Castor Maritime Inc. announced its financial results for the third quarter ended September 30, 2024, reporting a net income of $2.8 million. This figure represents a decrease from $21.4 million in the same period of 2023, while total vessel revenues for the quarter also declined to $13.4 million from $21.4 million year-over-year.
The reduction in vessel revenues was primarily attributed to a decrease in Available Days, falling to 929 days in Q3 2024 from 1,859 days in Q3 2023, following the sale of seven dry bulk vessels in the first half of 2024 and three in the fourth quarter of 2023. This was partially offset by the acquisition of the M/V Magic Celeste and an increase in prevailing charter rates for dry bulk vessels.
Despite the revenue decline, the company significantly strengthened its balance sheet by reducing its total debt to $1.6 million as of September 30, 2024, down from $86.6 million at the end of 2023. This was achieved through substantial loan prepayments, including $14.6 million to Chailease, $10.6 million to Deutsche Bank, and $13.8 million to Hamburg Commercial Bank. Castor Maritime also expanded its fleet by acquiring the M/V Magic Celeste for $25.5 million, the M/V Raphaela for $16.49 million, and the M/V Magic Ariel for $29.95 million, increasing its fleet size to 13 vessels from ten at the end of June 2024.
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