Highlights of the First Quarter Ended March 31, 2026:
Total vessel revenues: $11.9 million for the three months ended March 31, 2026, as compared to $11.3 million for the three months ended March 31, 2025, or a 5.3% increase;
Revenue from services: $9.3 million for the three months ended March 31, 2026, as compared to $9.0 million for the three months ended March 31, 2025, or a 3.3% increase;
Net income of $69.2 million for the three months ended March 31, 2026, as compared to a $23.3 million loss for the three months ended March 31, 2025, or a 397.0% increase;
Adjusted net income(1) of $9.6 million for the three months ended March 31, 2026, as compared to $4.9 million for the three months ended March 31, 2025;
Earnings / (loss) per common share, basic: $4.65 per share for the three months ended March 31, 2026, as compared to $(2.18) per share for the three months ended March 31, 2025;
EBITDA(1): $74.8 million for the three months ended March 31, 2026, as compared to $(18.3) million for the three months ended March 31, 2025;
Adjusted EBITDA(1): $15.2 million for the three months ended March 31, 2026, as compared to $9.9 million for the three months ended March 31, 2025; and
Cash and restricted cash of $192.8 million as of March 31, 2026, as compared to $152.8 million as of December 31, 2025.(1) Adjusted net income, EBITDA and Adjusted EBITDA are not recognized measures under United States generally accepted accounting principles ("U.S. GAAP"). Please refer to Appendix B for the definitions of these measures and reconciliation to Net income / (Loss), the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Management Commentary for First Quarter 2026:
Mr. Petros Panagiotidis, Chief Executive Officer of Castor, commented:
"In Q1 2026, improved market conditions across both dry bulk and containership sectors, underpinned by stronger freight rates and steady charter demand, supported our positive outlook. The strong performance of our listed equity portfolio contributed meaningfully to our results, reflecting a significant unrealized fair value gain during the quarter.
During the quarter, we also completed our second sale-and-leaseback transaction, enhancing our financial flexibility and further optimizing our capital structure. Maintaining our disciplined approach to capital management, we remain focused on preserving financial strength while pursuing opportunities that support long-term shareholder value."
Earnings Commentary:
First Quarter ended March 31, 2026, and 2025 Results
Total vessel revenues for the three months ended March 31, 2026, increased to $11.9 million from $11.3 million in the same period of 2025. This variation was mainly driven by an increase in prevailing charter rates of our vessels, from a Daily TCE Rate of $9,555 in the three months ended March 31, 2025 to $14,926 in the three months ended March 31, 2026, representing a 56.2% increase. The increase was partially offset by the decrease in our Available Days (defined below), from 1,068 days in the three months ended March 31, 2025 to 741 days in the three months ended March 31, 2026, following the sale of two dry bulk vessels and two containership vessels in the first and second quarters of 2025. Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Revenue from services for the three months ended March 31, 2026, increased to $9.3 million from $9.0 million in the same period of 2025 and relates to revenue earned from our subsidiary acquired in late 2024, MPC Münchmeyer Petersen Capital AG ("MPC Capital"). Revenue from services primarily consists of transaction and management services. The increase was mainly driven by a $0.8 million rise in management services revenue, partially offset by a $0.5 million decline in transaction services and other revenue.
There was a decrease in voyage expenses to $0.9 million in the three months ended March 31, 2026, from $1.1 million in the same period of 2025, which was mainly associated with the decrease in port and other expenses.
Vessel operating expenses decreased by $1.6 million to $4.1 million in the three months ended March 31, 2026, from $5.7 million in the same period of 2025, mainly reflecting the net decrease in the Ownership Days of our fleet to 810 days in the three months ended March 31, 2026, from 1,094 days in the same period in 2025.
Cost of revenue from services for the three months ended March 31, 2026 increased to $5.6 million from $4.7 million in the same period of 2025 and relates to expenses for purchased services from third party providers as well as employee and other operating expenses of MPC Capital. The increase was primarily attributable to foreign exchange movements, which increased the U.S. dollar translation of Euro-denominated costs, as well as slightly higher personnel expenses during the three-month period ended March 31, 2026.
Management fees in the three months ended March 31, 2026 amounted to $0.8 million, whereas in the same period of 2025, management fees totaled $1.3 million. This decrease in management fees is due to the net decrease in the total number of Ownership Days for which our managers charge us a daily management fee following the sales of vessels mentioned above, partly offset by a management fee adjustment for inflation under our Amended and Restated Master Management Agreement with effect from July 1, 2025.
