CTRM

LIMASSOL, Cyprus, Oct. 01, 2025 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM) (“Castor” or the “Company”), a diversified global shipping and energy company, today announced its results for the three months and six months ended June 30, 2025. Highlights of the Second Quarter Ended June 30, 2025: Total vessel revenues: $10.2 million for the three months ended June 30, 2025, as compared to $16.3 million for the three months ended June 30, 2024, or a 37.4% decrease; Net income of $6.3 million for the three months ended June 30, 2025, as compared to $22.9 million for the three months ended June 30, 2024, or a 72.5% decrease; Adjusted net income(1) of $2.0 million for the three months ended June 30, 2025, as compared to $21.5 million for the three months ended June 30, 2024; Earnings per common share, basic: $0.34 per share for the three months ended June 30, 2025, as compared to $2.29 per share for the three months June 30, 2024; EBITDA (1): $10.7 million for the three months ended June 30, 2025, as compared to $26.5 million for the three months ended June 30, 2024; Adjusted EBITDA (1): $6.4 million for the three months ended June 30, 2025, as compared to $25.2 million for the three months ended June 30, 2024; Cash of $44.8 million as of June 30, 2025, as compared to $87.9 million as of December 31, 2024; and During the three months ended June 30, 2025, the Company completed two vessel disposals and whereas during the three months ended June 30, 2024, completed four vessel disposals. Highlights of the Six Months Ended June 30, 2025: Total vessel revenues: $21.5 million for the six months ended June 30, 2025, as compared to $36.7 million for the six months ended June 30, 2024, or a 41.4% decrease; Net loss of $17.0 million for the six months ended June 30, 2025, as compared to net income of $45.2 million for the six months ended June 30, 2024, or a 137.6% decrease; Adjusted net income(1) of $6.9 million for the six months ended June 30, 2025, as compared to $33.9 million for the six months ended June 30, 2024; (Loss) / Earnings per common share, basic: $(1.84) per share for the six months ended June 30, 2025, as compared to $4.52 per share for the six months June 30, 2024; EBITDA (1): $(7.6) million for the six months ended June 30, 2025, as compared to $53.3 million for the six months ended June 30, 2024; Adjusted EBITDA (1): $16.3 million for the six months ended June 30, 2025, as compared to $42.1 million for the six months ended June 30, 2024; On March 24, 2025, March 31, 2025 and April 29, 2025, Castor made partial prepayments to the term loan from Toro Corp. (“Toro”), amounting to $13,500,000, $34,000,000 and $14,000,000, respectively, in addition to $2,500,000 as part of the scheduled repayment of the loan. On May 5, 2025, we prepaid the amount of $36,000,000 that remained outstanding as of that date; and During the six months ended June 30, 2025, the Company completed four vessel disposals and whereas during the six months ended June 30, 2024, completed seven vessel disposals. (1) EBITDA, Adjusted EBITDA and adjusted net income are not recognized measures under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition of these measures and reconciliation to Net income / (Loss), the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Management Commentary for Second Quarter 2025: Mr. Petros Panagiotidis, Chief Executive Officer of Castor, commented: “Amid ongoing market headwinds in the dry bulk sector during the second quarter of 2025, we advanced our fleet renewal strategy through the sale of older vessels, further enhancing efficiency and overall quality. While near-term market conditions remain challenging, we are confident in the sector’s long-term fundamentals and in our ability to capture future opportunities. Backed by a solid balance sheet, the strength and strategic flexibility of our business model, reinforces our belief that disciplined capital deployment and portfolio renewal can deliver value.” Earnings Commentary: Second Quarter ended June 30, 2025, and 2024, Results Total vessel revenues for the three months ended June 30, 2025, decreased to $10.2 million from $16.3 million in the same period of 2024. This variation was mainly driven by (i) the decrease in our Available Days (defined below), from 1,076 days in the three months ended June 30, 2024 to 825 days in the three months ended June 30, 2025, representing a 23.3% decrease, following the sale of one dry bulk vessel and one container vessel in the second quarter of 2025, as partially offset by the acquisitions of the M/V Magic Celeste on August 16, 2024, M/V Raphaela on October 3, 2024 and M/V Magic Ariel on October 9, 2024, and (ii) the decrease in prevailing charter rates of our dry bulk vessels. Revenue from services for the three months ended June 30, 2025, amounted to $7.8 million and relates to revenue