Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a
global shipping company specializing in the ownership of dry bulk
vessels, today announced its results for the three months and year
ended December 31, 2019.
Earnings Highlights of the Three Months
Ended December 31, 2019:
- Revenues, net: $2.8 million for the three months ended
December 31, 2019, as compared to $1.1 million for the three months
ended December 31, 2018, respectively;
- Net income: $0.5 million for the three months ended
December 31, 2019, as compared to $0.3 million for the three months
ended December 31, 2018, respectively;
- Earnings/(loss) per share: $0.20 earnings per share for
the three months ended December 31, 2019, as compared to a loss per
share of $0.30 for the three months ended December 31, 2018,
respectively;
- EBITDA: $1.1 million for the three months ended
December 31, 2019, as compared to $0.4 million for the three months
ended December 31, 2018, respectively; and
- Fleet time charter equivalent of $10,789 per
day.
Earnings Highlights of the Year Ended
December 31, 2019:
- Revenues, net: $6.0 million for the year ended December
31, 2019, as compared to $4.4 million for the year ended December
31, 2018, respectively;
- Net income: $1.1 million for the year ended December
31, 2019, as compared to $1.5 million for the year ended December
31, 2018, respectively;
- Earnings/(loss) per share: earnings per share of $0.31
for the year ended December 31, 2019, as compared to loss per share
of $0.32 for the year ended December 31, 2018,
respectively;
- EBITDA: $2.2 million for the years ended December 31,
2019 and 2018, respectively; and
- Fleet time charter equivalent of $10,471 per
day.
Recent Business / Financial
Highlights:
- Concluded a $4.5 Million Senior Secured Term Loan
Facility in January 2020.
- Issued and sold in a private placement an aggregate
principal amount of $5.0 million of Convertible Debentures in
February 2020.
Earnings Commentary:
Fourth Quarter ended December 31, 2019
and 2018 Results
Time charter revenues, net of charterers’
commissions, for the three months ended December 31, 2019,
increased to $2.8 million from $1.1 million in the same period of
2018, or a 154.5% increase. This increase reflects the addition of
both the Magic Sun and the Magic Moon to our fleet on September 5,
2019 and October 20, 2019, respectively. These additions
correspondingly increased our Available Days from 92 in 2018 to 249
in 2019, thus generating additional revenues in the latter period.
The daily time charter equivalent (“TCE”) of our fleet for the
fourth quarter of 2019 stood at $10,789, as compared to a daily TCE
of $11,864 earned during the same period ended December 31, 2018,
or a 9.1% decrease, reflecting primarily the lower net revenues
earned by the Magic Moon in the period as it underwent a
repositioning and a ballast voyage period prior to entering its
maiden voyage with the Company. Daily vessel operating expenses for
the period increased by $518, or 11.0%, to $5,220 from $4,702 in
the respective period of 2018, with the increase predominantly
driven by (i) the pre-operating expenses incurred by the Magic
Moon following its delivery to the Company and (ii) increased
spares and repair costs for the Magic P. Daily company
administration expenses were $651 in the quarter ended December 31,
2019, compared to $250 in the corresponding period of 2018, with
the daily increase of $401, or 160.4%, stemming from additional
fees and costs incurred as a result of the continued reporting
obligations we incurred as an SEC-registered company and the
preparation of a transition report filed with the SEC as a result
of the change of our fiscal year from September 30 to December 31,
as well as the requirements related to being a publicly listed
company on the NASDAQ Stock Market since February 11, 2019. We
incurred no public registration costs in the fourth quarter of
2019, whereas, during the same period of 2018, we incurred similar
costs amounting to $161,116. Public registration costs relate to
the non-recurring administrative costs we incurred in connection
with registration and listing of our common shares on the Norwegian
OTC market on December 21, 2018, and the listing of our common
shares on the NASDAQ Stock Market on February 11, 2019. During
the fourth quarter of 2019, we incurred interest costs in
connection with our outstanding indebtedness amounting to $186,752,
whereas, we had no outstanding indebtedness in the corresponding
period of 2018. EBITDA for the three months ended December 31,
2019, was $1.1 million compared to $0.4 million in the same period
of 2018, with the increase mainly attributable to the above
discussed period-to-period increase in the Company’s operating
revenues.
