Castor Flat on Q2 Numbers

Castor Maritime Inc. (NASDAQ: CTRM) shares barely broke ground, Tuesday, after the company announced its results for the three months ended June 30, 2022.

Highlights of the Second Quarter included:

Second-quarter revenues, net: $67.5 million for the three months ended June 30, 2022, as compared to $21.8 million for the three months ended June 30, 2021, or a 209.6% increase;

Net income turned out to be $27.8 million for the three months, as compared to $6.5 million for the three months ended June 30, 2021, or a 327.7% increase;

Earnings per common share: $0.29 earnings per share for the quarter, as compared to earnings per share of $0.07 for the three months ended June 30, 2021;

Delivery of the M/T Wonder Arcturus to its new owners on July 15, after entering into an agreement to sell the vessel on May 9, for $13.15 million, resulting in an expected capital gain of $3.7 million before expenses in the third quarter of 2022.

CEO Petros Panagiotidis commented: “In the second quarter of 2022, we enjoyed the improvement of the Aframax and Handysize tanker segments earnings along with another robust quarter in the dry cargo market, with the result of Castor reporting a record net income of approximately $28 million. Our balance sheet is strong with a healthy liquidity position and low leverage.

"As of June 30, 2022, our free cash was approximately $104 million, which compares with total assets of $552.4 million and the Company’s market capitalization of approximately $126.8 million as of end of the first half of 2022. We continue to generate healthy cash flows, with $52.8 million of cash generated from our operations in the first half of 2022."

Shares in CTRM gained just less than a cent to $1.72.