street, Hawaii Royal Gardens, 3036 Limassol, Cyprus
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒
  
Form 40-F  ☐


INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this report on Form 6-K as Exhibits 99.1 and 99.2 are the unaudited consolidated interim financial statements and related management’s discussion and analysis of financial condition and results of operations of Castor Maritime Inc. (the “Company”) for the six months ended June 30, 2024.

The information contained in this report on Form 6-K and Exhibits 99.1 and 99.2 attached hereto are hereby incorporated by reference into the Company’s registration statements on Form F-3 (File Nos. 333-236331, 333-240262 and 333-254977).

Exhibit Index

Exhibit No.
Description
Unaudited Consolidated Interim Financial Statements for the Six Months Ended June 30, 2024
Management’s Discussion and Analysis of Financial Condition and Results of Operations
101.INS
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH
Inline XBRL Taxonomy Extension Schema Document
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
CASTOR MARITIME INC.
Dated: August 8, 2024
    
 
By:
/s/ Petros Panagiotidis
   
Petros Panagiotidis
   
Chairman, Chief Executive Officer and Chief Financial Officer


CASTOR MARITIME INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, 2023 and June 30, 2024
(Expressed in U.S. Dollars – except for share data)
 
ASSETS
        
December 31,
    
June 30,
  
CURRENT ASSETS:
  
Note
    
2023
    
2024
  
Cash and cash equivalents
        
$
111,383,645
    
$
230,137,481
  
Restricted cash
   8
       2,327,502       1,790,730  
Accounts receivable trade, net
          
2,914,899
      
977,147
  
Due from related parties
    4       5,650,168
      1,562,222
 
Inventories
          
977,639
      
784,846
  
Prepaid expenses and other assets
          
3,277,873
      
2,667,140
  
Investment in equity securities
   9
       77,089,100       63,970,337  
Assets held for sale
  4(e), 7(b)
    38,656,048       —  
Accrued charter revenue
  
      —
       176,850
  
Total current assets
          
242,276,874
      
302,066,753
  
                       
NON-CURRENT ASSETS:
                      
Vessels, net
  
7
      
229,536,996
      
173,358,856
  
Restricted cash
  
8
      
7,190,000
      
4,365,000
  
Due from related parties
    4       4,504,340
      3,275,020
 
Prepaid expenses and other assets
          
500,000
      
—
  
Deferred charges, net
  
5
      
3,231,461
      
1,655,369
  
Fair value of acquired time charters
  6
       265,173       —  
Investment in related party
  4(c)
       117,537,135       117,544,913  
Total non-current assets
          
362,765,105
      
300,199,158
  
                       
Total assets
         $ 605,041,979     $ 602,265,911  
                       
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
                      
CURRENT LIABILITIES:
                      
Current portion of long-term debt, net
  
8
      
17,679,295
      
24,309,666
  
Debt related to assets held for sale, net 
  8
       2,406,648       —  
Accounts payable
          
2,833,167
      
1,541,180
  
Deferred revenue
          
1,548,892
      
512,203
  
Accrued liabilities
          
3,592,728
      
2,876,489
  
Due to related parties
   4(d)
       541,666
       879,556
  
Total current liabilities
          
28,602,396
      
30,119,094
  
                       
NON-CURRENT LIABILITIES:
                      
Long-term debt, net
  
8
       65,709,842
       18,554,089
  
Total non-current liabilities
           65,709,842       18,554,089
  
                       
Commitments and contingencies
  12
      
     
 
                       
MEZZANINE EQUITY:
                      
5.00% Series D fixed rate cumulative perpetual convertible preferred shares: 50,000 shares issued and outstanding as of December 31, 2023, and June 30, 2024, respectively, aggregate liquidation preference of $50,000,000 as of December 31, 2023 and June 30, 2024, respectively
           49,549,489       49,799,004  
Total mezzanine equity
   10
      49,549,489       49,799,004  
                       
SHAREHOLDERS’ EQUITY:
                      
Common shares, $0.001 par value; 1,950,000,000 shares authorized; 9,662,354 issued and outstanding as of December 31, 2023 and June 30, 2024
  
10
      
9,662
      
9,662
  
Preferred shares, $0.001 par value: 50,000,000 shares authorized; Series B Preferred Shares – 12,000 shares issued and outstanding as of December 31, 2023, and June 30, 2024
  
10
      

12
      

12
  
Additional paid-in capital
          
266,447,819
      
265,389,338
  
Retained earnings
          
194,722,759
      
238,394,712
  
Total shareholders’ equity
          
461,180,252
      
503,793,724
  
Total liabilities, mezzanine equity and shareholders’ equity
         $ 605,041,979    
$
602,265,911
  

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-2
CASTOR MARITIME INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the six months ended June 30, 2023 and 2024
(Expressed in U.S. Dollars – except for share data)

         
Six Months Ended
June 30,
    
Six Months Ended
June 30,
  
 
  
Note
    
2023
    
2024
  
REVENUES:
                  
Time charter revenues
   6, 14
    

49,747,081
    

36,669,776
  
Total vessel revenues
         $
49,747,081
     $
36,669,776
  
                       
EXPENSES:
                      
Voyage expenses (including $655,431 and $463,672 to related party for the six months ended June 30, 2023, and 2024, respectively)
  
4, 15
      
(2,698,540
)
    
(2,012,774
)
Vessel operating expenses
  
15
      
(21,676,527
)
    
(14,657,651
)
Management fees to related parties
  
4
      
(3,615,825
)
    
(2,486,692
)
Depreciation and amortization
  
5, 7
      
(11,301,547
)
    
(7,387,855
)
General and administrative expenses (including $1,500,000, and $1,599,000 to  related party for the six months ended June 30, 2023, and 2024, respectively)
  
4, 16
       (2,805,076 )     (3,387,071 )
Gain on sale of vessels
   7(b)
       3,128,568       19,307,595  
Gain from a claim
   12(b)
      —       1,411,356  
Total expenses, net
           (38,968,947 )    
(9,213,092
)
                       
Operating income
          
10,778,134
      
27,456,684
  
                       
OTHER INCOME/(EXPENSES):
                      
Interest and finance costs
  
8, 17
      
(6,117,641
)
    
(4,004,694
)
Interest income
          
1,439,909
      
3,326,854
  
Foreign exchange losses
          
(70,792
)
    
(85,658
)
Dividend income on equity securities
   9       366,002       2,853,165  
Dividend income from related party   4
       451,111       707,777  
(Loss) / Gain on equity securities
   9
      (5,104,791 )     15,025,838  
Total other (expenses) / income, net
          
(9,036,202
)
    
17,823,282
  
                       
Net income and comprehensive income from continuing operations, before taxes
        
$
1,741,932
    
$
45,279,966
  
Income taxes
           (65,179 )     (94,609 )
Net income and comprehensive income from continuing operations, net of taxes
         $ 1,676,753     $ 45,185,357  
Net income and comprehensive income from discontinued operations, net of taxes
   3
       17,339,332       —  
Net income and comprehensive income
           19,016,085       45,185,357  
Dividend on Series D Preferred Shares           —       (1,263,889 )
Deemed dividend on Series D Preferred Shares           —       (249,515 )
Net income attributable to common shareholders           19,016,085       43,671,953  
                       
Earnings per common share, basic, continuing operations
   13
       0.18       4.52  
Earnings per common share, diluted, continuing operations   13       0.18       2.11  
Earnings per common share, basic, discontinued operations
   13
       1.83       —  
Earnings per common share, diluted, discontinued operations   13
       1.83       —  
Earnings per common share, basic, total
  
13
       2.01       4.52  
Earnings per common share, diluted, total   13       2.01       2.11  
Weighted average number of common shares, basic
   13       9,478,437       9,662,354  
Weighted average number of common shares, diluted
   13       9,478,437       21,397,406  

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
F-3
CASTOR MARITIME INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY AND MEZZANINE EQUITY
For the six months ended June 30, 2023, and 2024
(Expressed in U.S. Dollars – except for share data)

   
Number of shares issued
                                      
Mezzanine equity
  
   
Common
shares
    
Series B
Preferred
shares
    
Par
Value of
Shares
issued
    
Additional
Paid-in
capital
    
Due from
Shareholders
    
Retained
earnings
    
Total
Shareholders’
Equity
    
# of
Series D
Preferred
Shares
    
Mezzanine
Equity
  
Balance, December 31, 2022
    
9,460,976
      
12,000
      
9,473
      
303,743,302
       —      
157,742,285
      
461,495,060
      
—
      
—
  
- Distribution of net assets of Toro Corp. to shareholders (Note 1)
    
—
      
—
      
—
      
(37,919,432
)
     —      
—
      
(37,919,432
)
    
—
      
—
  
- Issuance of common shares pursuant to the ATM Program (Note 10)
    
187,988
      
—
      
188
      
698,375
       (38,475 )    
—
      
660,088
      
—
      
—
  
- Net income and comprehensive income
    
—
      
—
      
—
      
—
       —      
19,016,085
      
19,016,085
      
—
      
—
  
Balance, June 30, 2023
    
9,648,964
      
12,000
      
9,661
      
266,522,245
       (38,475 )    
176,758,370
      
443,251,801
      
—
      
—
  
                                                                         
Balance, December 31, 2023
    
9,662,354
      
12,000
      
9,674
      
266,447,819
       —      
194,722,759
      
461,180,252
      
50,000
      
49,549,489
  
- Dividend on Series D Preferred Shares
    
—
      
—
      
—
      
—
       —      
(1,263,889
)
    
(1,263,889
)
    
—
      
—
  
- Deemed dividend on Series D Preferred Shares
    
—
      
—
      
—
      
—
       —      
(249,515
)
    
(249,515
)
    
—
      
249,515
  
- Warrants repurchase (Note 10)
     —       —       —       (1,058,481 )     —       —       (1,058,481 )     —       —  
- Net income and comprehensive income
    
—
      
—
      
—
      
—
       —      
45,185,357
      
45,185,357
      
—
      
—
  
Balance, June 30, 2024
    
9,662,354
      
12,000
      
9,674
      
265,389,338
       —      
238,394,712
      
503,793,724
      
50,000
      
49,799,004
  

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
F-4
CASTOR MARITIME INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended June 30, 2023, and 2024
(Expressed in U.S. Dollars)

 
      

Six Months Ended
June 30,
    
Six Months Ended
June 30,
  
 
   Note    
2023
    
2024
  
Cash Flows provided by Operating Activities of Continuing Operations:
                  
Net income
          
19,016,085
      
45,185,357
  
Less: Net income from discontinued operations, net of taxes
          
17,339,332
      
—
  
Net income from continuing operations, net of taxes
        
$
1,676,753
    
$
45,185,357
  
Adjustments to reconcile net income from Continuing operations to net cash provided by Operating Activities:
                      
Depreciation and amortization
  
5, 7
      
11,301,547
      
7,387,855
  
                       
Amortization and write off of deferred finance charges
  
17
      
423,855
      
451,227
  
Amortization of fair value of acquired time charters
  
6
      
1,429,137
      
265,173
  
Gain on sale of vessels
  
7
      
(3,128,568
)
    
(19,307,595
)
Straight line amortization of hire
           —       (176,850 )
Unrealized loss / (gain) on equity securities
   9      
5,107,427
      
(11,237,677
)
Realized gain on sale of equity securities
   9      
(2,636
)
    
(3,618,022
)
Gain from a claim
  
12(b)

   
—
      
(1,411,356
)
                       
Changes in operating assets and liabilities:
                      
Accounts receivable trade, net
          
1,151,337
      
1,937,752
  
Inventories
          
(149,269
)
    
615,101
  
Due from/to related parties
          
(2,823,618
)
    
5,633,489
  
Prepaid expenses and other assets
          
1,029,338
      
1,110,733
  
Other deferred charges
          
51,138
      
—
  
Accounts payable
          
(3,819,388
)
    
(1,291,988
)
Accrued liabilities
          
(793,036
)
    
(658,389
)
Deferred revenue
          
(1,093,999
)
    
(1,036,689
)
Dry-dock costs paid
          
(1,296,552
)
    
—
  
Net Cash provided by Operating Activities from Continuing Operations
          
9,063,466
      
23,848,121
  
 
                      
Cash flow (used in)/provided by Investing Activities of Continuing Operations:
                      
Vessel acquisitions and other vessel improvements
  
7
      
(204,763
)
    
(26,494
)
Proceeds from a claim
   12(b)
    —       1,411,356
  
Net proceeds from sale of vessels
           11,349,705       107,876,357  
Purchase of equity securities
   9      
(72,211,450
)
    
(18,114,116
)
Proceeds from sale of equity securities
   9      
258,999
      
46,088,578
  
Net cash (used in) / provided by Investing Activities from Continuing Operations
          
(60,807,509
)
    
137,235,681
  
 
                      
Cash flows used in Financing Activities of Continuing Operations:
                      
Gross proceeds from issuance of common shares
          
785,804
      
—
  
Common share issuance expenses
          
(65,716
)
    
—
  
Repurchase of warrants
  10
       —       (1,058,481 )
Dividends paid on Series D Preferred Shares
           —       (1,250,000 )
Repayment of long-term debt
  
8
      
(23,131,200
)
    
(43,383,257
)
Payment of deferred financing costs
          
(25,178
)
    
—
  
Proceeds received from Toro Corp. related to Spin-Off
  
4
      
2,667,044
      
—
  
Net cash used in Financing Activities from continuing operations
          
(19,769,246
)
    
(45,691,738
)
 
                      
Cash flows of discontinued operations:
                      
Net cash provided by Operating Activities from discontinued operations
          
20,409,041
      
—
  
Net cash used in Investing Activities from discontinued operations
          
(153,861
)
    
—
  
Net cash used in Financing Activities from discontinued operations
          
(62,734,774
)
    
—
  
Net cash used in discontinued operations
          
(42,479,594
)
    
—
  
 
                      
Net (decrease)/increase in cash, cash equivalents, and restricted cash
          
(113,992,883
)
    
115,392,064
  
Cash, cash equivalents and restricted cash at the beginning of the period
          
152,307,420
      
120,901,147
  
Cash, cash equivalents and restricted cash at the end of the period
        
$
38,314,537
     $
236,293,211
  
 
                      
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
                      
Cash and cash equivalents
        
$
28,574,177
    
$
230,137,481
  
Restricted cash, current
          
2,445,360
      
1,790,730
  
Restricted cash, non-current
          
7,295,000
      
4,365,000
  
Cash, cash equivalents, and restricted cash
        
$
38,314,537
    
$
236,293,211
  

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-5
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)

1.
Basis of Presentation and General information:

Castor Maritime Inc. (“Castor”) was incorporated in September 2017 under the laws of the Republic of the Marshall Islands. The accompanying unaudited interim condensed consolidated financial statements include the accounts of Castor and its wholly owned subsidiaries (collectively, the “Company”). The Company is engaged in the worldwide transportation of ocean-going cargoes through its vessel-owning subsidiaries. On December 21, 2018, Castor’s common shares, par value $0.001 (the “common shares”) began trading on the Euronext NOTC, under the symbol “CASTOR” and, on February 11, 2019, they began trading on the Nasdaq Capital Market, or Nasdaq, under the symbol “CTRM”. As of June 30, 2024, Castor was controlled by Thalassa Investment Co. S.A. (“Thalassa”) by virtue of its ownership of 100% of the Series B preferred shares of Castor and, as a result, Thalassa controlled the outcome of matters on which shareholders are entitled to vote. Thalassa is controlled by Petros Panagiotidis, the Company’s Chairman, Chief Executive Officer and Chief Financial Officer.

On March 27, 2024, the Company effected a 1-for-10 reverse stock split on its issued and outstanding common shares (Note 10). All share and per share amounts disclosed in the accompanying unaudited interim condensed consolidated financial statements give effect to this reverse stock split retroactively for the periods presented.

On March 7, 2023 (the “Distribution Date”), the Company contributed the subsidiaries constituting the Company’s Aframax/LR2 and Handysize tanker segments and Elektra (as defined below) to the Company’s wholly owned subsidiary, Toro Corp. (“Toro”), in exchange for (i) the issuance by Toro to Castor of all 9,461,009 of Toro’s issued and outstanding common shares, and 140,000 1.00% Series A fixed rate cumulative perpetual convertible preferred shares of Toro (the “Series A Preferred Shares”), having a stated amount of $1,000 and a par value of $0.001 per share and (ii) the issuance of 40,000 Series B preferred shares of Toro, par value $0.001 per share, to Pelagos Holdings Corp, a company controlled by the Company’s Chairman, Chief Executive Officer and Chief Financial Officer. On the same day, the Company distributed all of Toro’s common shares outstanding to its holders of common shares of record at the close of business on February 22, 2023 at a ratio of one Toro common share for every ten Company common shares (such transactions collectively, the “Spin-Off”). The Spin-Off was concluded on March 7, 2023. Results of operations and cash flows of the Aframax/LR2 and Handysize tanker segments and assets and liabilities that were part of the Spin-Off are reported as discontinued operations for the six-month period ended June 30, 2023 (Note 3). Toro’s shares commenced trading on the same date on the Nasdaq Capital Market under the symbol “TORO”. As part of the Spin-Off, Toro entered into various agreements effecting the separation of Toro’s business from the Company, including a Contribution and Spin-Off Distribution Agreement, pursuant to which, among other things, (i) the Company agreed to indemnify Toro and its vessel-owning subsidiaries for any and all obligations and other liabilities arising from or relating to the operation, management or employment of vessels or subsidiaries the Company retained after the Distribution Date and Toro agreed to indemnify the Company for any and all obligations and other liabilities arising from or relating to the operation, management or employment of the vessels contributed to it or its vessel-owning subsidiaries, and (ii) Toro replaced the Company as guarantor under an $18.0 million term loan facility entered into by Alpha Bank S.A. and two of the Company’s former tanker-owning subsidiaries on April 27, 2021. The Contribution and Spin-Off Distribution Agreement also provided for the settlement or extinguishment of certain liabilities and other obligations between the Company and Toro and provides the Company with certain registration rights relating to Toro’s common shares, if any, issued upon conversion of the Toro Series A Preferred Shares issued to the Company in connection with the Spin-Off.

F-6
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
1.
Basis of Presentation and General information (continued):

With effect from July 1, 2022, Castor Ships S.A., a corporation incorporated under the laws of the Republic of the Marshall Islands (“Castor Ships”), a related party controlled by the Company’s Chairman, Chief Executive Officer and Chief Financial Officer, Petros Panagiotidis, manages the Company’s business overall. Prior to this date, Castor Ships provided only commercial ship management and administrative services to the Company (see also Note 4).

Pavimar S.A. (“Pavimar”), a related party controlled by Ismini Panagiotidis, the sister of the Company’s Chairman, Chief Executive Officer, Chief Financial Officer and controlling shareholder, Petros Panagiotidis, provided technical, crew and operational management services to the Company through the first half of 2022. With effect from July 1, 2022, Pavimar co-manages with Castor Ships the technical management of the Company’s dry bulk vessels.

As of June 30, 2024, the Company owned a diversified fleet of 10 vessels, with a combined carrying capacity of 0.7 million dwt, consisting of three Kamsarmax and five Panamax dry bulk vessels, as well as two 2,700 TEU containerships. Details of the Company’s wholly owned subsidiaries as of June 30, 2024, are listed below.

(a) Consolidated vessel owning subsidiaries:

 
Company
Country of
incorporation
Vessel Name
DWT
Year
Built
Delivery date
to Castor
1
Spetses Shipping Co. (“Spetses”)
Marshall Islands
M/V Magic P
76,453
2004
February 2017
2
Liono Shipping Co. (“Liono”)
Marshall Islands
M/V Magic Thunder
83,375
2011
April 2021
3
Mulan Shipping Co. (“Mulan”)
Marshall Islands
M/V Magic Starlight
81,048
2015
May 2021
4
Cinderella Shipping Co. (“Cinderella”)
Marshall Islands
M/V Magic Eclipse
74,940
2011
June 2021
5
Mickey Shipping Co. (“Mickey”)
 Marshall Islands M/V Magic Callisto 74,930 2012 January 2022
6
Songoku Shipping Co. (“Songoku”)
 Marshall Islands M/V Magic Pluto 74,940 2013 August 2021
7
Asterix Shipping Co. (“Asterix”)
 Marshall Islands M/V Magic Perseus 82,158 2013 August 2021
8
Johnny Bravo Shipping Co. (“Johnny Bravo”)
 Marshall Islands
 M/V Magic Mars
76,822
 2014 September 2021
9
 		Jerry Shipping Co. (“Jerry S”)
 		Marshall Islands M/V Ariana A 38,117 2005 November 2022
10
Tom Shipping Co. (“Tom S”)
 Marshall Islands M/V Gabriela A 38,121 2005 November 2022

(b) Consolidated subsidiaries formed to acquire vessels:

 
Company
Country of incorporation
1
Containco Shipping Inc.
Marshall Islands

F-7
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
1.
 Basis of Presentation and General information (continued):

(c) Consolidated non-vessel owning subsidiaries:

 
Company
Country of incorporation
1
Castor Maritime SCR Corp. (“Castor SCR”) (1)
Marshall Islands
2
 Indigo Global Corp. (2)
 Marshall Islands
3
Bagheera Shipping Co. (“Bagheera”) (3)
Marshall Islands
4
 Luffy Shipping Co. (“Luffy”) (4)
Marshall Islands
5
Kabamaru Shipping Co. (“Kabamaru”) (5)
Marshall Islands
6
 Bistro Maritime Co. (“Bistro”) (6)
Marshall Islands
7
 Garfield Shipping Co. (“Garfield”) (7)
Marshall Islands
8
 Pikachu Shipping Co. (“Pikachu”) (8)
Marshall Islands
9
 Jumaru Shipping Co. (“Jumaru”) (9)
Marshall Islands
10
 Pumba Shipping Co. (“Pumba”) (10)
Marshall Islands
 11 Snoopy Shipping Co. (“Snoopy”) (11)
Marshall Islands
12
Super Mario Shipping Co. (“Super Mario”) (12)
Marshall Islands
13
Stewie Shipping Co. (“Stewie”) (13)
Marshall Islands
14
Pocahontas Shipping Co. (“Pocahontas”) (14)
Marshall Islands

(1)
Incorporated under the laws of the Marshall Islands on September 16, 2021, this entity serves as the Company’s subsidiaries’ cash manager with effect from November 1, 2021.

(2)
 Incorporated under the laws of the Marshall Islands on April 24, 2024 for trading purposes.

(3)
Bagheera Shipping Co. no longer owns any vessel following the sale of the M/V Magic Rainbow on March 13, 2023, and delivery of such vessel to an unaffiliated third-party on April 18, 2023.

(4)
 Luffy Shipping Co. no longer owns any vessel following the sale of the M/V Magic Twilight on June 2, 2023, and delivery of such vessel to an unaffiliated third-party on July 20, 2023.

(5)
 Kabamaru Shipping Co. no longer owns any vessel following the sale of the M/V Magic Argo on September 22, 2023, and delivery of such vessel to an unaffiliated third-party on December 14, 2023.

(6)
 Bistro Maritime Co. no longer owns any vessel following the sale of the M/V Magic Sun on October 6, 2023, and delivery of such vessel to an unaffiliated third-party on November 14, 2023.

(7)
 Garfield Shipping Co. no longer owns any vessel following the sale of the M/V Magic Phoenix on October 16, 2023, and delivery of such vessel to an unaffiliated third-party on November 27, 2023.

(8)
 Pikachu Shipping Co. no longer owns any vessel following the sale of the M/V Magic Moon on November 10, 2023, and delivery of such vessel to an unaffiliated third-party on January 16, 2024 (see also Note 7).

(9)
 Jumaru Shipping Co. no longer owns any vessel following the sale of the M/V Magic Nova on January 19, 2024, and delivery of such vessel to an entity beneficially owned by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer on March 11, 2024 (see also Note 7).

(10)
 Pumba Shipping Co. no longer owns any vessel following the sale of the M/V Magic Orion on December 7, 2023, and delivery of such vessel to an unaffiliated third-party on March 22, 2024 (see also Note 7).

(11)
 Snoopy Shipping Co. no longer owns any vessel following the sale of the M/V Magic Nebula on February 15, 2024, and delivery of such vessel to an entity affiliated with a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer on April 18, 2024 (see also Note 7).

(12)
 Super Mario Shipping Co. no longer owns any vessel following the sale of the M/V Magic Venus on December 21, 2023, and delivery of such vessel to an entity affiliated with a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer on May 10, 2024 (see also Note 7).

(13)
 Stewie Shipping Co. no longer owns any vessel following the sale of the M/V Magic Vela on May 1, 2024, and delivery of such vessel to an unaffiliated third-party on May 23, 2024 (see also Note 7).

(14)
 Pocahontas Shipping Co. no longer owns any vessel following the sale of the M/V Magic Horizon on January 19, 2024, and delivery of such vessel to an entity beneficially owned by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer on May 28, 2024 (see also Note 7).

F-8
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
1.
 Basis of Presentation and General information (continued):

(d) Entities comprising the discontinued operations as part of the Spin-Off:

 
Company
Country of
incorporation
Vessel Name
DWT
Year
Built
Delivery date
to Castor
1
Toro Corp. (15)
Marshall Islands
—
—
—
—
2
Toro RBX Corp. (“Toro RBX”) (16)
Marshall Islands
—
—
—
—
3
Rocket Shipping Co. (“Rocket”)
Marshall Islands
M/T Wonder Polaris
115,351
2005
March 2021
4
Gamora Shipping Co. (“Gamora”)
Marshall Islands
M/T Wonder Sirius
115,341
2005
March 2021
5
Starlord Shipping Co. (“Starlord”)
Marshall Islands
M/T Wonder Vega
106,062
2005
May 2021
6
Hawkeye Shipping Co. (“Hawkeye”)
Marshall Islands
M/T Wonder Avior
106,162
2004
May 2021
7
Vision Shipping Co. (“Vision”)
Marshall Islands
M/T Wonder Mimosa
36,718
2006
May 2021
8
Colossus Shipping Co. (“Colossus”)
Marshall Islands
M/T Wonder Musica
106,290
2004
June 2021
9
Xavier Shipping Co. (“Xavier”)
Marshall Islands
M/T Wonder Formosa
36,660
2006
June 2021
10
Drax Shipping Co. (“Drax”)
Marshall Islands
M/T Wonder Bellatrix
115,341
2006
December 2021
11
Elektra Shipping Co. (“Elektra”) (17)
Marshall Islands
—
—
—
—

(15)
Incorporated on July 29, 2022. At the Distribution Date, Toro served as the holding company to which the equity interests of the Aframax/LR2 and Handysize tanker owning subsidiaries and Elektra were contributed.

(16)
Incorporated under the laws of the Marshall Islands on October 3, 2022, to serve, with effect from the Distribution Date, as the cash manager of Toro and its subsidiaries.

(17)
Elektra no longer owns any vessel following the sale of the M/T Wonder Arcturus on May 9, 2022, and delivery of such vessel to an unaffiliated third-party on July 15, 2022.


The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information. They do not include all the information and notes required by U.S. GAAP for complete financial statements. Accordingly, these statements and the accompanying notes should be read in conjunction with the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2023, filed with the SEC on February 29, 2024 (the “2023 Annual Report”).

These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six-month period ended June 30, 2024, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2024.
 
2.
Significant Accounting Policies and Recent Accounting Pronouncements:

A discussion of the Company’s significant accounting policies can be found in the consolidated financial statements for the year ended December 31, 2023, included in the Company’s 2023 Annual Report. There have been no material changes to these policies in the six-month period ended June 30, 2024.

F-9
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
3.
Discontinued operations:

The Company’s discontinued operations relate to the operations of Toro, Elektra and the subsidiaries formerly comprising the Company’s Aframax/LR2 and Handysize tanker segments following completion of the Spin-Off on March 7, 2023. The Company has no continuing involvement in the Aframax/LR2 and Handysize tanker business as of and from March 7, 2023 (Note 1).

The components of the income from discontinued operations for the period January 1, 2023 through March 7, 2023 in the consolidated statements of comprehensive income consisted of the following:
 
   
January 1
through March 7,
  
   
2023
  
REVENUES:
      
Time charter revenues
    
914,000
  
Voyage charter revenues
    
7,930
  
Pool revenues
    
22,447,344
  
Total vessel revenues
    
23,369,274
  
 
        
EXPENSES:
        
Voyage expenses (including $294,831 to related party for the period January 1, 2023 through March 7, 2023)
    
(374,396
)
Vessel operating expenses
    
(3,769,132
)
Management fees to related parties
    
(507,000
)
Depreciation and amortization
    
(1,493,759
)
Recovery of provision for doubtful accounts
    
266,732
  
Total expenses
    
(5,877,555
)
 
        
Operating income
    
17,491,719
  
 
        
OTHER INCOME:
        
Interest and finance costs
    
(220,061
)
Interest income
    
253,165
  
Foreign exchange losses
    
(11,554
)
Total other income, net
    
21,550
  
 
        
Net income and comprehensive income from discontinued operations, before taxes
  
$
17,513,269
  
Income taxes
    
(173,937
)
Net income and comprehensive income from discontinued operations, net of taxes
  
$
17,339,332
  

F-10
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
4.
Transactions with Related Parties:

As of December 31, 2023, and June 30, 2024, balances with related parties consisted of the following:

 
  
December 31,
2023
    
June 30,
2024
  
Assets:
            
Due from Castor Ships (a) – current
   $ 2,283,209     $ 578,154  
Due from Castor Ships (a) – non-current
     4,504,340       3,275,020  
Due from Pavimar (b) – current
     3,366,959       984,068  
Investment in Toro (c) – non-current
     117,537,135       117,544,913  
 
                
Liabilities:
                
Due to Toro (d) – current
     541,666       555,556  
Due to other related parties (e)     —
      324,000
 

(a) Castor Ships:

Castor Ships has acted as the Company’s commercial ship manager since September 1, 2020. Details of the Company’s transactions with Castor Ships are discussed in Note 4(a) to the consolidated financial statements for the year ended December 31, 2023, included in the Company’s 2023 Annual Report.

As of June 30, 2024, in accordance with the provisions of the Amended Castor Ship Management Agreements (as defined in the 2023 Annual Report), Castor Ships (i) had subcontracted to a third-party ship management company the technical management of the Company’s containerships and (ii) was co-managing with Pavimar the Company’s dry bulk vessels. Castor Ships pays, at its own expense, the containership technical management company a fee for the services it has subcontracted to it, without any additional cost to the Company.

During the six months ended June 30, 2023, and the six months ended June 30, 2024, the Company’s subsidiaries were charged the following fees and commissions by Castor Ships: (i) management fees amounting to $1,270,425 and $1,191,892, respectively, (ii) charter hire commissions amounting to $655,431 and $463,672, respectively and (iii) sale and purchase commissions amounting to $126,000, and $1,112,000 respectively. Sale and purchase commissions were charged due to the sale of one Panamax vessel in 2023 and four Panamax vessels, two Kamsarmax vessels and one Capesize vessel in 2024, which are included in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income. Moreover, during the six months ended June 30, 2023, and the six months ended June 30, 2024 the flat management fees amounted to $1,500,000 and 1,599,000, respectively, and are included in ‘General and administrative expenses’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.

The Amended Castor Ship Management Agreements also provide for an advance funding equal to two months of vessel daily operating costs to be placed with Castor Ships as a working capital guarantee, refundable in case a vessel is no longer under Castor Ship’s management. As of December 31, 2023, such advances amounted to $4,504,340 and $1,740,931, and are presented in ‘Due from related parties, non-current’ and ‘Due from related parties, current’, in the accompanying consolidated balance sheet, respectively. The amount of $1,740,931 relates to the M/V Magic Venus, M/V Magic Orion, M/V Magic Moon which had been classified as held for sale (Note 7(b)), and the M/V Magic Sun, M/V Magic Phoenix and M/V Magic Argo, that were sold on November 14, 2023, November 27, 2023 and December 14, 2023, respectively. As of June 30, 2024, such advances amounted to $3,275,020, and are presented in ‘Due from related parties, non-current’, in the accompanying unaudited condensed consolidated balance sheet. In connection with the subcontracting services rendered by the third-party ship-management companies, as of December 31, 2023, and June 30, 2024, $605,688 and $2,127 were due from Castor Ships, respectively, which are presented in ‘Due from related parties, current’ in the accompanying unaudited condensed consolidated balance sheets.

F-11
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
4.
 Transactions with Related Parties (continued):

As of December 31, 2023 and June 30, 2024, net amounts of $43,689 and $653,917 were due from Castor Ships in relation to advances for operating expenses/drydock payments made by the Company to Castor Ships.