Year ended December 31, 2019 and 2018
Results
Time charter revenues, net of charterers’
commissions, for the year ended December 31, 2019, increased to
$6.0 million from $4.4 million in the same period of 2018, or by
36.4%. This increase was exclusively driven, as outlined above, by
the addition of the Magic Sun and the Magic Moon to our fleet in
the third and fourth quarters of 2019, respectively, partly
counterbalanced by the weaker charter hire rates achieved in the
current year for the Magic P compared to last year. The daily TCE
of our fleet for the year ended December 31, 2019 was $10,471,
lower than the $11,991 earned during the same period ended December
31, 2018, mainly as a result of (i) the weaker charter market rates
achieved in the current period for the Magic P, (ii) the lower
net daily revenues earned by the Magic Moon, as discussed
above, and (iii) the gain from bunkers in the year ended December
31, 2018, arising from cases where the bunker fuel sold under a new
charter exceeded the cost of the bunker fuel acquired. Daily vessel
operating expenses increased from $4,270 in the year ended December
31, 2018, to $5,041 in the year ended December 31, 2019, or by
18.1%. This increase was largely associated with (i) crew
pre-joining as well as initial repair and maintenance costs
following the delivery to our fleet of the Magic Sun and the Magic
Moon, and (ii) increased spares and repair costs for the Magic
P. Daily company administration expenses for each of the years
ended December 31, 2019 and 2018 were $681 and $264, respectively.
The $417 increase in daily administration expenses is predominantly
attributed to the additional fees and expenses we incurred in the
year ended December 31, 2019, as a result of being a public company
since February 11, 2019. During the year ended December 31, 2019,
we incurred $132,091 in public registration costs, as compared to
$395,522 in the same period of 2018. On February 11, 2019, we
became a publicly listed company and, since that date, we did not
incur nor do we expect to incur costs of similar nature. The
increase by $199,688 in net interest and finance costs in the year
ended December 31, 2019, as compared with the previous year, is the
result of our having entered into certain secured and unsecured
debt commitments in the third and fourth quarter of 2019 in order
to finance the acquisitions of the Magic Sun and the Magic Moon
discussed above, whereas, no debt commitments had been entered into
by the Company as of December 31, 2018. EBITDA for both years ended
December 31, 2019 and 2018 was $2.2 million and was primarily
driven by these fluctuations.
Liquidity / Financing/ Cash Flow
Coverage Commentary:
As of December 31, 2019, total cash amounted to
$5.1 million, which includes $0.5 million of restricted cash
required under our $11.0 million secured term loan financing with
Alpha Bank S.A. that was concluded on November 22, 2019.
As of December 31, 2019, our total debt
(including related party debt, gross of unamortized deferred loan
fees) was $16.0 million, of which $1.6 million is repayable within
one year, as compared to no debt having been incurred as of
December 31, 2018.
During the three months ended December 31, 2019,
we generated net cash from operating activities of $1.3 million as
compared to $0.1 million in the corresponding period of 2018, which
represents an increase of $1.2 million, or 1200%. This increase is
largely associated with the additional revenues we earned in the
three months ended December 31, 2019, following the acquisition of
the Magic Sun and the Magic Moon, as discussed above, coupled with
the positive effect of variations in working capital. As of
December 31, 2019, we reported working capital surplus of $3.2
million (December 31, 2018: $2.4 million).
