Business
Castor Maritime Inc. Reports Net Income of $22.9 Million for the Three Months Ended June 30, 2024 and Net income of $45.2 Million for the Six Months Ended June 30, 2024
LIMASSOL, Cyprus, Aug. 08, 2024 (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, Aug. 08, 2024 (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 six months ended June 30, 2024. Earnings Highlights of the Second Quarter Ended June 30, 2024: Total vessel revenues: $16.3 million for the three months ended June 30, 2024, as compared to $25.3 million for the three months ended June 30, 2023, or a 35.6% decrease;Net income of $22.9 million for the three months ended June 30, 2024, as compared to net income of $8.2 million for the three months ended June 30, 2023, or a 179.3% increase;Earnings per common share, basic: $2.29 per share for the three months ended June 30, 2024, as compared to $0.86 per share for the three months ended June 30, 2023;EBITDA(1): $26.5 million for the three months ended June 30, 2024, as compared to $16.1 million for the three months ended June 30, 2023;Adjusted EBITDA(1): $25.2 million for the three months ended June 30, 2024, as compared to $13.5 million for the three months ended June 30, 2023; andCash and restricted cash of $236.3 million as of June 30, 2024, as compared to $120.9 million as of December 31, 2023. Earnings Highlights of the Six Months Ended June 30, 2024: Total Vessel Revenues from continuing operations: $36.7 million for the six months ended June 30, 2024, as compared to $49.7 million for the six months ended June 30, 2023, or a 26.2% decrease;Net income from continuing operations: $45.2 million for the six months ended June 30, 2024, as compared to $1.7 million for the six months ended June 30, 2023, or a 2,558.8% increase;Net income of $45.2 million for the six months ended June 30, 2024, as compared to $19 million for the six months ended June 30, 2022, or a 137.9% increase;Earnings per common share, basic from continuing operations: $4.52 per share for the six months ended June 30, 2024, as compared to $0.18 per share for the six months ended June 30, 2023;EBITDA from continuing operations(1): $53.3 million for the six months ended June 30, 2024, as compared to $17.7 million for the six months ended June 30, 2023; andAdjusted EBITDA from continuing operations(1): $42.1 million for the six months ended June 30, 2024, as compared to $22.8 million for the six months ended June 30, 2023. (1) EBITDA and Adjusted EBITDA are not...