Castor Maritime Inc. Reports Financial Results for the Three Months and Year Ended December 31, 2020
Limassol, Cyprus, March 30, 2021 – Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company, today announced its results for the three months and year ended December 31, 2020.
Highlights of the Fourth Quarter Ended December 31, 2020:
? Revenues, net: $4.4 million for the three months ended December 31, 2020, as compared to $2.8 million for the three months ended December 31, 2019, or a 57% period to period increase;
? Net loss/income: Net loss of $0.8 million for the three months ended December 31, 2020, as
compared to net income of $0.5 million for the three months ended December 31, 2019;
? Loss/Earnings per common share: $0.01 loss per share for the three months ended December 31,
2020, as compared to earnings per share of $0.20 for the three months ended December 31, 2019;
? EBITDA(1): $0.3 million for the three months ended December 31, 2020, as compared to $1.1 million
for the three months ended December 31, 2019, or a 73% period to period decrease;
? Average fleet time charter equivalent (“TCE”)(1) rate of $10,257 per day for the three months ended December 31, 2020, as compared to $10,789 for the three months ended December 31, 2019, or a 5% period to period decrease;
? Cash and restricted cash of $9.4 million as of December 31, 2020, as compared to $5.1 million as of December 31, 2019, or a 84% period to period increase; and
? On October 9, 2020 and October 15, 2020, took successful deliveries of the M/V Magic Horizon and the M/V Magic Nova, respectively.
Earnings Highlights of the Year Ended December 31, 2020:
? Revenues, net: $12.5 million for the year ended December 31, 2020, as compared to $6.0 million for the year ended December 31, 2019, or a 108% period to period increase;
? Net loss/income: Net loss of $1.8 million for the year ended December 31, 2020 which includes one off non-cash interest expenses of $1.1 million, as compared to net income of $1.1 million for the year ended December 31, ? Loss/Earnings per common share: $0.03 loss per share for the year ended December 31, 2020, as compared to earnings per share of $0.31 for the year ended December 31, 2019;
? EBITDA(1): $2.3 million for year ended December 31, 2020, as compared to $2.2 million for the year ended December 31, 2019, respectively, or a 5% period to period increase; and
? Average fleet time charter equivalent (“TCE”)(1) rate of $9,765 per day for the year ended December 31, 2020
