Business
Castor Maritime Inc. Reports Net Income of $8.2 Million for the Three Months Ended June 30, 2023 and Net income of $19 Million for the Six Months Ended June 30, 2023
LIMASSOL, Cyprus, Aug. 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, Aug. 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 six months ended June 30, 2023. Earnings Highlights of the Second Quarter Ended June 30, 2023: Total Vessel Revenues from continuing operations: $25.3 million for the three months ended June 30, 2023, as compared to $41.7 million for the three months ended June 30, 2022, or a 39.3% decrease;Net income of $8.2 million for the three months ended June 30, 2023, as compared to $27.8 million for the three months ended June 30, 2022, or a 70.5% decrease;Net income from continuing operations: $8.2 million for the three months ended June 30, 2023, as compared to $22 million for the three months ended June 30, 2022, or a 62.7% decrease;Earnings (basic and diluted) per common share from continuing operations: $0.09 per share for the three months ended June 30, 2023, as compared to $0.23 per share for the three months ended June 30, 2022;EBITDA from continuing operations(1): $16.1 million for the three months ended June 30, 2023, as compared to $27.9 million for the three months ended June 30, 2022;Adjusted EBITDA from continuing operations(1): $13.5 million for the three months ended June 30, 2023, as compared to $27.9 million for the three months ended June 30, 2022;Cash and restricted cash of $38.3 million as of June 30, 2023, as compared to $109.9 million as of December 31, 2022. Highlights of the Six Months Ended June 30, 2023: Total Vessel Revenues from continuing operations: $49.7 million for the six months ended June 30, 2023, as compared to $79.5 million for the six months ended June 30, 2022, or a 37.5% decrease;Net income of $19 million for the six months ended June 30, 2023, as compared to $47.7 million for the six months ended June 30, 2022, or a 60.2% decrease;Net income from continuing operations: $1.7 million for the six months ended June 30, 2023, as compared to $40.4 million for the six months ended June 30, 2022, or a 95.8% decrease;Earnings (basic and diluted) per common share from continuing operations: $0.02 per share for the six months ended June 30, 2023, as compared to $0.43 per share for the six months ended June 30, 2022;EBITDA from continuing operations(1): $17.7 million for the six months ended June 30, 20...