Recent Business and
Financial Developments
Commentary:
Closing of $4.5 Million Senior Secured
Term Loan Facility
On January 23, 2020, we entered into a $4.5
million secured term loan facility with a financial institution,
through one of our wholly-owned subsidiaries (the “Magic Sun
Financing”). The loan was drawn down on January 31, 2020, has a
tenor of five years from the drawdown date and bears interest at a
margin plus LIBOR. We intend to use the net proceeds under the
Magic Sun Financing for general corporate purposes which may also
include the expansion of our fleet.
Closing of $5.0 Million Senior Unsecured
Convertible Debentures
On January 27, 2020, we entered into a
securities purchase agreement with an institutional investor (the
“Investor”), pursuant to which the Company would sell and the
Investor would purchase up to three convertible debentures
(individually, a “Convertible Debenture” and collectively, the
“Convertible Debentures”) for a maximum aggregate price of $5.0
million. On January 27, 2020, February 10, 2020 and February 19,
2020, we issued and sold to the Investor the three Convertible
Debentures in original principal amounts of $2.0 million, $1.5
million and $1.5 million each, respectively. The Convertible
Debentures mature twelve months from their issuance dates, bear
fixed interest, and are convertible at the Investor’s option, at
any time after issuance, into common shares of the Company. The
common shares underlying the Convertible Debentures are
currently registered on Form F-3 pursuant to a registration rights
agreement. We intend to use the net proceeds from this financing
transaction for working capital and other general corporate
purposes, including the expansion of our fleet.
Management Commentary:
Mr. Petros Panagiotidis, Chief Executive Officer
and Chief Financial Officer of Castor. commented:
"We are pleased to report a profitable fourth
quarter of 2019, closing our first year as a NASDAQ listed company
on a positive note. Despite the current market and rate volatility,
our strategy of employing our vessels on medium term charters has
insulated us from the currently weaker market and has allowed us to
remain profitable and cash flow positive. We are committed to
continuing our strategy of prudent growth and are looking forward
to taking advantage of attractive market opportunities created from
the current market volatility."
Fleet Employment (as of March 4,
2020)
Vessel Name |
DWT |
Year Built |
Country of construction |
Daily Gross Charter Rate |
Redelivery Date (Earliest/ Latest) |
Charterer |
Magic P |
76,453 |
2004 |
Japan |
N/A |
Vessel on scheduled dry-dock |
Magic Sun |
75,311 |
2001 |
Korea |
$12,000 |
May 2020 |
September 2020 |
Oldendorff |
Magic Moon |
76,602 |
2005 |
Japan |
$13,000 |
June 2020 |
September 2020 |
United |
|
Financial
Results Overview: |
|
|
|
Three Months Ended |
|
Year Ended |
(expressed in U.S.
dollars) |
|
|
December
31,
2019 (unaudited) |
|
December
31,
2018 (unaudited) |
|
|
December
31,
2019 (unaudited) |
|
December
31,
2018 (unaudited) |
Time charter revenues |
|
$ |
2,842,149 |
$ |
1,111,075 |
|
|
$ |
5,967,772 |
$ |
4,405,310 |
|
Net Income |
|
$ |
527,348 |
$ |
276,442 |
|
|
$ |
1,088,149 |
$ |
1,505,238 |
|
Operating income |
|
$ |
720,795 |
$ |
268,087 |
|
|
$ |
1,283,263 |
$ |
1,502,555 |
|
EBITDA(1) |
|
$ |
1,064,666 |
$ |
446,354 |
|
|
$ |
2,175,894 |
$ |
2,203,188 |
|
Earnings/(Loss) per common
share (2) |
|
$ |
0.20 |
$ |
(0.30 |
) |
|
$ |
0.31 |
$ |
(0.32 |
) |
(1) EBITDA is not a recognized measure under U.S. GAAP. Please
refer to Appendix B of this press release for the definition and
reconciliation of this measure to the most directly comparable
financial measure calculated and presented in accordance with U.S.
