$Castor Maritime (CTRM.US)$ NEWS Castor Maritime Inc. Report...
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Castor Maritime Inc. Reports Net Income of $22.3 Million for the Three Months Ended March 31, 2024
Castor Maritime (NASDAQ: CTRM), a global shipping company, reported a net income of $22.3 million for Q1 2024, a significant turnaround from a $6.5 million net loss in Q1 2023. Total vessel revenues fell by 16.7% to $20.4 million due to reduced Available Days from vessel sales. Despite this, the company saw a strong net income due to cost reductions and gains from vessel sales.
EBITDA from continuing operations soared to $26.8 million from $1.6 million in the prior year. Adjusted EBITDA also increased to $16.9 million from $9.3 million. Cash and restricted cash rose to $165.2 million, up from $120.9 million at year-end 2023.
The company announced a tender offer to purchase outstanding warrants and highlighted compliance with Nasdaq listing standards following a 1-for-10 reverse stock split. Castor continues to modernize its fleet and explore growth opportunities in the shipping sector.
Castor Maritime (NASDAQ: CTRM), a global shipping company, reported a net income of $22.3 million for Q1 2024, a significant turnaround from a $6.5 million net loss in Q1 2023. Total vessel revenues fell by 16.7% to $20.4 million due to reduced Available Days from vessel sales. Despite this, the company saw a strong net income due to cost reductions and gains from vessel sales.
EBITDA from continuing operations soared to $26.8 million from $1.6 million in the prior year. Adjusted EBITDA also increased to $16.9 million from $9.3 million. Cash and restricted cash rose to $165.2 million, up from $120.9 million at year-end 2023.
The company announced a tender offer to purchase outstanding warrants and highlighted compliance with Nasdaq listing standards following a 1-for-10 reverse stock split. Castor continues to modernize its fleet and explore growth opportunities in the shipping sector.
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