Business
Castor Maritime Inc. Reports Financial Results for the Three Months and Year Ended December 31, 2020
LIMASSOL, Cyprus, March 30, 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, March 30, 2021 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company, today announced its results for the three months and year ended December 31, 2020. Highlights of the Fourth Quarter Ended December 31, 2020: Revenues, net: $4.4 million for the three months ended December 31, 2020, as compared to $2.8 million for the three months ended December 31, 2019, or a 57% period to period increase;Net loss/income: Net loss of $0.8 million for the three months ended December 31, 2020, as compared to net income of $0.5 million for the three months ended December 31, 2019; Loss/Earnings per common share: $0.01 loss per share for the three months ended December 31, 2020, as compared to earnings per share of $0.20 for the three months ended December 31, 2019; EBITDA(1): $0.3 million for the three months ended December 31, 2020, as compared to $1.1 million for the three months ended December 31, 2019, or a 73% period to period decrease; Average fleet time charter equivalent (“TCE”)(1) rate of $10,257 per day for the three months ended December 31, 2020, as compared to $10,789 for the three months ended December 31, 2019, or a 5% period to period decrease;Cash and restricted cash of $9.4 million as of December 31, 2020, as compared to $5.1 million as of December 31, 2019, or a 84% period to period increase; andOn October 9, 2020 and October 15, 2020, took successful deliveries of the M/V Magic Horizon and the M/V Magic Nova, respectively. Earnings Highlights of the Year Ended December 31, 2020: Revenues, net: $12.5 million for the year ended December 31, 2020, as compared to $6.0 million for the year ended December 31, 2019, or a 108% period to period increase;Net loss/income: Net loss of $1.8 million for the year ended December 31, 2020 which includes one off non-cash interest expenses of $1.1 million, as compared to net income of $1.1 million for the year ended December 31, 2019; Loss/Earnings per common share: $0.03 loss per share for the year ended December 31, 2020, as compared to earnings per share of $0.31 for the year ended December 31, 2019;EBITDA(1): $2.3 million for year ended December 31, 2020, as compared to $2.2 million for the year ended December 31, 2019, respectively, or a 5% period to period increase; andAverage fleet time charter equival...