GAAP.(2) Earnings/ (Loss) per common share, basic and diluted, is
calculated after taking into account the effect of cumulative
dividends on the Series A Preferred Shares, as applicable in each
period. On October 10, 2019, the Company reached an agreement with
the Series A Preferred holders to Amend and Restate the Statement
of Designations of its Series A Preferred Shares (the “Agreement”).
The Agreement, amongst other amended terms, prescribed that
dividends on the Series A Preferred Shares no longer accumulate
during the period from July 1, 2019 up to and including December
31, 2021. On the same date, the Company entered into a settlement
agreement with the Series A Preferred holders as a result of which,
accumulated dividends on the Series A Preferred Shares from their
original issue date up to June 30, 2019, in the approximate amount
of $4.3 million, were forgiven, in exchange for the Series A
Preferred shareholders receiving 300,000 newly issued common shares
of the Company. The earnings per share calculations in each of the
three months ended and year ended December 31, 2019, are reflective
of the aforementioned transactions.
Fleet selected
financial and operational data:
Set forth below are selected operational and
financial statistical data of our fleet for each of the three
months and year ended December 31, 2018 and 2019 that the Company
believes are useful in better analysing trends in its results of
operations:
|
|
|
Three Months Ended December
31, |
|
Year
Ended December
31, |
(expressed in U.S.
dollars except for operational data) |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Ownership Days (1) |
|
|
257 |
|
|
92 |
|
|
556 |
|
|
365 |
|
Available Days (2) |
|
|
249 |
|
|
92 |
|
|
545 |
|
|
365 |
|
Daily Time Charter Equivalent
(TCE)(3) |
|
$ |
10,789 |
|
$ |
11,864 |
|
$ |
10,471 |
|
$ |
11,991 |
|
Fleet Utilization (4) |
|
|
97 |
% |
|
100 |
% |
|
98 |
% |
|
100 |
% |
Daily vessel operating
expenses (5) |
|
$ |
5,220 |
|
$ |
4,702 |
|
$ |
5,041 |
|
$ |
4,270 |
|
Daily company administration
expenses (6) |
|
$ |
651 |
|
$ |
250 |
|
$ |
681 |
|
$ |
264 |
|
|
|
|
|
|
|
|
|
|
|
(1) Ownership days are the total number
of calendar days in a period during which we owned our
vessel(s).
(2) Available days are the Ownership
days after subtracting off-hire days associated with major repairs,
vessel upgrades and dry-dockings or special or intermediate surveys
(which do not include ballast voyage days for which compensation
has been received) and major unscheduled repair and off-hire
days.
(3) Daily TCE is not a recognized
measure under U.S. GAAP. Please refer to Appendix B of this press
release for the definition and reconciliation of this measure to
the most directly comparable financial measure calculated and
presented in accordance with U.S. GAAP.
(4) Fleet utilization is calculated by
dividing the Available days (which include ballast voyage days for
which compensation has been received) during a period by the number
of Ownership days during that period.
(5) Daily vessel operating expenses are
calculated by dividing vessel operating expenses for the relevant
period by the Ownership days for such period.
(6) Daily company administration
expenses are calculated by dividing company administration expenses
during a period by the number of Ownership days during that
period.