Depreciation and amortization expenses are comprised of vessels' depreciation, the amortization of vessels' capitalized dry-dock costs, property, plant and equipment depreciation and intangible assets amortization. Depreciation expenses decreased to $2.3 million in the three months ended March 31, 2026, from $2.7 million in the same period of 2025. The decrease by $0.4 million reflects mainly the decrease in the Ownership Days of our fleet following the sales of vessels discussed above. Dry-dock and special survey amortization charges amounted to $0.5 million for the three months ended March 31, 2026, compared to a charge of $0.2 million in the respective period of 2025. This variation in dry-dock and special survey amortization charges reflects mainly the increase in aggregate amortization days resulting from three vessels undergoing scheduled dry-dock from April 1, 2025 to December 31, 2025, and two vessels undergoing scheduled dry-dock from January 1, 2026 to March 31, 2026. Further to the above, depreciation and amortization expenses for our asset management segment amounted to $0.9 million for the three-month period ended March 31, 2026 from $0.5 million in the same period of 2025. The increase was primarily driven by higher depreciation charges in the current period, following the reclassification of Energiepark Heringen-Philippsthal WP HP GmbH & Co. KG ("EP Heringen") property, plant and equipment from assets held for sale to property, plant and equipment in the consolidated balance sheet as of December 31, 2025, upon which depreciation for this asset recommenced. While EP Heringen was classified as held for sale, the related property, plant and equipment was not subject to depreciation.
General and administrative expenses in the three months ended March 31, 2026, amounted to $3.9 million, whereas, in the same period of 2025, general and administrative expenses totaled $4.1 million. The decrease was primarily attributable to lower professional fees and other expenses, as the prior year comparable period reflected elevated costs following the acquisition of MPC Capital in late 2024, partially offset by higher audit fees and personnel expenses.
Net loss from equity method investments in the three months ended March 31, 2026, amounted to $0.3 million compared to $0.6 million net gain in the same period of 2025, representing our share in jointly owned companies or equity method investments (all of which relate to the asset management segment).
Net gain from equity method investments measured at fair value in the three months ended March 31, 2026, amounted to $46.5 million compared to $26.4 million net loss in the same period of 2025, resulting from the revaluation of such investments. These represent our shares in MPC Container Ships ASA ("MPCC"), whose share price appreciated by approximately 30% during the quarter, and MPC Energy Solutions N.V. for which we have elected the fair value option. No additional shares were acquired during the first quarter ended March 31, 2026. The revaluation effect on MPCC shares is higher compared to prior periods, as the Company presented a greater number of MPCC shares subject to fair value measurement following a change in its consolidation scope as of January 1, 2026, whereby the Company consolidated an entity holding an equity interest in MPCC, as well as the aforementioned appreciation in MPCC's share price during the quarter. A portion of the revaluation gain is attributable to non-controlling interests and is reflected accordingly in the unaudited condensed consolidated statements of comprehensive income / (loss).
During the three months ended March 31, 2026, we incurred net interest and finance costs of $0.3 million, compared to $1.3 million during the same period in 2025. The decrease was primarily attributable to reduced interest expense, reflecting lower long-term debt obligations and more favorable interest rates during the three months ended March 31, 2026, compared to the corresponding period in the prior year.
Other income, net in the three months ended March 31, 2026 amounted to $18.5 million and mainly includes (i) a realized gain on sale of equity securities of $3.5 million and an unrealized gain of $3.3 million from revaluing our investments in listed equity and debt securities at period end market rates , (ii) dividend income on equity securities of $0.6 million, (iii) dividend income of $0.4 million from our investment in 140,000 1.00% Series A Fixed Rate Cumulative Perpetual Convertible Preferred Shares of Toro Corp. (the "Toro Series A Preferred Shares"), (iv) other net amounting to $0.8 million due to recoveries of prior year allowances and reversals of provisions and (v) foreign exchange gains amounting to $10.0 million, primarily resulting from the foreign currency remeasurement effects associated with the Company's NOK-denominated investment in MPCC. Other income, net in the three months ended March 31, 2025, amounted to $6.5 million, which includes mainly (i) a realized gain on sale of equity securities of $2.0 million and an unrealized gain of $0.3 million from revaluing our investments in listed equity securities at period end market rates, (ii) dividend income on equity securities of $0.8 million and dividend income of $0.4 million from our investment in 140,000 Toro Series A Preferred Shares, and (iii) foreign exchange gains of $3.0 million mainly resulting from the revaluation of the equity method investments.
