Business
Castor Maritime Inc. Reports Financial Results for the Three Months Ended March 31, 2020
LIMASSOL, Cyprus, June 02, 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, June 02, 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 ended March 31, 2020. \n Earnings Highlights of the Three Months Ended March 31, 2020: Revenues, net: $2.7 million for the three months ended March 31, 2020, as compared to $0.9 million for the three months ended March 31, 2019, respectively;Net (loss)/income: Net loss of $259,868 for the three months ended March 31, 2020, as compared to net income of $55,969 for the three months ended March 31, 2019, respectively; Loss per share: $0.07 loss per share for the three months ended March 31, 2020, as compared to a loss per share of $0.10 for the three months ended March 31, 2019, respectively; EBITDA: $0.9 million for the three months ended March 31, 2020, as compared to $0.2 million for the three months ended March 31, 2019, respectively; Fleet time charter equivalent of $12,008 per day for the three months ended March 31, 2020, as compared to $9,799 for the three months ended March 31, 2019, respectively; andCash of $13.4 million as of March 31, 2020. Earnings Commentary: First Quarter ended March 31, 2020 and 2019 Results Time charter revenues, net of charterers’ commissions, for the three months ended March 31, 2020, increased to $2.7 million from $0.9 million in the same period of 2019, or a 200.0% increase. This increase reflects the addition of both the Magic Sun and the Magic Moon to our fleet on September 5, 2019 and October 20, 2019, respectively. These additions correspondingly increased our Available Days from 90 in 2019 to 214 in 2020, thus generating additional revenues in the latter period. The daily time charter equivalent (“TCE”) of our fleet for the first quarter of 2020 stood at $12,008, as compared to a daily TCE of $9,799 earned during the same period ended March 31, 2019, or a 22.5% increase, reflecting primarily the higher daily net revenues earned by the Magic Sun and the Magic Moon in the period compared to those generated by the Magic P in the same period of 2019. Since most of our revenues for the first quarter derived from time charters entered into before the COVID-19 pandemic began to have a significant economic effect, our results for the first quarter were parti...