Further, as of December 31, 2023, and June 30, 2024, amounts of $107,099 and $77,890, respectively, were due to Castor Ships in connection with the services covered by the Amended Castor Ships Management Agreements. As a result, as of December 31, 2023 and June 30, 2024, net amounts of $2,283,209 and $578,154 were due from Castor Ships which are presented in ‘Due from related parties, current’, in the accompanying unaudited condensed consolidated balance sheets.

(b)  Pavimar:

With effect from July 1, 2022, pursuant to the terms of the Amended and Restated Master Management Agreement, Pavimar provides, as co-manager with Castor Ships, the dry-bulk vessel owning subsidiaries with a range of technical, crewing, insurance and operational services it provided prior to the Company’s entry into the Amended and Restated Management Agreement, in exchange for a daily management fee of $600 per vessel. Pavimar also performed the technical management of containerships as sub-manager for Castor Ships from their date of acquisition up to January 2023. During the six months ended June 30, 2023, and the six months ended June 30, 2024, management fees paid amounted to $2,345,400 and $1,294,800, respectively.

Pavimar had subcontracted the technical management of three and one of the Company’s dry bulk vessels to third-party ship-management companies as of December 31, 2023 and June 30, 2024, respectively. These third-party management companies provided technical management services to the respective vessels for a fixed annual fee which is paid by Pavimar at its own expense. In connection with the subcontracting services rendered by the third-party ship-management companies, the Company had, as of December 31, 2023, and June 30, 2024, aggregate working capital guarantee deposits due from Pavimar of $258,252 in both periods, which are presented in ‘Due from related parties, current’ in the accompanying unaudited condensed consolidated balance sheet. In addition, Pavimar and its subcontractor third-party managers make payments for operating expenses with funds paid from the Company to Pavimar. As of December 31, 2023, and June 30, 2024, net amounts of $3,302,157 and $821,366 were due from Pavimar, respectively, in relation to advance payments to Pavimar on behalf of the Company. Further, as of December 31, 2023, and June 30, 2024, amounts of $193,450 and $95,550 were due to Pavimar in connection with additional services covered by the technical management agreements. As a result, as of December 31, 2023, and June 30, 2024, net amounts of $3,366,959 and $984,068 were due from Pavimar, respectively, which are presented in ‘Due from related parties, current’, respectively, in the accompanying unaudited condensed consolidated balance sheets.

(c) Investment in related party:

As discussed in Note 1, as part of the Spin-Off Castor received 140,000 Series A Preferred Shares, having a stated amount of $1,000 and a par value of $0.001 per share. The Company is the holder of all of the issued and outstanding Series A Preferred Shares (Note 1). The Series A Preferred Shares do not have voting rights. The Series A Preferred Shares are convertible into common shares at the Company’s option commencing upon the third anniversary of the issue date until but excluding the seventh anniversary, at a conversion price equal to the lesser of (i) 150% of the VWAP of Toro common shares over the five consecutive trading day period commencing on the Distribution Date, and (ii) the VWAP of Toro common shares over the 10 consecutive trading day period expiring on the trading day immediately prior to the date of delivery of written notice of the conversion; provided, that, in no event shall the conversion price be less than $2.50.

As of December 31, 2023 and June 30, 2024, the aggregate value of investments in Toro amounted to $117,537,135 and $117,544,913, including $315,000 and $322,778 of accrued dividends, respectively and are separately presented as ‘Investment in related party’ in the accompanying unaudited condensed consolidated balance sheets. As of June 30, 2024, the Company did not identify any impairment or any observable prices for identical or similar investments of the same issuer.

F-12
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
4.
Transactions with Related Parties (continued):

Furthermore, Castor is entitled to receive cumulative cash dividends, at the annual rate of 1.00% on the stated amount of $1,000 per share, of the 140,000 Series A Preferred Shares, receivable quarterly in arrears on the 15th day of January, April, July and October in each year, subject to Toro’s Board of Directors approval. However, for each quarterly dividend period commencing on or after the reset date (the seventh anniversary of the issue date of the Series A Preferred Shares), the dividend rate will be the dividend rate in effect for the prior quarterly dividend period multiplied by a factor of 1.3; provided that the dividend rate will not exceed 20% per annum in respect of any quarterly dividend period. During the six month periods ended June 30, 2023 and 2024, dividend income derived from the Company’s investment in Toro amounted to $451,111 and $707,777, respectively, and is presented in ‘Dividend income from related party’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.

During the six months ended June 30, 2024, the Company received dividend of $700,000 from its investment in Toro.

Following the successful completion of the Spin-Off, as of June 30, 2023, Toro reimbursed Castor $2,667,044 for expenses related to the Spin-Off that have been incurred by Castor.

(d) Issuance of Series D Preferred shares to Toro:

On August 7, 2023, the Company issued 50,000 5.00% Series D fixed rate cumulative perpetual convertible preferred shares (the “Series D Preferred Shares”) to Toro in exchange for $50,000,000 in cash, as referenced in Note 10. The amounts of accrued dividend on the Series D Preferred Shares due to Toro as of December 31, 2023, and as of June 30, 2024 were $541,666 and $555,556 respectively, and are presented in ‘Due to related parties, current’ in the accompanying unaudited condensed consolidated balance sheets.

(e)  Vessel Disposals:

On December 21, 2023, the Company entered into an agreement with an entity affiliated with a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer for the sale of the M/V Magic Venus, for a gross sale price of $17.5 million. The vessel was delivered to its new owner on May 10, 2024.


On January 19, 2024, the Company entered into an agreement with an entity beneficially owned by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer for the sale of the M/V Magic Nova for a gross sale price of $16.1 million. The vessel was delivered to its new owners on March 11, 2024.

On January 19, 2024, the Company entered into an agreement with an entity beneficially owned by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer for the sale of the M/V Magic Horizon for a gross sale price of $15.8 million. The vessel was delivered to its new owners on May 28, 2024.

On February 15, 2024, the Company entered into an agreement with an entity affiliated with a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer for the sale of the M/V Magic Nebula for a gross sale price of $16.2 million. The vessel was delivered to its new owners on April 18, 2024. During the six months ended June 30, 2024, the Company has agreed to pay a brokerage commission of $324,000 on the sale of M/V Magic Nebula to a company related to the buyer of the vessel. Such amount was not paid as of June 30, 2024, and it is presented in ‘Due to related parties, current’ in the accompanying unaudited condensed consolidated balance sheets and is also included in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.

The terms of the sales of the M/V Magic Venus, M/V Magic Nova, M/V Magic Horizon and M/V Magic Nebula were each negotiated and approved by a special committee of the Company’s disinterested and independent directors.

F-13
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
5.
Deferred Charges, net:

The movement in deferred dry-docking costs, net in the accompanying consolidated balance sheets is as follows:

 
  
Dry-docking costs
  
Balance December 31, 2023
  
$
3,231,461
  
Adjustment to additions
    
(57,850
)
Amortization
    
(759,870
)
Disposals (Note 7(b))
     (758,372 )
Balance June 30, 2024
  
$
1,655,369
  

6.
Fair Value of Acquired Time Charters:

In connection with the acquisitions in October 2022 of the M/V Ariana A and the M/V Gabriela A with time charters attached, the Company recognized intangible assets of $897,436 and $2,019,608, respectively, representing the fair values of the favorable time charters attached to the vessels. The M/V Ariana A and M/V Gabriela A attached charters commenced upon the vessels’ deliveries, on November 23, 2022, and November 30, 2022, respectively. The M/V Ariana A attached charter was concluded within the first quarter of 2023 and the respective intangible asset was fully amortized during that period. The charter attached to the M/V Gabriela A was concluded within the first quarter of 2024 and the respective intangible asset was fully amortized during that period.

For the six months ended June 30, 2023 and 2024, the amortization of the acquired time charters related to the above acquisitions amounted to $1,429,137 and $265,173, respectively, and is included in ‘Time Charter Revenues’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.

7.
Vessels, net/Assets held for sale:

(a) Vessels, net: The amounts in the accompanying unaudited condensed consolidated balance sheets are analyzed as follows:

   
Vessel Cost
    
Accumulated depreciation
    
Net Book Value
  
Balance December 31, 2023
    
262,066,353
      
(32,529,357
)
    
229,536,996
  
— Acquisitions, improvements, and other vessel costs
    26,494       —
       26,494  
— Vessel disposals
     (57,997,284 )     8,420,635       (49,576,649 )
— Period depreciation
     —      
(6,627,985
)
    
(6,627,985
)
Balance June 30, 2024
    
204,095,563
      
(30,736,707
)
    
173,358,856
  

(b) Disposal of vessels / Assets held for sale

On November 10, 2023, the Company entered into an agreement with an unaffiliated third party for the sale of the M/V Magic Moon for a gross sale price of $11.8 million. The M/V Magic Moon was delivered to its new owner on January 16, 2024. In connection with this sale, the Company recognized during the first quarter of 2024 a net gain of $2.4 million which is separately presented in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.

F-14
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
7.
Vessels, net/Assets held for sale (continued):


On December 7, 2023, the Company entered into an agreement with an unaffiliated third party for the sale of the M/V Magic Orion for a gross sale price of $17.4 million. The M/V Magic Orion was delivered to its new owner on March 22, 2024. In connection with this sale, the Company recognized during the first quarter of 2024 a net gain of $1.4 million which is separately presented in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.



On December 21, 2023, the Company entered into an agreement with an entity affiliated with a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer for the sale of the M/V Magic Venus (Note 4), for a gross sale price of $17.5 million. The M/V Magic Venus was delivered to its new owner on May 10, 2024. In connection with this sale, the Company recognized during the second quarter of 2024 a net gain of $3.2 million which is separately presented in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.



On January 19, 2024, the Company entered into an agreement with an entity beneficially owned by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer for the sale of the M/V Magic Nova for a gross sale price of $16.1 million. The M/V Magic Nova was delivered to its new owner on March 11, 2024. In connection with this sale, the Company recognized during the first quarter of 2024 a net gain of $4.1 million which is separately presented in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.



On January 19, 2024, the Company entered into an agreement with an entity beneficially owned by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer, for the sale of the M/V Magic Horizon for a gross sale price of $15.8 million. The M/V Magic Horizon was delivered to its new owner on May 28, 2024. In connection with this sale, the Company recognized during the second quarter of 2024 a net gain of $4.4 million which is separately presented in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.



On February 15, 2024, the Company entered into an agreement with an entity affiliated with a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer, for the sale of the M/V Magic Nebula for a gross sale price of $16.2 million. The M/V Magic Nebula was delivered to its new owner on April 18, 2024. In connection with this sale, the Company recognized during the second quarter of 2024 a net gain of $1.8 million which is separately presented in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.



On May 1, 2024, the Company entered into an agreement with an unaffiliated third party for the sale of the M/V Magic Vela for a gross sale price of $16.4 million. The M/V Magic Vela was delivered to its new owner on May 23, 2024. In connection with this sale, the Company recognized during the second quarter of 2024 a net gain of $2.0 million which is separately presented in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.



The respective sales of the above vessels took place due to favorable offers in each case. The terms of each of the transactions on December 21, 2023, January 19, 2024 and February 15, 2024 were negotiated and approved by a special committee of the Company’s disinterested and independent directors.


   
Assets held for sale
  
Balance December 31, 2023
  
$
38,656,048
  
Asset’s disposal
     (38,656,048 )
Balance June 30, 2024
  
$
—
  

F-15
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
7.
Vessels, net/Assets held for sale (continued):

As of December 31, 2023, and June 30, 2024, net amounts of $38,656,048 and $0, respectively, are presented in ‘Assets held for sale’, in the accompanying unaudited condensed consolidated balance sheets.

As of June 30, 2024, 9 of the 10 vessels in the Company’s fleet, having an aggregate carrying value of $152.8 million, were first priority mortgaged as collateral to their loan facilities (Note 8).

Consistent with prior practices, the Company reviewed all its vessels for impairment, and none were found to be impaired at December 31, 2023 and June 30, 2024.

8.
Long-Term Debt:

The amount of long-term debt shown in the accompanying unaudited condensed consolidated balance sheet of June 30, 2024, is analyzed as follows:

 
       
  
Year/Period Ended
  
Loan facilities
Borrowers
  
December 31,
2023
    
June 30,
2024
  
$11.0 Million Term Loan Facility (a)
Spetses-Pikachu
  
$
4,600,000
    
$
1,809,130
  
$15.29 Million Term Loan Facility (b)
 Pocahontas-Jumaru
     10,109,000       —  
$40.75 Million Term Loan Facility (c)
 Liono-Snoopy-Cinderella
     23,055,000       14,312,613  
$55.00 Million Term Loan Facility (d)
 Mulan-Johnny Bravo-Songoku-Asterix-Stewie     32,040,000       12,099,000  
$22.5 Million Term Loan Facility (e)
 Tom-Jerry     16,800,000       15,000,000  
Total long-term debt
 
  
$
86,604,000
    
$
43,220,743
  
Less: Deferred financing costs
 
    
(808,215
)
    
(356,988
)
Total long-term debt, net of deferred finance costs
 
  
$
85,795,785
    
$
42,863,755
  
 
 
                
Presented:
 
                
Current portion of long-term debt
 
  
$
18,089,000
    
$
24,585,788
  
Less: Current portion of deferred finance costs
 
    
(409,705
)
    
(276,122
)
Current portion of long-term debt, net of deferred finance costs
 
  
$
17,679,295
    
$
24,309,666
  
                   
Debt related to assets held for sale
    $ 2,415,000     $ —  
Less: Current portion of deferred finance costs
      (8,352 )     —
Debt related to assets held for sale, net of deferred finance costs
    $ 2,406,648     $ —  
 
 
                
Non-Current portion of long-term debt
 
    
66,100,000
      
18,634,955
  
Less: Non-Current portion of deferred finance costs
 
    
(390,158
)
    
(80,866
)
Non-Current portion of long-term debt, net of deferred finance costs
 
  
$
65,709,842
    
$
18,554,089
  

F-16
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
8.
Long-Term Debt (continued):

Details of the Company’s senior secured credit facilities are discussed in Note 8 to the consolidated financial statements for the year ended December 31, 2023, included in the Company’s 2023 Annual Report, and are supplemented by the below new activities within the six-month period ended June 30, 2024.

a. $11.0 Million Term Loan Facility


On February 14, 2024, the Company entered into a first supplemental agreement with Alpha Bank S.A. (“Alpha Bank”), pursuant to which, with effect from April 3, 2023, SOFR replaced LIBOR as the reference rate under the Company’s $11.0 million term loan facility and the margin was increased by a percentage of 0.045%, which is the equivalent of the positive difference as of April 3, 2023 between USD LIBOR and SOFR for the first rollover period commencing April 3, 2023 selected upon application of SOFR methodology. Such percentage will apply over the tenor of the loan going forward regardless of future rollover periods.



On January 16, 2024, Alpha Bank entered into a deed of partial release, with respect to the M/V Magic Moon, releasing and discharging the underlying borrower and all securities created over the M/V Magic Moon in full after the settlement of the outstanding balance of $2.4 million pertaining to M/V Magic Moon’s tranche. The facility’s repayment schedule was adjusted accordingly.

b. $15.29 Million Term Loan Facility

On March 8, 2024, Hamburg Commercial Bank AG entered into a deed of partial release, with respect to the M/V Magic Nova, releasing and discharging the underlying borrower and all securities created over the M/V Magic Nova in full after the settlement of the outstanding balance of $4.9 million pertaining to M/V Magic Nova’s tranche. The facility’s repayment schedule was adjusted accordingly.


On May 28, 2024, Hamburg Commercial Bank AG entered into a deed of release, with respect to the M/V Magic Horizon, releasing and discharging the underlying borrower and all securities created over the M/V Magic Horizon in full after the settlement of the outstanding balance of $4.5 million pertaining to M/V Magic Horizon’s tranche. As of June 30, 2024, this loan facility has been fully repaid.



c. $40.75 Million Term Loan Facility



On April 18, 2024, Hamburg Commercial Bank AG entered into a deed of partial release, with respect to the M/V Magic Nebula, releasing and discharging the underlying borrower and all securities created over the M/V Magic Nebula in full, after the settlement of the outstanding balance of $7.0 million pertaining to M/V Magic Nebula’s tranche. The facility’s repayment schedule was adjusted accordingly.



d. $55.0 Million Term Loan Facility



On May 23, 2024, Deutsche Bank AG entered into a deed of partial release, with respect to the M/V Magic Vela, releasing and discharging the underlying borrower and all securities created over the M/V Magic Vela in full, after the settlement of the outstanding balance of $4.3 million pertaining to M/V Magic Vela’s tranche. On the same date, the Company voluntarily prepaid $12.2 million in aggregate with respect to the remaining tranches under this facility from the proceeds of the sale of M/V Magic Vela. Following the prepayments, the facility is repayable in 10 quarterly installments (installments 1 to 3 in the amount of $1,487,500, installments 4 to 9 in the amount of $1,139,000 and installment 10 in the amount of $802,500).

F-17
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
8.
Long-Term Debt (continued):


e. $22.5 Million Term Loan Facility



In connection with the $22.5 million senior secured term loan facility with Chailease International Financial Services (Singapore) Pte., Ltd, on July 16, 2024, the Company notified the lender that it would voluntarily prepay in total the outstanding amount of $14.6 million. Such amount is classified under ‘Current portion of long-term debt’ as of June 30, 2024. On August 7, 2024, the outstanding amount of the loan was fully prepaid, releasing and discharging the underlying borrowers and all securities created.



As of December 31, 2023 and June 30, 2024, the Company was in compliance with all financial covenants prescribed in its debt agreements.



Restricted cash as of December 31, 2023 and June 30, 2024, current and non-current, represent minimum liquidity deposits, retention deposits and cash balances in dry-dock reserve accounts required under certain of our loan facilities.

The annual principal payments for the Company’s outstanding debt arrangements as of June 30, 2024, required to be made after the balance sheet date, are as follows:

Twelve-month period ending June 30,
  
Amount
  
2025
  
$
24,585,788
  
2026
    
6,731,157
  
2027
    
11,903,798
  
Total long-term debt
  
$
43,220,743
  


The weighted average interest rate on the Company’s long-term debt for the years ended June 30, 2023 and 2024 was 8.3%, and 8.7% respectively.



Total interest incurred on long-term debt for the six months ended June 30, 2023 and 2024, amounted to $5.3 million and $3.1 million respectively, and is included in Interest and finance costs (Note 17) in the accompanying unaudited interim condensed consolidated statements of comprehensive income.

9.
Investment in equity securities



A summary of the movement in listed equity securities for the six month period ended June 30, 2024 is presented in the table below:


   
Equity securities
  
Balance December 31, 2023
  
$
77,089,100
  
Equity securities acquired
    
18,114,116
  
Proceeds from sale of equity securities
    (46,088,578 )
Gain on sale of equity securities
    3,788,132  
Realized foreign exchange loss
    (170,110 )
Unrealized gain on equity securities revalued at fair value at end of the period
    
11,237,706
  
Unrealized foreign exchange loss
     (29 )
Balance June 30, 2024
  
$
63,970,337
  

F-18
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
9.
Investment in equity securities (continued)



On June 30, 2023, the Company filed a Schedule 13G, reporting that it held 1,391,500 shares of common stock of Eagle Bulk Shipping Inc. (“Eagle”), representing 14.99% of the issued and outstanding shares of common stock of Eagle as of June 23, 2023. On December 11, 2023, Star Bulk Carriers Corp. (“Star Bulk”) and Eagle announced that they had entered into a definitive agreement to combine in an all-stock merger. On April 5, 2024 the merger terms were approved by the shareholders of Eagle and on April 9, 2024 the merger was completed. Under the terms of the merger agreement, each Eagle shareholder received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned.



In the six-month periods ended June 30, 2023 and 2024, the Company received dividends of $366,002 and $2,853,165, respectively, from its investments in listed equity securities.

10.
Equity Capital Structure:

Reverse Stock Split

On March 27, 2024, the Company effected a 1-for-10 reverse stock split of its common shares without any change in the number of authorized common shares. All share and per share amounts, as well as the number of warrant shares eligible for purchase under the Company’s effective warrant schemes in the accompanying unaudited interim consolidated financial statements have been retroactively adjusted to reflect the reverse stock split. As a result of the reverse stock split, the number of outstanding shares as of March 27, 2024, was decreased to 9,662,354 while the par value of the Company’s common shares remained unchanged to $0.001 per share.

As of June 30, 2024 the Company’s outstanding, (i) Class A warrants issued on June 26, 2020 were exercisable in the aggregate into 623 of our common shares, par value $0.001 per share, at an exercise price of $25.30 per warrant share and (ii) Common Share Purchase Warrants issued on April 7, 2021 (the “April 7 Warrants”) were exercisable in the aggregate into 25,000 of our common shares, par value $0.001 per share, at an exercise price of $55.30 per warrant share.

For a further description of the terms and rights of the Company’s capital stock and details of its equity transactions prior to January 1, 2024, please refer to Note 10 to the consolidated financial statements for the year ended December 31, 2023 included in the Company’s 2023 Annual Report.

Under the Company’s Articles of Incorporation, as amended, the Company’s authorized capital stock consists of 2,000,000,000 shares, par value $0.001 per share, of which 1,950,000,000 shares are designated as common shares and 50,000,000 shares are designated as preferred shares.

Nasdaq Minimum Bid Price Requirement

On April 20, 2023, the Company received a notification from the Nasdaq Stock Market (“Nasdaq”) that it was not in compliance with the minimum $1.00 per share bid price requirement for continued listing (the “Minimum Bid Price Requirement”) on the Nasdaq Capital Market and was provided with 180 calendar days to regain compliance with the Minimum Bid Price Requirement. On October 18, 2023, the Company received a notification letter from Nasdaq granting the Company an additional 180-day extension, until April 15, 2024 to regain compliance with the Minimum Bid Price Requirement (the “Second Compliance Period”).

On March 27, 2024, the Company effected a 1-for-10 reverse stock split of its common shares without any change in the number of authorized common shares. All share and per share amounts, as well as the number of warrant shares eligible for purchase under the Company’s effective warrant schemes in the accompanying unaudited interim consolidated financial statements have been retroactively adjusted to reflect the reverse stock split. As a result of the reverse stock split, the number of outstanding shares as of March 27, 2024, was decreased to 9,662,354 while the par value of the Company’s common shares remained unchanged to $0.001 per share.

F-19
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
10.
Equity Capital Structure (continued):

On April 11, 2024, the Company received a written confirmation from Nasdaq that it had regained compliance with the Minimum Bid Price Requirement.

Warrants tender offer

On April 22, 2024, the Company commenced a tender offer to purchase all of its outstanding April 7 Warrants at a price of $0.105 per warrant. The April 7 Warrants were exercisable in the aggregate into 1,033,077 of the Company’s common shares, par value $0.001 per share (the “Warrant Shares”), at an exercise price per warrant share of $55.30.  The number of Warrant Shares and the exercise price reflected adjustments as a result of the 1-for-10 reverse stock split discussed above. On May 31, 2024, the Company repurchased in the tender offer 10,080,770 Warrants, exercisable in the aggregate into 1,008,077 Common Shares for an aggregate cost of $1,058,481 excluding fees relating to the tender offer. Following the retirement and cancellation by the Company of the April 7 Warrants purchased pursuant to the tender offer, the April 7 Warrants that remain outstanding are exercisable in the aggregate into 25,000 Common Shares.

Mezzanine equity:

5.00% SERIES D CUMULATIVE PERPETUAL CONVERTIBLE PREFERRED SHARES

On August 7, 2023, the Company 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. Details of the Company’s Series D Preferred Shares are discussed in Note 10 to the Company’s consolidated financial statements for the year ended December 31, 2023, included in the 2023 Annual Report.

The Series D Preferred Shares are convertible, in whole or in part, at the holder’s option to common shares of Castor from the first anniversary of their issue date at the lower of (i) $7.00 per common share, 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 and was adjusted to $7.00 per common share on March 27, 2024 from $0.70 per common share following effectiveness of the 1-for-10 reverse stock split discussed herein. The minimum conversion price of the Series D Preferred Shares is $0.30 per common share.

The Company uses an effective interest rate of 6.12% over the expected life of the Series D Preferred Shares being nine years, which is the expected earliest redemption date. This is consistent with the interest method, taking into account the discount between the issuance price and liquidation preference and the stated dividends, including “step-up” amounts. The amount accreted in the six months ended June 30, 2024, was $249,515, and is presented as ‘Deemed dividend on Series D Preferred Shares’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.

As of June 30, 2024, the net value of Mezzanine Equity amounted to $49,799,004, including the amount of $249,515 of deemed dividend on the Series D Preferred Shares in the six months ended June 30, 2024, and is separately presented as ‘Mezzanine Equity’ in the accompanying unaudited condensed consolidated balance sheet. During the six months ended June 30, 2024, the Company paid to Toro a dividend amounting to $1,250,000 on the Series D Preferred Shares for the periods from October 15, 2023 to January 14, 2024 and from January 15, 2024 to April 14, 2024, and the accrued amount for the period from April 15, 2024 to June 30, 2024 (included in the dividend period ended July 14, 2024) amounted to $555,556.

F-20
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
11.
Financial Instruments and Fair Value Disclosures:

The principal financial assets of the Company consist of cash at banks, restricted cash, trade accounts receivable, accrued charter revenue, investments in listed equities, an investment in related party and amounts due from related party/(ies).  The principal financial liabilities of the Company consist of trade accounts payable, accrued liabilities, amounts due to related party/(ies) and long-term debt.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

Cash and cash equivalents, restricted cash, accounts receivable trade, net, amounts due from/to related party/(ies) and accounts payable: The carrying values reported in the accompanying unaudited condensed consolidated balance sheets for those financial instruments are reasonable estimates of their fair values due to their short-term maturity nature. Cash and cash equivalents and restricted cash, current are considered Level 1 items as they represent liquid assets with short term maturities. The carrying value approximates the fair market value for interest bearing cash classified as restricted cash, non-current and is considered Level 1 item of the fair value hierarchy.

Investment in listed equity securities: The carrying value reported in the accompanying unaudited condensed consolidated balance sheet for this financial instrument represents its fair value and is considered Level 1 item of the fair value hierarchy as it is determined though quoted prices in an active market.

Long-term debt:  The secured credit facilities discussed in Note 8, have a recorded value which is a reasonable estimate of their fair value due to their variable interest rate and are thus considered Level 2 items in accordance with the fair value hierarchy as SOFR rates are observable at commonly quoted intervals for the full terms of the loans.

Investment in related party: Investments in related party is initially measured at fair value which is deemed to be the cost and subsequently assessed for the existence of any observable market for the Series A Preferred Shares and any observable price changes for identical or similar investments and the existence of any indications for impairment. As per the Company’s assessment no such case was identified as at June 30, 2024.

Concentration of credit risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition.

12.
Commitments and Contingencies:

Various claims, lawsuits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed (except as disclosed under Note 12(b)), or for which a provision should be established in the accompanying unaudited interim condensed consolidated financial statements.

The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Company is covered for liabilities associated with the vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.
F-21
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
12.
Commitments and Contingencies (continued):

(a)   Commitments under long-term lease contracts

The following table sets forth the future minimum contracted lease payments to the Company (gross of charterers’ commissions), based on the Company’s vessels’ commitments to non-cancelable time charter contracts as of June 30, 2024. Non-cancelable time charter contracts include both fixed-rate time charters or charters linked to the Baltic Dry Index (“BDI”). For index linked contracts, contracted lease payments have been calculated using the BDI-linked rate as measured at the commencement date.

In addition, certain of the variable-rate contracts have the option at the Company’s option to convert to a fixed rate for a predetermined period, in such cases where lease payments have been converted to a fixed rate, the minimum contracted lease payments for this period are calculated using the agreed converted fixed rate. The calculation does not include any assumed off-hire days.

Twelve-month period ending June 30,
  
Amount
  
2025
   $
 17,035,221  
Total
  
$
17,035,221
  


(b)   Claims



Following the buyers’ failure to take delivery of the M/V Magic Moon, as discussed in Note 12 to the consolidated financial statements for the year ended December 31, 2023, included in the Company’s 2023 Annual Report, Pikachu Shipping Co. (the “sellers” or the “owners”), a wholly owned subsidiary of the Company, terminated the sale of the vessel under the Memorandum of Agreement, dated March 23, 2023, between the sellers and the buyers (the “MoA”). Notably, the MoA required that the buyers deposit 10% of the purchase price into an escrow account administered by the escrow agent as security for completion of the transaction according to the terms and conditions set forth in the MoA and the buyers deposited $1,395,000 into such account prior to their breach of the MoA (the “Deposit”). The owners accordingly initiated arbitration proceedings during September 2023 for the release of and remittance to the owners of the $1,395,000 deposit held in escrow based on the owners’ position that the buyers’ failure to take delivery of the M/V Magic Moon constituted a default under the MoA. All the submissions on behalf of the Company were prepared, reviewed and filed with the London arbitrator, who on April 28, 2024 issued and on May 1, 2024 delivered his arbitration award in favor of the owners, awarding them the return of the Deposit subject to no appeal being filed by the buyers within 28 days from the day of the issuance of the award. On May 28, 2024, the Company collected the amount of $1,411,356 (including the deposit amount of $1,395,000 and gross interest earned on the deposit), and following the provisions of ASC 450-30-25-1, has recorded this gain in its financial statements for the six month period ended June 30, 2024.


In addition, the M/V Magic Moon was arrested on August 17, 2023 by the buyers to secure a claim before the Korean courts for the amount of $1,395,000, equal to the amount of the Deposit, and the owners paid a counter-security of $1,395,000 for the purpose of lifting the arrest of the vessel. The owners have applied to the Korean courts to decide the issue of the return of the counter-security to them. The Company has included the $1,395,000 in ‘Prepaid expenses and other assets’ in the accompanying unaudited condensed consolidated balance sheets for the six month period ended June 30, 2024 incurred in connection with the cash deposit made in 2023 by the owners for the purpose of lifting the arrest of the M/V Magic Moon. While the Company is unable to provide any assurances as to the ultimate outcome of the case, it believes it will prevail in its request from the courts in Korea to award to the owners the return of the counter-security.



It is possible that from time to time in the ordinary course of business the Company may be involved in legal proceedings or investigations, which could have an adverse impact on its reputation, business and financial condition and divert the attention of management from the operation of the business. However, the Company believes that the current legal proceedings are not expected to have a material adverse effect on its business, financial position or results of operations.
F-22
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
13.
Earnings Per Common Share:

Diluted earnings per common share, if applicable, reflects the potential dilution that could occur if potentially dilutive instruments were exercised, resulting in the issuance of additional shares that would then share in the Company’s net income. For the six months ended June 30, 2024 and 2023, the effect of the warrants outstanding during that period and as of that date, would be antidilutive, hence they were excluded from the computation of diluted earnings per share. For the purpose of calculating diluted earnings per common share, the weighted average number of diluted shares outstanding includes the conversion of outstanding Series D Preferred Shares (Note 10) calculated with the “if converted” method by using the average closing market price over the reporting period from January 1, 2024 to June 30, 2024.

The components of the calculation of basic and diluted earnings per common share are as follows:

   
Six months ended
June 30,
    
Six months ended
June 30,
  
   
2023
    
2024
  
Net income and comprehensive income from continuing operations, net of taxes
  

1,676,753
    

45,185,357
  
Net income and comprehensive income from discontinued operations, net of taxes
    
17,339,332
      
—
  
Net income and comprehensive income
  
$
19,016,085
    
$
45,185,357
  
Less: Dividend on Series D Preferred Shares
    
—
      
(1,263,889
)
Less: Deemed dividend on Series D Preferred Shares
    
—
      
(249,515
)
Net income and comprehensive income available to common shareholders, basic
    
19,016,085
      
43,671,953
  
Dividend on Series D Preferred Shares
    
—
      
1,263,889
  
Deemed dividend on Series D Preferred Shares
    
—
      
249,515
  
Net income attributable to common shareholders, diluted
    
19,016,085
      
45,185,357
  
                 
Weighted average number of common shares outstanding, basic
    
9,478,437
      
9,662,354
  
Effect of dilutive shares
    
—
      
11,735,052
  
Weighted average number of common shares outstanding, diluted
    
9,478,437
      
21,397,406
  
                 
Earnings per common share, basic, continuing operations
  
$
0.18
    
$
4.52
  
Earnings per common share, diluted, continuing operations
  
$
0.18
    
$
2.11
  
Earnings per common share, basic, discontinued operations
  
$
1.83
    
$
—
  
Earnings per common share, diluted, discontinued operations
  
$
1.83
    
$
—
  
Earnings per common share, basic, Total
  
$
2.01
    
$
4.52
  
Earnings per common share, diluted, Total
  
$
2.01
    
$
2.11
  

F-23
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
14.
Total Vessel Revenues:

The following table includes the vessel revenues earned by the Company in each of the six-month periods ended June 30, 2023 and 2024, as presented in the accompanying unaudited interim condensed consolidated statements of comprehensive income:

 
  
Six months ended
June 30,
    
Six months ended
June 30,
  
 
  
2023
    
2024
  
Time charter revenues
    
49,747,081
      
36,669,776
  
Total Vessel revenues
  
$
49,747,081
    
$
36,669,776
  

During each of the six-month periods ended June 30, 2023 and 2024, the Company generated its revenues from time charters.