Dividend income from equity method investments measured at fair value (related party) amounted to $4.2 million and $5.1 million in the three months ended March 31, 2026 and 2025, respectively, and includes dividend income from MPCC.
Recent Financial Developments Commentary:
Liquidity/Financing/Cash flow update
Our consolidated cash position (including our restricted cash) as of March 31, 2026, increased by $40.0 million to $192.8 million, as compared to our cash position on December 31, 2025, which amounted to $152.8 million. The net increase was mainly the result of: (i) $8.6 million of net operating cash inflows during the three months ended March 31, 2026, (ii) net inflows of $5.7 million associated with the acquisition and disposition of equity method investments, (iii) net inflows of $15.4 million associated with the purchase and sale of equity securities / investments and (iv) $15.6 million of proceeds related to the sale and leaseback transaction of the M/V Magic Perseus, offset by (v) $2.3 million consisting of scheduled principal repayments under our existing credit facilities and financial liabilities and $0.5 million related to payments of deferred financing costs, (vi) $1.25 million of dividends paid relating to our 5.00% Series D Fixed Rate Cumulative Perpetual Convertible Preferred Shares (the "Series D Preferred Shares"), (vii) $0.1 million for other vessel improvements and acquisitions of property, plant and equipment and (viii) a $1.1 million effect of exchange rate changes on cash, cash equivalents and restricted cash.
On January 22, 2026, we successfully completed a sale and leaseback transaction for the M/V Magic Perseus, a 2013-built Kamsarmax bulk carrier vessel with a Japanese counterparty. The bareboat financing amounts to $15.6 million, has a duration of eleven years, including a put option for the counterparty at the end of year eight, and a purchase option for the Company beginning at the end of the second year of the bareboat charter period.
As of March 31, 2026, our total debt (including financial liabilities), gross of unamortized deferred loan fees (of $1.7 million), was $98.4 million, of which $9.8 million is repayable within one year, as compared to $85.6 million of total debt (including financial liabilities), gross of unamortized deferred loan fees, as of December 31, 2025, an increase mainly due to the sale and leaseback transaction of the M/V Magic Perseus.
Fleet Employment Status (as of June 2, 2026)
During the three months ended March 31, 2026, we operated on average 9.0 vessels earning a Daily TCE Rate(2) of $14,926 as compared to an average of 12.2 vessels earning a Daily TCE Rate(2) of $9,555 during the same period in 2025.
Our employment profile as of June 2, 2026 is presented immediately below.
(2) Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Dry Bulk Carriers
Vessel Name
Type
Capacity (dwt)
YearBuilt
Country of Construction
Type of Employment(1)
Daily Gross Charter Rate
Estimated Redelivery Date
Earliest
Latest
Magic Thunder
Kamsarmax
83,375
2011
Japan
TC period
$15,300(3)
-(4)
-(4)
Magic Perseus
Kamsarmax
82,158
2013
Japan
TC period
$15,400(5)
-(4)
-(4)
Magic Starlight
Kamsarmax
81,048
2015
China
TC period
$16,600(6)
-(4)
-(4)
Magic Mars
Panamax
76,822
2014
Korea
TC period
$18,425(8)
-(4)
-(4)
Magic P
Panamax
76,453
2004
Japan
Panamax Pool(9)
N/A
-(10)
-(10)
Magic Pluto
Panamax
74,940
2013
Japan
TC period
$15,650(11)
-(4)
-(4)
Magic Ariel
Kamsarmax
81,845
2020
China
TC period
108% of BPI5TC(2)
-(4)
-(4)
Magic Celeste
Ultramax
63,310
2015
China
TC period
111% of BSI10TC(12)
-(4)
-(4)
Containerships
Vessel Name
Type
Capacity (dwt)
YearBuilt
Country of Construction
Type of Employment
Daily Gross Charter Rate ($/day)
Estimated Redelivery Date
Earliest
Latest
Raphaela
Containership
26,811
2008
Turkey
TC period
$26,250
Nov-26
Jan-27
