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.
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