Business
Castor Maritime Inc. Reports Net Income of $33.7 Million for the Three Months Ended December 31, 2022, and a Record $118.6 Million Net Income for the Year Ended December 31, 2022. Spin-Off of Tanker Business Completed on March 7, 2023.
LIMASSOL, Cyprus, March 08, 2023 (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 08, 2023 (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, 2022. Highlights of the Fourth Quarter Ended December 31, 2022: Total Vessel Revenues: $69.3 million for the three months ended December 31, 2022, as compared to $60.0 million for the three months ended December 31, 2021, or a 15.5% increase;Net income: $33.7 million for the three months ended December 31, 2022, as compared to $29.2 million for the three months ended December 31, 2021, or a 15.4% increase;Earnings (basic) per common share: $0.36 per share for the three months ended December 31, 2022, as compared to $0.18 per share for the three months ended December 31, 2021; EBITDA(1): $42.9 million for the three months ended December 31, 2022, as compared to $36.1 million for the three months ended December 31, 2021; Cash and restricted cash of $152.3 million as of December 31, 2022, as compared to $43.4 million as of December 31, 2021; andThe spin-off of our Aframax/LR2 and Handysize tanker segments to a new Nasdaq-listed company, Toro Corp. was completed on March 7, 2023. Earnings Highlights of the Year Ended December 31, 2022: Total Vessel Revenues: $262.1 million for the year ended December 31, 2022, as compared to $132.0 million for the year ended December 31, 2021, or a 98.6% increase;Net income: $118.6 million for the year ended December 31, 2022, as compared to net income of $52.3 million for the year ended December 31, 2021, or a 126.8% increase; Earnings (basic) per common share: $1.25 per share for the year ended December 31, 2022, as compared to $0.48 per share for the year ended December 31, 2021; andEBITDA(1): $152.8 million for the year ended December 31, 2022, as compared to $69.9 million for the year ended December 31, 2021. (1) EBITDA is not a recognized measure under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition and reconciliation of this measure to Net income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Management Commentary: Mr. Petros Panagiotidis, Chief Executive Officer of Castor commented: “2022 was a record year for the net earnings of Castor aid...