The Company typically enters into fixed rate or index-linked rate charters with an option to convert to fixed rate time charters ranging from one month to twelve months and in isolated cases on longer terms depending on market conditions. The charterer has the full discretion over the ports visited, shipping routes and vessel speed, subject to the owner protective restrictions discussed below. Time charter agreements may have extension options ranging from months, to sometimes, years. The time charter party generally provides, among others, typical warranties regarding the speed and the performance of the vessel as well as owner protective restrictions such that the vessel is sent only to safe ports by the charterer, subject always to compliance with applicable sanction laws and war risks, and carries only lawful and non-hazardous cargo.

From time to time, the Company’s dry bulk vessels are fixed on period charter contracts with the rate of daily hire linked to the average of the time charter routes comprising the respective indices for dry bulk vessels of the Baltic Exchange. Such contracts also carry an option for the Company to convert the index-linked rate to a fixed rate for a minimum period of six months and up to the maximum remaining duration of the charter contract, according to the average of the forward freight agreement curve of the respective Baltic index for the desired period, at the time of conversion. The index-linked contracts with conversion clause provide flexibility and allow the Company to either enjoy exposure in the spot market, when the rate is floating, or to secure foreseeable cash flow when the rate has been converted to fixed over a certain period.

15.
Vessel Operating Expenses and Voyage Expenses:

The amounts in the accompanying unaudited interim condensed consolidated statements of comprehensive income are analyzed as follows:

   
Six months ended
June 30,
    
Six months ended
June 30,
  
Vessel Operating Expenses
  
2023
    
2024
  
Crew & crew related costs
  

11,487,787
      
7,443,322
  
Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling
    
4,945,421
      
3,546,818
  
Lubricants
    
1,453,131
      
775,910
  
Insurances
    
1,823,010
      
1,198,818
  
Tonnage taxes
    
458,174
      
352,854
  
Other
    
1,509,004
      
1,339,929
  
Total Vessel operating expenses
  
$
21,676,527
    
$
14,657,651
  

F-24
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
15.
Vessel Operating Expenses and Voyage Expenses (continued):

   
Six months ended
June 30,
    
Six months ended
June 30,
  
Voyage expenses
  
2023
    
2024
  
Brokerage commissions
  

831,742
      
878,439
  
Brokerage commissions - related party
    
655,431
      
463,672
  
Port & other expenses
    
306,616
      
615,366
  
Bunkers consumption
    
640,672
      
177,317
  
Loss / (Gain) on bunkers
    
264,079
   
(122,020
)
Total Voyage expenses
  
$
2,698,540
    
$
2,012,774
  

16.
General and Administrative Expenses:

General and administrative expenses are analyzed as follows:

   
Six months ended
June 30,
    
Six months ended
June 30,
  
   
2023
    
2024
  
Non-executive directors’ compensation
  
$
36,000
    
$
63,000
  
Audit fees     140,065       130,653
  
Professional fees and other expenses
     1,129,011       1,594,418  
Administration fees-related party (Note 4(a))
     1,500,000       1,599,000
  
Total
  
$
2,805,076
    
$
3,387,071
  

17.
Interest and Finance Costs:

The amounts in the accompanying unaudited interim consolidated statements of comprehensive income are analyzed as follows:

   
Six months ended
June 30,
    
Six months ended
June 30,
  
   
2023
    
2024
  
Interest on long-term debt
  
$
5,318,880
    
$
3,058,877
  
Amortization and write-off of deferred finance charges
    
423,855
      
451,227
  
Other finance charges
    
374,906
      
494,590
  
Total
  
$
6,117,641
    
$
4,004,694
  

F-25
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
18.
Segment Information:


In late 2022, the Company acquired two containerships. As a result of the different characteristics of such containerships in relation to the Company’s other operating segments, the Company determined that, with effect from the fourth quarter of 2022, it operated in two reportable segments: (i) the dry bulk segment and (ii) the containership segment, each on a continued operations basis. The reportable segments reflect the internal organization of the Company and the way the chief operating decision maker reviews the operating results and allocates capital within the Company. In addition, the transport of dry cargo commodities, which are carried by dry bulk vessels, has different characteristics to the transport of containerized products, which are carried by containerships. Furthermore, the nature of trade, as well as the trading routes, charterers and cargo handling, is different in the containership segment and the dry-bulk segment.



The table below presents information about the Company’s reportable segments as of and for the six months ended June 30, 2023 and 2024. The accounting policies followed in the preparation of the reportable segments are the same as those followed in the preparation of the Company’s unaudited interim condensed consolidated financial statements. Segment results are evaluated based on income from operations.

   
Six months ended June 30,
    
Six months ended June 30,
  
   
2023
    
2024
  
   
Dry bulk
segment
    
Containership
segment
    
Total
    
Dry bulk
segment
    
Containership
segment
    
Total
  
Time charter revenues
  
$
42,979,593
    
$
6,767,488
    
$
49,747,081
    
$
30,244,797
    
$
6,424,979
    
$
36,669,776
  
Total vessel revenues
  
$
42,979,593
    
$
6,767,488
    
$
49,747,081
    
$
30,244,797
    
$
6,424,979
    
$
36,669,776
  
Voyage expenses (including charges from related party)
    
(2,339,460
)
    
(359,080
)
    
(2,698,540
)
    
(1,701,922
)
    
(310,852
)
    
(2,012,774
)
Vessel operating expenses
    
(18,754,397
)
    
(2,922,130
)
    
(21,676,527
)
    
(12,379,672
)
    
(2,277,979
)
    
(14,657,651
)
Management fees to related parties
    
(3,280,975
)
    
(334,850
)
    
(3,615,825
)
    
(2,127,788
)
    
(358,904
)
    
(2,486,692
)
Depreciation and amortization
    
(8,710,367
)
    
(2,591,180
)
    
(11,301,547
)
    
(4,630,403
)
    
(2,757,452
)
    
(7,387,855
)
Gain on sale of vessels
    
3,128,568
      
—
      
3,128,568
      
19,307,595
      
—
      
19,307,595
  
Gain from a claim
     —       —       —       1,411,356       —       1,411,356  
Segments operating income
  
$
13,022,962
    
$
560,248
    
$
13,583,210
    
$
30,123,963
    
$
719,792
    
$
30,843,755
  
Interest and finance costs
                    
(5,812,565
)
                    
(3,580,372
)
Interest income
                    
1,161,934
                      
1,950,245
  
Foreign exchange losses
                    
(66,035
)
                    
(10,599
)
Less: Unallocated corporate general and administrative expenses
                    
(2,805,076
)
                    
(3,387,071
)
Less: Corporate Interest and finance costs
                    
(305,076
)
                    
(424,322
)
Less: Corporate Interest income
                    
277,975
                      
1,376,609
  
Less: Corporate exchange losses
                    
(4,757
)
                    
(75,059
)
Dividend income on equity securities
                    
366,002
                      
2,853,165
  
Dividend income from related party
                    
451,111
                      
707,777
  
(Loss) / Gain on equity securities
                    
(5,104,791
)
                    
15,025,838
  
Net income and comprehensive income from continuing operations, before taxes
                  
$
1,741,932
                    
$
45,279,966
  
Net income and Comprehensive income from discontinued operations, before taxes
                    
17,513,269
                      
—
  
Net income and Comprehensive income, before taxes
                   $
19,255,201
                     $
45,279,966
  


F-26
CASTOR MARITIME INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in U.S. Dollars – except for share data unless otherwise stated)
18.
Segment Information (continued):


A reconciliation of total segment assets to total assets presented in the accompanying unaudited interim consolidated balance sheets of December 31, 2023 and June 30, 2024, is as follows:

   
As of
December 31,
2023
    
As of
June 30,
2024
  
Dry bulk segment
  
$
259,759,770
    
$
149,400,998
  
Containership segment
    
46,202,603
      
43,644,662
  
Cash and cash equivalents (1)
    
103,822,505
      
227,613,893
  
Prepaid expenses and other assets (1)
    
195,257,101
      
181,606,358
  
Total consolidated assets
  
$
605,041,979
    
$
602,265,911
  

(1) Refers to assets of other, non-vessel owning, entities included in the unaudited interim condensed consolidated financial statements.

19.
Subsequent Events:


 
(a)
Dividend on Series D Preferred Shares:  On July 15, 2024, the Company paid to Toro a dividend (declared on June 25, 2024) amounting to $625,000 on the Series D Preferred Shares for the dividend period from April 15, 2024 to July 14, 2024.


 
(b)
Vessel acquisition: On July 16, 2024, the Company entered into an agreement with an unaffiliated third party to acquire a secondhand 2015 Chinese-built Ultramax dry bulk carrier for a purchase price of $25.5 million. The vessel is expected to be delivered to the Company during the third quarter of 2024 and the delivery is subject to the satisfaction of certain customary closing conditions. The acquisition will be financed in its entirety with cash on hand.


 
(c)
Voluntary loan prepayment: On August 7, 2024, the Company prepaid in full the amount of $14.6 million remaining outstanding under the $22.5 million senior secured term loan facility with Chailease International Financial Services (Singapore) Pte., Ltd, secured against the Company’s two container vessels (Note 8).

F-27
Exhibit 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion of the financial condition and results of operations of Castor Maritime Inc. (“Castor”) for the six-month periods ended June 30, 2024, and June 30, 2023. Unless otherwise specified herein or the context otherwise requires, references to the “Company”, “we”, “our” and “us” or similar terms shall include Castor and its wholly owned subsidiaries. You should read the following discussion and analysis together with the unaudited interim condensed consolidated financial statements and related notes included elsewhere in this report. Amounts relating to percentage variations in period-on-period comparisons shown in this section are derived from those unaudited interim condensed consolidated financial statements. The following discussion contains forward-looking statements that reflect our future plans, estimates, beliefs and expected performance. These forward-looking statements are dependent upon events, risks and uncertainties that may be outside our control which could cause actual events or conditions to differ materially from those currently anticipated and expressed or implied by such forward-looking statements. For a more complete discussion of these risks and uncertainties, please read the sections entitled “Cautionary Statement Regarding Forward-Looking Statements” and “Item 3. Key Information – D. Risk Factors” in our Annual Report for the year ended December 31, 2023 (the “2023 Annual Report”), which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 29, 2024. For additional information relating to our management’s discussion and analysis of financial conditions and results of operations, please see our 2023 Annual Report. Unless otherwise defined herein, capitalized terms and expressions used herein have the same meanings ascribed to them in the 2023 Annual Report.

Business Overview and Fleet Information

We are a growth-oriented global shipping company that was incorporated in the Republic of the Marshall Islands in September 2017 for the purpose of acquiring, owning, chartering and operating oceangoing cargo vessels. We are a provider of worldwide seaborne transportation services for dry bulk and container cargoes.

We currently operate a fleet consisting of eight dry bulk carriers that engage in the worldwide transportation of commodities such as iron ore, coal, soybeans etc., with an aggregate cargo carrying capacity of 0.6 million dwt and an average age of 12.6 years and two containership vessels with an aggregate cargo carrying capacity of 0.1 million dwt and an average age of 18.9 years (together, our “Fleet”). The average age of our entire Fleet is 13.8 years as of August 8, 2024. Our management reviews and analyzes operating results for our business over two reportable segments, (i) the Dry Bulk Segment, and (ii) the Containership Segment.

Our dry bulk and containership fleets currently operate in the time charter market. Our commercial strategy primarily focuses on deploying our Fleet under a mix of period time charters and trip time charters according to our assessment of market conditions. Our aim is to periodically adjust the mix of these chartering arrangements to take advantage of the relatively stable cash flows and high utilization rates associated with period time charters or to profit from attractive spot charter rates in the trip charter market.

With effect from July 1, 2022, our vessels are technically and commercially managed by Castor Ships S.A. (“Castor Ships”). Castor Ships has opted, with effect from the same date, to technically co-manage our dry-bulk fleet with Pavimar S.A. (“Pavimar”), a related party controlled by Ismini Panagiotidis, the sister of our Chairman, Chief Executive Officer, Chief Financial Officer and controlling shareholder, Mr. Petros Panagiotidis, whereas the technical management of our containerships is currently subcontracted to one third-party ship management company.

1

The following table summarizes key information about our Fleet as of the date of this report:

Fleet vessels:

Dry Bulk Carriers(1)
Vessel Name
Vessel Type
  
DWT
    
Year
Built
  
Country of
Construction
  
Purchase Price
(in million)
  
Delivery
Date
Magic P
Panamax
    
76,453
      
2004
  
Japan
  
$
7.35
  
02/21/2017
Magic Thunder
Kamsarmax
    
83,375
      
2011
  
Japan
  
$
16.85
  
04/13/2021
Magic Eclipse
Panamax
    
74,940
      
2011
  
Japan
  
$
18.48
  
06/07/2021
Magic Starlight
Kamsarmax
    
81,048
      
2015
  
China
  
$
23.50
  
05/23/2021
Magic Perseus
Kamsarmax
    
82,158
      
2013
  
Japan
  
$
21.00
  
08/09/2021
Magic Pluto
Panamax
    
74,940
      
2013
  
Japan
  
$
19.06
  
08/06/2021
Magic Mars
Panamax
    
76,822
      
2014
  
Korea
  
$
20.40
  
09/20/2021
Magic Callisto
Panamax
    
74,930
      
2012
  
Japan
  
$
23.55
  
01/04/2022
Containerships
Ariana A
2,700 TEU capacity Containership
    
38,117
      
2005
  
Germany
  
$
25.00
  
11/23/2022
Gabriela A
2,700 TEU capacity Containership
    
38,121
      
2005
  
Germany
  
$
25.75
  
11/30/2022

(1)
On July 16, 2024, we entered into an agreement with an unaffiliated third party to acquire a secondhand 2015 Chinese-built Ultramax dry bulk carrier for a purchase price of $25.5 million. The vessel is expected to be delivered to us during the third quarter of 2024 and the delivery is subject to the satisfaction of certain customary closing conditions. The acquisition will be financed in its entirety with cash on hand.

We intend to continuously explore the market in order to identify further potential acquisition targets which will help us modernize our Fleet and develop our business. Our acquisition strategy has so far focused on secondhand dry bulk vessels and, recently, containerships, though we may acquire vessels in other sizes, age and/or sectors which we believe offer attractive investment opportunities, subject to the parameters set out in certain resolutions passed by our board of directors in connection with the spin-off of our former tanker vessel business completed on March 7, 2023 (the “Spin-Off”). We may also opportunistically dispose of vessels and may engage in such acquisitions and disposals at any time and from time to time.

2

Recent Developments

On April 20, 2023, we received a notification from the Nasdaq Stock Market (“Nasdaq”) that the Company was not in compliance with the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market and we were 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 the Nasdaq granting us an additional 180-day extension to April 15, 2024 to regain compliance with Nasdaq’s minimum bid price requirement. On March 27, 2024, we effected a 1-for-10 reverse stock split of our common shares for the purpose of regaining compliance with the Nasdaq minimum bid price requirement pursuant to the authority granted to our board of directors by our shareholders. As a result of the reverse stock split, the number of outstanding shares was decreased to 9,662,354 common shares as of March 27, 2024, while the par value of our common shares remained unchanged at $0.001 per share. On April 11, 2024, we received written confirmation from Nasdaq that we had regained compliance with the minimum bid price requirement.

All share and per share amounts, as well as warrant shares eligible for purchase under the Company’s effective warrant schemes have been retroactively adjusted to reflect the reverse stock split.

On April 22, 2024, we commenced a tender offer (the “Offer”) to purchase all of our outstanding Common Share Purchase Warrants issued on April 7, 2021 (the “Warrants”) at a price of $0.105 per Warrant. The purpose of the Offer was to reduce the number of shares that would become outstanding upon the exercise of the Warrants, thereby providing investors and potential investors with greater clarity as to our capital structure. The Warrants were exercisable in the aggregate into 1,033,077 of our common shares, par value $0.001 per share (the “Warrant Shares”), at an exercise price per Warrant Share of $55.30. The number of Warrant Shares and the exercise price reflected adjustments as a result of the 1-for-10 reverse stock split in March 2024. On May 31, 2024, we repurchased 10,080,770 Warrants, exercisable in the aggregate into 1,008,077 Common Shares for an aggregate cost of $1,058,481 excluding fees relating to the Offer. Following the retirement and cancellation of the Warrants purchased pursuant to the Offer, Warrants exercisable in the aggregate into 25,000 Common Shares remain outstanding.

Please refer to Note 19 to our unaudited interim condensed consolidated financial statements, included elsewhere herein, for other developments that took place after June 30, 2024.

Operating results

Important Measures and Definitions for Analyzing Results of Operations

Our management uses the following metrics to evaluate our operating results, including the operating results of our segments, and to allocate capital accordingly:

Total vessel revenues. Total vessel revenues are currently generated solely from time charters, though vessels have and may be employed under voyage charters in the future. Vessels operating on fixed time charters for a certain period provide more predictable cash flows over that period. Total vessel revenues are affected by the number of vessels in our fleet, hire rates and the number of days a vessel operates which, in turn, are affected by several factors, including the amount of time that we spend positioning our vessels, the amount of time that our vessels spend in dry dock undergoing repairs, maintenance and upgrade work, the age, condition and specifications of our vessels, and levels of supply and demand in the seaborne transportation market.

For further discussion of vessel revenues, please refer to Note 14 to our unaudited interim condensed consolidated financial statements included elsewhere in this report.

3

Voyage expenses. Our voyage expenses primarily consist of brokerage commissions paid in connection with the chartering of our vessels. Under a time charter, the charterer pays substantially all the vessel voyage related expenses. However, we may incur voyage related expenses from time to time, such as for bunkers, when positioning or repositioning vessels before or after the period of a time charter, during periods of commercial waiting time or while off-hire during dry docking or due to other unforeseen circumstances. Gain/loss on bunkers may also arise where the cost of the bunker fuel sold to the new charterer is greater or less than the cost of the bunker fuel acquired.

Operating expenses. We are responsible for vessel operating costs, which include crewing, expenses for repairs and maintenance, the cost of insurance, tonnage taxes, the cost of spares and consumable stores, lubricating oils costs, communication expenses, and other expenses. Expenses for repairs and maintenance tend to fluctuate from period to period because most repairs and maintenance typically occur during periodic dry-docking. Our ability to control our vessels’ operating expenses also affects our financial results.

Management fees. Management fees include fees paid to related parties providing certain ship management services to our fleet pursuant to the ship management agreements.

Off-hire. The period a vessel in our fleet is unable to perform the services for which it is required under a charter for reasons such as scheduled repairs, vessel upgrades, dry-dockings or special or intermediate surveys or other unforeseen events.

Dry-docking/Special Surveys. We periodically dry-dock and/or perform special surveys on our vessels for inspection, repairs and maintenance and any modifications required to comply with industry certification or governmental requirements. Our ability to control our dry-docking and special survey expenses and our ability to complete our scheduled dry-dockings and/or special surveys on time also affects our financial results. Dry-docking and special survey costs are accounted under the deferral method whereby the actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next survey is scheduled to become due.

Ownership Days. Ownership Days are the total number of calendar days in a period during which we owned a vessel. Ownership Days are an indicator of the size of our fleet over a period and determine both the level of revenues and expenses recorded during that specific period.

Available Days. 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. The shipping industry uses Available Days to measure the aggregate number of days in a period during which vessels are available to generate revenues. Our calculation of Available Days may not be comparable to that reported by other companies.

Operating Days. Operating Days are the Available Days in a period after subtracting unscheduled off-hire days and idle days.

Fleet Utilization. Fleet Utilization is calculated by dividing the Operating Days during a period by the number of Available Days during that period. Fleet Utilization is used to measure a company’s ability to efficiently find suitable employment for its vessels.

Daily Time Charter Equivalent Rate (“Daily TCE Rate”). See Appendix A for a description of the Daily TCE Rate.

4

Principal factors impacting our business, results of operations and financial condition

Our results of operations are affected by numerous factors. The principal factors that have impacted the business during the fiscal periods presented in the following discussion and analysis and that are likely to continue to impact our business are the following:


 -
The levels of demand and supply of seaborne cargoes and vessel tonnage in the shipping segments in which we operate;


-
The cyclical nature of the shipping industry in general and its impact on charter rates and vessel values;


-
The successful implementation of the Company’s business strategy, including our ability to obtain equity and debt financing at acceptable and attractive terms to fund future capital expenditures and/or to implement our business strategy;


-
The global economic growth outlook and trends, such as price inflation and/or volatility;


-
Economic, regulatory, political and governmental conditions that affect shipping and the dry bulk and container segments, including international conflict or war (or threatened war), such as between Russia and Ukraine and in the Middle East, and acts of piracy or maritime aggression, such as recent maritime incidents involving vessels in and around the Red Sea;


-
The employment and operation of our fleet including the utilization rates of our vessels;


-
Our ability to successfully employ our vessels at economically attractive rates and our strategic decisions regarding the employment mix of our fleet as our charters expire or are otherwise terminated;


-
Management of the financial, operating, general and administrative elements involved in the conduct of our business and ownership of our fleet, including the effective and efficient technical management of our fleet by our head and sub-managers, and their suppliers;


-
The number of customers who use our services and the performance of their obligations under their agreements, including their ability to make timely payments to us;


-
Our ability to maintain solid working relationships with our existing customers and our ability to increase the number of our charterers through the development of new working relationships;


-
The reputation and safety record of our manager and/or sub-managers for the management of our vessels;


-
Dry-docking and special survey costs and duration, both expected and unexpected;


-
The level of any distribution on all classes of our shares;


-
Our borrowing levels and the finance costs related to our outstanding debt as well as our compliance with our debt covenants;


-
Management of our financial resources, including banking relationships and of the relationships with our various stakeholders;


-
Major outbreaks of diseases and governmental responses thereto; and


-
The performance of the listed equity securities in which the Company currently has investments, which is subject to market risk and price volatility, and may adversely affect our results due to the realization of losses upon disposition of these investments or the recognition of significant unrealized losses during their holding period.

5

Employment and operation of our Fleet

Another factor that impacts our profitability is the employment and operation of our Fleet. The profitable employment of our Fleet is highly dependent on the levels of demand and supply in the shipping industries in which we operate, our commercial strategy including the decisions regarding the employment mix of our Fleet, as well as our managers’ ability to leverage our relationships with existing or potential customers. The effective operation of our Fleet mainly requires regular maintenance and repair, effective crew selection and training, ongoing supply of our Fleet with the spares and the stores that it requires, contingency response planning, auditing of our vessels’ onboard safety procedures, arrangements for our vessels’ insurance, chartering of the vessels, training of onboard and on-shore personnel with respect to the vessels’ security and security response plans (ISPS), obtaining of ISM certifications, compliance with environmental regulations and standards, and performing the necessary audit for the vessels within the six months of taking over a vessel and the ongoing performance monitoring of the vessels.

Financial, general and administrative management

The management of financial, general and administrative elements involved in the conduct of our business and ownership of our vessels requires us to manage our financial resources, which includes managing banking relationships, administrating our bank accounts, managing our accounting system, records and financial reporting, monitoring and ensuring compliance with the legal and regulatory requirements affecting our business and assets and managing our relationships with our service providers and customers.

See also “Item 3. Key Information—D. Risk Factors” in our 2023 Annual Report. Because many of the foregoing factors are beyond our control and certain of these factors have historically been volatile, past performance is not necessarily indicative of future performance and it is difficult to predict future performance with any degree of certainty.
Results of Operations

Following the completion of the Spin-Off, the historical results of operations and the financial position of Toro Corp. (“Toro”) and the Aframax/LR2 and Handysize segments for periods prior to the Spin-Off are presented as discontinued operations. For information on our discontinued operations, see Note 3 to the unaudited interim condensed consolidated financial statements.

6

Consolidated Results of Operations

Six months ended June 30, 2024, as compared to the six months ended June 30, 2023

(In U.S. Dollars, except for number of share data)
  
Six months ended
June 30, 2023
    
Six months ended
June 30, 2024
    
Change-
amount
    
Change %
  
Total vessel revenues
  
$
49,747,081
    
$
36,669,776
    
$
13,077,305
      
26.3
%
Expenses:
                                
Voyage expenses (including commissions to related party)
    
(2,698,540
)
    
(2,012,774
)
    
685,766
      
25.4
%
Vessel operating expenses
    
(21,676,527
)
    
(14,657,651
)
    
7,018,876
      
32.4
%
Management fees to related parties
    
(3,615,825
)
    
(2,486,692
)
    
1,129,133
      
31.2
%
Depreciation and amortization
    
(11,301,547
)
    
(7,387,855
)
    
3,913,692
      
34.6
%
General and administrative expenses (including costs from related party)
    
(2,805,076
)
    
(3,387,071
)
    
581,995
      
20.7
%
Gain on sale of vessels (including gain from related party)
    
3,128,568
      
19,307,595
      
16,179,027
      
517.1
%
Gain from a claim
    
—
      
1,411,356
      
1,411,356
      
100
%
Operating income
  
$
10,778,134
    
$
27,456,684
    
$
16,678,550
      
154.7
%
Interest and finance costs, net
    
(4,677,732
)
    
(677,840
)
    
3,999,892
      
85.5
%
Other (expenses) / income (1)
    
(4,358,470
)
    
18,501,122
      
22,859,592
      
524.5
%
Income taxes
    
(65,179
)
    
(94,609
)
    
29,430
      
45.2
%
Net income and comprehensive income from continuing operations, net of taxes
  
$
1,676,753
    
$
45,185,357
    
$
43,508,604
      
2594.8
%
Net income and comprehensive income from discontinued operations, net of taxes
  
$
17,339,332
    
$
—
    
$
17,339,332
      
100
%
Net income and comprehensive income
  
$
19,016,085
    
$
45,185,357
    
$
26,169,272
      
137.6
%

(1)
Includes aggregated amounts for foreign exchange losses, unrealized gains / (losses) from equity securities and other income, as applicable in each period.

Total vessel revenues – Total vessel revenues decreased to $36.7 million in the six months ended June 30, 2024 from $49.7 million in the same period of 2023. The decrease was driven by the decrease in our Available Days from 3,884 days in the six months ended June 30, 2023, to 2,517 days in the six months ended June 30, 2024, following the sale of the (i) M/V Magic Rainbow on April 18, 2023, (ii) M/V Magic Twilight on July 20, 2023, (iii) M/V Magic Sun on November 14, 2023, (iv) M/V Magic Phoenix on November 27, 2023, (v) M/V Magic Argo on December 14, 2023, (vi) M/V Magic Moon on January 16, 2024, (vii) M/V Magic Orion on March 22, 2024, (viii) M/V Magic Nova on March 11, 2024, (ix) M/V Magic Nebula on April 18, 2024, (x) M/V Magic Venus on May 10, 2024, (xi) M/V Magic Vela on May 23, 2024, and (xii) M/V Magic Horizon on May 28, 2024. This decrease was partially offset by the increase in the prevailing charter rates of our dry bulk vessels. During the six months ended June 30, 2024, our Fleet earned on average a Daily TCE Rate of $13,769, compared to an average Daily TCE Rate of $12,113 earned during the same period in 2023.  Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix A 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.

7

Voyage expenses – Voyage expenses decreased by $0.7 million, to $2.0 million in the six months ended June 30, 2024, from $2.7 million in the corresponding period of 2023. This decrease in voyage expenses is mainly associated with the decrease in the overall bunkers consumption of our Fleet.

Vessel operating expenses – The decrease in operating expenses by $7.0 million to $14.7 million in the six months ended June 30, 2024, from $21.7 million in the same period of 2023 mainly reflects the decrease in the Ownership Days of our Fleet to 2,517 days in the six months ended June 30, 2024, from 3,908 days in the same period in 2023.

Management fees – Management fees in the six months ended June 30, 2024, amounted to $2.5 million, whereas, in the same period of 2023, management fees totaled $3.6 million. This decrease in management fees is due to the decrease in the total number of Ownership Days following the sale of the dry bulk vessels mentioned above. This decrease was partially offset by the adjustment of management fees under the terms of the Amended and Restated Master Management Agreement effected on July 1, 2023, from $925 per vessel per day to $986 per vessel per day. On July 28, 2022, we entered into an amended and restated master management agreement with Castor Ships, with effect from July 1, 2022, (the “Amended and Restated Master Management Agreement”). Our vessel-owning subsidiaries each also entered into new ship management agreements with Castor Ships. For further details on our management arrangements, see “Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions— Management, Commercial and Administrative Services” in our 2023 Annual Report.

Depreciation and amortization – Depreciation and amortization expenses are comprised of vessels’ depreciation and the amortization of vessels’ capitalized dry-dock costs. Depreciation expenses decreased to $6.6 million in the six months ended June 30, 2024, from $10.3 million in the same period of 2023. The decrease by $3.7 million reflects the decrease in the Ownership Days of our Fleet following the sale of dry bulk vessels discussed above. Dry-dock and special survey amortization charges amounted to $0.8 million for the six months ended June 30, 2024, compared to a charge of $1.0 million in the respective period of 2023. This variation in dry-dock amortization charges primarily resulted from the decrease in aggregate amortization days to 688 days in the six months ended June 30, 2024, from 1,113 days in the six months ended June 30, 2023, mainly as a result of the sale of vessels mentioned above.

General and administrative expenses – The increase in General and administrative expenses by $0.6 million, to $3.4 million in the six months ended June 30, 2024, from $2.8 million in the same period of 2023 mainly reflects the increase in professional fees by $0.5 million and the increase in our administrative fees under the Amended and Restated Master Management Agreement by $0.1 million.

Gain on sale of vessels – On January 16, 2024, we concluded the sale of the M/V Magic Moon, sold pursuant to an agreement dated November 10, 2023, for cash consideration of $11.8 million. The sale resulted in net proceeds to the Company of $11.2 million and the Company recorded a net gain on the sale of $2.4 million. On March 11, 2024, we concluded the sale of the M/V Magic Nova, sold pursuant to an agreement dated January 19, 2024 for cash consideration of $16.1 million. The sale resulted in net proceeds to the Company of $15.9 million and the Company recorded a net gain on the sale of $4.1 million. On March 22, 2024, we concluded the sale of the M/V Magic Orion, sold pursuant to an agreement dated December 7, 2023 for cash consideration of $17.4 million. The sale resulted in net proceeds to the Company of $16.8 million and the Company recorded a net gain on the sale of $1.4 million. On April 18, 2024, we concluded the sale of the M/V Magic Nebula, sold pursuant to an agreement dated February 15, 2024 for cash consideration of $16.2 million. The sale resulted in net proceeds to the Company of $15.6 million and the Company recorded a net gain on the sale of $1.8 million. On May 10, 2024, we concluded the sale of the M/V Magic Venus, sold pursuant to an agreement dated December 21, 2023 for cash consideration of $17.5 million. The sale resulted in net proceeds to the Company of $17.2 million and the Company recorded a net gain on the sale of $3.2 million. On May 23, 2024, we concluded the sale of the M/V Magic Vela, sold pursuant to an agreement dated May 1, 2024 for cash consideration of $16.4 million. The sale resulted in net proceeds to the Company of $15.7 million and the Company recorded a net gain on the sale of $2.0 million. On May 28, 2024, we concluded the sale of the M/V Magic Horizon, sold pursuant to an agreement dated January 19, 2024 for cash consideration of $15.8 million. The sale resulted in net proceeds to the Company of $15.5 million and the Company recorded a net gain on the sale of $4.4 million. Please also refer to Note 7 to our unaudited interim condensed consolidated financial statements for the six months ended June 30, 2024.

8

Gain from a claim – On May 28, 2024, the Company collected the amount of $1,411,356 (including the deposit amount of $1,395,000 and gross interest earned on the deposit) in connection with a claim related to the M/V Magic Moon. Following the provisions of ASC 450-30-25-1, the Company has recorded this gain in its financial statements for the six month period ended June 30, 2024. Please also refer to Note 12 to our unaudited interim condensed consolidated financial statements for the six months ended June 30, 2024.

