Castor Maritime Inc (NASDAQ: CTRM) announced its financial results for the quarter ending on March 31, 2021. Castor Maritime, the diversified global shipping company, is showing some big numbers on the balance sheet.
Q1-2021 financial highlights
Net revenue for the first quarter of the year is reported at $7.0 million, a 159% increase from period to period compared with $2.7 million in Q1-2020. Net income totaled $1.1 million for Q1-2021, as compared against $0.3 million net loss for Q1-2020, indicating a surge of 467% period to period.
Earnings per common share in Q1-2021
Castor reported that $0.02 earnings per common share for Q1- 2021, as against loss per share of $0.68 for Q1- 2020, representing a 103% increase.
EBITDA of the company came in at $2.6 million for Q1- 2021, relative to $0.9 million for Q1-2020, or a 189% increase. Castor ended the quarter with cash and restricted cash of $64.2 million against $9.4 million by the end of December 2020, indicating a 583% increase.
Acquisitions of 20 vessels
From January until the present period, the company has acquired as many as 20 vessels in tanker and dry bulk segments. These include 2 MR1, 5 Aframax/LR2, and 1 Aframax tanker, along with 4 Panamax, 7 Kamsarmax and 1 Capesize dry bulk carriers.
Until June 2, 2021, Castor has 14 vessels delivered successfully, while six acquisitions are expected to close by the end of this year. With the completion of this delivery, the company will have a diversified fleet comprising 26 vessels rounding off to a total capacity of 2.2 million dwt. Since December 31, 2020, the fleet has quadrupled in size.
Transformational five months of 2021
The CEO of the company, Petros Panagiotidis, looks at the period until now as transformational tenure where Castor raised an equity amount of $252.5 million and $33.3 million of debt. The fleet has grown from 6 vessels to 26, while the company has completed all acquisitions as announced.