Castor Maritime Inc. announced its financial results for the first quarter ended March 31, 2025. Total vessel revenues decreased to $11.3 million from $20.4 million in the same period of 2024, primarily due to a reduction in Available Days following vessel sales.
The company's asset management segment, MPC Capital, contributed $9.0 million in revenue from services during the quarter. However, Castor Maritime reported a net loss of $26.4 million from equity method investments measured at fair value, resulting from the revaluation of stakes in MPC Container Ships ASA and MPC Energy Solutions N.V.
Further impacting profitability, the company recorded a loss on vessels held for sale of $5.6 million for the M/V Magic Callisto and a loss on sale of vessels of $2.1 million from the completed sales of the M/V Ariana A and M/V Magic Eclipse. Despite these losses, Castor Maritime significantly strengthened its financial position by fully repaying the $100 million loan from Toro Corp. during 2025, with the final $36 million prepaid on May 5, 2025.
As of March 31, 2025, the company's cash position was $78.3 million, and total debt stood at $55.1 million, a decrease from $103.7 million at the end of 2024. This debt reduction provides enhanced financial flexibility and lower financial risk.
In strategic developments, MPC Capital's affiliated entity, MPCC CSI LTD., acquired an additional 3.44% of shares in MPC Container Ships ASA after the first quarter, increasing its total holding to 20.12%. Additionally, MPC Capital acquired a 50% share in BestShip GmbH & Cie, KG in January 2025, expanding its services in energy efficiency assessments for vessels.
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