APPENDIX A
CASTOR MARITIME INC.Unaudited Condensed
Consolidated Statements of Comprehensive Income
(In U.S. dollars except for
shares and per share data) |
|
Three Months Ended December
31, |
|
Year Ended
December
31, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
REVENUES |
|
|
|
|
|
|
|
|
Time charter revenues, net of charterers’ commissions |
$ |
2,842,149 |
|
$ |
1,111,075 |
|
$ |
5,967,772 |
|
$ |
4,405,310 |
|
EXPENSES |
|
|
|
|
|
|
|
|
Voyage expenses (including
related party commissions) |
|
(155,663 |
) |
|
(19,556 |
) |
|
(261,179 |
) |
|
(28,489 |
) |
Vessel operating expenses |
|
(1,341,518 |
) |
|
(432,544 |
) |
|
(2,802,991 |
) |
|
(1,558,527 |
) |
General and administrative
expenses |
|
|
|
|
|
|
|
|
- Company administration expenses |
|
(167,229 |
) |
|
(22,954 |
) |
|
(378,777 |
) |
|
(96,353 |
) |
- Public registration costs |
|
— |
|
|
(161,116 |
) |
|
(132,091 |
) |
|
(395,522 |
) |
Management fees -related
party |
|
(111,940 |
) |
|
(29,440 |
) |
|
(212,300 |
) |
|
(116,800 |
) |
Depreciation and
amortization |
|
(345,004 |
) |
|
(177,378 |
) |
|
(897,171 |
) |
|
(707,064 |
) |
Operating income |
$ |
720,795 |
|
$ |
268,087 |
|
$ |
1,283,263 |
|
$ |
1,502,555 |
|
Interest and finance costs,
net (including related party interest costs) |
|
(192,314 |
) |
|
7,466 |
|
|
(190,574 |
) |
|
9,114 |
|
Other income/(expenses) |
|
(1,133 |
) |
|
889 |
|
|
(4,540 |
) |
|
(6,431 |
) |
Net income |
$ |
527,348 |
|
$ |
276,442 |
|
$ |
1,088,149 |
|
$ |
1,505,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss) per
common share (1) (basic and diluted) |
$ |
0.20 |
|
$ |
(0.30 |
) |
$ |
0.31 |
|
$ |
(0.32 |
) |
Weighted average
number of shares outstanding, basic and diluted: |
|
|
|
|
|
|
|
|
Common shares |
|
3,265,938 |
|
|
2,400,000 |
|
|
2,662,383 |
|
|
2,400,000 |
|
(1) Earnings/ (Loss) per common share, basic and
diluted, is calculated after taking into account the effect of
accrued cumulative dividends on the Series A Preferred Shares, as
may be applicable in each of the periods presented.
CASTOR MARITIME INC.
Consolidated Condensed Balance Sheets and Cash Flow Data
(unaudited)(Expressed in U.S. Dollars—except for
share data)
|
|
December
31,
2019 |
|
|
December
31, 2018 |
ASSETS |
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
Cash and cash equivalents |
$ |
4,558,939 |
|
$ |
1,887,280 |
Due from related party |
|
759,386 |
|
|
176,434 |
Other current assets |
|
902,572 |
|
|
783,703 |
Total current assets |
|
6,220,897 |
|
|
2,847,417 |
|
|
|
|
|
|
NON-CURRENT
ASSETS: |
|
|
|
|
|
Vessels, net |
|
23,700,029 |
|
|
6,995,350 |
Other non-currents assets |
|
500,000 |
|
|
341,070 |
Total non-current
assets, net |
|
24,200,029 |
|
|
7,336,420 |
Total assets |
|
30,420,926 |
|
|
10,183,837 |
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS’
EQUITY |
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
— |
Current portion of long-term
debt, net |
|
1,522,895 |
|
|
— |
Trade payables |
|
410,592 |
|
|
244,371 |
Accrued liabilities |
|
556,248 |
|
|
140,734 |
Deferred Revenue |
|
493,015 |
|
|
47,708 |
Total current liabilities |
|
2,982,750 |
|
|
432,813 |
|
|
|
|
|
|
NON-CURRENT
LIABILITIES: |
|
|
|
|
|
Long-term debt, net -including
related party |
|
14,234,165 |
|
|
— |
Total non-current
liabilities |
|
14,234,165 |
|
|
— |
Total Liabilities |
|
17,216,915 |
|
|
432,813 |
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
Common shares, $0.001 par
value; 1,950,000,000 shares authorized; 3,318,112 and 2,400,000
shares, issued and outstanding as at December 31, 2019 and 2018,
respectively |
|
3,318 |
|
|
2,400 |
Series A Preferred Shares-
480,000 shares issued and outstanding as at December 31, 2019 and
2018 |
|
480 |
|
|
480 |
Series B Preferred Shares-
12,000 shares issued and outstanding as at December 31, 2019 and
2018 |
|
12 |
|
|
12 |
Additional paid-in
capital |
|
12,763,403 |
|
|
7,612,108 |
Retained Earnings |
|
436,798 |
|
|
2,136,024 |
Total shareholders’
equity |
|
13,204,011 |
|
|
9,751,024 |
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
$ |
30,420,926 |
|
$ |
