CTRMNasdaqDeep Sea Foreign Transportation of FreightUS GAAP · USD

Castor Maritime Inc.

Castor Maritime Inc. is a U.S.-incorporated shipping company with operations centered on dry bulk vessel ownership and chartering, alongside broader interests in vessel and technical/commercial ship management. Through wholly or partially owned subsidiaries and related investments, it also participates in asset management and energy infrastructure-related activities.

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Revenue81.8m USD
+23.5 %y/y
Operating profit (EBIT)-18.4m USD
−186.0 %y/y
EBIT margin-22.5%
−54.9 ppy/y
Net income19.3m USD
+31.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-50050100150200m USD2020: 12 m USD2020: EBIT 0.45 m USD20202021: 132 m USD2021: EBIT 56 m USD20212022: 150 m USD2022: EBIT 127 m USD20222023: 98 m USD2023: EBIT 22 m USD20232024: 66 m USD2024: EBIT 21 m USD20242025: 82 m USD2025: EBIT -18 m USD202582-18
RevenueOperating profit (EBIT)
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Business

Share of revenue
Vessel ownership and chartering75 %

Ownership and employment of bulk carriers and other oceangoing vessels under charter contracts.

Ship management services10 %

Technical and commercial management of vessels, including operating oversight and chartering support.

Asset management investments10 %

Equity interests and related holdings in shipping and asset-management platforms.

Financing and vessel transactions5 %

Sale and leaseback structures, vessel acquisitions, and related financing activities.

Customers

Castor Maritime serves shipping charterers that need dry bulk capacity for moving commodities across global trade routes, with vessel employment driven by prevailing charter rates and vessel availability. It also transacts with financiers and counterparties in sale-leaseback and vessel acquisition agreements, and its platform includes investment exposure to asset-management interests. Customer demand is tied to cargo transport needs, vessel economics, and the terms of chartering or financing contracts.

Dry bulk charterers

Commodity traders, industrial shippers, and cargo owners that charter bulk carriers to move freight globally.

Financing counterparties

Banks, leasing parties, and vessel transaction counterparties involved in acquisitions, sale-leasebacks, and debt facilities.

Ship management and related service users

Vessel-owning or maritime entities that rely on technical and commercial ship management capabilities.

Investment partners

Parties exposed to Castor's equity stakes and asset-management-related interests, including MPC Oceanic Group AG.

Strategy

Castor Maritime focuses on owning and operating a fleet of bulk carriers while actively managing vessel transactions, including acquisitions and sale-and-leaseback structures. The company also maintains flexibility through related investments and ship-management activities, which broaden its maritime exposure beyond pure vessel chartering. These priorities help it refresh fleet composition, manage capital intensity, and participate in shipping upcycles when charter markets strengthen.

Fleet renewal and growthMedium term

Newer vessels can improve operating flexibility and keep the fleet relevant in changing dry bulk markets.

Capital-efficient vessel financingShort term

Sale-leaseback and bareboat structures help fund fleet activity while preserving liquidity and chartering flexibility.

Chartering and TCE optimizationShort term

Revenue depends heavily on vessel employment and daily TCE rates, so commercial positioning is central to returns.

Maintain portfolio optionalityMedium term

Asset-management and related holdings provide additional exposure beyond the core shipping fleet.

Geography

Castor Maritime is incorporated in the United States but has an operating footprint that is international and maritime in nature, with management activity disclosed from Limassol, Cyprus. Its fleet trades globally, so exposure is driven less by a single home market and more by worldwide shipping lanes, charter markets, and counterparties. The company also has an indirect connection to Germany through its majority ownership of a Frankfurt-listed asset manager.

Risks

Castor Maritime is exposed to volatility in dry bulk charter rates, vessel values, and world trade activity, all of which directly affect vessel employment economics. The company also relies on asset-intensive financing and may face refinancing, collateral, and lease-commitment risk as it manages fleet transactions. Because shipping is global, geopolitics, port disruptions, and commodity demand swings can quickly alter voyage patterns and returns.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Dry bulk charter rate volatility1Vessel value impairment or disposal losses2Financing and lease obligations3Global trade and geopolitical disruption4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Dry bulk charter rate volatilityImpact: HighLikelihood: High

    Revenue and vessel economics depend on prevailing charter markets and TCE rates, which can change quickly.

    Exposure: fleet chartering

  2. Vessel value impairment or disposal lossesImpact: HighLikelihood: Medium

    Asset values in shipping are cyclical and can move materially with freight markets and vessel age.

    Exposure: owned fleet

  3. Financing and lease obligationsImpact: HighLikelihood: Medium

    The company uses secured debt and bareboat structures, which require principal repayment and contractual payments.

    Exposure: vessel financing

  4. Global trade and geopolitical disruptionImpact: MediumLikelihood: High

    Shipping demand depends on world trade flows, port access, sanctions, and commodity movement patterns.

    Exposure: international routes

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Accounting

Judgemental items
Vessel depreciation and residual values

Estimated useful lives and scrap values drive the expense recognized on owned vessels.

Impact: Reported earnings and asset carrying values

Fair value measurements

Investments in equity and debt securities and vessel-related transactions may require valuation estimates.

Impact: Balance sheet values and gains/losses

Charter revenue timing

Revenue depends on the specific employment pattern of vessels and can vary with charter duration and laytime.

Impact: Quarterly revenue comparability

Lease and financing accounting

Sale-leaseback and bareboat arrangements can affect liabilities, cash flows, and expense recognition.

Impact: Leverage and net income presentation

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Last updated: 28/09/2026