Castor Maritime Inc. Reports 33.3% Drop in Total Vessel Revenues, 60.4% Decrease in Net Income for 2024

Reuters
05-15
Castor Maritime Inc. Reports 33.3% Drop in Total Vessel Revenues, 60.4% Decrease in Net Income for 2024

Castor Maritime Inc. has released its financial results for the year ended December 31, 2024. The company reported a significant decrease in total vessel revenues, which fell to $65.1 million from $97.5 million in the same period of 2023, marking a 33.3% decline. This drop in revenue was primarily driven by a reduction in Available Days, from 7,483 days in 2023 to 4,626 days in 2024, following the sale of the M/V Magic Rainbow on April 18. Net income from continuing operations fell to $15.3 million in 2024 from $21.3 million in the previous year, representing a decrease of 28.2%. Moreover, net income from discontinued operations contributed $17.3 million in 2023, but there was no such income recorded in 2024. Overall, net income decreased by 60.4%, from $38.6 million in 2023 to $15.3 million in 2024. The company also experienced a significant shift in its business operations. Following the acquisition of MPC Capital on December 16, 2024, Castor Maritime reorganized its structure, now operating in three reportable segments: the dry bulk segment, the containership segment, and the asset management segment, up from two segments in 2023.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Castor Maritime Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001140361-25-018945), on May 14, 2025, and is solely responsible for the information contained therein.

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