Heidmar Maritime Holdings Corp. reported total revenues of $5.8 million for the first quarter ended March 31, 2025. This represents a decrease of $2.8 million compared to $8.6 million in the same period of 2024. The decline was primarily attributed to a decrease in the number of vessels under management and the termination of two time-charter syndication agreements.
CEO Pankaj Khanna noted that the Q1 results reflect the accounting treatment of the business acquisition with MGO Global, annual performance bonuses, and the long-term equity incentive plan. Excluding these effects, the business environment was challenging, with declining freight rates for tankers and softening time charter levels. Asset prices for older vessels also saw a significant decline of 30-35% compared to summer 2024.
The company is actively bidding on modern vessels for medium-term charters to rebuild its Time Charter book. Heidmar remains committed to its strategy of maritime services for bulk shipping and select specialist sectors, alongside project development with co-investment partners. The company is working on growth opportunities in both business lines for the second half of the year.
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