Castor Maritime Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024. For the full year 2024, total revenue decreased to $66.24 million from $97.52 million in 2023, and net income from continuing operations was $14.62 million, down from $66.54 million in 2022.
In the fourth quarter of 2024, total vessel revenues decreased to $15.0 million from $26.4 million in the same period of 2023, primarily due to a reduction in Available Days and lower prevailing charter rates. The newly acquired MPC Capital subsidiary contributed $1.2 million in revenue from services for the period from December 16, 2024, to December 31, 2024.
The company recorded a loss on vessels held for sale of $3.6 million in Q4 2024, related to the M/V Ariana A. Additionally, other net expenses amounted to $(25.6) million, including a $(28.0) million loss from listed equity securities, with an unrealized loss of $(24.1) million from revaluing these investments.
As of December 31, 2024, Castor's cash position stood at $87.9 million, a decrease from $120.9 million at the end of 2023. Total debt increased to $103.7 million from $86.6 million, primarily due to a $100 million senior term loan facility from Toro Corp. and $50 million from the issuance of Series D Preferred Shares to Toro, both used to finance the MPC Capital acquisition.
The acquisition of MPC Capital was completed on December 16, 2024, for approximately $192.0 million. This strategic move diversifies Castor's business into asset management within the shipping and energy infrastructure sectors.
Subsequent to the reporting period, Castor Maritime fully repaid the $100 million loan from Toro Corp. during 2025, with partial prepayments of $13.5 million on March 24, 2025, $34.0 million on March 31, 2025, $14.0 million on April 29, 2025, and the remaining $36.0 million on May 5, 2025. This repayment significantly strengthened the company's balance sheet.
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