10,183,837 |
CASH FLOW
DATA |
|
|
Three Months Ended December
31, |
|
Year Ended
December
31, |
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net cash provided by operating activities |
|
$ |
1,290,595 |
|
$ |
148,106 |
$ |
2,311,962 |
|
$ |
1,400,610 |
Net cash used in investing
activities |
|
|
(10,459,411 |
) |
|
— |
|
(17,227,436 |
) |
|
— |
Net cash provided by financing
activities |
|
$ |
10,708,067 |
|
$ |
— |
$ |
18,087,133 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
APPENDIX B
Non-GAAP Financial
Information
Daily Time Charter Equivalent (TCE)
Rate. TCE rate, is a measure of the average daily revenue
performance of a vessel. For time charters, the TCE rate is
calculated by dividing total revenues (either time charter or
voyage revenues, net of charterers’ commissions), less voyage
expenses, by the number of Available Days during that period. Under
a time charter, the charterer pays substantially all the vessel
voyage related expenses. However, we may incur voyage related
expenses when positioning or repositioning vessels before or after
the period of a time charter, during periods of commercial waiting
time or while off-hire during dry-docking or due to other
unforeseen circumstances. The TCE rate is not a measure of
financial performance under U.S. GAAP (non-GAAP measure), and
should not be considered as an alternative to Time charter
revenues, net, the most directly comparable GAAP measure, or any
other measure of financial performance presented in accordance with
U.S. GAAP. However, TCE rate is a standard shipping industry
performance measure used primarily to compare period-to-period
changes in a company's performance and assists our management in
making decisions regarding the deployment and use of our vessels
and in evaluating their financial performance. Our calculation of
TCE rates may not be comparable to that reported by other
companies. The following table reflects the calculation of our TCE
rates for the periods presented (amounts in U.S. dollars, except
for Available Days):
|
|
|
Three Months Ended December
31, |
|
Year
Ended December
31, |
(In U.S. dollars, except for
Available Days) |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Time charter revenues, net |
|
$ |
2,842,149 |
|
$ |
1,111,075 |
|
$ |
5,967,772 |
|
$ |
4,405,310 |
|
Voyage Expenses (including
related party commissions) |
|
|
(155,663 |
) |
|
(19,556 |
) |
|
(261,179 |
) |
|
(28,489 |
) |
Time charter equivalent revenues |
|
$ |
2,686,486 |
|
$ |
1,091,519 |
|
$ |
5,706,593 |
|
$ |
4,376,821 |
|
Available Days |
|
|
249 |
|
|
92 |
|
|
545 |
|
|
365 |
|
Time charter equivalent (TCE) rate |
|
$ |
10,789 |
|
$ |
11,864 |
|
$ |
10,471 |
|
$ |
11,991 |
|
EBITDA. We define EBITDA as
earnings before interest and finance costs (if any), net of
interest income, taxes (when incurred), depreciation and
amortization of deferred dry-docking costs. EBITDA is used as a
supplemental financial measure by management and external users of
financial statements, such as investors, to assess our operating
performance. We believe that EBITDA assists our management and
investors by providing useful information that increases the
comparability of our performance operating from period to period
and against the operating performance of other companies in our
industry that provide EBITDA information. This increased
comparability is achieved by excluding the potentially disparate
effects between periods or companies of interest, other financial
items, depreciation and amortization and taxes, which items are
affected by various and possibly changing financing methods,
capital structure and historical cost basis and which items may
significantly affect net income between periods. We believe that
including EBITDA as a measure of operating performance benefits
investors in (a) selecting between investing in us and other
investment alternatives and (b) monitoring our ongoing financial
and operational strength. EBITDA is not a measure of financial
performance under U.S. GAAP, does not represent and should not be
considered as an alternative to net income, operating income, cash
