Business
Castor Maritime Inc. Reports Financial Results for the Three Months and Nine Months Ended September 30, 2020
LIMASSOL, Cyprus, Nov. 11, 2020 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping company specializing
About this update from Castor Maritime Inc.
[{"type":"text","content":"LIMASSOL, Cyprus, Nov. 11, 2020 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced its results for the three months and nine months ended September 30, 2020.\n Highlights of the Three Months Ended September 30, 2020: Revenues, net: $2.8 million for the three months ended September 30, 2020, as compared to $1.2 million for the three months ended September 30, 2019, or a 133% period to period increase;Net (loss)/income: Net loss of $580,153 for the three months ended September 30, 2020, as compared to net income of $244,229 for the three months ended September 30, 2019; Loss per share: 0.47 cent loss per share for the three months ended September 30, 2020, as compared to a loss per share of 2 cents for the three months ended September 30, 2019; EBITDA(1): $0.1 million for the three months ended September 30, 2020, as compared to $0.5 million for the three months ended September 30, 2019, or a 80% period to period decrease; Average fleet time charter equivalent (“TCE”)(1) of $8,081 per day for the three months ended September 30, 2020, as compared to $10,412 for the three months ended September 30, 2019, or a 22% period to period decrease;Cash and restricted cash of $38.1 million as of September 30, 2020, as compared to $5.1 million as of December 31, 2019, or a 654% period to period increase; On July 29, 2020, announced the acquisition of the M/V Magic Horizon, a 2010 Japan-built Panamax dry bulk carrier for a purchase price of $12.75 million from an unaffiliated third-party seller. The M/V Magic Horizon was delivered to us on October 9, 2020; andOn October 1, 2020, announced the acquisition of the M/V Magic Nova, a 2010 Japan-built Panamax dry bulk carrier for a purchase price of $13.86 million from an unaffiliated third-party seller. The M/V Magic Nova was delivered to us on October 15, 2020. Earnings Highlights of the Nine Months Ended September 30, 2020: Revenues, net: $8.1 million for the nine months ended September 30, 2020, as compared to $3.1 million for the nine months ended September 30, 2019, or a 161% period to period increase;Net (loss)/income: Net loss of $984,621 for the nine months ended September 30, 2020 which includes one off non-cash interest expenses of $1,071,424, as compared to net ...