Interest and finance costs, net – The decrease by $4.0 million to $0.7 million in net interest and finance costs in the six months ended June 30, 2024, as compared with $4.7 million in the same period of 2023, is mainly due to the decrease in our weighted average indebtedness from $132.5 million in the six months ended June 30, 2023 to $69.2 million in the six months ended June 30, 2024 as well as an increase in interest we earned from time and cash deposits due to increased interest rates, as offset by an increase in the weighted average interest rate on our debt from 8.3% in the six months ended June 30, 2023, to 8.7% in the six months ended June 30, 2024.

Other (expenses) / income – Other income in the six months ended June 30, 2024 amounted to $18.5 million and mainly includes (i) a gain of $15.0 million from our investments in listed equity securities, (ii) dividend income on equity securities of $2.9 million and (iii) dividend income of $0.7 million from our investment in 140,000 1.00% Series A Fixed Rate Cumulative Perpetual Convertible Preferred Shares of Toro (the “Toro Series A Preferred Shares”). Other expenses in the six months ended June 30, 2023 amounted to $4.4 million, and mainly included (i) a loss of $5.1 million from our investments in listed equity securities, set off by (ii) dividend income on equity securities of $0.4 million and (iii) dividend income of $0.5 million from our investment in the Toro Series A Preferred Shares.

Segment Results of Operations

Six months ended June 30, 2024, as compared to the six months ended June 30, 2023 — Dry Bulk Segment

 (in U.S. Dollars)
  
Six months ended
June 30, 2023
    
Six months ended
June 30, 2024
    
Change-
amount
    
Change
%
  
Total vessel revenues
  
$
42,979,593
    
$
30,244,797
    
$
12,734,796
      
29.6
%
Expenses:
                                
Voyage expenses (including commissions to related party)
    
(2,339,460
)
    
(1,701,922
)
    
637,538
      
27.3
%
Vessel operating expenses
    
(18,754,397
)
    
(12,379,672
)
    
6,374,725
      
34.0
%
Management fees to related parties
    
(3,280,975
)
    
(2,127,788
)
    
1,153,187
      
35.1
%
Depreciation and amortization
    
(8,710,367
)
    
(4,630,403
)
    
4,079,964
      
46.8
%
Gain on sale of vessels
    
3,128,568
      
19,307,595
      
16,179,027
      
517.1
%
Gain from a claim
    
—
      
1,411,356
      
1,411,356
      
100.0
%
Segment operating income(1)
  
$
13,022,962
    
$
30,123,963
    
$
17,101,001
      
131.3
%

(1)
Does not include corporate general and administrative expenses. See the discussion under “Consolidated Results of Operations” above.

9

Total vessel revenues – Total vessel revenues for our dry bulk fleet decreased to $30.2 million in the six months ended June 30, 2024 from $43.0 million in the same period of 2023. The decrease was driven by the decrease in our Available Days from 3,546 days in the six months ended June 30, 2023, to 2,153 days in the six months ended June 30, 2024, following the sale of the (i) M/V Magic Rainbow on April 18, 2023, (ii) M/V Magic Twilight on July 20, 2023, (iii) M/V Magic Sun on November 14, 2023, (iv) M/V Magic Phoenix on November 27, 2023, (v) M/V Magic Argo on December 14, 2023, (vi) M/V Magic Moon on January 16, 2024, and (vii) M/V Magic Orion on March 22, 2024, (viii) M/V Magic Nova on March 11, 2024, (ix) M/V Magic Nebula on April 18, 2024, (x) M/V Magic Venus on May 10, 2024, (xi) M/V Magic Vela on May 23, 2024, and (xii) M/V Magic Horizon on May 28, 2024. This decrease was partially offset by the increase in the prevailing charter rates of our dry bulk vessels. During the six months ended June 30, 2024, our dry bulk fleet earned on average a Daily TCE Rate of $13,257 compared to an average Daily TCE Rate of $11,461 earned during the same period in 2023. Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix A 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.

Voyage expenses – Voyage expenses decreased to $1.7 million in the six months ended June 30, 2024, from $2.3 million in the corresponding period of 2023. This decrease in voyage expenses is mainly associated with decreased bunkers consumption.

Vessel operating expenses – The decrease in operating expenses for our dry bulk fleet by $6.4 million, to $12.4 million in the six months ended June 30, 2024, from $18.8 million in the same period of 2023, mainly reflects the decrease in Ownership Days due to the sale of the vessels mentioned above.

Management fees – Management fees in the six months ended June 30, 2024, amounted to $2.1 million, whereas, in the same period of 2023, management fees totaled $3.3 million. This decrease in management fees is due to a decrease in the total number of Ownership Days following the sale of the dry bulk vessels mentioned above. This decrease was partially offset by the adjustment of management fees under the terms of the Amended and Restated Master Management Agreement effected on July 1, 2023, from $925 per vessel per day to $986 per vessel per day.

Depreciation and amortization – Depreciation expenses for our dry bulk fleet in the six months ended June 30, 2024 and 2023 amounted to $4.1 million and $7.7 million, respectively. The decrease reflects (i) the decrease in the Ownership Days of our dry bulk segment days to 2,153 days in the six months ended June 30, 2024, from 3,546 days in the same period in 2023, due to the sale of vessels described above and (ii) the effect of classifying those vessels as “held for sale” on the date of the agreements for sale, as depreciation was not recorded during the period in which these vessels were classified as held for sale. Dry-dock and special survey amortization charges decreased to $0.6 million in the six months ended June 30, 2024, from $1.0 million in the same period of 2023. This variation in dry-dock amortization charges primarily resulted from the decrease in aggregate amortization days to 506 days in the six months ended June 30, 2024, from 1,060 days in the six months ended June 30, 2023, mainly as a result of the sale of vessels mentioned above.

Gain on sale of vessels – Refer to discussion under ‘Consolidated Results of Operations- Gain on sale of vessels’ above for details on the sale of the M/V Magic Moon, M/V Magic Nova, M/V Magic Orion, M/V Magic Nebula, M/V Magic Venus, M/V Magic Vela and M/V Magic Horizon.

Gain from a claim – Refer to discussion under ‘Consolidated Results of Operations- Gain from a claim’.
10


Six months ended June 30, 2024, as compared to six months ended June 30, 2023 — Containership Segment

   
Six months ended
June 30, 2023
    
Six months ended
June 30, 2024
    
Change -
amount
    
Change
%
  
Total vessel revenues
  
$
6,767,488
    
$
6,424,979
    
$
342,509
      
5.1
%
Expenses:
                                
Voyage expenses (including commissions to related party)
    
(359,080
)
    
(310,852
)
    
48,228
      
13.4
%
Vessel operating expenses
    
(2,922,130
)
    
(2,277,979
)
    
644,151
      
22.0
%
Management fees to related parties
    
(334,850
)
    
(358,904
)
    
24,054
      
7.2
%
Depreciation and amortization
    
(2,591,180
)
    
(2,757,452
)
    
166,272
      
6.4
%
Segment operating income
  
$
560,248
    
$
719,792
    
$
159,544
      
28.5
%

Total vessel revenues – Total vessel revenues for our containership segment amounted to $6.4 million in the six months ended June 30, 2024, as compared to $6.8 million in the same period of 2023. This decrease was driven by the decrease in prevailing charter rates of our container vessels. During the six months ended June 30, 2024, our containerships earned an average Daily TCE Rate of $16,797 compared to an average Daily TCE Rate of $18,960 earned in the same period of 2023. Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix A 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. During the period in which we owned them, both of our containerships were engaged in period time charters.

Voyage expenses – Voyage expenses for our containership segment decreased by $0.1 million, to $0.3 million in the six months ended June 30, 2024, from $0.4 million and in the same period of 2023, reflecting decreased brokerage commissions due to the decrease in vessel revenues in the six months ended June 30, 2024 compared to the same period in 2023.

Vessel operating expenses – Operating expenses for our containership segment decreased to $2.3 million in the six months ended June 30, 2024, from $2.9 million in the same period of 2023, mainly reflecting the decrease in repairs, spares and maintenance costs of our containership vessels.

Management fees – Management fees for our containership segment amounted to $0.36 million and $0.33 million in the six months ended June 30, 2024, and in the same period of 2023, respectively, reflecting the adjustment of management fees under the terms of the Amended and Restated Master Management Agreement effective July 1, 2023.

Depreciation and amortization – Depreciation expenses for our containership segment amounted to $2.6 million in the six months ended June 30, 2024, and $2.5 million in the same period of 2023. Dry-dock amortization charges in the six months ended June 30, 2024, and the same period of 2023 amounted to $0.2 million and $0.1 million, respectively. The increase by $0.1 million relates to the M/V Ariana A, which underwent its dry-dock and special survey from mid-April 2023 up to early May 2023.

11

Liquidity and Capital Resources

We operate in a capital-intensive industry, and we expect to finance the purchase of additional vessels and other capital expenditures through a combination of proceeds from equity offerings, borrowings in debt transactions and cash generated from operations. Our liquidity requirements relate to servicing the principal and interest on our debt, funding capital expenditures and working capital (which includes maintaining the quality of our vessels and complying with international shipping standards and environmental laws and regulations) and maintaining cash reserves for the purpose of satisfying certain minimum liquidity restrictions contained in our credit facilities. In accordance with our business strategy, other liquidity needs may relate to funding potential investments in additional vessels or businesses and maintaining cash reserves to hedge against fluctuations in operating cash flows. Our funding and treasury activities are intended to maximize investment returns while maintaining appropriate liquidity.

As of June 30, 2024, and December 31, 2023, we held cash and cash equivalents of $230.1 million and $111.4 million (which excludes $6.2 million and $9.5 million of cash restricted in each period, under our debt agreements), respectively. Cash and cash equivalents are primarily held in U.S. dollars.

As of June 30, 2024, we had $43.2 million of gross indebtedness outstanding under our debt agreements, of which $24.6 million matures in the twelve-month period ending June 30, 2025. As of June 30, 2024, we were in compliance with all the financial and liquidity covenants contained in our debt agreements.

Working capital is equal to current assets minus current liabilities. As of June 30, 2024, we had a working capital surplus of $271.9 million as compared to a working capital surplus of $213.7 million as of December 31, 2023.

We believe that our current sources of funds and those that we anticipate to internally generate for a period of at least the next twelve months from June 30, 2024 will be sufficient to fund the operations of our Fleet, meet our working capital and capital expenditures requirements and service the principal and interest on our existing debt for that period.

Our medium- and long-term liquidity requirements relate to the funding of cash dividends on our Series D Preferred Shares, when declared, and expenditures relating to the operation and maintenance of our vessels. Sources of funding for our medium- and long-term liquidity requirements include cash flows from operations or new debt financing, if required.

As of June 30, 2024, we did not have any commitments for capital expenditures related to vessel acquisitions.

Our Borrowing Activities

Please refer to Note 8 to our unaudited interim condensed consolidated financial statements, included elsewhere herein, for information regarding our borrowing activities as of June 30, 2024.

12

Cash Flows

The following table summarizes our net cash flows provided by/(used in) operating, investing, and financing activities and our cash, cash equivalents and restricted cash for the six-month periods ended June 30, 2023, and 2024:

   
Six months ended June 30,
  
(in U.S. Dollars)
  
2023
    
2024
  
Net cash provided by operating activities from continuing operations
  
$
9,063,466
    
$
23,848,121
  
Net cash (used in) / provided by investing activities from continuing operations
    
(60,807,509
)
    
137,235,681
  
Net cash used in financing activities from continuing operations
    
(19,769,246
)
    
(45,691,738
)
Net cash provided by operating activities from discontinued operations
    
20,409,041
      
—
  
Net cash used in investing activities from discontinued operations
    
(153,861
)
    
—
  
Net cash used in financing activities from discontinued operations
    
(62,734,774
)
    
—
  
Cash, cash equivalents and restricted cash at beginning of period
    
152,307,420
      
120,901,147
  
Cash, cash equivalents and restricted cash at end of period
  
$
38,314,537
    
$
236,293,211
  

Operating Activities (from continuing operations):

For the six months ended June 30, 2024, net cash provided by operating activities of continuing operations amounted to $23.8 million, consisting of net income of $45.2 million, non-cash adjustments related to depreciation and amortization of $7.4 million, aggregate gain on sale of the vessels discussed above of $19.3 million, amortization and write off of deferred finance charges of $0.5 million, amortization of fair value of acquired charters of $0.3 million, straight line amortization of hire of $0.2 million, unrealized gain of $11.2 million from revaluing our investments in listed equity securities at period end market rates, a gain of $1.4 million from a claim, a realized gain on sale of equity securities of $3.6 million and a net decrease of $6.3 million in working capital, which is mainly the result of decreases in (i) trade receivables by $1.9 million, (ii) inventories by $0.6 million, (iii) due from/to related parties by $5.6 million, (iv) prepaid expenses and other assets by $1.1 million, (v) accounts payable by $1.3 million and (vi) deferred revenue by $1.0 million.

For the six-month period ended June 30, 2023, net cash provided by operating activities amounted to $9.1 million, consisting of net income of $1.7 million, non-cash adjustments related to depreciation and amortization of $11.3 million, gain on sale of the M/V Magic Rainbow of $3.1 million, amortization of deferred finance charges of $0.4 million, amortization of fair value of acquired charters of $1.4 million, unrealized loss of $5.1 million from revaluing our investments in listed equity securities at period end market rates, payments related to dry-docking costs of $1.3 million  and a net increase of $6.4 million in working capital, which mainly derived from (i) decrease in accounts payable by $3.8 million, (ii) decrease in accrued liabilities by $0.8 million and (iii) increase in due from/to related parties by $2.8 million.

Investing Activities (from continuing operations):

For the six months ended June 30, 2024, net cash provided by investing activities amounted to $137.2 million mainly reflecting the net cash inflow of $107.9 million of net proceeds from the sale of the vessels discussed above, inflows of $28.0 million associated with the purchase and sale of equity securities and inflows of $1.4 million of proceeds from a claim associated with an unsuccessful sale of M/V Magic Moon. Please also refer to Notes 4, 7, 9, and 12 to our unaudited interim condensed consolidated financial statements included elsewhere in this report for a more detailed discussion.

For the six-months ended June 30, 2023, net cash used in investing activities amounted to $60.8 million mainly reflecting the cash outflows of $72.0 million associated with the purchase and sale of equity securities, and $0.2 million used for other capital expenditures relating to our fleet, offset by the net proceeds from the sale of the M/V Magic Rainbow of $11.4 million.

13

Financing Activities (from continuing operations):

For the six months ended June 30, 2024, net cash used in financing activities amounted to $45.7 million, mainly relating to (i) $43.4 million of period scheduled principal repayments under our existing secured credit facilities and early prepayments due to sale of vessels, (ii) $1.2 million of dividends paid relating to Series D Preferred Shares and (iii) $1.1 million for the repurchase of warrants. Please also refer to Notes 4, 8 and 10 to our unaudited interim consolidated financial statements included elsewhere in this report for a more detailed discussion.

For the six months ended June 30, 2023, net cash used in financing activities amounted to $19.8 million, mainly relating to $23.1 million of period scheduled principal repayments under our existing secured credit facilities and early prepayments due to the sale of vessels, as offset by (i) $2.7 million cash reimbursement from Toro relating to the Spin-Off expenses from the Company incurred by us on Toro’s behalf during 2022 and up to the completion of the Spin-Off and (ii) $0.7 million of net proceeds under our at-the-market common share offering program dated May 23, 2023.

Critical Accounting Estimates

We prepare our financial statements in accordance with accounting principles generally accepted in the United States, or U.S. GAAP. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our consolidated financial statements are presented fairly and in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material. For more details on our Critical Accounting Estimates, please read “Item 5. Operating and Financial Review and Prospects—E. Critical Accounting Estimates” in our 2023 Annual Report. For a description of our significant accounting policies, please read Note 2 to our unaudited interim condensed consolidated financial statements, included elsewhere in this report, “Item 18. Financial Statements” in our 2023 Annual Report and more precisely “Note 2. Significant Accounting Policies and Recent Accounting Pronouncements” of our consolidated financial statements included in our 2023 Annual Report.

APPENDIX A

Non-GAAP Financial Information

Daily 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 (i.e., it is a 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. 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 Fleet to Total vessel revenues for the periods presented (amounts in U.S. dollars, except for Available Days):

14

Reconciliation of Daily TCE Rate to Total vessel revenues — Continuing operations

   
Six-months ended
June 30,
    
Six-months ended
June 30,
  
   
2023
    
2024
  
Total vessel revenues
  
$
49,747,081
    
$
36,669,776
  
Voyage expenses -including commissions to related party
    
(2,698,540
)
    
(2,012,774
)
TCE revenues
  
$
47,048,541
    
$
34,657,002
  
Available Days
    
3,884
      
2,517
  
Daily TCE Rate
  
$
12,113
    
$
13,769
  

Reconciliation of Daily TCE Rate to Total vessel revenues — Dry Bulk Segment

   
Six-months ended
June 30,
    
Six-months ended
June 30,
  
   
2023
    
2024
  
Total vessel revenues
  
$
42,979,593
    
$
30,244,797
  
Voyage expenses - including commissions to related party
    
(2,339,460
)
    
(1,701,922
)
TCE revenues
  
$
40,640,133
    
$
28,542,875
  
Available Days
    
3,546
      
2,153
  
Daily TCE Rate
  
$
11,461
    
$
13,257
  

Reconciliation of Daily TCE Rate to Total vessel revenues — Containership Segment

   
Six-months ended
June 30,
    
Six-months ended
June 30,
  
   
2023
    
2024
  
Total vessel revenues
  
$
6,767,488
    
$
6,424,979
  
Voyage expenses - including commissions to related party
    
(359,080
)
    
(310,852
)
TCE revenues
  
$
6,408,408
    
$
6,114,127
  
Available Days
    
338
      
364
  
Daily TCE Rate
  
$
18,960
    
$
16,797
  

15
v3.24.2.u1
Document and Entity Information
 6 Months Ended
Jun. 30, 2024
Cover [Abstract]  
Document Type 6-K
Amendment Flag false
Document Period End Date Jun. 30, 2024
Current Fiscal Year End Date --12-31
Entity Registrant Name Castor Maritime Inc.
Entity Central Index Key 0001720161
v3.24.2.u1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2024
Dec. 31, 2023
CURRENT ASSETS:    
Cash and cash equivalents $ 230,137,481 $ 111,383,645
Restricted cash 1,790,730 2,327,502
Accounts receivable trade, net 977,147 2,914,899
Due from related parties $ 1,562,222 $ 5,650,168
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Inventories $ 784,846 $ 977,639
Prepaid expenses and other assets 2,667,140 3,277,873
Investment in equity securities 63,970,337 77,089,100
Assets held for sale 0 38,656,048
Accrued charter revenue 176,850 0
Total current assets 302,066,753 242,276,874
NON-CURRENT ASSETS:    
Vessels, net 173,358,856 229,536,996
Restricted cash 4,365,000 7,190,000
Due from related parties $ 3,275,020 $ 4,504,340
Other Receivable, after Allowance for Credit Loss, Noncurrent, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Prepaid expenses and other assets $ 0 $ 500,000
Deferred charges, net 1,655,369 3,231,461
Fair value of acquired time charters 0 265,173
Investment in related party 117,544,913 117,537,135
Total non-current assets 300,199,158 362,765,105
Total assets 602,265,911 605,041,979
CURRENT LIABILITIES:    
Current portion of long-term debt, net 24,309,666 17,679,295
Debt related to assets held for sale, net 0 2,406,648
Accounts payable 1,541,180 2,833,167
Deferred revenue 512,203 1,548,892
Accrued liabilities 2,876,489 3,592,728
Due to related parties $ 879,556 $ 541,666
Other Liability, Current, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Total current liabilities $ 30,119,094 $ 28,602,396
NON-CURRENT LIABILITIES:    
Long-term debt, net 18,554,089 65,709,842
Total non-current liabilities 18,554,089 65,709,842
Commitments and contingencies
MEZZANINE EQUITY:    
5.00% Series D fixed rate cumulative perpetual convertible preferred shares: 50,000 shares issued and outstanding as of December 31, 2023, and June 30, 2024, respectively, aggregate liquidation preference of $50,000,000 as of December 31, 2023 and June 30, 2024, respectively 49,799,004 49,549,489
SHAREHOLDERS' EQUITY:    
Common shares, $0.001 par value; 1,950,000,000 shares authorized; 9,662,354 issued and outstanding as of December 31, 2023 and June 30, 2024 9,662 9,662
Preferred shares, $0.001 par value: 50,000,000 shares authorized; Series B Preferred Shares - 12,000 shares issued and outstanding as of December 31, 2023, and June 30, 2024 12 12
Additional paid-in capital 265,389,338 266,447,819
Retained earnings 238,394,712 194,722,759
Total shareholders' equity 503,793,724 461,180,252
Total liabilities, mezzanine equity and shareholders' equity $ 602,265,911 $ 605,041,979
v3.24.2.u1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
SHAREHOLDERS' EQUITY:    
Common shares, par value (in dollars per share) $ 0.001 $ 0.001
Common shares, shares authorized (in shares) 1,950,000,000 1,950,000,000
Common shares, shares issued (in shares) 9,662,354 9,662,354
Common shares, shares outstanding (in shares) 9,662,354 9,662,354
Preferred shares, par value (in dollars per share) $ 0.001 $ 0.001
Preferred shares, shares authorized (in shares) 50,000,000 50,000,000
Series B Preferred Shares [Member]    
SHAREHOLDERS' EQUITY:    
Preferred shares, shares issued (in shares) 12,000 12,000
Preferred shares, shares outstanding (in shares) 12,000 12,000
Series D Preferred Stock [Member]    
MEZZANINE EQUITY:    
Preferred shares, dividend rate 5.00% 5.00%
Preferred shares, issued (in shares) 50,000 50,000
Preferred shares, outstanding (in shares) 50,000 50,000
Preferred shares, aggregate liquidation preference $ 50,000,000 $ 50,000,000
v3.24.2.u1
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
REVENUES:    
Time charter revenues $ 36,669,776 $ 49,747,081
Total vessel revenues 36,669,776 49,747,081
EXPENSES:    
Voyage expenses (including $655,431 and $463,672 to related party for the six months ended June 30, 2023, and 2024, respectively) (2,012,774) (2,698,540)
Vessel operating expenses (14,657,651) (21,676,527)
Management fees to related parties (2,486,692) (3,615,825)
Depreciation and amortization (7,387,855) (11,301,547)
General and administrative expenses (including $1,500,000, and $1,599,000 to related party for the six months ended June 30, 2023, and 2024, respectively) (3,387,071) (2,805,076)
Gain on sale of vessels 19,307,595 3,128,568
Gain from a claim 1,411,356 0
Total expenses, net (9,213,092) (38,968,947)
Operating income 27,456,684 10,778,134
OTHER INCOME/(EXPENSES):    
Interest and finance costs (4,004,694) (6,117,641)
Interest income 3,326,854 1,439,909
Foreign exchange losses (85,658) (70,792)
Dividend income on equity securities 2,853,165 366,002
Dividend income from related party 707,777 451,111
(Loss) / Gain on equity securities 15,025,838 (5,104,791)
Total other (expenses) / income, net 17,823,282 (9,036,202)
Net income and comprehensive income from continuing operations, before taxes 45,279,966 1,741,932
Income taxes (94,609) (65,179)
Net income and comprehensive income from continuing operations, net of taxes 45,185,357 1,676,753
Net income and comprehensive income from discontinued operations, net of taxes 0 17,339,332
Net income 45,185,357 19,016,085
Comprehensive income 45,185,357 19,016,085
Dividend on Series D Preferred Shares (1,263,889) 0
Net income attributable to common shareholders $ 43,671,953 $ 19,016,085
Earnings per common share, basic, continuing operations (in dollars per share) $ 4.52 $ 0.18
Earnings per common share, diluted, continuing operations (in dollars per share) 2.11 0.18
Earnings per common share, basic, discontinued operations (in dollars per share) 0 1.83
Earnings per common share, diluted, discontinued operations (in dollars per share) 0 1.83
Earnings per common share, basic, total (in dollars per share) 4.52 2.01
Earnings per common share, diluted, total (in dollars per share) $ 2.11 $ 2.01
Weighted average number of common shares, basic (in shares) 9,662,354 9,478,437
Weighted average number of common shares, diluted (in shares) 21,397,406 9,478,437
Series D Preferred Shares [Member]    
OTHER INCOME/(EXPENSES):    
Deemed dividend on Preferred Shares $ (249,515) $ 0
v3.24.2.u1
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
EXPENSES:    
Voyage expenses $ 2,012,774 $ 2,698,540
General and administrative expenses 3,387,071 2,805,076
Related Party [Member]    
EXPENSES:    
Voyage expenses 463,672 655,431
General and administrative expenses $ 1,599,000 $ 1,500,000
v3.24.2.u1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND MEZZANINE EQUITY - USD ($)
Common Shares [Member]
Preferred Shares [Member]
Series B Preferred Shares [Member]
Par Value of Shares Issued [Member]
Additional Paid-in Capital [Member]
Due from Shareholders [Member]
Retained Earnings [Member]
Total
Series D Preferred Shares [Member]
Balance at Dec. 31, 2022     $ 9,473 $ 303,743,302 $ 0 $ 157,742,285 $ 461,495,060  
Balance (in shares) at Dec. 31, 2022 9,460,976 12,000            
Increase (Decrease) in Shareholders' Equity [Roll Forward]                
Distribution of net assets of Toro Corp. to shareholders (Note 1)     0 (37,919,432) 0 0 (37,919,432)  
Issuance of common shares pursuant to the ATM Program (Note 10)     188 698,375 (38,475) 0 660,088  
Issuance of common shares pursuant to the ATM Program (Note 10) (in shares) 187,988 0            
Net income and comprehensive income     0 0 0 19,016,085 19,016,085  
Balance at Jun. 30, 2023     9,661 266,522,245 (38,475) 176,758,370 443,251,801  
Balance (in shares) at Jun. 30, 2023 9,648,964 12,000            
Balance at Dec. 31, 2023     9,674 266,447,819 0 194,722,759 461,180,252  
Balance (in shares) at Dec. 31, 2023 9,662,354 12,000            
Increase (Decrease) in Shareholders' Equity [Roll Forward]                
Dividend on Series D Preferred Shares     0 0 0 (1,263,889) (1,263,889)  
Deemed dividend on Preferred Shares     0 0 0 (249,515) (249,515)  
Warrants repurchase (Note 10)     0 (1,058,481) 0 0 (1,058,481)  
Net income and comprehensive income     0 0 0 45,185,357 45,185,357  
Balance at Jun. 30, 2024     $ 9,674 $ 265,389,338 $ 0 $ 238,394,712 503,793,724  
Balance (in shares) at Jun. 30, 2024 9,662,354 12,000            
Beginning balance at Dec. 31, 2023             49,549,489  
Beginning balance (in shares) at Dec. 31, 2023               50,000
Increase (Decrease) in Temporary Equity [Roll Forward]                
Deemed dividend on Series D Preferred Shares             249,515  
Ending balance at Jun. 30, 2024             $ 49,799,004 $ 49,799,004
Ending balance (in shares) at Jun. 30, 2024               50,000
v3.24.2.u1
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows provided by Operating Activities of Continuing Operations:    
Net income $ 45,185,357 $ 19,016,085
Less: Net income from discontinued operations, net of taxes 0 17,339,332
Net income from continuing operations, net of taxes 45,185,357 1,676,753
Adjustments to reconcile net income from Continuing operations to net cash provided by Operating Activities:    
Depreciation and amortization 7,387,855 11,301,547
Amortization and write-off of deferred finance charges 451,227 423,855
Amortization of fair value of acquired time charters 265,173 1,429,137
Gain on sale of vessels (19,307,595) (3,128,568)
Straight line amortization of hire (176,850) 0
Unrealized loss / (gain) on equity securities (11,237,677) 5,107,427
Realized gain on sale of equity securities (3,618,022) (2,636)
Gain from a claim (1,411,356) 0
Changes in operating assets and liabilities:    
Accounts receivable trade, net 1,937,752 1,151,337
Inventories 615,101 (149,269)
Due from/to related parties 5,633,489 (2,823,618)
Prepaid expenses and other assets 1,110,733 1,029,338
Other deferred charges 0 51,138
Accounts payable (1,291,988) (3,819,388)
Accrued liabilities (658,389) (793,036)
Deferred revenue (1,036,689) (1,093,999)
Dry-dock costs paid 0 (1,296,552)
Net Cash provided by Operating Activities from Continuing Operations 23,848,121 9,063,466
Cash flow (used in)/provided by Investing Activities of Continuing Operations:    
Vessel acquisitions and other vessel improvements (26,494) (204,763)
Proceeds from a claim 1,411,356 0
Net proceeds from sale of vessels 107,876,357 11,349,705
Purchase of equity securities (18,114,116) (72,211,450)
Proceeds from sale of equity securities 46,088,578 258,999
Net cash (used in) / provided by Investing Activities from Continuing Operations 137,235,681 (60,807,509)
Cash flows used in Financing Activities of Continuing Operations:    
Gross proceeds from issuance of common shares 0 785,804
Common share issuance expenses 0 (65,716)
Repurchase of warrants (1,058,481) 0
Dividends paid on Series D Preferred Shares (1,250,000) 0
Repayment of long-term debt (43,383,257) (23,131,200)
Payment of deferred financing costs 0 (25,178)
Proceeds received from Toro Corp. related to Spin-Off 0 2,667,044
Net cash used in Financing Activities from continuing operations (45,691,738) (19,769,246)
Cash flows of discontinued operations:    
Net cash provided by Operating Activities from discontinued operations 0 20,409,041
Net cash used in Investing Activities from discontinued operations 0 (153,861)
Net cash used in Financing Activities from discontinued operations 0 (62,734,774)
Net cash used in discontinued operations 0 (42,479,594)
Net (decrease)/increase in cash, cash equivalents, and restricted cash 115,392,064 (113,992,883)
Cash, cash equivalents and restricted cash at the beginning of the period 120,901,147 152,307,420
Cash, cash equivalents and restricted cash at the end of the period 236,293,211 38,314,537
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 230,137,481 28,574,177
Restricted cash, current 1,790,730 2,445,360
Restricted cash, non-current 4,365,000 7,295,000
Cash, cash equivalents and restricted cash at the end of the period $ 236,293,211 $ 38,314,537
v3.24.2.u1
Basis of Presentation and General information
 6 Months Ended
Jun. 30, 2024
Basis of Presentation and General information [Abstract]  
Basis of Presentation and General information
1.
Basis of Presentation and General information:

Castor Maritime Inc. (“Castor”) was incorporated in September 2017 under the laws of the Republic of the Marshall Islands. The accompanying unaudited interim condensed consolidated financial statements include the accounts of Castor and its wholly owned subsidiaries (collectively, the “Company”). The Company is engaged in the worldwide transportation of ocean-going cargoes through its vessel-owning subsidiaries. On December 21, 2018, Castor’s common shares, par value $0.001 (the “common shares”) began trading on the Euronext NOTC, under the symbol “CASTOR” and, on February 11, 2019, they began trading on the Nasdaq Capital Market, or Nasdaq, under the symbol “CTRM”. As of June 30, 2024, Castor was controlled by Thalassa Investment Co. S.A. (“Thalassa”) by virtue of its ownership of 100% of the Series B preferred shares of Castor and, as a result, Thalassa controlled the outcome of matters on which shareholders are entitled to vote. Thalassa is controlled by Petros Panagiotidis, the Company’s Chairman, Chief Executive Officer and Chief Financial Officer.

On March 27, 2024, the Company effected a 1-for-10 reverse stock split on its issued and outstanding common shares (Note 10). All share and per share amounts disclosed in the accompanying unaudited interim condensed consolidated financial statements give effect to this reverse stock split retroactively for the periods presented.