flow from operating activities or any other measure of financial
performance presented in accordance with U.S. GAAP. Therefore,
EBITDA as presented below may not be comparable to similarly titled
measures of other companies. The following table reconciles EBITDA
to net income, the most directly comparable U.S. GAAP financial
measure, for the periods presented:
Reconciliation of Net Income to EBITDA
|
|
Three-Months
Ended December
31, |
|
|
Year Ended
December
31, |
(In U.S. dollars) |
|
2019 |
|
|
2018 |
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
$ |
527,348 |
|
$ |
276,442 |
|
|
$ |
1,088,149 |
|
$ |
1,505,238 |
|
Depreciation and
amortization |
|
345,004 |
|
|
177,378 |
|
|
|
897,171 |
|
|
707,064 |
|
Interest and finance costs,
net (including amortization of deferred financing costs) |
|
192,314 |
|
|
(7,466 |
) |
|
|
190,574 |
|
|
(9,114 |
) |
EBITDA |
$ |
1,064,666 |
|
$ |
446,354 |
|
|
$ |
2,175,894 |
|
$ |
2,203,188 |
|
Cautionary Statement Regarding
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. The Company desires to take
advantage of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The
words “believe,” “anticipate,” “intend,” “estimate,” “forecast,”
“project,” “plan,” “potential,” “will,” “may,” “should,” “expect,”
“pending” and similar expressions identify forward-looking
statements. The forward-looking statements in this press release
are based upon various assumptions, many of which are based, in
turn, upon further assumptions, including without limitation, our
management’s examination of historical operating trends, data
contained in our records and other data available from third
parties. Although we believe that these assumptions were reasonable
when made, because these assumptions are inherently subject to
significant uncertainties and contingencies which are difficult or
impossible to predict and are beyond our control, we cannot assure
you that we will achieve or accomplish these expectations, beliefs
or projections. We undertake no obligation to update any
forward-looking statement, whether as a result of new information,
future events or otherwise. In addition to these important factors,
other important factors that, in the Company’s view, could cause
actual results to differ materially from those discussed in the
forward‐looking statements include general dry bulk shipping market
conditions, including fluctuations in charterhire rates and vessel
values, the strength of world economies the stability of Europe and
the Euro, fluctuations in interest rates and foreign exchange
rates, changes in demand in the dry bulk shipping industry,
including the market for our vessels, changes in our operating
expenses, including bunker prices, dry docking and insurance costs,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political
conditions, potential disruption of shipping routes due to
accidents or political events, the availability of financing and
refinancing and grow our business, vessel breakdowns and instances
of off‐hire, risks associated with vessel construction, potential
exposure or loss from investment in derivative instruments,
potential conflicts of interest involving our Chief Executive
Officer, his family and other members of our senior management, and
our ability to complete acquisition transactions as planned. Please
see our filings with the Securities and Exchange Commission for a
more complete discussion of these and other risks and
uncertainties. The information set forth herein speaks only as of
the date hereof, and the Company disclaims any intention or
obligation to update any forward‐looking statements as a result of
developments occurring after the date of this communication.
CONTACT DETAILS For further information please contact:
Petros PanagiotidisCastor Maritime Inc. Email:
info@castormaritime.com
Media Contact: Kevin Karlis Capital LinkEmail:
castormaritime@capitallink.com
Castor Maritime (NASDAQ:CTRM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Castor Maritime (NASDAQ:CTRM)
Historical Stock Chart
From Apr 2023 to Apr 2024