Castor Maritime Inc. announce its results for the three months ended March 31, 2026:
Highlights of the first quarter ended March 31, 2026:
- Total vessel revenues: US$11.9 million for the three months ended March 31, 2026, as compared to US$11.3 million for the three months ended March 31, 2025, or a 5.3% increase;
- Revenue from services: US$9.3 million for the three months ended March 31, 2026, as compared to US$9.0 million for the three months ended March 31, 2025, or a 3.3% increase;
- Net income of US$69.2 million for the three months ended March 31, 2026, as compared to a US$23.3 million loss for the three months ended March 31, 2025, or a 397.0% increase;
- Adjusted net income of US$9.6 million for the three months ended March 31, 2026, as compared to US$4.9 million for the three months ended March 31, 2025;
- Earnings / (loss) per common share, basic: US$4.65 per share for the three months ended March 31, 2026, as compared to US$(2.18) per share for the three months ended March 31, 2025;
- EBITDA(1): US$74.8 million for the three months ended March 31, 2026, as compared to US$(18.3) million for the three months ended March 31, 2025;
- Adjusted EBITDA: US$15.2 million for the three months ended March 31, 2026, as compared to US$9.9 million for the three months ended March 31, 2025; and
- Cash and restricted cash of US$192.8 million as of March 31, 2026, as compared to US$152.8 million as of December 31, 2025.
Management commentary for first quarter 2026:
Mr. Petros Panagiotidis, Chief Executive Officer of Castor, commented:
“In Q1 2026, improved market conditions across both dry bulk and containership sectors, underpinned by stronger freight rates and steady charter demand, supported our positive outlook. The strong performance of our listed equity portfolio contributed meaningfully to our results, reflecting a significant unrealised fair value gain during the quarter.
During the quarter, we also completed our second sale-and-leaseback transaction, enhancing our financial flexibility and further optimising our capital structure. Maintaining our disciplined approach to capital management, we remain focused on preserving financial strength while pursuing opportunities that support long-term shareholder value.”
First quarter ended March 31, 2026, and 2025 results
Total vessel revenues for the three months ended March 31, 2026, increased to US$11.9 million from US$11.3 million in the same period of 2025. This variation was mainly driven by an increase in prevailing charter rates of our vessels, from a Daily TCE Rate of US$9555 in the three months ended March 31, 2025 to US$14 926 in the three months ended March 31, 2026, representing a 56.2% increase. The increase was partially offset by the decrease in Available Days, from 1068 days in the three months ended March 31, 2025 to 741 days in the three months ended March 31, 2026, following the sale of two dry bulk vessels and two containership vessels in the first and second quarters of 2025. Daily TCE Rate is not a recognised measure under US GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with US GAAP.
Revenue from services for the three months ended March 31, 2026, increased to US$9.3 million from US$9.0 million in the same period of 2025 and relates to revenue earned from our subsidiary acquired in late 2024, MPC Münchmeyer Petersen Capital AG. Revenue from services primarily consists of transaction and management services. The increase was mainly driven by a US$0.8 million rise in management services revenue, partially offset by a US$0.5 million decline in transaction services and other revenue.
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