Castor Maritime Inc (CTRM)

[TheFinalCD]

Financial Highlights of the Six Months Ended March 31, 2019:
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Voyage revenues: $2.04 million for the six months ended March 31, 2019, as compared to $1.70 million for the six months ended March 31, 2018, a 20% increase
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Net income: $0.33 million for the six months ended March 31, 2019, as compared to $0.16 million for the six months ended March 31, 2018, a 107% increase
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EBITDA: $0.67 million for the six months ended March 31, 2019, as compared to $0.44 million for the six months ended March 31, 2018, a 50% increase
Limassol, Cyprus, June 3, 2019 - Castor Maritime Inc. (NASDAQ: CTRM), (the “Company”), an international shipping company specializing in the ownership of dry-bulk vessels, announced today its financial results for the six months ended March 31, 2019.
For the six months ended March 31, 2019, voyage revenues increased to $2.04 million from $1.70 million, in the same period of 2018, or 20% increase. EBITDA for the period was $0.67 million, a 50% increase as compared to $0.44 million in the same period of 2018. The daily TCE of our sole fleet vessel for the six months ended March 31, 2019 stood at $10,843, slightly higher than the $10,761 earned during the same period ended March 31, 2018. Average daily OPEX of the vessel for the period came at $4,956, a 5.6% decrease from the respective period of 2018. Cash and cash equivalents as of March 31, 2019 amounted to $2.64 million.
Petros Panagiotidis, the Company’s Chairman and CEO, stated, “We are very pleased with our performance for the six months ended March 31, 2019, the first period we report results as a NASDAQ listed entity. We believe that the dry bulk market will be rewarding in the years to come despite the normal shorter-term volatility exhibited. In this context, we are focused on taking advantage of market opportunities in order to maximize our profitability and opportunistically enlarge our fleet.”

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