Business
Castor Maritime Inc. reports $15.5 Million Net income for the Three Months Ended September 30, 2021, and $23.1 Million Net income for the Nine Months Ended September 30, 2021
LIMASSOL, Cyprus, Nov. 08, 2021 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company,
About this update from Castor Maritime Inc.
[{"type":"text","content":"LIMASSOL, Cyprus, Nov. 08, 2021 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company, today announced its results for the three and nine months ended September 30, 2021. Highlights of the Third Quarter Ended September 30, 2021: Revenues, net: $43.3 million for the three months ended September 30, 2021, as compared to $2.8 million for the three months ended September 30, 2020;Net income/loss: Net income of $15.5 million for the three months ended September 30, 2021, as compared to net loss of $0.6 million for the three months ended September 30, 2020; Earnings/Loss per common share(1): $0.16 earnings per share for the three months ended September 30, 2021, as compared to loss per share of $0.05 for the three months ended September 30, 2020; EBITDA(2): $21.2 million for the three months ended September 30, 2021, as compared to $0.1 million for the three months ended September 30, 2020; Cash and restricted cash of $42.4 million as of September 30, 2021, as compared to $9.4 million as of December 31, 2020; During the third quarter of 2021 and as of the date of this press release, we have taken successful delivery of four vessels consisting of one Kamsarmax and three Panamax dry bulk carriers. As a result, Castor currently owns a diversified fleet of 27 vessels with an aggregate capacity of 2.3 million dwt, having more than quadrupled the number of the vessels it owns since December 31, 2020. Earnings Highlights of the Nine Months Ended September 30, 2021: Revenues, net: $72.0 million for the nine months ended September 30, 2021, as compared to $8.1 million for the nine months ended September 30, 2020;Net income/loss: Net income of $23.1 million for the nine months ended September 30, 2021, as compared to net loss of $1.0 million for the nine months ended September 30, 2020; Earnings/Loss per common share (1): $0.29 earnings per share for the nine months ended September 30, 2021, as compared to loss per share of $0.21 for the nine months ended September 30, 2020; andEBITDA(2): $33.8 million for the nine months ended September 30, 2021, as compared to $2.1 million for the nine months ended September 30, 2020. (1) All share and per share amounts disclosed throughout this press release and in the financial information presented in Appendix B have been retroactively u...