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Sep 30, 2025
Castor Maritime Q3 2025 Earnings Report
Castor Maritime reported strong Q3 2025 results with net income significantly boosted by gains from equity investments.
Key Takeaways
Castor Maritime posted $21.0M in net income in Q3 2025, driven by gains from investments and improved EBITDA. Operating income came in at $4.3M while adjusted EPS was modestly positive. Vessel revenue declined due to fewer ownership days, but high TCE rates and asset management income supported overall performance.
Net income reached $21.0 million, largely driven by a $12.9 million gain in other income including equity investments.
Total revenue for the quarter was $20.96 million, split between vessel revenue of $11.43 million and $9.53 million from services.
EBITDA surged to $24.28 million while adjusted EBITDA stood at $5.73 million.
Cash and cash equivalents rose to $123.8 million, reflecting strong liquidity following debt repayments and preferred share issuance.
Revenue by Segment
Forward Guidance
Management remains confident in long-term dry bulk fundamentals and is pursuing balance sheet optimization through asset disposals and sale-leasebacks.
Positive Outlook
- Completed first sale-and-leaseback transaction to enhance capital structure.
- Maintains solid liquidity with $123.8 million in cash.
- Strong net income from equity investments and dividends.
- Fleet utilization at 100% with healthy TCE rates.
- Executed full repayment of term loan, reducing total debt to $19.4 million.
Challenges Ahead
- Total vessel revenue declined due to reduced Ownership Days.
- Adjusted net income fell to $2.45 million from $4.65 million YoY.
- Higher general and administrative expenses due to MPC Capital acquisition.
- Lower vessel count post vessel sales impacted operational scale.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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