On March 7, 2023 (the “Distribution Date”), the Company contributed the subsidiaries constituting the Company’s Aframax/LR2 and Handysize tanker segments and Elektra (as defined below) to the Company’s wholly owned subsidiary, Toro Corp. (“Toro”), in exchange for (i) the issuance by Toro to Castor of all 9,461,009 of Toro’s issued and outstanding common shares, and 140,000 1.00% Series A fixed rate cumulative perpetual convertible preferred shares of Toro (the “Series A Preferred Shares”), having a stated amount of $1,000 and a par value of $0.001 per share and (ii) the issuance of 40,000 Series B preferred shares of Toro, par value $0.001 per share, to Pelagos Holdings Corp, a company controlled by the Company’s Chairman, Chief Executive Officer and Chief Financial Officer. On the same day, the Company distributed all of Toro’s common shares outstanding to its holders of common shares of record at the close of business on February 22, 2023 at a ratio of one Toro common share for every ten Company common shares (such transactions collectively, the “Spin-Off”). The Spin-Off was concluded on March 7, 2023. Results of operations and cash flows of the Aframax/LR2 and Handysize tanker segments and assets and liabilities that were part of the Spin-Off are reported as discontinued operations for the six-month period ended June 30, 2023 (Note 3). Toro’s shares commenced trading on the same date on the Nasdaq Capital Market under the symbol “TORO”. As part of the Spin-Off, Toro entered into various agreements effecting the separation of Toro’s business from the Company, including a Contribution and Spin-Off Distribution Agreement, pursuant to which, among other things, (i) the Company agreed to indemnify Toro and its vessel-owning subsidiaries for any and all obligations and other liabilities arising from or relating to the operation, management or employment of vessels or subsidiaries the Company retained after the Distribution Date and Toro agreed to indemnify the Company for any and all obligations and other liabilities arising from or relating to the operation, management or employment of the vessels contributed to it or its vessel-owning subsidiaries, and (ii) Toro replaced the Company as guarantor under an $18.0 million term loan facility entered into by Alpha Bank S.A. and two of the Company’s former tanker-owning subsidiaries on April 27, 2021. The Contribution and Spin-Off Distribution Agreement also provided for the settlement or extinguishment of certain liabilities and other obligations between the Company and Toro and provides the Company with certain registration rights relating to Toro’s common shares, if any, issued upon conversion of the Toro Series A Preferred Shares issued to the Company in connection with the Spin-Off.

With effect from July 1, 2022, Castor Ships S.A., a corporation incorporated under the laws of the Republic of the Marshall Islands (“Castor Ships”), a related party controlled by the Company’s Chairman, Chief Executive Officer and Chief Financial Officer, Petros Panagiotidis, manages the Company’s business overall. Prior to this date, Castor Ships provided only commercial ship management and administrative services to the Company (see also Note 4).
Pavimar S.A. (“Pavimar”), a related party controlled by Ismini Panagiotidis, the sister of the Company’s Chairman, Chief Executive Officer, Chief Financial Officer and controlling shareholder, Petros Panagiotidis, provided technical, crew and operational management services to the Company through the first half of 2022. With effect from July 1, 2022, Pavimar co-manages with Castor Ships the technical management of the Company’s dry bulk vessels.

As of June 30, 2024, the Company owned a diversified fleet of 10 vessels, with a combined carrying capacity of 0.7 million dwt, consisting of three Kamsarmax and five Panamax dry bulk vessels, as well as two 2,700 TEU containerships. Details of the Company’s wholly owned subsidiaries as of June 30, 2024, are listed below.

(a) Consolidated vessel owning subsidiaries:

 
Company
Country of
incorporation
Vessel Name
DWT
Year
Built
Delivery date
to Castor
1
Spetses Shipping Co. (“Spetses”)
Marshall Islands
M/V Magic P
76,453
2004
February 2017
2
Liono Shipping Co. (“Liono”)
Marshall Islands
M/V Magic Thunder
83,375
2011
April 2021
3
Mulan Shipping Co. (“Mulan”)
Marshall Islands
M/V Magic Starlight
81,048
2015
May 2021
4
Cinderella Shipping Co. (“Cinderella”)
Marshall Islands
M/V Magic Eclipse
74,940
2011
June 2021
5
Mickey Shipping Co. (“Mickey”)
 Marshall Islands M/V Magic Callisto 74,930 2012 January 2022
6
Songoku Shipping Co. (“Songoku”)
 Marshall Islands M/V Magic Pluto 74,940 2013 August 2021
7
Asterix Shipping Co. (“Asterix”)
 Marshall Islands M/V Magic Perseus 82,158 2013 August 2021
8
Johnny Bravo Shipping Co. (“Johnny Bravo”)
 Marshall Islands
 M/V Magic Mars
76,822
 2014 September 2021
9
 		Jerry Shipping Co. (“Jerry S”)
 		Marshall Islands M/V Ariana A 38,117 2005 November 2022
10
Tom Shipping Co. (“Tom S”)
 Marshall Islands M/V Gabriela A 38,121 2005 November 2022

(b) Consolidated subsidiaries formed to acquire vessels:
 
Company
Country of incorporation
1
Containco Shipping Inc.
Marshall Islands

(c) Consolidated non-vessel owning subsidiaries:

 
Company
Country of incorporation
1
Castor Maritime SCR Corp. (“Castor SCR”) (1)
Marshall Islands
2
 Indigo Global Corp. (2)
 Marshall Islands
3
Bagheera Shipping Co. (“Bagheera”) (3)
Marshall Islands
4
 Luffy Shipping Co. (“Luffy”) (4)
Marshall Islands
5
Kabamaru Shipping Co. (“Kabamaru”) (5)
Marshall Islands
6
 Bistro Maritime Co. (“Bistro”) (6)
Marshall Islands
7
 Garfield Shipping Co. (“Garfield”) (7)
Marshall Islands
8
 Pikachu Shipping Co. (“Pikachu”) (8)
Marshall Islands
9
 Jumaru Shipping Co. (“Jumaru”) (9)
Marshall Islands
10
 Pumba Shipping Co. (“Pumba”) (10)
Marshall Islands
 11 Snoopy Shipping Co. (“Snoopy”) (11)
Marshall Islands
12
Super Mario Shipping Co. (“Super Mario”) (12)
Marshall Islands
13
Stewie Shipping Co. (“Stewie”) (13)
Marshall Islands
14
Pocahontas Shipping Co. (“Pocahontas”) (14)
Marshall Islands

(1)
Incorporated under the laws of the Marshall Islands on September 16, 2021, this entity serves as the Company’s subsidiaries’ cash manager with effect from November 1, 2021.

(2)
 Incorporated under the laws of the Marshall Islands on April 24, 2024 for trading purposes.

(3)
Bagheera Shipping Co. no longer owns any vessel following the sale of the M/V Magic Rainbow on March 13, 2023, and delivery of such vessel to an unaffiliated third-party on April 18, 2023.

(4)
 Luffy Shipping Co. no longer owns any vessel following the sale of the M/V Magic Twilight on June 2, 2023, and delivery of such vessel to an unaffiliated third-party on July 20, 2023.

(5)
 Kabamaru Shipping Co. no longer owns any vessel following the sale of the M/V Magic Argo on September 22, 2023, and delivery of such vessel to an unaffiliated third-party on December 14, 2023.

(6)
 Bistro Maritime Co. no longer owns any vessel following the sale of the M/V Magic Sun on October 6, 2023, and delivery of such vessel to an unaffiliated third-party on November 14, 2023.

(7)
 Garfield Shipping Co. no longer owns any vessel following the sale of the M/V Magic Phoenix on October 16, 2023, and delivery of such vessel to an unaffiliated third-party on November 27, 2023.

(8)
 Pikachu Shipping Co. no longer owns any vessel following the sale of the M/V Magic Moon on November 10, 2023, and delivery of such vessel to an unaffiliated third-party on January 16, 2024 (see also Note 7).

(9)
 Jumaru Shipping Co. no longer owns any vessel following the sale of the M/V Magic Nova on January 19, 2024, and delivery of such vessel to an entity beneficially owned by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer on March 11, 2024 (see also Note 7).

(10)
 Pumba Shipping Co. no longer owns any vessel following the sale of the M/V Magic Orion on December 7, 2023, and delivery of such vessel to an unaffiliated third-party on March 22, 2024 (see also Note 7).

(11)
 Snoopy Shipping Co. no longer owns any vessel following the sale of the M/V Magic Nebula on February 15, 2024, and delivery of such vessel to an entity affiliated with a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer on April 18, 2024 (see also Note 7).

(12)
 Super Mario Shipping Co. no longer owns any vessel following the sale of the M/V Magic Venus on December 21, 2023, and delivery of such vessel to an entity affiliated with a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer on May 10, 2024 (see also Note 7).

(13)
 Stewie Shipping Co. no longer owns any vessel following the sale of the M/V Magic Vela on May 1, 2024, and delivery of such vessel to an unaffiliated third-party on May 23, 2024 (see also Note 7).

(14)
 Pocahontas Shipping Co. no longer owns any vessel following the sale of the M/V Magic Horizon on January 19, 2024, and delivery of such vessel to an entity beneficially owned by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer on May 28, 2024 (see also Note 7).

(d) Entities comprising the discontinued operations as part of the Spin-Off:

 
Company
Country of
incorporation
Vessel Name
DWT
Year
Built
Delivery date
to Castor
1
Toro Corp. (15)
Marshall Islands
—
—
—
—
2
Toro RBX Corp. (“Toro RBX”) (16)
Marshall Islands
—
—
—
—
3
Rocket Shipping Co. (“Rocket”)
Marshall Islands
M/T Wonder Polaris
115,351
2005
March 2021
4
Gamora Shipping Co. (“Gamora”)
Marshall Islands
M/T Wonder Sirius
115,341
2005
March 2021
5
Starlord Shipping Co. (“Starlord”)
Marshall Islands
M/T Wonder Vega
106,062
2005
May 2021
6
Hawkeye Shipping Co. (“Hawkeye”)
Marshall Islands
M/T Wonder Avior
106,162
2004
May 2021
7
Vision Shipping Co. (“Vision”)
Marshall Islands
M/T Wonder Mimosa
36,718
2006
May 2021
8
Colossus Shipping Co. (“Colossus”)
Marshall Islands
M/T Wonder Musica
106,290
2004
June 2021
9
Xavier Shipping Co. (“Xavier”)
Marshall Islands
M/T Wonder Formosa
36,660
2006
June 2021
10
Drax Shipping Co. (“Drax”)
Marshall Islands
M/T Wonder Bellatrix
115,341
2006
December 2021
11
Elektra Shipping Co. (“Elektra”) (17)
Marshall Islands
—
—
—
—

(15)
Incorporated on July 29, 2022. At the Distribution Date, Toro served as the holding company to which the equity interests of the Aframax/LR2 and Handysize tanker owning subsidiaries and Elektra were contributed.

(16)
Incorporated under the laws of the Marshall Islands on October 3, 2022, to serve, with effect from the Distribution Date, as the cash manager of Toro and its subsidiaries.

(17)
Elektra no longer owns any vessel following the sale of the M/T Wonder Arcturus on May 9, 2022, and delivery of such vessel to an unaffiliated third-party on July 15, 2022.


The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information. They do not include all the information and notes required by U.S. GAAP for complete financial statements. Accordingly, these statements and the accompanying notes should be read in conjunction with the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2023, filed with the SEC on February 29, 2024 (the “2023 Annual Report”).

These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six-month period ended June 30, 2024, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2024.
v3.24.2.u1
Significant Accounting Policies and Recent Accounting Pronouncements
 6 Months Ended
Jun. 30, 2024
Significant Accounting Policies and Recent Accounting Pronouncements [Abstract]  
Significant Accounting Policies and Recent Accounting Pronouncements
2.
Significant Accounting Policies and Recent Accounting Pronouncements:

A discussion of the Company’s significant accounting policies can be found in the consolidated financial statements for the year ended December 31, 2023, included in the Company’s 2023 Annual Report. There have been no material changes to these policies in the six-month period ended June 30, 2024.
v3.24.2.u1
Discontinued operations
 6 Months Ended
Jun. 30, 2024
Discontinued operations [Abstract]  
Discontinued operations
3.
Discontinued operations:

The Company’s discontinued operations relate to the operations of Toro, Elektra and the subsidiaries formerly comprising the Company’s Aframax/LR2 and Handysize tanker segments following completion of the Spin-Off on March 7, 2023. The Company has no continuing involvement in the Aframax/LR2 and Handysize tanker business as of and from March 7, 2023 (Note 1).

The components of the income from discontinued operations for the period January 1, 2023 through March 7, 2023 in the consolidated statements of comprehensive income consisted of the following:
 
   
January 1
through March 7,
  
   
2023
  
REVENUES:
      
Time charter revenues
    
914,000
  
Voyage charter revenues
    
7,930
  
Pool revenues
    
22,447,344
  
Total vessel revenues
    
23,369,274
  
 
        
EXPENSES:
        
Voyage expenses (including $294,831 to related party for the period January 1, 2023 through March 7, 2023)
    
(374,396
)
Vessel operating expenses
    
(3,769,132
)
Management fees to related parties
    
(507,000
)
Depreciation and amortization
    
(1,493,759
)
Recovery of provision for doubtful accounts
    
266,732
  
Total expenses
    
(5,877,555
)
 
        
Operating income
    
17,491,719
  
 
        
OTHER INCOME:
        
Interest and finance costs
    
(220,061
)
Interest income
    
253,165
  
Foreign exchange losses
    
(11,554
)
Total other income, net
    
21,550
  
 
        
Net income and comprehensive income from discontinued operations, before taxes
  
$
17,513,269
  
Income taxes
    
(173,937
)
Net income and comprehensive income from discontinued operations, net of taxes
  
$
17,339,332
  
v3.24.2.u1
Transactions with Related Parties
 6 Months Ended
Jun. 30, 2024
Transactions with Related Parties [Abstract]  
Transactions with Related Parties
4.
Transactions with Related Parties:

As of December 31, 2023, and June 30, 2024, balances with related parties consisted of the following:
 
  
December 31,
2023
    
June 30,
2024
  
Assets:
            
Due from Castor Ships (a) – current
   $ 2,283,209     $ 578,154  
Due from Castor Ships (a) – non-current
     4,504,340       3,275,020  
Due from Pavimar (b) – current
     3,366,959       984,068  
Investment in Toro (c) – non-current
     117,537,135       117,544,913  
 
                
Liabilities:
                
Due to Toro (d) – current
     541,666       555,556  
Due to other related parties (e)     —
      324,000
 

(a) Castor Ships:

Castor Ships has acted as the Company’s commercial ship manager since September 1, 2020. Details of the Company’s transactions with Castor Ships are discussed in Note 4(a) to the consolidated financial statements for the year ended December 31, 2023, included in the Company’s 2023 Annual Report.

As of June 30, 2024, in accordance with the provisions of the Amended Castor Ship Management Agreements (as defined in the 2023 Annual Report), Castor Ships (i) had subcontracted to a third-party ship management company the technical management of the Company’s containerships and (ii) was co-managing with Pavimar the Company’s dry bulk vessels. Castor Ships pays, at its own expense, the containership technical management company a fee for the services it has subcontracted to it, without any additional cost to the Company.

During the six months ended June 30, 2023, and the six months ended June 30, 2024, the Company’s subsidiaries were charged the following fees and commissions by Castor Ships: (i) management fees amounting to $1,270,425 and $1,191,892, respectively, (ii) charter hire commissions amounting to $655,431 and $463,672, respectively and (iii) sale and purchase commissions amounting to $126,000, and $1,112,000 respectively. Sale and purchase commissions were charged due to the sale of one Panamax vessel in 2023 and four Panamax vessels, two Kamsarmax vessels and one Capesize vessel in 2024, which are included in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income. Moreover, during the six months ended June 30, 2023, and the six months ended June 30, 2024 the flat management fees amounted to $1,500,000 and 1,599,000, respectively, and are included in ‘General and administrative expenses’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.

The Amended Castor Ship Management Agreements also provide for an advance funding equal to two months of vessel daily operating costs to be placed with Castor Ships as a working capital guarantee, refundable in case a vessel is no longer under Castor Ship’s management. As of December 31, 2023, such advances amounted to $4,504,340 and $1,740,931, and are presented in ‘Due from related parties, non-current’ and ‘Due from related parties, current’, in the accompanying consolidated balance sheet, respectively. The amount of $1,740,931 relates to the M/V Magic Venus, M/V Magic Orion, M/V Magic Moon which had been classified as held for sale (Note 7(b)), and the M/V Magic Sun, M/V Magic Phoenix and M/V Magic Argo, that were sold on November 14, 2023, November 27, 2023 and December 14, 2023, respectively. As of June 30, 2024, such advances amounted to $3,275,020, and are presented in ‘Due from related parties, non-current’, in the accompanying unaudited condensed consolidated balance sheet. In connection with the subcontracting services rendered by the third-party ship-management companies, as of December 31, 2023, and June 30, 2024, $605,688 and $2,127 were due from Castor Ships, respectively, which are presented in ‘Due from related parties, current’ in the accompanying unaudited condensed consolidated balance sheets.

As of December 31, 2023 and June 30, 2024, net amounts of $43,689 and $653,917 were due from Castor Ships in relation to advances for operating expenses/drydock payments made by the Company to Castor Ships.

Further, as of December 31, 2023, and June 30, 2024, amounts of $107,099 and $77,890, respectively, were due to Castor Ships in connection with the services covered by the Amended Castor Ships Management Agreements. As a result, as of December 31, 2023 and June 30, 2024, net amounts of $2,283,209 and $578,154 were due from Castor Ships which are presented in ‘Due from related parties, current’, in the accompanying unaudited condensed consolidated balance sheets.

(b)  Pavimar:

With effect from July 1, 2022, pursuant to the terms of the Amended and Restated Master Management Agreement, Pavimar provides, as co-manager with Castor Ships, the dry-bulk vessel owning subsidiaries with a range of technical, crewing, insurance and operational services it provided prior to the Company’s entry into the Amended and Restated Management Agreement, in exchange for a daily management fee of $600 per vessel. Pavimar also performed the technical management of containerships as sub-manager for Castor Ships from their date of acquisition up to January 2023. During the six months ended June 30, 2023, and the six months ended June 30, 2024, management fees paid amounted to $2,345,400 and $1,294,800, respectively.

Pavimar had subcontracted the technical management of three and one of the Company’s dry bulk vessels to third-party ship-management companies as of December 31, 2023 and June 30, 2024, respectively. These third-party management companies provided technical management services to the respective vessels for a fixed annual fee which is paid by Pavimar at its own expense. In connection with the subcontracting services rendered by the third-party ship-management companies, the Company had, as of December 31, 2023, and June 30, 2024, aggregate working capital guarantee deposits due from Pavimar of $258,252 in both periods, which are presented in ‘Due from related parties, current’ in the accompanying unaudited condensed consolidated balance sheet. In addition, Pavimar and its subcontractor third-party managers make payments for operating expenses with funds paid from the Company to Pavimar. As of December 31, 2023, and June 30, 2024, net amounts of $3,302,157 and $821,366 were due from Pavimar, respectively, in relation to advance payments to Pavimar on behalf of the Company. Further, as of December 31, 2023, and June 30, 2024, amounts of $193,450 and $95,550 were due to Pavimar in connection with additional services covered by the technical management agreements. As a result, as of December 31, 2023, and June 30, 2024, net amounts of $3,366,959 and $984,068 were due from Pavimar, respectively, which are presented in ‘Due from related parties, current’, respectively, in the accompanying unaudited condensed consolidated balance sheets.

(c) Investment in related party:

As discussed in Note 1, as part of the Spin-Off Castor received 140,000 Series A Preferred Shares, having a stated amount of $1,000 and a par value of $0.001 per share. The Company is the holder of all of the issued and outstanding Series A Preferred Shares (Note 1). The Series A Preferred Shares do not have voting rights. The Series A Preferred Shares are convertible into common shares at the Company’s option commencing upon the third anniversary of the issue date until but excluding the seventh anniversary, at a conversion price equal to the lesser of (i) 150% of the VWAP of Toro common shares over the five consecutive trading day period commencing on the Distribution Date, and (ii) the VWAP of Toro common shares over the 10 consecutive trading day period expiring on the trading day immediately prior to the date of delivery of written notice of the conversion; provided, that, in no event shall the conversion price be less than $2.50.

As of December 31, 2023 and June 30, 2024, the aggregate value of investments in Toro amounted to $117,537,135 and $117,544,913, including $315,000 and $322,778 of accrued dividends, respectively and are separately presented as ‘Investment in related party’ in the accompanying unaudited condensed consolidated balance sheets. As of June 30, 2024, the Company did not identify any impairment or any observable prices for identical or similar investments of the same issuer.

Furthermore, Castor is entitled to receive cumulative cash dividends, at the annual rate of 1.00% on the stated amount of $1,000 per share, of the 140,000 Series A Preferred Shares, receivable quarterly in arrears on the 15th day of January, April, July and October in each year, subject to Toro’s Board of Directors approval. However, for each quarterly dividend period commencing on or after the reset date (the seventh anniversary of the issue date of the Series A Preferred Shares), the dividend rate will be the dividend rate in effect for the prior quarterly dividend period multiplied by a factor of 1.3; provided that the dividend rate will not exceed 20% per annum in respect of any quarterly dividend period. During the six month periods ended June 30, 2023 and 2024, dividend income derived from the Company’s investment in Toro amounted to $451,111 and $707,777, respectively, and is presented in ‘Dividend income from related party’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.

During the six months ended June 30, 2024, the Company received dividend of $700,000 from its investment in Toro.

Following the successful completion of the Spin-Off, as of June 30, 2023, Toro reimbursed Castor $2,667,044 for expenses related to the Spin-Off that have been incurred by Castor.

(d) Issuance of Series D Preferred shares to Toro:

On August 7, 2023, the Company issued 50,000 5.00% Series D fixed rate cumulative perpetual convertible preferred shares (the “Series D Preferred Shares”) to Toro in exchange for $50,000,000 in cash, as referenced in Note 10. The amounts of accrued dividend on the Series D Preferred Shares due to Toro as of December 31, 2023, and as of June 30, 2024 were $541,666 and $555,556 respectively, and are presented in ‘Due to related parties, current’ in the accompanying unaudited condensed consolidated balance sheets.

(e)  Vessel Disposals:

On December 21, 2023, the Company entered into an agreement with an entity affiliated with a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer for the sale of the M/V Magic Venus, for a gross sale price of $17.5 million. The vessel was delivered to its new owner on May 10, 2024.


On January 19, 2024, the Company entered into an agreement with an entity beneficially owned by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer for the sale of the M/V Magic Nova for a gross sale price of $16.1 million. The vessel was delivered to its new owners on March 11, 2024.

On January 19, 2024, the Company entered into an agreement with an entity beneficially owned by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer for the sale of the M/V Magic Horizon for a gross sale price of $15.8 million. The vessel was delivered to its new owners on May 28, 2024.

On February 15, 2024, the Company entered into an agreement with an entity affiliated with a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer for the sale of the M/V Magic Nebula for a gross sale price of $16.2 million. The vessel was delivered to its new owners on April 18, 2024. During the six months ended June 30, 2024, the Company has agreed to pay a brokerage commission of $324,000 on the sale of M/V Magic Nebula to a company related to the buyer of the vessel. Such amount was not paid as of June 30, 2024, and it is presented in ‘Due to related parties, current’ in the accompanying unaudited condensed consolidated balance sheets and is also included in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.

The terms of the sales of the M/V Magic Venus, M/V Magic Nova, M/V Magic Horizon and M/V Magic Nebula were each negotiated and approved by a special committee of the Company’s disinterested and independent directors.
v3.24.2.u1
Deferred Charges, net
 6 Months Ended
Jun. 30, 2024
Deferred Charges, net [Abstract]  
Deferred Charges, net
5.
Deferred Charges, net:

The movement in deferred dry-docking costs, net in the accompanying consolidated balance sheets is as follows:

 
  
Dry-docking costs
  
Balance December 31, 2023
  
$
3,231,461
  
Adjustment to additions
    
(57,850
)
Amortization
    
(759,870
)
Disposals (Note 7(b))
     (758,372 )
Balance June 30, 2024
  
$
1,655,369
  
v3.24.2.u1
Fair Value of Acquired Time Charters
 6 Months Ended
Jun. 30, 2024
Fair Value of Acquired Time Charters [Abstract]  
Fair Value of Acquired Time Charters
6.
Fair Value of Acquired Time Charters:

In connection with the acquisitions in October 2022 of the M/V Ariana A and the M/V Gabriela A with time charters attached, the Company recognized intangible assets of $897,436 and $2,019,608, respectively, representing the fair values of the favorable time charters attached to the vessels. The M/V Ariana A and M/V Gabriela A attached charters commenced upon the vessels’ deliveries, on November 23, 2022, and November 30, 2022, respectively. The M/V Ariana A attached charter was concluded within the first quarter of 2023 and the respective intangible asset was fully amortized during that period. The charter attached to the M/V Gabriela A was concluded within the first quarter of 2024 and the respective intangible asset was fully amortized during that period.

For the six months ended June 30, 2023 and 2024, the amortization of the acquired time charters related to the above acquisitions amounted to $1,429,137 and $265,173, respectively, and is included in ‘Time Charter Revenues’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.
v3.24.2.u1
Vessels, net/Assets held for sale
 6 Months Ended
Jun. 30, 2024
Vessels, net/Assets held for sale [Abstract]  
Vessels, net/Assets held for sale
7.
Vessels, net/Assets held for sale:

(a) Vessels, net: The amounts in the accompanying unaudited condensed consolidated balance sheets are analyzed as follows:

   
Vessel Cost
    
Accumulated depreciation
    
Net Book Value
  
Balance December 31, 2023
    
262,066,353
      
(32,529,357
)
    
229,536,996
  
— Acquisitions, improvements, and other vessel costs
    26,494       —
       26,494  
— Vessel disposals
     (57,997,284 )     8,420,635       (49,576,649 )
— Period depreciation
     —      
(6,627,985
)
    
(6,627,985
)
Balance June 30, 2024
    
204,095,563
      
(30,736,707
)
    
173,358,856
  

(b) Disposal of vessels / Assets held for sale

On November 10, 2023, the Company entered into an agreement with an unaffiliated third party for the sale of the M/V Magic Moon for a gross sale price of $11.8 million. The M/V Magic Moon was delivered to its new owner on January 16, 2024. In connection with this sale, the Company recognized during the first quarter of 2024 a net gain of $2.4 million which is separately presented in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.


On December 7, 2023, the Company entered into an agreement with an unaffiliated third party for the sale of the M/V Magic Orion for a gross sale price of $17.4 million. The M/V Magic Orion was delivered to its new owner on March 22, 2024. In connection with this sale, the Company recognized during the first quarter of 2024 a net gain of $1.4 million which is separately presented in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.



On December 21, 2023, the Company entered into an agreement with an entity affiliated with a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer for the sale of the M/V Magic Venus (Note 4), for a gross sale price of $17.5 million. The M/V Magic Venus was delivered to its new owner on May 10, 2024. In connection with this sale, the Company recognized during the second quarter of 2024 a net gain of $3.2 million which is separately presented in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.



On January 19, 2024, the Company entered into an agreement with an entity beneficially owned by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer for the sale of the M/V Magic Nova for a gross sale price of $16.1 million. The M/V Magic Nova was delivered to its new owner on March 11, 2024. In connection with this sale, the Company recognized during the first quarter of 2024 a net gain of $4.1 million which is separately presented in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.



On January 19, 2024, the Company entered into an agreement with an entity beneficially owned by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer, for the sale of the M/V Magic Horizon for a gross sale price of $15.8 million. The M/V Magic Horizon was delivered to its new owner on May 28, 2024. In connection with this sale, the Company recognized during the second quarter of 2024 a net gain of $4.4 million which is separately presented in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.



On February 15, 2024, the Company entered into an agreement with an entity affiliated with a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer, for the sale of the M/V Magic Nebula for a gross sale price of $16.2 million. The M/V Magic Nebula was delivered to its new owner on April 18, 2024. In connection with this sale, the Company recognized during the second quarter of 2024 a net gain of $1.8 million which is separately presented in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.



On May 1, 2024, the Company entered into an agreement with an unaffiliated third party for the sale of the M/V Magic Vela for a gross sale price of $16.4 million. The M/V Magic Vela was delivered to its new owner on May 23, 2024. In connection with this sale, the Company recognized during the second quarter of 2024 a net gain of $2.0 million which is separately presented in ‘Gain on sale of vessels’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.



The respective sales of the above vessels took place due to favorable offers in each case. The terms of each of the transactions on December 21, 2023, January 19, 2024 and February 15, 2024 were negotiated and approved by a special committee of the Company’s disinterested and independent directors.


   
Assets held for sale
  
Balance December 31, 2023
  
$
38,656,048
  
Asset’s disposal
     (38,656,048 )
Balance June 30, 2024
  
$
—
  

As of December 31, 2023, and June 30, 2024, net amounts of $38,656,048 and $0, respectively, are presented in ‘Assets held for sale’, in the accompanying unaudited condensed consolidated balance sheets.

As of June 30, 2024, 9 of the 10 vessels in the Company’s fleet, having an aggregate carrying value of $152.8 million, were first priority mortgaged as collateral to their loan facilities (Note 8).

Consistent with prior practices, the Company reviewed all its vessels for impairment, and none were found to be impaired at December 31, 2023 and June 30, 2024.
v3.24.2.u1
Long-Term Debt
 6 Months Ended
Jun. 30, 2024
Long-Term Debt [Abstract]  
Long-Term Debt
8.
Long-Term Debt:

The amount of long-term debt shown in the accompanying unaudited condensed consolidated balance sheet of June 30, 2024, is analyzed as follows:
 
       
  
Year/Period Ended
  
Loan facilities
Borrowers
  
December 31,
2023
    
June 30,
2024
  
$11.0 Million Term Loan Facility (a)
Spetses-Pikachu
  
$
4,600,000
    
$
1,809,130
  
$15.29 Million Term Loan Facility (b)
 Pocahontas-Jumaru
     10,109,000       —  
$40.75 Million Term Loan Facility (c)
 Liono-Snoopy-Cinderella
     23,055,000       14,312,613  
$55.00 Million Term Loan Facility (d)
 Mulan-Johnny Bravo-Songoku-Asterix-Stewie     32,040,000       12,099,000  
$22.5 Million Term Loan Facility (e)
 Tom-Jerry     16,800,000       15,000,000  
Total long-term debt
 
  
$
86,604,000
    
$
43,220,743
  
Less: Deferred financing costs
 
    
(808,215
)
    
(356,988
)
Total long-term debt, net of deferred finance costs
 
  
$
85,795,785
    
$
42,863,755
  
 
 
                
Presented:
 
                
Current portion of long-term debt
 
  
$
18,089,000
    
$
24,585,788
  
Less: Current portion of deferred finance costs
 
    
(409,705
)
    
(276,122
)
Current portion of long-term debt, net of deferred finance costs
 
  
$
17,679,295
    
$
24,309,666
  
                   
Debt related to assets held for sale
    $ 2,415,000     $ —  
Less: Current portion of deferred finance costs
      (8,352 )     —
Debt related to assets held for sale, net of deferred finance costs
    $ 2,406,648     $ —  
 
 
                
Non-Current portion of long-term debt
 
    
66,100,000
      
18,634,955
  
Less: Non-Current portion of deferred finance costs
 
    
(390,158
)
    
(80,866
)
Non-Current portion of long-term debt, net of deferred finance costs
 
  
$
65,709,842
    
$
18,554,089
  

Details of the Company’s senior secured credit facilities are discussed in Note 8 to the consolidated financial statements for the year ended December 31, 2023, included in the Company’s 2023 Annual Report, and are supplemented by the below new activities within the six-month period ended June 30, 2024.
a. $11.0 Million Term Loan Facility


On February 14, 2024, the Company entered into a first supplemental agreement with Alpha Bank S.A. (“Alpha Bank”), pursuant to which, with effect from April 3, 2023, SOFR replaced LIBOR as the reference rate under the Company’s $11.0 million term loan facility and the margin was increased by a percentage of 0.045%, which is the equivalent of the positive difference as of April 3, 2023 between USD LIBOR and SOFR for the first rollover period commencing April 3, 2023 selected upon application of SOFR methodology. Such percentage will apply over the tenor of the loan going forward regardless of future rollover periods.

On January 16, 2024, Alpha Bank entered into a deed of partial release, with respect to the M/V Magic Moon, releasing and discharging the underlying borrower and all securities created over the M/V Magic Moon in full after the settlement of the outstanding balance of $2.4 million pertaining to M/V Magic Moon’s tranche. The facility’s repayment schedule was adjusted accordingly.

b. $15.29 Million Term Loan Facility

On March 8, 2024, Hamburg Commercial Bank AG entered into a deed of partial release, with respect to the M/V Magic Nova, releasing and discharging the underlying borrower and all securities created over the M/V Magic Nova in full after the settlement of the outstanding balance of $4.9 million pertaining to M/V Magic Nova’s tranche. The facility’s repayment schedule was adjusted accordingly.