(1) TC stands for time charter.(2) The benchmark vessel used in the calculation of the average Baltic Panamax Index 5TC routes ("BPI5TC") is a non-scrubber fitted 82,000mt dwt vessel (Kamsarmax) with specific age, speed–consumption, and design characteristics.(3) The vessel's daily gross charter rate is equal to 97% of BPI5TC(2). In accordance with the prevailing charter party, on November 17, 2025, we converted the index-linked rate to fixed from April 1, 2026 until June 30, 2026 at a rate of $15,300 per day. In accordance with the prevailing charter party, on January 26, 2026, we converted the index-linked rate to fixed from July 1, 2026 until September 30, 2026 at a rate of $15,000 per day. In accordance with the prevailing charter party, on March 1, 2026, we converted the index-linked rate to fixed from October 1, 2026 until December 31, 2026 at a rate of $16,300 per day. Thereafter, the rate will be converted back to index-linked.(4) In accordance with the prevailing charter party, both parties (owners and charterers) have the option to terminate the charter by providing 3 months' written notice to the other party.(5) The vessel's daily gross charter rate is equal to 100% of BPI5TC(2). In accordance with the prevailing charter party, on November 17, 2025, we converted the index-linked rate to fixed from January 1, 2026 until June 30, 2026 at a rate of $15,400 per day. In accordance with the prevailing charter party, on March 1, 2026, we converted the index-linked rate to fixed from July 1, 2026 until December 31, 2026 at a rate of $17,550 per day. Thereafter, the rate will be converted back to index-linked.(6) The vessel's daily gross charter rate is equal to 98% of BPI5TC(2). In accordance with the prevailing charter party, on January 26, 2026, we converted the index-linked rate to fixed from April 1, 2026 until June 30, 2026 at a rate of $16,600 per day. Thereafter, the rate will be converted back to index-linked.(7) The benchmark vessel used in the calculation of the average of the Baltic Panamax Index 4TC routes ("BPI4TC") is a non-scrubber fitted 74,000mt dwt vessel (Panamax) with specific age, speed-consumption, and design characteristics.(8) The vessel's daily gross charter rate is equal to 102% of BPI4TC(7). In accordance with the prevailing charter party, on February 20, 2026, we converted the index-linked rate to fixed from April 1, 2026 until June 30, 2026 at a rate of $18,425 per day. Thereafter, the rate will be converted back to index-linked.(9) The vessel is currently participating in an unaffiliated pool specializing in the employment of Panamax/Kamsarmax dry bulk vessels.(10) Under the prevailing pool agreement, owners may terminate the charter by giving three months' written notice.(11) The vessel's daily gross charter rate is equal to 100% of BPI4TC(7). In accordance with the prevailing charter party, on January 27, 2026, we converted the index-linked rate to fixed from February 1, 2026 until June 30, 2026 at a rate of $15,650 per day. Thereafter, the rate will be converted back to index-linked. (12) The benchmark vessel used in the calculation of the average of the Baltic Supramax Index 10TC routes ("BSI10TC") is a non-scrubber fitted 58,000mt dwt vessel (Supramax) with specific age, speed–consumption, and design characteristics.
Financial Results Overview of Operations:
Set forth below are selected financial data of our dry bulk, containership and asset management segments for each of the three months ended March 31, 2026, and 2025, respectively:
Three Months Ended
(Expressed in U.S. dollars)
March 31, 2026(unaudited)
March 31, 2025(unaudited)
Total vessel revenues
$
11,942,829
$
11,322,496
Revenue from services
$
9,315,113
$
9,021,663
Operating income/(loss)
$
48,387,942
$
(33,448,226
)
Net income / (loss), net of taxes
$
69,217,821
$
(23,346,862
)
Adjusted net income, net of taxes(1)
$
9,631,660
$
4,860,721
EBITDA(1)
$
74,831,349
$
(18,315,626
)
Adjusted EBITDA(1)
$
15,245,188
$
9,891,957
Earnings / (Loss) per common share, basic attributable to Castor Maritime Inc. common shareholders
$
4.65
$
(2.18
)
Earnings / (Loss) per common share, diluted attributable to Castor Maritime Inc. common shareholders
$
0.83
$
(2.18
)
(1) Adjusted net income, EBITDA and Adjusted EBITDA are not recognized measures under U.S. GAAP. Please refer to Appendix B of this release for the definition and reconciliation of these measures to Net income/(loss), the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
Consolidated Fleet Selected Financial and Operational Data:
Set forth below are selected financial and operational data which are applicable only for our dry bulk vessel and containership segments for each of the three months ended March 31, 2026, and 2025, respectively, that we believe are useful in analyzing trends in our results of operations.
Three Months EndedMarch 31,
(Expressed in U.S. dollars except for operational data)
2026
2025
Ownership Days(1)(7)
810
1,094
Available Days(2)(7)
741
1,068
Operating Days(3)(7)
740
1,064
Daily TCE Rate(4)
