CTRM Castor Maritime Inc.
Price Chart
Executive Summary
Castor Maritime reported Q1 2026 results with total vessel revenues up 5.3% YoY to $11.9M and a GAAP net income swing to $69.2M from a $23.3M loss, driven mainly by $46.5M in unrealized gains from equity method investments. Adjusted net income (non-GAAP) doubled to $9.6M, reflecting improved charter rates and asset management performance. The company provided no forward guidance, and the core shipping business showed modest growth against a smaller fleet.
Actionable Insight
The core shipping business showed rate improvement but a shrinking fleet, while the large net income gain is non-recurring (unrealized fair value adjustments). Focus on future charter rate trends and potential vessel acquisitions or sales to gauge operational trajectory.
Key Facts
- Total vessel revenues $11.9M, +5.3% YoY; total revenues $21.3M, +4.5% YoY
- Net income $69.2M vs. -$23.3M loss, largely from unrealized fair value gains on equity investments
- Adjusted net income (non-GAAP) $9.6M vs. $4.9M, +96% YoY
- Daily TCE Rate $14,926, +56% YoY, partly offset by fleet reduction (Available Days -31%)
- Cash and restricted cash $192.8M, up $40M from Dec 2025, partly from a sale-and-leaseback
- No earnings guidance provided in the release
Financial Impact
Adjusted net income doubled YoY to $9.6M, but GAAP net income includes large non-cash gains; core vessel revenue grew modestly.
Risk Factors
- Volatile charter rates and shipping market cycles
- Significant exposure to equity investment valuations (MPCC stake)
- Dilution risk from convertible preferred shares (Series D)
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3305273 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 2, 2026
4d ago
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6-K
| $2.35 $2.24 | ▼ −4.68% | ▼ −3.99% | $2.13 (−9.36%) |
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Jun 2, 2026
4d ago
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Press Release
| $2.35 $2.24 | ▼ −4.68% | ▼ −3.99% | $2.13 (−9.36%) |
|
Apr 15, 2026
7w ago
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Press Release
| $1.82 $1.80 | ▼ −1.10% | ▼ −2.31% | $2.13 (+17.03%) |
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Apr 15, 2026
7w ago
|
20-F
| $1.86 $1.82 | ▼ −2.15% | ▼ −2.40% | $2.13 (+14.52%) |
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Apr 15, 2026
7w ago
|
6-K
| $1.86 $1.82 | ▼ −2.15% | ▼ −2.40% | $2.13 (+14.52%) |
US Market Status
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