On May 28, 2024, Hamburg Commercial Bank AG entered into a deed of release, with respect to the M/V Magic Horizon, releasing and discharging the underlying borrower and all securities created over the M/V Magic Horizon in full after the settlement of the outstanding balance of $4.5 million pertaining to M/V Magic Horizon’s tranche. As of June 30, 2024, this loan facility has been fully repaid.



c. $40.75 Million Term Loan Facility



On April 18, 2024, Hamburg Commercial Bank AG entered into a deed of partial release, with respect to the M/V Magic Nebula, releasing and discharging the underlying borrower and all securities created over the M/V Magic Nebula in full, after the settlement of the outstanding balance of $7.0 million pertaining to M/V Magic Nebula’s tranche. The facility’s repayment schedule was adjusted accordingly.



d. $55.0 Million Term Loan Facility



On May 23, 2024, Deutsche Bank AG entered into a deed of partial release, with respect to the M/V Magic Vela, releasing and discharging the underlying borrower and all securities created over the M/V Magic Vela in full, after the settlement of the outstanding balance of $4.3 million pertaining to M/V Magic Vela’s tranche. On the same date, the Company voluntarily prepaid $12.2 million in aggregate with respect to the remaining tranches under this facility from the proceeds of the sale of M/V Magic Vela. Following the prepayments, the facility is repayable in 10 quarterly installments (installments 1 to 3 in the amount of $1,487,500, installments 4 to 9 in the amount of $1,139,000 and installment 10 in the amount of $802,500).


e. $22.5 Million Term Loan Facility



In connection with the $22.5 million senior secured term loan facility with Chailease International Financial Services (Singapore) Pte., Ltd, on July 16, 2024, the Company notified the lender that it would voluntarily prepay in total the outstanding amount of $14.6 million. Such amount is classified under ‘Current portion of long-term debt’ as of June 30, 2024. On August 7, 2024, the outstanding amount of the loan was fully prepaid, releasing and discharging the underlying borrowers and all securities created.



As of December 31, 2023 and June 30, 2024, the Company was in compliance with all financial covenants prescribed in its debt agreements.



Restricted cash as of December 31, 2023 and June 30, 2024, current and non-current, represent minimum liquidity deposits, retention deposits and cash balances in dry-dock reserve accounts required under certain of our loan facilities.

The annual principal payments for the Company’s outstanding debt arrangements as of June 30, 2024, required to be made after the balance sheet date, are as follows:
Twelve-month period ending June 30,
  
Amount
  
2025
  
$
24,585,788
  
2026
    
6,731,157
  
2027
    
11,903,798
  
Total long-term debt
  
$
43,220,743
  


The weighted average interest rate on the Company’s long-term debt for the years ended June 30, 2023 and 2024 was 8.3%, and 8.7% respectively.



Total interest incurred on long-term debt for the six months ended June 30, 2023 and 2024, amounted to $5.3 million and $3.1 million respectively, and is included in Interest and finance costs (Note 17) in the accompanying unaudited interim condensed consolidated statements of comprehensive income.
v3.24.2.u1
Investment in equity securities
 6 Months Ended
Jun. 30, 2024
Investment in equity securities [Abstract]  
Investment in equity securities
9.
Investment in equity securities



A summary of the movement in listed equity securities for the six month period ended June 30, 2024 is presented in the table below:


   
Equity securities
  
Balance December 31, 2023
  
$
77,089,100
  
Equity securities acquired
    
18,114,116
  
Proceeds from sale of equity securities
    (46,088,578 )
Gain on sale of equity securities
    3,788,132  
Realized foreign exchange loss
    (170,110 )
Unrealized gain on equity securities revalued at fair value at end of the period
    
11,237,706
  
Unrealized foreign exchange loss
     (29 )
Balance June 30, 2024
  
$
63,970,337
  



On June 30, 2023, the Company filed a Schedule 13G, reporting that it held 1,391,500 shares of common stock of Eagle Bulk Shipping Inc. (“Eagle”), representing 14.99% of the issued and outstanding shares of common stock of Eagle as of June 23, 2023. On December 11, 2023, Star Bulk Carriers Corp. (“Star Bulk”) and Eagle announced that they had entered into a definitive agreement to combine in an all-stock merger. On April 5, 2024 the merger terms were approved by the shareholders of Eagle and on April 9, 2024 the merger was completed. Under the terms of the merger agreement, each Eagle shareholder received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned.



In the six-month periods ended June 30, 2023 and 2024, the Company received dividends of $366,002 and $2,853,165, respectively, from its investments in listed equity securities.
v3.24.2.u1
Equity Capital Structure
 6 Months Ended
Jun. 30, 2024
Equity Capital Structure [Abstract]  
Equity Capital Structure
10.
Equity Capital Structure:

Reverse Stock Split

On March 27, 2024, the Company effected a 1-for-10 reverse stock split of its common shares without any change in the number of authorized common shares. All share and per share amounts, as well as the number of warrant shares eligible for purchase under the Company’s effective warrant schemes in the accompanying unaudited interim consolidated financial statements have been retroactively adjusted to reflect the reverse stock split. As a result of the reverse stock split, the number of outstanding shares as of March 27, 2024, was decreased to 9,662,354 while the par value of the Company’s common shares remained unchanged to $0.001 per share.

As of June 30, 2024 the Company’s outstanding, (i) Class A warrants issued on June 26, 2020 were exercisable in the aggregate into 623 of our common shares, par value $0.001 per share, at an exercise price of $25.30 per warrant share and (ii) Common Share Purchase Warrants issued on April 7, 2021 (the “April 7 Warrants”) were exercisable in the aggregate into 25,000 of our common shares, par value $0.001 per share, at an exercise price of $55.30 per warrant share.

For a further description of the terms and rights of the Company’s capital stock and details of its equity transactions prior to January 1, 2024, please refer to Note 10 to the consolidated financial statements for the year ended December 31, 2023 included in the Company’s 2023 Annual Report.

Under the Company’s Articles of Incorporation, as amended, the Company’s authorized capital stock consists of 2,000,000,000 shares, par value $0.001 per share, of which 1,950,000,000 shares are designated as common shares and 50,000,000 shares are designated as preferred shares.

Nasdaq Minimum Bid Price Requirement

On April 20, 2023, the Company received a notification from the Nasdaq Stock Market (“Nasdaq”) that it was not in compliance with the minimum $1.00 per share bid price requirement for continued listing (the “Minimum Bid Price Requirement”) on the Nasdaq Capital Market and was provided with 180 calendar days to regain compliance with the Minimum Bid Price Requirement. On October 18, 2023, the Company received a notification letter from Nasdaq granting the Company an additional 180-day extension, until April 15, 2024 to regain compliance with the Minimum Bid Price Requirement (the “Second Compliance Period”).

On March 27, 2024, the Company effected a 1-for-10 reverse stock split of its common shares without any change in the number of authorized common shares. All share and per share amounts, as well as the number of warrant shares eligible for purchase under the Company’s effective warrant schemes in the accompanying unaudited interim consolidated financial statements have been retroactively adjusted to reflect the reverse stock split. As a result of the reverse stock split, the number of outstanding shares as of March 27, 2024, was decreased to 9,662,354 while the par value of the Company’s common shares remained unchanged to $0.001 per share.

On April 11, 2024, the Company received a written confirmation from Nasdaq that it had regained compliance with the Minimum Bid Price Requirement.

Warrants tender offer

On April 22, 2024, the Company commenced a tender offer to purchase all of its outstanding April 7 Warrants at a price of $0.105 per warrant. The April 7 Warrants were exercisable in the aggregate into 1,033,077 of the Company’s common shares, par value $0.001 per share (the “Warrant Shares”), at an exercise price per warrant share of $55.30.  The number of Warrant Shares and the exercise price reflected adjustments as a result of the 1-for-10 reverse stock split discussed above. On May 31, 2024, the Company repurchased in the tender offer 10,080,770 Warrants, exercisable in the aggregate into 1,008,077 Common Shares for an aggregate cost of $1,058,481 excluding fees relating to the tender offer. Following the retirement and cancellation by the Company of the April 7 Warrants purchased pursuant to the tender offer, the April 7 Warrants that remain outstanding are exercisable in the aggregate into 25,000 Common Shares.

Mezzanine equity:

5.00% SERIES D CUMULATIVE PERPETUAL CONVERTIBLE PREFERRED SHARES

On August 7, 2023, the Company 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. Details of the Company’s Series D Preferred Shares are discussed in Note 10 to the Company’s consolidated financial statements for the year ended December 31, 2023, included in the 2023 Annual Report.

The Series D Preferred Shares are convertible, in whole or in part, at the holder’s option to common shares of Castor from the first anniversary of their issue date at the lower of (i) $7.00 per common share, 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 and was adjusted to $7.00 per common share on March 27, 2024 from $0.70 per common share following effectiveness of the 1-for-10 reverse stock split discussed herein. The minimum conversion price of the Series D Preferred Shares is $0.30 per common share.

The Company uses an effective interest rate of 6.12% over the expected life of the Series D Preferred Shares being nine years, which is the expected earliest redemption date. This is consistent with the interest method, taking into account the discount between the issuance price and liquidation preference and the stated dividends, including “step-up” amounts. The amount accreted in the six months ended June 30, 2024, was $249,515, and is presented as ‘Deemed dividend on Series D Preferred Shares’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.

As of June 30, 2024, the net value of Mezzanine Equity amounted to $49,799,004, including the amount of $249,515 of deemed dividend on the Series D Preferred Shares in the six months ended June 30, 2024, and is separately presented as ‘Mezzanine Equity’ in the accompanying unaudited condensed consolidated balance sheet. During the six months ended June 30, 2024, the Company paid to Toro a dividend amounting to $1,250,000 on the Series D Preferred Shares for the periods from October 15, 2023 to January 14, 2024 and from January 15, 2024 to April 14, 2024, and the accrued amount for the period from April 15, 2024 to June 30, 2024 (included in the dividend period ended July 14, 2024) amounted to $555,556.
v3.24.2.u1
Financial Instruments and Fair Value Disclosures
 6 Months Ended
Jun. 30, 2024
Financial Instruments and Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Value Disclosures
11.
Financial Instruments and Fair Value Disclosures:

The principal financial assets of the Company consist of cash at banks, restricted cash, trade accounts receivable, accrued charter revenue, investments in listed equities, an investment in related party and amounts due from related party/(ies).  The principal financial liabilities of the Company consist of trade accounts payable, accrued liabilities, amounts due to related party/(ies) and long-term debt.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

Cash and cash equivalents, restricted cash, accounts receivable trade, net, amounts due from/to related party/(ies) and accounts payable: The carrying values reported in the accompanying unaudited condensed consolidated balance sheets for those financial instruments are reasonable estimates of their fair values due to their short-term maturity nature. Cash and cash equivalents and restricted cash, current are considered Level 1 items as they represent liquid assets with short term maturities. The carrying value approximates the fair market value for interest bearing cash classified as restricted cash, non-current and is considered Level 1 item of the fair value hierarchy.

Investment in listed equity securities: The carrying value reported in the accompanying unaudited condensed consolidated balance sheet for this financial instrument represents its fair value and is considered Level 1 item of the fair value hierarchy as it is determined though quoted prices in an active market.

Long-term debt:  The secured credit facilities discussed in Note 8, have a recorded value which is a reasonable estimate of their fair value due to their variable interest rate and are thus considered Level 2 items in accordance with the fair value hierarchy as SOFR rates are observable at commonly quoted intervals for the full terms of the loans.

Investment in related party: Investments in related party is initially measured at fair value which is deemed to be the cost and subsequently assessed for the existence of any observable market for the Series A Preferred Shares and any observable price changes for identical or similar investments and the existence of any indications for impairment. As per the Company’s assessment no such case was identified as at June 30, 2024.

Concentration of credit risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition.
v3.24.2.u1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies [Abstract]  
Commitments and Contingencies
12.
Commitments and Contingencies:

Various claims, lawsuits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed (except as disclosed under Note 12(b)), or for which a provision should be established in the accompanying unaudited interim condensed consolidated financial statements.

The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Company is covered for liabilities associated with the vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.

(a)   Commitments under long-term lease contracts

The following table sets forth the future minimum contracted lease payments to the Company (gross of charterers’ commissions), based on the Company’s vessels’ commitments to non-cancelable time charter contracts as of June 30, 2024. Non-cancelable time charter contracts include both fixed-rate time charters or charters linked to the Baltic Dry Index (“BDI”). For index linked contracts, contracted lease payments have been calculated using the BDI-linked rate as measured at the commencement date.

In addition, certain of the variable-rate contracts have the option at the Company’s option to convert to a fixed rate for a predetermined period, in such cases where lease payments have been converted to a fixed rate, the minimum contracted lease payments for this period are calculated using the agreed converted fixed rate. The calculation does not include any assumed off-hire days.

Twelve-month period ending June 30,
  
Amount
  
2025
   $
 17,035,221  
Total
  
$
17,035,221
  


(b)   Claims



Following the buyers’ failure to take delivery of the M/V Magic Moon, as discussed in Note 12 to the consolidated financial statements for the year ended December 31, 2023, included in the Company’s 2023 Annual Report, Pikachu Shipping Co. (the “sellers” or the “owners”), a wholly owned subsidiary of the Company, terminated the sale of the vessel under the Memorandum of Agreement, dated March 23, 2023, between the sellers and the buyers (the “MoA”). Notably, the MoA required that the buyers deposit 10% of the purchase price into an escrow account administered by the escrow agent as security for completion of the transaction according to the terms and conditions set forth in the MoA and the buyers deposited $1,395,000 into such account prior to their breach of the MoA (the “Deposit”). The owners accordingly initiated arbitration proceedings during September 2023 for the release of and remittance to the owners of the $1,395,000 deposit held in escrow based on the owners’ position that the buyers’ failure to take delivery of the M/V Magic Moon constituted a default under the MoA. All the submissions on behalf of the Company were prepared, reviewed and filed with the London arbitrator, who on April 28, 2024 issued and on May 1, 2024 delivered his arbitration award in favor of the owners, awarding them the return of the Deposit subject to no appeal being filed by the buyers within 28 days from the day of the issuance of the award. On May 28, 2024, the Company collected the amount of $1,411,356 (including the deposit amount of $1,395,000 and gross interest earned on the deposit), and following the provisions of ASC 450-30-25-1, has recorded this gain in its financial statements for the six month period ended June 30, 2024.


In addition, the M/V Magic Moon was arrested on August 17, 2023 by the buyers to secure a claim before the Korean courts for the amount of $1,395,000, equal to the amount of the Deposit, and the owners paid a counter-security of $1,395,000 for the purpose of lifting the arrest of the vessel. The owners have applied to the Korean courts to decide the issue of the return of the counter-security to them. The Company has included the $1,395,000 in ‘Prepaid expenses and other assets’ in the accompanying unaudited condensed consolidated balance sheets for the six month period ended June 30, 2024 incurred in connection with the cash deposit made in 2023 by the owners for the purpose of lifting the arrest of the M/V Magic Moon. While the Company is unable to provide any assurances as to the ultimate outcome of the case, it believes it will prevail in its request from the courts in Korea to award to the owners the return of the counter-security.



It is possible that from time to time in the ordinary course of business the Company may be involved in legal proceedings or investigations, which could have an adverse impact on its reputation, business and financial condition and divert the attention of management from the operation of the business. However, the Company believes that the current legal proceedings are not expected to have a material adverse effect on its business, financial position or results of operations.
v3.24.2.u1
Earnings Per Common Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Common Share [Abstract]  
Earnings Per Common Share
13.
Earnings Per Common Share:

Diluted earnings per common share, if applicable, reflects the potential dilution that could occur if potentially dilutive instruments were exercised, resulting in the issuance of additional shares that would then share in the Company’s net income. For the six months ended June 30, 2024 and 2023, the effect of the warrants outstanding during that period and as of that date, would be antidilutive, hence they were excluded from the computation of diluted earnings per share. For the purpose of calculating diluted earnings per common share, the weighted average number of diluted shares outstanding includes the conversion of outstanding Series D Preferred Shares (Note 10) calculated with the “if converted” method by using the average closing market price over the reporting period from January 1, 2024 to June 30, 2024.

The components of the calculation of basic and diluted earnings per common share are as follows:

   
Six months ended
June 30,
    
Six months ended
June 30,
  
   
2023
    
2024
  
Net income and comprehensive income from continuing operations, net of taxes
  

1,676,753
    

45,185,357
  
Net income and comprehensive income from discontinued operations, net of taxes
    
17,339,332
      
—
  
Net income and comprehensive income
  
$
19,016,085
    
$
45,185,357
  
Less: Dividend on Series D Preferred Shares
    
—
      
(1,263,889
)
Less: Deemed dividend on Series D Preferred Shares
    
—
      
(249,515
)
Net income and comprehensive income available to common shareholders, basic
    
19,016,085
      
43,671,953
  
Dividend on Series D Preferred Shares
    
—
      
1,263,889
  
Deemed dividend on Series D Preferred Shares
    
—
      
249,515
  
Net income attributable to common shareholders, diluted
    
19,016,085
      
45,185,357
  
                 
Weighted average number of common shares outstanding, basic
    
9,478,437
      
9,662,354
  
Effect of dilutive shares
    
—
      
11,735,052
  
Weighted average number of common shares outstanding, diluted
    
9,478,437
      
21,397,406
  
                 
Earnings per common share, basic, continuing operations
  
$
0.18
    
$
4.52
  
Earnings per common share, diluted, continuing operations
  
$
0.18
    
$
2.11
  
Earnings per common share, basic, discontinued operations
  
$
1.83
    
$
—
  
Earnings per common share, diluted, discontinued operations
  
$
1.83
    
$
—
  
Earnings per common share, basic, Total
  
$
2.01
    
$
4.52
  
Earnings per common share, diluted, Total
  
$
2.01
    
$
2.11
  
v3.24.2.u1
Total Vessel Revenues
 6 Months Ended
Jun. 30, 2024
Total Vessel Revenues [Abstract]  
Total Vessel Revenues
14.
Total Vessel Revenues:

The following table includes the vessel revenues earned by the Company in each of the six-month periods ended June 30, 2023 and 2024, as presented in the accompanying unaudited interim condensed consolidated statements of comprehensive income:

 
  
Six months ended
June 30,
    
Six months ended
June 30,
  
 
  
2023
    
2024
  
Time charter revenues
    
49,747,081
      
36,669,776
  
Total Vessel revenues
  
$
49,747,081
    
$
36,669,776
  

During each of the six-month periods ended June 30, 2023 and 2024, the Company generated its revenues from time charters.
The Company typically enters into fixed rate or index-linked rate charters with an option to convert to fixed rate time charters ranging from one month to twelve months and in isolated cases on longer terms depending on market conditions. The charterer has the full discretion over the ports visited, shipping routes and vessel speed, subject to the owner protective restrictions discussed below. Time charter agreements may have extension options ranging from months, to sometimes, years. The time charter party generally provides, among others, typical warranties regarding the speed and the performance of the vessel as well as owner protective restrictions such that the vessel is sent only to safe ports by the charterer, subject always to compliance with applicable sanction laws and war risks, and carries only lawful and non-hazardous cargo.

From time to time, the Company’s dry bulk vessels are fixed on period charter contracts with the rate of daily hire linked to the average of the time charter routes comprising the respective indices for dry bulk vessels of the Baltic Exchange. Such contracts also carry an option for the Company to convert the index-linked rate to a fixed rate for a minimum period of six months and up to the maximum remaining duration of the charter contract, according to the average of the forward freight agreement curve of the respective Baltic index for the desired period, at the time of conversion. The index-linked contracts with conversion clause provide flexibility and allow the Company to either enjoy exposure in the spot market, when the rate is floating, or to secure foreseeable cash flow when the rate has been converted to fixed over a certain period.
v3.24.2.u1
Vessel Operating Expenses and Voyage Expenses
 6 Months Ended
Jun. 30, 2024
Vessel Operating Expenses and Voyage Expenses [Abstract]  
Vessel Operating Expenses and Voyage Expenses
15.
Vessel Operating Expenses and Voyage Expenses:

The amounts in the accompanying unaudited interim condensed consolidated statements of comprehensive income are analyzed as follows:

   
Six months ended
June 30,
    
Six months ended
June 30,
  
Vessel Operating Expenses
  
2023
    
2024
  
Crew & crew related costs
  

11,487,787
      
7,443,322
  
Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling
    
4,945,421
      
3,546,818
  
Lubricants
    
1,453,131
      
775,910
  
Insurances
    
1,823,010
      
1,198,818
  
Tonnage taxes
    
458,174
      
352,854
  
Other
    
1,509,004
      
1,339,929
  
Total Vessel operating expenses
  
$
21,676,527
    
$
14,657,651
  

   
Six months ended
June 30,
    
Six months ended
June 30,
  
Voyage expenses
  
2023
    
2024
  
Brokerage commissions
  

831,742
      
878,439
  
Brokerage commissions - related party
    
655,431
      
463,672
  
Port & other expenses
    
306,616
      
615,366
  
Bunkers consumption
    
640,672
      
177,317
  
Loss / (Gain) on bunkers
    
264,079
   
(122,020
)
Total Voyage expenses
  
$
2,698,540
    
$
2,012,774
  
v3.24.2.u1
General and Administrative Expenses
 6 Months Ended
Jun. 30, 2024
General and Administrative Expenses [Abstract]  
General and Administrative Expenses
16.
General and Administrative Expenses:

General and administrative expenses are analyzed as follows:

   
Six months ended
June 30,
    
Six months ended
June 30,
  
   
2023
    
2024
  
Non-executive directors’ compensation
  
$
36,000
    
$
63,000
  
Audit fees     140,065       130,653
  
Professional fees and other expenses
     1,129,011       1,594,418  
Administration fees-related party (Note 4(a))
     1,500,000       1,599,000
  
Total
  
$
2,805,076
    
$
3,387,071
  
v3.24.2.u1
Interest and Finance Costs
 6 Months Ended
Jun. 30, 2024
Interest and Finance Costs [Abstract]  
Interest and Finance Costs
17.
Interest and Finance Costs:

The amounts in the accompanying unaudited interim consolidated statements of comprehensive income are analyzed as follows:

   
Six months ended
June 30,
    
Six months ended
June 30,
  
   
2023
    
2024
  
Interest on long-term debt
  
$
5,318,880
    
$
3,058,877
  
Amortization and write-off of deferred finance charges
    
423,855
      
451,227
  
Other finance charges
    
374,906
      
494,590
  
Total
  
$
6,117,641
    
$
4,004,694
  
v3.24.2.u1
Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Information [Abstract]  
Segment Information
18.
Segment Information:


In late 2022, the Company acquired two containerships. As a result of the different characteristics of such containerships in relation to the Company’s other operating segments, the Company determined that, with effect from the fourth quarter of 2022, it operated in two reportable segments: (i) the dry bulk segment and (ii) the containership segment, each on a continued operations basis. The reportable segments reflect the internal organization of the Company and the way the chief operating decision maker reviews the operating results and allocates capital within the Company. In addition, the transport of dry cargo commodities, which are carried by dry bulk vessels, has different characteristics to the transport of containerized products, which are carried by containerships. Furthermore, the nature of trade, as well as the trading routes, charterers and cargo handling, is different in the containership segment and the dry-bulk segment.

The table below presents information about the Company’s reportable segments as of and for the six months ended June 30, 2023 and 2024. The accounting policies followed in the preparation of the reportable segments are the same as those followed in the preparation of the Company’s unaudited interim condensed consolidated financial statements. Segment results are evaluated based on income from operations.

   
Six months ended June 30,
    
Six months ended June 30,
  
   
2023
    
2024
  
   
Dry bulk
segment
    
Containership
segment
    
Total
    
Dry bulk
segment
    
Containership
segment
    
Total
  
Time charter revenues
  
$
42,979,593
    
$
6,767,488
    
$
49,747,081
    
$
30,244,797
    
$
6,424,979
    
$
36,669,776
  
Total vessel revenues
  
$
42,979,593
    
$
6,767,488
    
$
49,747,081
    
$
30,244,797
    
$
6,424,979
    
$
36,669,776
  
Voyage expenses (including charges from related party)
    
(2,339,460
)
    
(359,080
)
    
(2,698,540
)
    
(1,701,922
)
    
(310,852
)
    
(2,012,774
)
Vessel operating expenses
    
(18,754,397
)
    
(2,922,130
)
    
(21,676,527
)
    
(12,379,672
)
    
(2,277,979
)
    
(14,657,651
)
Management fees to related parties
    
(3,280,975
)
    
(334,850
)
    
(3,615,825
)
    
(2,127,788
)
    
(358,904
)
    
(2,486,692
)
Depreciation and amortization
    
(8,710,367
)
    
(2,591,180
)
    
(11,301,547
)
    
(4,630,403
)
    
(2,757,452
)
    
(7,387,855
)
Gain on sale of vessels
    
3,128,568
      
—
      
3,128,568
      
19,307,595
      
—
      
19,307,595
  
Gain from a claim
     —       —       —       1,411,356       —       1,411,356  
Segments operating income
  
$
13,022,962
    
$
560,248
    
$
13,583,210
    
$
30,123,963
    
$
719,792
    
$
30,843,755
  
Interest and finance costs
                    
(5,812,565
)
                    
(3,580,372
)
Interest income
                    
1,161,934
                      
1,950,245
  
Foreign exchange losses
                    
(66,035
)
                    
(10,599
)
Less: Unallocated corporate general and administrative expenses
                    
(2,805,076
)
                    
(3,387,071
)
Less: Corporate Interest and finance costs
                    
(305,076
)
                    
(424,322
)
Less: Corporate Interest income
                    
277,975
                      
1,376,609
  
Less: Corporate exchange losses
                    
(4,757
)
                    
(75,059
)
Dividend income on equity securities
                    
366,002
                      
2,853,165
  
Dividend income from related party
                    
451,111
                      
707,777
  
(Loss) / Gain on equity securities
                    
(5,104,791
)
                    
15,025,838
  
Net income and comprehensive income from continuing operations, before taxes
                  
$
1,741,932
                    
$
45,279,966
  
Net income and Comprehensive income from discontinued operations, before taxes
                    
17,513,269
                      
—
  
Net income and Comprehensive income, before taxes
                   $
19,255,201
                     $
45,279,966
  



A reconciliation of total segment assets to total assets presented in the accompanying unaudited interim consolidated balance sheets of December 31, 2023 and June 30, 2024, is as follows:
   
As of
December 31,
2023
    
As of
June 30,
2024
  
Dry bulk segment
  
$
259,759,770
    
$
149,400,998
  
Containership segment
    
46,202,603
      
43,644,662
  
Cash and cash equivalents (1)
    
103,822,505
      
227,613,893
  
Prepaid expenses and other assets (1)
    
195,257,101
      
181,606,358
  
Total consolidated assets
  
$
605,041,979
    
$
602,265,911
  

(1) Refers to assets of other, non-vessel owning, entities included in the unaudited interim condensed consolidated financial statements.
v3.24.2.u1
Subsequent Events
 6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events
19.
Subsequent Events:


 
(a)
Dividend on Series D Preferred Shares:  On July 15, 2024, the Company paid to Toro a dividend (declared on June 25, 2024) amounting to $625,000 on the Series D Preferred Shares for the dividend period from April 15, 2024 to July 14, 2024.


 
(b)
Vessel acquisition: On July 16, 2024, the Company entered into an agreement with an unaffiliated third party to acquire a secondhand 2015 Chinese-built Ultramax dry bulk carrier for a purchase price of $25.5 million. The vessel is expected to be delivered to the Company during the third quarter of 2024 and the delivery is subject to the satisfaction of certain customary closing conditions. The acquisition will be financed in its entirety with cash on hand.


 
(c)
Voluntary loan prepayment: On August 7, 2024, the Company prepaid in full the amount of $14.6 million remaining outstanding under the $22.5 million senior secured term loan facility with Chailease International Financial Services (Singapore) Pte., Ltd, secured against the Company’s two container vessels (Note 8).
v3.24.2.u1
Basis of Presentation and General information (Policies)
 6 Months Ended
Jun. 30, 2024
Basis of Presentation and General information [Abstract]  
Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information. They do not include all the information and notes required by U.S. GAAP for complete financial statements. Accordingly, these statements and the accompanying notes should be read in conjunction with the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2023, filed with the SEC on February 29, 2024 (the “2023 Annual Report”).

These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six-month period ended June 30, 2024, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2024.
v3.24.2.u1
Basis of Presentation and General Information (Tables)
 6 Months Ended
Jun. 30, 2024
Basis of Presentation and General information [Abstract]  
Consolidated Vessel Owning Subsidiaries
(a) Consolidated vessel owning subsidiaries:

 
Company
Country of
incorporation
Vessel Name
DWT
Year
Built
Delivery date
to Castor
1
Spetses Shipping Co. (“Spetses”)
Marshall Islands
M/V Magic P
76,453
2004
February 2017
2
Liono Shipping Co. (“Liono”)
Marshall Islands
M/V Magic Thunder
83,375
2011
April 2021
3
Mulan Shipping Co. (“Mulan”)
Marshall Islands
M/V Magic Starlight
81,048
2015
May 2021
4
Cinderella Shipping Co. (“Cinderella”)
Marshall Islands
M/V Magic Eclipse
74,940
2011
June 2021
5
Mickey Shipping Co. (“Mickey”)
 Marshall Islands M/V Magic Callisto 74,930 2012 January 2022
6
Songoku Shipping Co. (“Songoku”)
 Marshall Islands M/V Magic Pluto 74,940 2013 August 2021
7
Asterix Shipping Co. (“Asterix”)
 Marshall Islands M/V Magic Perseus 82,158 2013 August 2021
8
Johnny Bravo Shipping Co. (“Johnny Bravo”)
 Marshall Islands
 M/V Magic Mars
76,822
 2014 September 2021
9
 		Jerry Shipping Co. (“Jerry S”)
 		Marshall Islands M/V Ariana A 38,117 2005 November 2022
10
Tom Shipping Co. (“Tom S”)
 Marshall Islands M/V Gabriela A 38,121 2005 November 2022
Consolidated Subsidiaries Formed to Acquire Vessels
(b) Consolidated subsidiaries formed to acquire vessels:
 
Company
Country of incorporation
1
Containco Shipping Inc.
Marshall Islands
Consolidated Non-Vessel Owning Subsidiaries
(c) Consolidated non-vessel owning subsidiaries:

 
Company
Country of incorporation
1
Castor Maritime SCR Corp. (“Castor SCR”) (1)
Marshall Islands
2
 Indigo Global Corp. (2)
 Marshall Islands
3
Bagheera Shipping Co. (“Bagheera”) (3)
Marshall Islands
4
 Luffy Shipping Co. (“Luffy”) (4)
Marshall Islands
5
Kabamaru Shipping Co. (“Kabamaru”) (5)
Marshall Islands
6
 Bistro Maritime Co. (“Bistro”) (6)
Marshall Islands
7
 Garfield Shipping Co. (“Garfield”) (7)
Marshall Islands
8
 Pikachu Shipping Co. (“Pikachu”) (8)
Marshall Islands
9
 Jumaru Shipping Co. (“Jumaru”) (9)
Marshall Islands
10
 Pumba Shipping Co. (“Pumba”) (10)
Marshall Islands
 11 Snoopy Shipping Co. (“Snoopy”) (11)
Marshall Islands
12
Super Mario Shipping Co. (“Super Mario”) (12)
Marshall Islands
13
Stewie Shipping Co. (“Stewie”) (13)
Marshall Islands
14
Pocahontas Shipping Co. (“Pocahontas”) (14)
Marshall Islands

(1)
Incorporated under the laws of the Marshall Islands on September 16, 2021, this entity serves as the Company’s subsidiaries’ cash manager with effect from November 1, 2021.

(2)
 Incorporated under the laws of the Marshall Islands on April 24, 2024 for trading purposes.

(3)
Bagheera Shipping Co. no longer owns any vessel following the sale of the M/V Magic Rainbow on March 13, 2023, and delivery of such vessel to an unaffiliated third-party on April 18, 2023.

(4)
 Luffy Shipping Co. no longer owns any vessel following the sale of the M/V Magic Twilight on June 2, 2023, and delivery of such vessel to an unaffiliated third-party on July 20, 2023.

(5)
 Kabamaru Shipping Co. no longer owns any vessel following the sale of the M/V Magic Argo on September 22, 2023, and delivery of such vessel to an unaffiliated third-party on December 14, 2023.

(6)
 Bistro Maritime Co. no longer owns any vessel following the sale of the M/V Magic Sun on October 6, 2023, and delivery of such vessel to an unaffiliated third-party on November 14, 2023.

(7)
 Garfield Shipping Co. no longer owns any vessel following the sale of the M/V Magic Phoenix on October 16, 2023, and delivery of such vessel to an unaffiliated third-party on November 27, 2023.

(8)
 Pikachu Shipping Co. no longer owns any vessel following the sale of the M/V Magic Moon on November 10, 2023, and delivery of such vessel to an unaffiliated third-party on January 16, 2024 (see also Note 7).

(9)
 Jumaru Shipping Co. no longer owns any vessel following the sale of the M/V Magic Nova on January 19, 2024, and delivery of such vessel to an entity beneficially owned by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer on March 11, 2024 (see also Note 7).

(10)
 Pumba Shipping Co. no longer owns any vessel following the sale of the M/V Magic Orion on December 7, 2023, and delivery of such vessel to an unaffiliated third-party on March 22, 2024 (see also Note 7).

(11)
 Snoopy Shipping Co. no longer owns any vessel following the sale of the M/V Magic Nebula on February 15, 2024, and delivery of such vessel to an entity affiliated with a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer on April 18, 2024 (see also Note 7).

(12)
 Super Mario Shipping Co. no longer owns any vessel following the sale of the M/V Magic Venus on December 21, 2023, and delivery of such vessel to an entity affiliated with a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer on May 10, 2024 (see also Note 7).

(13)
 Stewie Shipping Co. no longer owns any vessel following the sale of the M/V Magic Vela on May 1, 2024, and delivery of such vessel to an unaffiliated third-party on May 23, 2024 (see also Note 7).

(14)
 Pocahontas Shipping Co. no longer owns any vessel following the sale of the M/V Magic Horizon on January 19, 2024, and delivery of such vessel to an entity beneficially owned by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer on May 28, 2024 (see also Note 7).
Entities Comprising Discontinued Operations as Part of Spin-Off
(d) Entities comprising the discontinued operations as part of the Spin-Off:

 
Company
Country of
incorporation
Vessel Name
DWT
Year
Built
Delivery date
to Castor
1
Toro Corp. (15)
Marshall Islands
—
—
—
—
2
Toro RBX Corp. (“Toro RBX”) (16)
Marshall Islands
—
—
—
—
3
Rocket Shipping Co. (“Rocket”)
Marshall Islands
M/T Wonder Polaris
115,351
2005
March 2021
4
Gamora Shipping Co. (“Gamora”)
Marshall Islands
M/T Wonder Sirius
115,341
2005
March 2021
5
Starlord Shipping Co. (“Starlord”)
Marshall Islands
M/T Wonder Vega
106,062
2005
May 2021
6
Hawkeye Shipping Co. (“Hawkeye”)
Marshall Islands
M/T Wonder Avior
106,162
2004
May 2021
7
Vision Shipping Co. (“Vision”)
Marshall Islands
M/T Wonder Mimosa
36,718
2006
May 2021
8
Colossus Shipping Co. (“Colossus”)
Marshall Islands
M/T Wonder Musica
106,290
2004
June 2021
9
Xavier Shipping Co. (“Xavier”)
Marshall Islands
M/T Wonder Formosa
36,660
2006
June 2021
10
Drax Shipping Co. (“Drax”)
Marshall Islands
M/T Wonder Bellatrix
115,341
2006
December 2021
11
Elektra Shipping Co. (“Elektra”) (17)
Marshall Islands
—
—
—
—

(15)
Incorporated on July 29, 2022. At the Distribution Date, Toro served as the holding company to which the equity interests of the Aframax/LR2 and Handysize tanker owning subsidiaries and Elektra were contributed.

(16)
Incorporated under the laws of the Marshall Islands on October 3, 2022, to serve, with effect from the Distribution Date, as the cash manager of Toro and its subsidiaries.

(17)
Elektra no longer owns any vessel following the sale of the M/T Wonder Arcturus on May 9, 2022, and delivery of such vessel to an unaffiliated third-party on July 15, 2022.
v3.24.2.u1
Discontinued operations (Tables)
 6 Months Ended
Jun. 30, 2024
Discontinued operations [Abstract]  
Discontinued Operations
The components of the income from discontinued operations for the period January 1, 2023 through March 7, 2023 in the consolidated statements of comprehensive income consisted of the following:
 
   
January 1
through March 7,
  
   
2023
  
REVENUES:
      
Time charter revenues
    
914,000
  
Voyage charter revenues
    
7,930
  
Pool revenues
    
22,447,344
  
Total vessel revenues
    
23,369,274
  
 
        
EXPENSES:
        
Voyage expenses (including $294,831 to related party for the period January 1, 2023 through March 7, 2023)
    
(374,396
)
Vessel operating expenses
    
(3,769,132
)
Management fees to related parties
    
(507,000
)
Depreciation and amortization
    
(1,493,759
)
Recovery of provision for doubtful accounts
    
266,732
  
Total expenses
    
(5,877,555
)
 
        
Operating income
    
17,491,719
  
 
        
OTHER INCOME:
        
Interest and finance costs
    
(220,061
)
Interest income
    
253,165
  
Foreign exchange losses
    
(11,554
)
Total other income, net
    
21,550
  
 
        
Net income and comprehensive income from discontinued operations, before taxes
  
$
17,513,269
  
Income taxes
    
(173,937
)
Net income and comprehensive income from discontinued operations, net of taxes
  
$
17,339,332
  
v3.24.2.u1
Transactions with Related Parties (Tables)
 6 Months Ended
Jun. 30, 2024
Transactions with Related Parties [Abstract]  
Transactions with Related Parties
As of December 31, 2023, and June 30, 2024, balances with related parties consisted of the following:
 
  
December 31,
2023
    
June 30,
2024
  
Assets:
            
Due from Castor Ships (a) – current
   $ 2,283,209     $ 578,154  
Due from Castor Ships (a) – non-current
     4,504,340       3,275,020  
Due from Pavimar (b) – current
     3,366,959       984,068  
Investment in Toro (c) – non-current
     117,537,135       117,544,913  
 
                
Liabilities:
                
Due to Toro (d) – current
     541,666       555,556  
Due to other related parties (e)     —
      324,000
 
v3.24.2.u1
Deferred Charges, net (Tables)
 6 Months Ended
Jun. 30, 2024
Deferred Charges, net [Abstract]  
Deferred Dry-Docking Costs, net
The movement in deferred dry-docking costs, net in the accompanying consolidated balance sheets is as follows:

 
  
Dry-docking costs
  
Balance December 31, 2023
  
$
3,231,461
  
Adjustment to additions
    
(57,850
)
Amortization
    
(759,870
)
Disposals (Note 7(b))
     (758,372 )
Balance June 30, 2024
  
$
1,655,369
  
v3.24.2.u1
Vessels, net/Assets held for sale (Tables)
 6 Months Ended
Jun. 30, 2024
Vessels, net/Assets held for sale [Abstract]  
Vessels, Net
(a) Vessels, net: The amounts in the accompanying unaudited condensed consolidated balance sheets are analyzed as follows:

   
Vessel Cost
    
Accumulated depreciation
    
Net Book Value
  
Balance December 31, 2023
    
262,066,353
      
(32,529,357
)
    
229,536,996
  
— Acquisitions, improvements, and other vessel costs
    26,494       —
       26,494  
— Vessel disposals
     (57,997,284 )     8,420,635       (49,576,649 )
— Period depreciation
     —      
(6,627,985
)
    
(6,627,985
)
Balance June 30, 2024
    
204,095,563
      
(30,736,707
)
    
173,358,856
  
Assets Held for Sale

The respective sales of the above vessels took place due to favorable offers in each case. The terms of each of the transactions on December 21, 2023, January 19, 2024 and February 15, 2024 were negotiated and approved by a special committee of the Company’s disinterested and independent directors.


   
Assets held for sale
  
Balance December 31, 2023
  
$
38,656,048
  
Asset’s disposal
     (38,656,048 )
Balance June 30, 2024
  
$
—
  
v3.24.2.u1
Long-Term Debt (Tables)
 6 Months Ended
Jun. 30, 2024
Long-Term Debt [Abstract]  
Long-Term Debt
The amount of long-term debt shown in the accompanying unaudited condensed consolidated balance sheet of June 30, 2024, is analyzed as follows:
 
       
  
Year/Period Ended
  
Loan facilities
Borrowers
  
December 31,
2023
    
June 30,
2024
  
$11.0 Million Term Loan Facility (a)
Spetses-Pikachu
  
$
4,600,000
    
$
1,809,130
  
$15.29 Million Term Loan Facility (b)
 Pocahontas-Jumaru
     10,109,000       —  
$40.75 Million Term Loan Facility (c)
 Liono-Snoopy-Cinderella
     23,055,000       14,312,613  
$55.00 Million Term Loan Facility (d)
 Mulan-Johnny Bravo-Songoku-Asterix-Stewie     32,040,000       12,099,000  
$22.5 Million Term Loan Facility (e)
 Tom-Jerry     16,800,000       15,000,000  
Total long-term debt
 
  
$
86,604,000
    
$
43,220,743
  
Less: Deferred financing costs
 
    
(808,215
)
    
(356,988
)
Total long-term debt, net of deferred finance costs
 
  
$
85,795,785
    
$
42,863,755
  
 
 
                
Presented:
 
                
Current portion of long-term debt
 
  
$
18,089,000
    
$
24,585,788
  
Less: Current portion of deferred finance costs
 
    
(409,705
)
    
(276,122
)
Current portion of long-term debt, net of deferred finance costs
 
  
$
17,679,295
    
$
24,309,666
  
                   
Debt related to assets held for sale
    $ 2,415,000     $ —  
Less: Current portion of deferred finance costs
      (8,352 )     —
Debt related to assets held for sale, net of deferred finance costs
    $ 2,406,648     $ —  
 
 
                
Non-Current portion of long-term debt
 
    
66,100,000
      
18,634,955
  
Less: Non-Current portion of deferred finance costs
 
    
(390,158
)
    
(80,866
)
Non-Current portion of long-term debt, net of deferred finance costs
 
  
$
65,709,842
    
$
18,554,089
  
Annual Principal Payments
The annual principal payments for the Company’s outstanding debt arrangements as of June 30, 2024, required to be made after the balance sheet date, are as follows:
Twelve-month period ending June 30,
  
Amount
  
2025
  
$
24,585,788
  
2026
    
6,731,157
  
2027
    
11,903,798
  
Total long-term debt
  
$
43,220,743
  
v3.24.2.u1
Investment in equity securities (Tables)
 6 Months Ended
Jun. 30, 2024
Investment in equity securities [Abstract]  
Investment in Equity Securities

A summary of the movement in listed equity securities for the six month period ended June 30, 2024 is presented in the table below:


   
Equity securities
  
Balance December 31, 2023
  
$
77,089,100
  
Equity securities acquired
    
18,114,116
  
Proceeds from sale of equity securities
    (46,088,578 )
Gain on sale of equity securities
    3,788,132  
Realized foreign exchange loss
    (170,110 )
Unrealized gain on equity securities revalued at fair value at end of the period
    
11,237,706
  
Unrealized foreign exchange loss
     (29 )
Balance June 30, 2024
  
$
63,970,337
  
v3.24.2.u1
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies [Abstract]  
Future Minimum Contracted Lease Payments
The following table sets forth the future minimum contracted lease payments to the Company (gross of charterers’ commissions), based on the Company’s vessels’ commitments to non-cancelable time charter contracts as of June 30, 2024. Non-cancelable time charter contracts include both fixed-rate time charters or charters linked to the Baltic Dry Index (“BDI”). For index linked contracts, contracted lease payments have been calculated using the BDI-linked rate as measured at the commencement date.

In addition, certain of the variable-rate contracts have the option at the Company’s option to convert to a fixed rate for a predetermined period, in such cases where lease payments have been converted to a fixed rate, the minimum contracted lease payments for this period are calculated using the agreed converted fixed rate. The calculation does not include any assumed off-hire days.

Twelve-month period ending June 30,
  
Amount
  
2025
   $
 17,035,221  
Total
  
$
17,035,221
  
v3.24.2.u1
Earnings Per Common Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Common Share [Abstract]  
Calculation of Basic and Diluted Earnings per Share
The components of the calculation of basic and diluted earnings per common share are as follows:

   
Six months ended
June 30,
    
Six months ended
June 30,
  
   
2023
    
2024
  
Net income and comprehensive income from continuing operations, net of taxes
  

1,676,753
    

45,185,357
  
Net income and comprehensive income from discontinued operations, net of taxes
    
17,339,332
      
—
  
Net income and comprehensive income
  
$
19,016,085
    
$
45,185,357
  
Less: Dividend on Series D Preferred Shares
    
—
      
(1,263,889
)
Less: Deemed dividend on Series D Preferred Shares
    
—
      
(249,515
)
Net income and comprehensive income available to common shareholders, basic
    
19,016,085
      
43,671,953
  
Dividend on Series D Preferred Shares
    
—
      
1,263,889
  
Deemed dividend on Series D Preferred Shares
    
—
      
249,515
  
Net income attributable to common shareholders, diluted
    
19,016,085
      
45,185,357
  
                 
Weighted average number of common shares outstanding, basic
    
9,478,437
      
9,662,354
  
Effect of dilutive shares
    
—
      
11,735,052
  
Weighted average number of common shares outstanding, diluted
    
9,478,437
      
21,397,406
  
                 
Earnings per common share, basic, continuing operations
  
$
0.18
    
$
4.52
  
Earnings per common share, diluted, continuing operations
  
$
0.18
    
$
2.11
  
Earnings per common share, basic, discontinued operations
  
$
1.83
    
$
—
  
Earnings per common share, diluted, discontinued operations
  
$
1.83
    
$
—
  
Earnings per common share, basic, Total
  
$
2.01
    
$
4.52
  
Earnings per common share, diluted, Total
  
$
2.01
    
$
2.11
  
v3.24.2.u1
Total Vessel Revenues (Tables)
 6 Months Ended
Jun. 30, 2024
Total Vessel Revenues [Abstract]  
Vessel Revenues
The following table includes the vessel revenues earned by the Company in each of the six-month periods ended June 30, 2023 and 2024, as presented in the accompanying unaudited interim condensed consolidated statements of comprehensive income:

 
  
Six months ended
June 30,
    
Six months ended
June 30,
  
 
  
2023
    
2024
  
Time charter revenues
    
49,747,081
      
36,669,776
  
Total Vessel revenues
  
$
49,747,081
    
$
36,669,776
  
v3.24.2.u1
Vessel Operating Expenses and Voyage Expenses (Tables)
 6 Months Ended
Jun. 30, 2024
Vessel Operating Expenses and Voyage Expenses [Abstract]  
Vessel Operating Expenses
The amounts in the accompanying unaudited interim condensed consolidated statements of comprehensive income are analyzed as follows:

   
Six months ended
June 30,
    
Six months ended
June 30,
  
Vessel Operating Expenses
  
2023
    
2024
  
Crew & crew related costs
  

11,487,787
      
7,443,322
  
Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling
    
4,945,421
      
3,546,818
  
Lubricants
    
1,453,131
      
775,910
  
Insurances
    
1,823,010
      
1,198,818
  
Tonnage taxes
    
458,174
      
352,854
  
Other
    
1,509,004
      
1,339,929
  
Total Vessel operating expenses
  
$
21,676,527
    
$
14,657,651
  
Voyage Expenses

   
Six months ended
June 30,
    
Six months ended
June 30,
  
Voyage expenses
  
2023
    
2024
  
Brokerage commissions
  

831,742
      
878,439
  
Brokerage commissions - related party
    
655,431
      
463,672
  
Port & other expenses
    
306,616
      
615,366
  
Bunkers consumption
    
640,672
      
177,317
  
Loss / (Gain) on bunkers
    
264,079
   
(122,020
)
Total Voyage expenses
  
$
2,698,540
    
$
2,012,774
  
v3.24.2.u1
General and Administrative Expenses (Tables)
 6 Months Ended
Jun. 30, 2024
General and Administrative Expenses [Abstract]  
General and Administrative Expenses
General and administrative expenses are analyzed as follows:

   
Six months ended
June 30,
    
Six months ended
June 30,
  
   
2023
    
2024
  
Non-executive directors’ compensation
  
$
36,000
    
$
63,000
  
Audit fees     140,065       130,653
  
Professional fees and other expenses
     1,129,011       1,594,418  
Administration fees-related party (Note 4(a))
     1,500,000       1,599,000
  
Total
  
$
2,805,076
    
$
3,387,071
  
v3.24.2.u1
Interest and Finance Costs (Tables)
 6 Months Ended
Jun. 30, 2024
Interest and Finance Costs [Abstract]  
Interest and Finance Costs
The amounts in the accompanying unaudited interim consolidated statements of comprehensive income are analyzed as follows:

   
Six months ended
June 30,
    
Six months ended
June 30,
  
   
2023
    
2024
  
Interest on long-term debt
  
$
5,318,880
    
$
3,058,877
  
Amortization and write-off of deferred finance charges
    
423,855
      
451,227
  
Other finance charges
    
374,906
      
494,590
  
Total
  
$
6,117,641
    
$
4,004,694
  
v3.24.2.u1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Information [Abstract]  
Information about Company's Reportable Segments

The table below presents information about the Company’s reportable segments as of and for the six months ended June 30, 2023 and 2024. The accounting policies followed in the preparation of the reportable segments are the same as those followed in the preparation of the Company’s unaudited interim condensed consolidated financial statements. Segment results are evaluated based on income from operations.

   
Six months ended June 30,
    
Six months ended June 30,
  
   
2023
    
2024
  
   
Dry bulk
segment
    
Containership
segment
    
Total
    
Dry bulk
segment
    
Containership
segment
    
Total
  
Time charter revenues
  
$
42,979,593
    
$
6,767,488
    
$
49,747,081
    
$
30,244,797
    
$
6,424,979
    
$
36,669,776
  
Total vessel revenues
  
$
42,979,593
    
$
6,767,488
    
$
49,747,081
    
$
30,244,797
    
$
6,424,979
    
$
36,669,776
  
Voyage expenses (including charges from related party)
    
(2,339,460
)
    
(359,080
)
    
(2,698,540
)
    
(1,701,922
)
    
(310,852
)
    
(2,012,774
)
Vessel operating expenses
    
(18,754,397
)
    
(2,922,130
)
    
(21,676,527
)
    
(12,379,672
)
    
(2,277,979
)
    
(14,657,651
)
Management fees to related parties
    
(3,280,975
)
    
(334,850
)
    
(3,615,825
)
    
(2,127,788
)
    
(358,904
)
    
(2,486,692
)
Depreciation and amortization
    
(8,710,367
)
    
(2,591,180
)
    
(11,301,547
)
    
(4,630,403
)
    
(2,757,452
)
    
(7,387,855
)
Gain on sale of vessels
    
3,128,568
      
—
      
3,128,568
      
19,307,595
      
—
      
19,307,595
  
Gain from a claim
     —       —       —       1,411,356       —       1,411,356  
Segments operating income
  
$
13,022,962
    
$
560,248
    
$
13,583,210
    
$
30,123,963
    
$
719,792
    
$
30,843,755
  
Interest and finance costs
                    
(5,812,565
)
                    
(3,580,372
)
Interest income
                    
1,161,934
                      
1,950,245
  
Foreign exchange losses
                    
(66,035
)
                    
(10,599
)
Less: Unallocated corporate general and administrative expenses
                    
(2,805,076
)
                    
(3,387,071
)
Less: Corporate Interest and finance costs
                    
(305,076
)
                    
(424,322
)
Less: Corporate Interest income
                    
277,975
                      
1,376,609
  
Less: Corporate exchange losses
                    
(4,757
)
                    
(75,059
)
Dividend income on equity securities
                    
366,002
                      
2,853,165
  
Dividend income from related party
                    
451,111
                      
707,777
  
(Loss) / Gain on equity securities
                    
(5,104,791
)
                    
15,025,838
  
Net income and comprehensive income from continuing operations, before taxes
                  
$
1,741,932
                    
$
45,279,966
  
Net income and Comprehensive income from discontinued operations, before taxes
                    
17,513,269
                      
—
  
Net income and Comprehensive income, before taxes
                   $
19,255,201
                     $
45,279,966
  
Reconciliation of Total Segment Assets to Total Assets
A reconciliation of total segment assets to total assets presented in the accompanying unaudited interim consolidated balance sheets of December 31, 2023 and June 30, 2024, is as follows:
   
As of
December 31,
2023
    
As of
June 30,
2024
  
Dry bulk segment
  
$
259,759,770
    
$
149,400,998
  
Containership segment
    
46,202,603
      
43,644,662
  
Cash and cash equivalents (1)
    
103,822,505
      
227,613,893
  
Prepaid expenses and other assets (1)
    
195,257,101
      
181,606,358
  
Total consolidated assets
  
$
605,041,979
    
$
602,265,911
  

(1) Refers to assets of other, non-vessel owning, entities included in the unaudited interim condensed consolidated financial statements.
v3.24.2.u1
Basis of Presentation and General information, General Information (Details)
$ / shares in Units, t in Millions, $ in Millions
 6 Months Ended
Mar. 27, 2024
$ / shares
shares
Mar. 07, 2023
$ / shares
shares
Jun. 30, 2024
Vessel
t
$ / shares
shares
Dec. 31, 2023
$ / shares
shares
Apr. 27, 2021
USD ($)
Subsidiary
Basis of Presentation [Abstract]          
Common shares, par value (in dollars per share) | $ / shares $ 0.001   $ 0.001 $ 0.001  
Reverse stock split ratio 0.1        
Common shares, shares issued (in shares)     9,662,354 9,662,354  
Common shares, shares outstanding (in shares) 9,662,354   9,662,354 9,662,354  
Preferred shares, par value (in dollars per share) | $ / shares     $ 0.001 $ 0.001  
Number of shares of Company stock held to receive one share of Toro common stock (in shares)   10      
Number of former tanker-owning subsidiaries | Subsidiary         2
Number of vessels | Vessel     10    
Combined carrying capacity | t     0.7    
Kamsarmax [Member]          
Basis of Presentation [Abstract]          
Number of vessels | Vessel     3    
Panamax [Member]          
Basis of Presentation [Abstract]          
Number of vessels | Vessel     5    
Containerships [Member]          
Basis of Presentation [Abstract]          
Number of vessels | Vessel     2    
Series B Preferred Shares [Member]          
Basis of Presentation [Abstract]          
Preferred shares, shares outstanding (in shares)     12,000 12,000  
Preferred shares, shares issued (in shares)     12,000 12,000  
Related Party [Member] | Thalassa [Member] | Series B Preferred Shares [Member]          
Basis of Presentation [Abstract]          
Percentage of shares held     100.00%    
Related Party [Member] | Toro [Member]          
Basis of Presentation [Abstract]          
Common shares, shares issued (in shares)   9,461,009      
Common shares, shares outstanding (in shares)   9,461,009      
Number of shares of Toro common stock issued for every 10 shares of Company stock (in shares)   1      
Related Party [Member] | Toro [Member] | $18.0 Million Term Loan Facility [Member]          
Basis of Presentation [Abstract]          
Face amount | $         $ 18.0
Related Party [Member] | Toro [Member] | Series A Preferred Stock [Member]          
Basis of Presentation [Abstract]          
Preferred shares, shares outstanding (in shares)   140,000      
Preferred shares, shares issued (in shares)     140,000    
Preferred shares, dividend rate   1.00% 1.00%    
Preferred shares, stated amount (in dollars per share) | $ / shares   $ 1,000 $ 1,000    
Preferred shares, par value (in dollars per share) | $ / shares   $ 0.001 $ 0.001    
Related Party [Member] | Toro [Member] | Series B Preferred Shares [Member]          
Basis of Presentation [Abstract]          
Preferred shares, shares issued (in shares)   40,000      
Preferred shares, par value (in dollars per share) | $ / shares   $ 0.001      
v3.24.2.u1
Basis of Presentation and General information, Vessel Owning Subsidiaries (Details)
 6 Months Ended
Jun. 30, 2024
t
Subsidiaries in Consolidation [Abstract]  
DWT 700,000
M/V Magic P [Member]  
Subsidiaries in Consolidation [Abstract]  
DWT 76,453
Year built 2004
Delivery date to Castor 2017-02
M/V Magic Thunder [Member]  
Subsidiaries in Consolidation [Abstract]  
DWT 83,375
Year built 2011
Delivery date to Castor 2021-04
M/V Magic Starlight [Member]  
Subsidiaries in Consolidation [Abstract]  
DWT 81,048
Year built 2015
Delivery date to Castor 2021-05
M/V Magic Eclipse [Member]  
Subsidiaries in Consolidation [Abstract]  
DWT 74,940
Year built 2011
Delivery date to Castor 2021-06
M/V Magic Callisto [Member]  
Subsidiaries in Consolidation [Abstract]  
DWT 74,930
Year built 2012
Delivery date to Castor 2022-01
M/V Magic Pluto [Member]  
Subsidiaries in Consolidation [Abstract]  
DWT 74,940
Year built 2013
Delivery date to Castor 2021-08
M/V Magic Perseus [Member]  
Subsidiaries in Consolidation [Abstract]  
DWT 82,158
Year built 2013
Delivery date to Castor 2021-08
M/V Magic Mars [Member]  
Subsidiaries in Consolidation [Abstract]  
DWT 76,822
Year built 2014
Delivery date to Castor 2021-09
M/V Ariana A [Member]  
Subsidiaries in Consolidation [Abstract]  
DWT 38,117
Year built 2005
Delivery date to Castor 2022-11
M/V Gabriela A [Member]  
Subsidiaries in Consolidation [Abstract]  
DWT 38,121
Year built 2005
Delivery date to Castor 2022-11
M/T Wonder Polaris [Member]  
Subsidiaries in Consolidation [Abstract]  
DWT 115,351
Year built 2005
Delivery date to Castor 2021-03
M/T Wonder Sirius [Member]  
Subsidiaries in Consolidation [Abstract]  
DWT 115,341
Year built 2005
Delivery date to Castor 2021-03
M/T Wonder Vega [Member]  
Subsidiaries in Consolidation [Abstract]  
DWT 106,062
Year built 2005
Delivery date to Castor 2021-05
M/T Wonder Avior [Member]  
Subsidiaries in Consolidation [Abstract]  
DWT 106,162
Year built 2004
Delivery date to Castor 2021-05
M/T Wonder Mimosa [Member]  
Subsidiaries in Consolidation [Abstract]  
DWT 36,718
Year built 2006
Delivery date to Castor 2021-05
M/T Wonder Musica [Member]  
Subsidiaries in Consolidation [Abstract]  
DWT 106,290
Year built 2004
Delivery date to Castor 2021-06
M/T Wonder Formosa [Member]  
Subsidiaries in Consolidation [Abstract]  
DWT 36,660
Year built 2006
Delivery date to Castor 2021-06
M/T Wonder Bellatrix [Member]  
Subsidiaries in Consolidation [Abstract]  
DWT 115,341
Year built 2006
Delivery date to Castor 2021-12
Toro Corp [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Spetses Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Vessel name M/V Magic P
Liono Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Vessel name M/V Magic Thunder
Mulan Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Vessel name M/V Magic Starlight
Cinderella Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Vessel name M/V Magic Eclipse
Mickey Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Vessel name M/V Magic Callisto
Songoku Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Vessel name M/V Magic Pluto
Asterix Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Vessel name M/V Magic Perseus
Johnny Bravo Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Vessel name M/V Magic Mars
Jerry Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Vessel name M/V Ariana A
Tom Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Vessel name M/V Gabriela A
Containco Shipping Inc. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Castor Maritime SCR Corp. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Indigo Global Corp. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Bagheera Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Luffy Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Kabamaru Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Bistro Maritime Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Garfield Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Pikachu Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Jumaru Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Pumba Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Snoopy Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Super Mario Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Stewie Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Pocahontas Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Toro RBX Corp. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Rocket Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Vessel name M/T Wonder Polaris
Gamora Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Vessel name M/T Wonder Sirius
Starlord Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Vessel name M/T Wonder Vega
Hawkeye Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Vessel name M/T Wonder Avior
Vision Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Vessel name M/T Wonder Mimosa
Colossus Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Vessel name M/T Wonder Musica
Xavier Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Vessel name M/T Wonder Formosa
Drax Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
Vessel name M/T Wonder Bellatrix
Elektra Shipping Co. [Member]  
Subsidiaries in Consolidation [Abstract]  
Country of incorporation 1T
v3.24.2.u1
Discontinued operations (Details) - USD ($)
 2 Months Ended 6 Months Ended
Mar. 07, 2023
Jun. 30, 2024
Jun. 30, 2023
OTHER INCOME [Abstract]      
Net income and comprehensive income from discontinued operations, before taxes   $ 0 $ 17,513,269
Toro Corp [Member]      
REVENUES [Abstract]      
Vessel revenues $ 23,369,274    
EXPENSES [Abstract]      
Voyage expenses (including $294,831 to related party for the period January 1, 2023 through March 7, 2023) (374,396)    
Vessel operating expenses (3,769,132)    
Management fees to related parties (507,000)    
Depreciation and amortization (1,493,759)    
Recovery of provision for doubtful accounts 266,732    
Total expenses (5,877,555)    
Operating income 17,491,719    
OTHER INCOME [Abstract]      
Interest and finance costs (220,061)    
Interest income 253,165    
Foreign exchange losses (11,554)    
Total other income, net 21,550    
Net income and comprehensive income from discontinued operations, before taxes 17,513,269    
Income taxes (173,937)    
Net income and comprehensive income from discontinued operations, net of taxes 17,339,332    
Voyage expenses, related party 294,831    
Toro Corp [Member] | Time Charter [Member]      
REVENUES [Abstract]      
Vessel revenues 914,000    
Toro Corp [Member] | Voyage Charter [Member]      
REVENUES [Abstract]      
Vessel revenues 7,930    
Toro Corp [Member] | Pool [Member]      
REVENUES [Abstract]      
Vessel revenues $ 22,447,344    
v3.24.2.u1
Transactions with Related Parties, Summary (Details) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Assets [Abstract]    
Due from related parties - current $ 1,562,222 $ 5,650,168
Due from related party - non-current 3,275,020 4,504,340
Investment in related party - non-current 117,544,913 117,537,135
Liabilities [Abstract]    
Due to related party - current 879,556 541,666
Related Party [Member] | M/V Magic Nebula [Member]    
Liabilities [Abstract]    
Due to related party - current 324,000 0
Related Party [Member] | Castor Ships [Member]    
Assets [Abstract]    
Due from related parties - current 578,154 2,283,209
Due from related party - non-current 3,275,020 4,504,340
Related Party [Member] | Pavimar [Member]    
Assets [Abstract]    
Due from related parties - current 984,068 3,366,959
Related Party [Member] | Toro [Member]    
Assets [Abstract]    
Investment in related party - non-current 117,544,913 117,537,135
Liabilities [Abstract]    
Due to related party - current $ 555,556 $ 541,666
v3.24.2.u1
Transactions with Related Parties, Castor Ships (Details)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
Vessel
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Vessel
Transactions with Related Parties [Abstract]      
Management fees $ 2,486,692 $ 3,615,825  
Flat management fees 1,599,000 1,500,000  
Due from related party - non-current 3,275,020   $ 4,504,340
Due from related parties - current 1,562,222   5,650,168
Due to related parties 879,556   541,666
Related Party [Member] | Castor Ships [Member]      
Transactions with Related Parties [Abstract]      
Management fees 1,191,892 1,270,425  
Due from related party - non-current 3,275,020   4,504,340
Due from related parties - current $ 578,154   $ 2,283,209
Related Party [Member] | Castor Ships [Member] | Panamax [Member]      
Transactions with Related Parties [Abstract]      
Number of vessels sold | Vessel 4   1
Related Party [Member] | Castor Ships [Member] | Kamsarmax Vessel [Member]      
Transactions with Related Parties [Abstract]      
Number of vessels sold | Vessel 2    
Related Party [Member] | Castor Ships [Member] | Capesize Vessel [Member]      
Transactions with Related Parties [Abstract]      
Number of vessels sold | Vessel 1    
Related Party [Member] | Castor Ships [Member] | Gain on Sale of Vessel [Member]      
Transactions with Related Parties [Abstract]      
Charter hire commissions $ 463,672 655,431  
Sale and purchase commissions 1,112,000 126,000  
Related Party [Member] | Castor Ships [Member] | General and Administrative Expenses [Member]      
Transactions with Related Parties [Abstract]      
Flat management fees 1,599,000 $ 1,500,000  
Related Party [Member] | Castor Ships [Member] | Castor Ship Management Agreements [Member]      
Transactions with Related Parties [Abstract]      
Due to related parties $ 77,890   $ 107,099
Related Party [Member] | Castor Ships [Member] | Amended Castor Ship Management Agreements [Member]      
Transactions with Related Parties [Abstract]      
Funding period for advance to cover vessel daily operating costs 2 months    
Due from related parties - current $ 2,127   605,688
Related Party [Member] | Castor Ships [Member] | Working Capital Guarantee Advances [Member]      
Transactions with Related Parties [Abstract]      
Due from related party - non-current 3,275,020   4,504,340
Due from related parties - current     1,740,931
Related Party [Member] | Castor Ships [Member] | Operating Expenses Payments [Member]      
Transactions with Related Parties [Abstract]      
Due from related parties - current $ 653,917   $ 43,689
v3.24.2.u1
Transactions with Related Parties, Pavimar (Details)
 6 Months Ended 24 Months Ended
Jun. 30, 2024
USD ($)
Vessel
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Vessel
$ / d
Dec. 31, 2023
USD ($)
Vessel
Transactions with Related Parties [Abstract]        
Management fees $ 2,486,692 $ 3,615,825    
Due from related parties - current 1,562,222   $ 1,562,222 $ 5,650,168
Due to related party - current 879,556   879,556 541,666
Related Party [Member] | Pavimar [Member]        
Transactions with Related Parties [Abstract]        
Management fees 1,294,800 $ 2,345,400    
Due from related parties - current 984,068   $ 984,068 3,366,959
Related Party [Member] | Pavimar [Member] | Technical Management Agreements [Member]        
Transactions with Related Parties [Abstract]        
Daily fee for services | $ / d     600  
Due to related party - current 95,550   $ 95,550 193,450
Related Party [Member] | Pavimar [Member] | Subcontracted Management Agreements [Member]        
Transactions with Related Parties [Abstract]        
Due from related parties - current $ 258,252   $ 258,252 $ 258,252
Related Party [Member] | Pavimar [Member] | Subcontracted Management Agreements [Member] | Dry Bulk Vessels [Member]        
Transactions with Related Parties [Abstract]        
Number of vessels under technical management | Vessel 1   1 3
Related Party [Member] | Pavimar [Member] | Working Capital Advances [Member]        
Transactions with Related Parties [Abstract]        
Due from related parties - current $ 821,366   $ 821,366 $ 3,302,157
v3.24.2.u1
Transactions with Related Parties, Investment in Related Party (Details)
 6 Months Ended
Mar. 07, 2023
$ / shares
Jun. 30, 2024
USD ($)
Vote
$ / shares
shares
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
$ / shares
Investment in Related Party [Abstract]        
Preferred shares, par value (in dollars per share) | $ / shares   $ 0.001   $ 0.001
Investment in related party - non-current   $ 117,544,913   $ 117,537,135
Dividend income from related party   707,777 $ 451,111  
Proceeds received related to Spin-Off   0 2,667,044  
Related Party [Member] | Toro [Member]        
Investment in Related Party [Abstract]        
Investment in related party - non-current   $ 117,544,913   117,537,135
Series A Preferred Stock [Member] | Related Party [Member] | Toro [Member]        
Investment in Related Party [Abstract]        
Preferred shares, shares issued (in shares) | shares   140,000    
Preferred shares, stated amount (in dollars per share) | $ / shares $ 1,000 $ 1,000    
Preferred shares, par value (in dollars per share) | $ / shares $ 0.001 $ 0.001    
Number of votes per share | Vote   0    
Percentage of volume weighted average price of common shares   150.00%    
Number of consecutive trading day commencing on distribution date   5 days    
Number of consecutive trading day expiring on trading day   10 days    
Investment in related party - non-current   $ 117,544,913   117,537,135
Accrued dividends   $ 322,778   $ 315,000
Percentage of cash dividends 1.00% 1.00%    
Dividend multiplier factor   1.3    
Dividend income from related party   $ 707,777 451,111  
Dividends received from related parties   $ 700,000    
Proceeds received related to Spin-Off     $ 2,667,044  
Series A Preferred Stock [Member] | Related Party [Member] | Toro [Member] | Minimum [Member]        
Investment in Related Party [Abstract]        
Conversion price (in dollars per share) | $ / shares   $ 2.5    
Series A Preferred Stock [Member] | Related Party [Member] | Toro [Member] | Maximum [Member]        
Investment in Related Party [Abstract]        
Percentage of cash dividends   20.00%    
v3.24.2.u1
Transactions with Related Parties, Issuance of Series D Preferred shares to Toro (Details) - Series D Preferred Stock [Member] - USD ($)
 6 Months Ended 12 Months Ended
Aug. 07, 2023
Jun. 30, 2024
Dec. 31, 2023
Transactions with Related Parties [Abstract]      
Preferred shares, dividend rate 5.00% 5.00% 5.00%
Related Party [Member] | Toro Corp [Member]      
Transactions with Related Parties [Abstract]      
Preferred shares, shares issued (in shares) 50,000    
Preferred shares, dividend rate 5.00%    
Consideration received for preferred shares issued $ 50,000,000    
Accrued dividends   $ 555,556 $ 541,666
v3.24.2.u1
Transactions with Related Parties, Vessel Disposals (Details) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Feb. 15, 2024
Jan. 19, 2024
Dec. 21, 2023
Transactions with Related Parties [Abstract]          
Brokerage commissions $ 463,672 $ 655,431      
M/V Magic Venus [Member]          
Transactions with Related Parties [Abstract]          
Sale price of vessel         $ 17,500,000
M/V Magic Nova [Member]          
Transactions with Related Parties [Abstract]          
Sale price of vessel       $ 16,100,000  
M/V Magic Horizon [Member]          
Transactions with Related Parties [Abstract]          
Sale price of vessel       15,800,000  
M/V Magic Nebula [Member]          
Transactions with Related Parties [Abstract]          
Sale price of vessel     $ 16,200,000    
Entity Affiliated with Family Member of Petros Panagiotidis [Member] | M/V Magic Venus [Member]          
Transactions with Related Parties [Abstract]          
Sale price of vessel         $ 17,500,000
Entity Affiliated with Family Member of Petros Panagiotidis [Member] | M/V Magic Nebula [Member]          
Transactions with Related Parties [Abstract]          
Sale price of vessel     $ 16,200,000    
Entity Beneficially Owned by Family Member of Petros Panagiotidis [Member] | M/V Magic Nova [Member]          
Transactions with Related Parties [Abstract]          
Sale price of vessel       16,100,000  
Entity Beneficially Owned by Family Member of Petros Panagiotidis [Member] | M/V Magic Horizon [Member]          
Transactions with Related Parties [Abstract]          
Sale price of vessel       $ 15,800,000  
Entity Beneficially Owned by Family Member of Petros Panagiotidis [Member] | M/V Magic Nebula [Member]          
Transactions with Related Parties [Abstract]          
Brokerage commissions $ 324,000        
v3.24.2.u1
Deferred Charges, net (Details)
 6 Months Ended
Jun. 30, 2024
USD ($)
Deferred Charges, net [Abstract]  
Balance at beginning of period $ 3,231,461
Adjustment to additions (57,850)
Amortization (759,870)
Disposals (Note 7(b)) (758,372)
Balance at end of period $ 1,655,369
v3.24.2.u1
Fair Value of Acquired Time Charters (Details) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Oct. 31, 2022
Fair Value of Acquired Time Charters [Abstract]        
Fair value of acquired time charters $ 0   $ 265,173  
Amortization of fair value of acquired charter $ 265,173 $ 1,429,137    
M/V Ariana A [Member]        
Fair Value of Acquired Time Charters [Abstract]        
Fair value of acquired time charters       $ 897,436
M/V Gabriela A [Member]        
Fair Value of Acquired Time Charters [Abstract]        
Fair value of acquired time charters       $ 2,019,608
v3.24.2.u1
Vessels, net/Assets held for sale, Net Book Value (Details)
 6 Months Ended
Jun. 30, 2024
USD ($)
Net Book Value [Abstract]  
Beginning balance $ 229,536,996
Ending balance 173,358,856
Vessels [Member]  
Vessel Cost [Abstract]  
Beginning balance 262,066,353
Acquisitions, improvements, and other vessel costs 26,494
Vessel disposals (57,997,284)
Ending balance 204,095,563
Accumulated Depreciation [Abstract]  
Beginning balance (32,529,357)
Vessel disposals 8,420,635
Period depreciation (6,627,985)
Ending balance (30,736,707)
Net Book Value [Abstract]  
Beginning balance 229,536,996
Vessel disposals (49,576,649)
Ending balance $ 173,358,856
v3.24.2.u1
Vessels, net/Assets held for sale, Disposal of vessels (Details)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
Vessel
Mar. 31, 2024
USD ($)
Jun. 30, 2024
USD ($)
Vessel
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
May 01, 2024
USD ($)
Feb. 15, 2024
USD ($)
Jan. 19, 2024
USD ($)
Dec. 21, 2023
USD ($)
Dec. 07, 2023
USD ($)
Nov. 10, 2023
USD ($)
Assets Held for Sale/ Disposal of Vessels [Abstract]                      
Gain of sale of vessel     $ 19,307,595 $ 3,128,568              
Impairment charges     0   $ 0            
Assets held for sale $ 0   $ 0   38,656,048            
Number of vessels first priority mortgaged as collateral to loan facilities | Vessel 9   9                
Number of vessels | Vessel 10   10                
Vessels, net [Abstract]                      
Carrying value $ 173,358,856   $ 173,358,856   $ 229,536,996            
M/V Magic Moon [Member]                      
Assets Held for Sale/ Disposal of Vessels [Abstract]                      
Sale price                     $ 11,800,000
Gain of sale of vessel   $ 2,400,000                  
M/V Magic Orion [Member]                      
Assets Held for Sale/ Disposal of Vessels [Abstract]                      
Sale price                   $ 17,400,000  
Gain of sale of vessel   1,400,000                  
M/V Magic Venus [Member]                      
Assets Held for Sale/ Disposal of Vessels [Abstract]                      
Sale price                 $ 17,500,000    
Gain of sale of vessel 3,200,000                    
M/V Magic Nova [Member]                      
Assets Held for Sale/ Disposal of Vessels [Abstract]                      
Sale price               $ 16,100,000      
Gain of sale of vessel   $ 4,100,000                  
M/V Magic Horizon [Member]                      
Assets Held for Sale/ Disposal of Vessels [Abstract]                      
Sale price               $ 15,800,000      
Gain of sale of vessel 4,400,000                    
M/V Magic Nebula [Member]                      
Assets Held for Sale/ Disposal of Vessels [Abstract]                      
Sale price             $ 16,200,000        
Gain of sale of vessel 1,800,000                    
M/V Magic Vela [Member]                      
Assets Held for Sale/ Disposal of Vessels [Abstract]                      
Sale price           $ 16,400,000          
Gain of sale of vessel 2,000,000                    
Vessels Mortgaged as Collateral [Member]                      
Vessels, net [Abstract]                      
Carrying value $ 152,800,000   $ 152,800,000                
v3.24.2.u1
Vessels, net/Assets held for sale, Assets Held for Sale (Details) - Assets Held For Sale [Member]
 6 Months Ended
Jun. 30, 2024
USD ($)
Assets Held for Sale [Abstract]  
Beginning balance $ 38,656,048
Asset's disposal (38,656,048)
Ending balance $ 0
v3.24.2.u1
Long-Term Debt, Long-Term Debt (Details) - USD ($)
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Loan Facilities [Abstract]    
Long-term debt $ 43,220,743 $ 86,604,000
Less: Deferred financing costs (356,988) (808,215)
Total long-term debt, net of deferred finance costs 42,863,755 85,795,785
Presented [Abstract]    
Current portion of long-term debt 24,585,788 18,089,000
Less: Current portion of deferred finance costs (276,122) (409,705)
Current portion of long-term debt, net of deferred finance costs 24,309,666 17,679,295
Debt related to assets held for sale 0 2,415,000
Less: Current portion of deferred finance costs 0 (8,352)
Debt related to assets held for sale, net of deferred finance costs 0 2,406,648
Non-Current portion of long-term debt 18,634,955 66,100,000
Less: Non-Current portion of deferred finance costs (80,866) (390,158)
Non-Current portion of long-term debt, net of deferred finance costs 18,554,089 65,709,842
$11.0 Million Term Loan Facility [Member]    
Loan Facilities [Abstract]    
Face amount $ 11,000,000  
Borrowers Spetses-Pikachu  
Long-term debt $ 1,809,130 4,600,000
$15.29 Million Term Loan Facility [Member]    
Loan Facilities [Abstract]    
Face amount $ 15,290,000  
Borrowers Pocahontas-Jumaru  
Long-term debt $ 0 10,109,000
$40.75 Million Term Loan Facility [Member]    
Loan Facilities [Abstract]    
Face amount $ 40,750,000  
Borrowers Liono-Snoopy-Cinderella  
Long-term debt $ 14,312,613 23,055,000
$55.0 Million Term Loan Facility [Member]    
Loan Facilities [Abstract]    
Face amount $ 55,000,000  
Borrowers Mulan-Johnny Bravo-Songoku-Asterix-Stewie  
Long-term debt $ 12,099,000 32,040,000
$22.5 Million Term Loan Facility [Member]    
Loan Facilities [Abstract]    
Face amount $ 22,500,000  
Borrowers Tom-Jerry  
Long-term debt $ 15,000,000 $ 16,800,000
v3.24.2.u1
Long-Term Debt, $11.0 Million Term Loan Facility (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jan. 16, 2024
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Long-Term Debt [Abstract]        
Repayment of loan     $ 43,383,257 $ 23,131,200
$11.0 Million Term Loan Facility [Member]        
Long-Term Debt [Abstract]        
Face amount     $ 11,000,000  
Margin on variable rate   0.045%    
$11.0 Million Term Loan Facility [Member] | M/V Magic Moon [Member]        
Long-Term Debt [Abstract]        
Repayment of loan $ 2,400,000      
v3.24.2.u1
Long-Term Debt, $15.29 Million Term Loan Facility (Details) - USD ($)
 6 Months Ended
May 28, 2024
Mar. 08, 2024
Jun. 30, 2024
Jun. 30, 2023
Long-Term Debt [Abstract]        
Repayment of loan     $ 43,383,257 $ 23,131,200
$15.29 Million Term Loan Facility [Member]        
Long-Term Debt [Abstract]        
Face amount     $ 15,290,000  
$15.29 Million Term Loan Facility [Member] | M/V Magic Nova [Member]        
Long-Term Debt [Abstract]        
Repayment of loan   $ 4,900,000    
$15.29 Million Term Loan Facility [Member] | M/V Magic Horizon [Member]        
Long-Term Debt [Abstract]        
Repayment of loan $ 4,500,000      
v3.24.2.u1
Long-Term Debt, $40.75 Million Term Loan Facility (Details) - USD ($)
 6 Months Ended
Apr. 18, 2024
Jun. 30, 2024
Jun. 30, 2023
Long-Term Debt [Abstract]      
Repayment of loan   $ 43,383,257 $ 23,131,200
$40.75 Million Term Loan Facility [Member]      
Long-Term Debt [Abstract]      
Face amount   $ 40,750,000  
$40.75 Million Term Loan Facility [Member] | M/V Magic Nebula [Member]      
Long-Term Debt [Abstract]      
Repayment of loan $ 7,000,000    
v3.24.2.u1
Long-Term Debt, $55.0 Million Term Loan Facility (Details)
 6 Months Ended
May 23, 2024
USD ($)
Jun. 30, 2024
USD ($)
Installment
Jun. 30, 2023
USD ($)
Long-Term Debt [Abstract]      
Repayment of loan   $ 43,383,257 $ 23,131,200
$55.0 Million Term Loan Facility [Member]      
Long-Term Debt [Abstract]      
Face amount   $ 55,000,000  
Repayment of loan $ 12,200,000    
Number of payment installments | Installment   10  
Frequency of periodic payment   quarterly  
$55.0 Million Term Loan Facility [Member] | Installments 1 to 3 [Member]      
Long-Term Debt [Abstract]      
Installment payment 1,487,500    
$55.0 Million Term Loan Facility [Member] | Installments 4 to 9 [Member]      
Long-Term Debt [Abstract]      
Installment payment 1,139,000    
$55.0 Million Term Loan Facility [Member] | Installments 10 [Member]      
Long-Term Debt [Abstract]      
Installment payment 802,500    
$55.0 Million Term Loan Facility [Member] | M/V Magic Vela [Member]      
Long-Term Debt [Abstract]      
Repayment of loan $ 4,300,000    
v3.24.2.u1
Long-Term Debt, $22.5 Million Term Loan Facility (Details) - USD ($)
 6 Months Ended
Aug. 07, 2024
Jun. 30, 2024
Jun. 30, 2023
Long-Term Debt [Abstract]      
Repayment of loan   $ 43,383,257 $ 23,131,200
$22.5 Million Term Loan Facility [Member]      
Long-Term Debt [Abstract]      
Face amount   $ 22,500,000  
$22.5 Million Term Loan Facility [Member] | Subsequent Event [Member]      
Long-Term Debt [Abstract]      
Repayment of loan $ 14,600,000    
v3.24.2.u1
Long-Term Debt, Annual Principal Payments (Details) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Annual Principal Payments [Abstract]      
2025 $ 24,585,788    
2026 6,731,157    
2027 11,903,798    
Total long-term debt 43,220,743   $ 86,604,000
Interest incurred on long-term debt $ 3,100,000 $ 5,300,000  
Long-Term Debt [Member]      
Annual Principal Payments [Abstract]      
Weighted average interest rate 8.70% 8.30%  
v3.24.2.u1
Investment in equity securities (Details) - USD ($)
 6 Months Ended
Apr. 09, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 23, 2023
Equity Securities [Abstract]        
Beginning balance   $ 77,089,100    
Equity securities acquired   18,114,116 $ 72,211,450  
Proceeds from sale of equity securities   (46,088,578) (258,999)  
Gain on sale of equity securities   3,788,132    
Realized foreign exchange loss   (170,110)    
Unrealized gain on equity securities revalued at fair value at end of the period   11,237,706    
Unrealized foreign exchange loss   (29)    
Ending balance   63,970,337    
Dividend income on equity securities   2,853,165 366,002  
Eagle Bulk Shipping Inc [Member]        
Equity Securities [Abstract]        
Number of shares held (in shares)       1,391,500
Percentage of shares held       14.99%
Number of shares of Star Bulk common stock received for each share of Eagle common stock owned (in shares) 2.6211      
Dividend income on equity securities   $ 2,853,165 $ 366,002  
v3.24.2.u1
Equity Capital Structure, Reverse Stock Split and Warrants Tender Offer (Details)
 6 Months Ended
May 31, 2024
USD ($)
shares
Mar. 27, 2024
$ / shares
shares
Jun. 30, 2024
USD ($)
$ / shares
shares
Jun. 30, 2023
USD ($)
Apr. 22, 2024
$ / shares
shares
Dec. 31, 2023
$ / shares
shares
Apr. 07, 2021
$ / shares
shares
Jun. 26, 2020
$ / shares
Equity Capital Structure [Abstract]                
Reverse stock split ratio   0.1            
Number of outstanding common shares (in shares) | shares   9,662,354 9,662,354     9,662,354    
Common shares, par value (in dollars per share) | $ / shares   $ 0.001 $ 0.001     $ 0.001    
Capital shares, shares authorized (in shares) | shares     2,000,000,000     2,000,000,000    
Capital shares, par value (in dollars per share) | $ / shares     $ 0.001     $ 0.001    
Common shares, shares authorized (in shares) | shares     1,950,000,000     1,950,000,000    
Preferred shares, shares authorized (in shares) | shares     50,000,000     50,000,000    
Repurchase of warrants | $     $ 1,058,481 $ 0        
Class A Warrant [Member]                
Equity Capital Structure [Abstract]                
Common shares, par value (in dollars per share) | $ / shares               $ 0.001
Number of securities called by warrants (in shares) | shares     623          
Warrant exercise price (in dollars per share) | $ / shares               $ 25.3
April 7 Warrants [Member]                
Equity Capital Structure [Abstract]                
Common shares, par value (in dollars per share) | $ / shares         $ 0.001   $ 0.001  
Number of securities called by warrants (in shares) | shares 1,008,077   25,000   1,033,077   25,000  
Warrant exercise price (in dollars per share) | $ / shares         $ 55.3   $ 55.3  
Tender offer price per share (in dollars per share) | $ / shares         $ 0.105      
Repurchase of warrants in tender offer (in shares) | shares 10,080,770              
Repurchase of warrants | $ $ 1,058,481              
v3.24.2.u1
Equity Capital Structure, Series D Cumulative Perpetual Convertible Preferred Shares (Details)
 6 Months Ended 12 Months Ended
Mar. 27, 2024
$ / shares
Aug. 07, 2023
USD ($)
$ / shares
shares
Jun. 30, 2024
USD ($)
shares
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
shares
Mezzanine Equity [Abstract]          
Reverse stock split ratio 0.1        
Mezzanine equity     $ 49,799,004   $ 49,549,489
Series D Preferred Stock [Member]          
Mezzanine Equity [Abstract]          
Preferred shares, dividend rate   5.00% 5.00%   5.00%
Preferred stock issued (in shares) | shares     50,000   50,000
Conversion price (in dollars per share) | $ / shares $ 0.7 $ 7      
Reverse stock split ratio 0.1        
Effective interest rate     6.12%    
Preferred stock, redemption period     9 years    
Deemed preferred dividend     $ 249,515 $ 0  
Mezzanine equity     $ 49,799,004    
Series D Preferred Stock [Member] | Minimum [Member]          
Mezzanine Equity [Abstract]          
Conversion price (in dollars per share) | $ / shares   $ 0.3      
Series D Preferred Stock [Member] | Maximum [Member]          
Mezzanine Equity [Abstract]          
Consecutive trading day period     5 days    
Series D Preferred Stock [Member] | Related Party [Member] | Toro [Member]          
Mezzanine Equity [Abstract]          
Preferred shares, dividend rate   5.00%      
Preferred stock issued (in shares) | shares   50,000      
Preferred shares, stated amount (in dollars per share) | $ / shares   $ 1,000      
Preferred stock, par value (in dollars per share) | $ / shares   $ 0.001      
Consideration received for preferred shares issued   $ 50,000,000      
Deemed preferred dividend     $ 1,250,000    
Dividend payable     $ 555,556   $ 541,666
v3.24.2.u1
Commitments and Contingencies (Details) - USD ($)
 6 Months Ended
Mar. 23, 2023
Jun. 30, 2024
Jun. 30, 2023
Future Minimum Contracted Lease Payments [Abstract]      
2025   $ 17,035,221  
Total   17,035,221  
Claims [Abstract]      
Gain from a claim   $ 1,411,356 $ 0
Sale of M/V Magic Moon [Member]      
Claims [Abstract]      
Percentage of purchase price required as deposit into escrow account 10.00%    
Deposit into escrow by buyers $ 1,395,000    
Period to file appeal after award by arbitrator   28 days  
Gain from a claim   $ 1,411,356  
Sale of M/V Magic Moon [Member] | Prepaid Expenses and Other Assets [Member]      
Claims [Abstract]      
Counter-security payment   $ 1,395,000  
v3.24.2.u1
Earnings Per Common Share (Details) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share [Abstract]    
Net income and comprehensive income from continuing operations, net of taxes $ 45,185,357 $ 1,676,753
Net income and comprehensive income from discontinued operations, net of taxes 0 17,339,332
Net income 45,185,357 19,016,085
Comprehensive income 45,185,357 19,016,085
Less: Dividend on Series D Preferred Shares (1,263,889) 0
Net income attributable to common shareholders 43,671,953 19,016,085
Dividend on Series D Preferred Shares 1,263,889 0
Net income attributable to common shareholders, diluted $ 45,185,357 $ 19,016,085
Weighted average number of common shares outstanding, basic (in shares) 9,662,354 9,478,437
Effect of dilutive shares (in shares) 11,735,052 0
Weighted average number of common shares outstanding, diluted (in shares) 21,397,406 9,478,437
Earnings per common share, basic, continuing operations (in dollars per share) $ 4.52 $ 0.18
Earnings per common share, diluted, continuing operations (in dollars per share) 2.11 0.18
Earnings per common share, basic, discontinued operations (in dollars per share) 0 1.83
Earnings per common share, diluted, discontinued operations (in dollars per share) 0 1.83
Earnings per common share, basic, Total (in dollars per share) 4.52 2.01
Earnings per common share, diluted, Total (in dollars per share) $ 2.11 $ 2.01
Series D Preferred Stock [Member]    
Earnings Per Share [Abstract]    
Less: Deemed dividend on Preferred Shares $ (249,515) $ 0
Deemed dividend on Series D Preferred Shares $ 249,515 $ 0
v3.24.2.u1
Total Vessel Revenues (Details) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Abstract]    
Time charter revenues $ 36,669,776 $ 49,747,081
Total vessel revenues $ 36,669,776 $ 49,747,081
Minimum [Member]    
Disaggregation of Revenue [Abstract]    
Term of time charters 1 month  
Maximum [Member]    
Disaggregation of Revenue [Abstract]    
Term of time charters 12 months  
v3.24.2.u1
Vessel Operating Expenses and Voyage Expenses (Details) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Vessel Operating Expenses [Abstract]    
Crew & crew related costs $ 7,443,322 $ 11,487,787
Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling 3,546,818 4,945,421
Lubricants 775,910 1,453,131
Insurances 1,198,818 1,823,010
Tonnage taxes 352,854 458,174
Other 1,339,929 1,509,004
Total Vessel operating expenses 14,657,651 21,676,527
Voyage Expenses [Abstract]    
Brokerage commissions 878,439 831,742
Brokerage commissions - related party 463,672 655,431
Port & other expenses 615,366 306,616
Bunkers consumption 177,317 640,672
Loss / (Gain) on bunkers (122,020) 264,079
Total Voyage expenses $ 2,012,774 $ 2,698,540
v3.24.2.u1
General and Administrative Expenses (Details) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
General and Administrative Expenses [Abstract]    
Non-executive directors' compensation $ 63,000 $ 36,000
Audit fees 130,653 140,065
Professional fees and other expenses 1,594,418 1,129,011
Administration fees-related party (Note 4(a)) 1,599,000 1,500,000
General and administrative expenses $ 3,387,071 $ 2,805,076
v3.24.2.u1
Interest and Finance Costs (Details) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Interest and Finance Costs [Abstract]    
Interest on long-term debt $ 3,058,877 $ 5,318,880
Amortization and write-off of deferred finance charges 451,227 423,855
Other finance charges 494,590 374,906
Total $ 4,004,694 $ 6,117,641
v3.24.2.u1
Segment Information, Information about Company's Reportable Segments (Details)
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Segment
Jun. 30, 2024
USD ($)
Vessel
Jun. 30, 2023
USD ($)
Segment Information [Abstract]      
Number of containerships acquired | Vessel   2  
Number of reportable segments | Segment 2    
Segment Information [Abstract]      
Time charter revenues   $ 36,669,776 $ 49,747,081
Total vessel revenues   36,669,776 49,747,081
Voyage expenses (including charges from related party)   (2,012,774) (2,698,540)
Vessel operating expenses   (14,657,651) (21,676,527)
Management fees to related parties   (2,486,692) (3,615,825)
Depreciation and amortization   (7,387,855) (11,301,547)
Gain of sale of vessel   19,307,595 3,128,568
Gain from a claim   1,411,356 0
Operating income   27,456,684 10,778,134
Interest and finance costs   (4,004,694) (6,117,641)
Interest income   3,326,854 1,439,909
Foreign exchange losses   (85,658) (70,792)
Less: Unallocated corporate general and administrative expenses   (3,387,071) (2,805,076)
Dividend income on equity securities   2,853,165 366,002
(Loss) / Gain on equity securities   15,025,838 (5,104,791)
Net income and comprehensive income from continuing operations, before taxes   45,279,966 1,741,932
Net income and comprehensive income from discontinued operations, before taxes   0 17,513,269
Net income and Comprehensive income, before taxes   45,279,966 19,255,201
Related Party [Member]      
Segment Information [Abstract]      
Voyage expenses (including charges from related party)   (463,672) (655,431)
Less: Unallocated corporate general and administrative expenses   (1,599,000) (1,500,000)
Operating Segment [Member]      
Segment Information [Abstract]      
Operating income   30,843,755 13,583,210
Operating Segment [Member] | Dry Bulk Segment [Member]      
Segment Information [Abstract]      
Time charter revenues   30,244,797 42,979,593
Total vessel revenues   30,244,797 42,979,593
Voyage expenses (including charges from related party)   (1,701,922) (2,339,460)
Vessel operating expenses   (12,379,672) (18,754,397)
Management fees to related parties   (2,127,788) (3,280,975)
Depreciation and amortization   (4,630,403) (8,710,367)
Gain of sale of vessel   19,307,595 3,128,568
Gain from a claim   1,411,356 0
Operating income   30,123,963 13,022,962
Operating Segment [Member] | Container Ship Segment [Member]      
Segment Information [Abstract]      
Time charter revenues   6,424,979 6,767,488
Total vessel revenues   6,424,979 6,767,488
Voyage expenses (including charges from related party)   (310,852) (359,080)
Vessel operating expenses   (2,277,979) (2,922,130)
Management fees to related parties   (358,904) (334,850)
Depreciation and amortization   (2,757,452) (2,591,180)
Gain of sale of vessel   0 0
Gain from a claim   0 0
Operating income   719,792 560,248
Segment Reconciling Items [Member]      
Segment Information [Abstract]      
Interest and finance costs   (3,580,372) (5,812,565)
Interest income   1,950,245 1,161,934
Foreign exchange losses   (10,599) (66,035)
(Loss) / Gain on equity securities   15,025,838 (5,104,791)
Segment Reconciling Items [Member] | Nonrelated Party [Member]      
Segment Information [Abstract]      
Dividend income on equity securities   2,853,165 366,002
Segment Reconciling Items [Member] | Related Party [Member]      
Segment Information [Abstract]      
Dividend income on equity securities   707,777 451,111
Corporate [Member]      
Segment Information [Abstract]      
Interest and finance costs   (424,322) (305,076)
Interest income   1,376,609 277,975
Foreign exchange losses   (75,059) (4,757)
Less: Unallocated corporate general and administrative expenses   $ (3,387,071) $ (2,805,076)
v3.24.2.u1
Segment Information, Reconciliation of Total Segment Assets to Total Assets (Details) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Segment Information [Abstract]      
Total assets $ 602,265,911 $ 605,041,979  
Cash and cash equivalents 230,137,481 111,383,645 $ 28,574,177
Operating Segment [Member] | Dry Bulk Segment [Member]      
Segment Information [Abstract]      
Total assets 149,400,998 259,759,770  
Operating Segment [Member] | Containership Segment [Member]      
Segment Information [Abstract]      
Total assets 43,644,662 46,202,603  
Segment Reconciling Items [Member]      
Segment Information [Abstract]      
Cash and cash equivalents [1] 227,613,893 103,822,505  
Prepaid expenses and other assets [1] $ 181,606,358 $ 195,257,101  
[1] Refers to assets of other, non-vessel owning, entities included in the unaudited interim condensed consolidated financial statements.
v3.24.2.u1
Subsequent Events (Details)
 6 Months Ended
Aug. 07, 2024
USD ($)
Vessel
Jul. 15, 2024
USD ($)
Jun. 30, 2024
USD ($)
Vessel
Jun. 30, 2023
USD ($)
Jul. 16, 2024
USD ($)
Subsequent Events [Abstract]          
Dividend paid on Series D Preferred Shares     $ 1,250,000 $ 0  
Repayment of loan     $ 43,383,257 $ 23,131,200  
Number of vessels mortgaged as collateral | Vessel     9    
$22.5 Million Term Loan Facility [Member]          
Subsequent Events [Abstract]          
Face amount     $ 22,500,000    
Subsequent Event [Member]          
Subsequent Events [Abstract]          
Purchase price of vessel         $ 25,500,000
Subsequent Event [Member] | $22.5 Million Term Loan Facility [Member]          
Subsequent Events [Abstract]          
Repayment of loan $ 14,600,000        
Number of vessels mortgaged as collateral | Vessel 2        
Subsequent Event [Member] | Q2-2024 Dividend [Member] | Series D Preferred Stock [Member]          
Subsequent Events [Abstract]          
Dividend payable, date to be paid   Jul. 15, 2024      
Dividend payable, date declared   Jun. 25, 2024      
Subsequent Event [Member] | Q2-2024 Dividend [Member] | Related Party [Member] | Toro Corp [Member] | Series D Preferred Stock [Member]          
Subsequent Events [Abstract]          
Dividend paid on Series D Preferred Shares   $ 625,000      
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