earned from our subsidiary acquired in late 2024, MPC Münchmeyer Petersen Capital AG (“MPC Capital”). Revenue from services is generated through the following streams: (i) transaction services, (ii) management services for companies and assets, and (iii) ship management services. There was a decrease in voyage expenses to $0.7 million in the three months ended June 30, 2025, from $1.0 million in the same period of 2024, which was mainly associated with the decrease in brokerage commissions to third parties mainly due to the decrease of the revenue of our fleet, partially offset by increased port and other expenses, brokerage commissions to related party and the loss on bunkers. Vessel operating expenses decreased by $1.9 million to $4.6 million in the three months ended June 30, 2025, from $6.5 million in the same period of 2024, mainly reflecting the decrease in the Ownership Days of our fleet to 883 days in the three months ended June 30, 2025, from 1,076 days in the same period in 2024. Cost of revenue from services for the three months ended June 30, 2025 amounted to $5.8 million and relates to expenses for purchased services from third party providers and employee expenses from our subsidiary, MPC Capital. Management fees in the three months ended June 30, 2025 amounted to $1.0 million, whereas in the same period of 2024, management fees totaled $1.1 million. This decrease in management fees is due to the net decrease in the total number of Ownership Days for which our managers charge us a daily management fee following the sales and acquisitions of vessels mentioned above, partly offset by a management fee adjustment for inflation under our Amended and Restated Master Management Agreement with effect from July 1, 2024. Depreciation and amortization expenses are comprised of vessels’ depreciation, the amortization of vessels’ capitalized dry-dock costs, property and equipment depreciation and intangible assets amortization. Depreciation expenses decreased to $2.3 million in the three months ended June 30, 2025, from $3.1 million in the same period of 2024. The decrease by $0.8 million reflects mainly the net decrease in the Ownership Days of our fleet following the sales and acquisitions of vessels discussed above. Dry-dock and special survey amortization charges amounted to $0.3 million for the three months ended June 30, 2025, compared to a charge of $0.4 million in the respective period of 2024. This variation in dry-dock amortization charges primarily resulted from the decrease in aggregate amortization days, mainly as a result of the sale of vessels mentioned above as partially offset by the amortization related to the vessels M/V Magic Starlight and M/V Magic Ariel, which initiated and completed their scheduled dry-dock during the second quarter ended June 30, 2025. Further to the above, depreciation and amortization expenses for our asset management segment amounted to $0.5 million for the three-month period ended June 30, 2025, comprising property and equipment depreciation and intangible assets amortization. General and administrative expenses in the three months ended June 30, 2025, amounted to $5.4 million, whereas, in the same period of 2024, general and administrative expenses totaled $1.5 million. This increase mainly reflects the increase in professional fees and other expenses, audit fees and personnel expenses following the acquisition of MPC Capital. Net gain/(loss) on sale of vessels in the three months ended June 30, 2025, amounted to $0.1 million following the sales of the: (i) M/V Gabriela A on May 7, 2025 and (ii) M/V Magic Callisto on April 28, 2025. Gain on sale of vessels in the three months ended June 30, 2024, amounted to $11.4 million following the sales of the: (i) M/V Magic Nebula on April 18, 2024, (ii) M/V Magic Venus on May 10, 2024, (iii) M/V Magic Vela on May 23, 2024, and (iv) M/V Magic Horizon on May 28, 2024. Net gain on disposal of assets in the three months ended June 30, 2025, amounted to $0.4 million following the sale of an asset management contract. Net loss from equity method investments in the three months ended June 30, 2025 and 2024, amounted to $0.1 million and $0, respectively, representing our share in jointly owned companies or equity method investments (all of which relate to the asset management segment). Net gain from equity method investments measured at fair value in the three months ended June 30, 2025 and 2024, amounted to $1.6 million and $0, respectively, resulting from the revaluation of such investments. These represent our share in MPC Container Ships ASA (“MPCC”) and MPC Energy Solutions N.V for which we have elected the fair value option. During the three months ended June 30, 2025, we incurred net interest and finance costs of $0.9 million, compared to $0.1 million during the same period in 2024. The increase is primarily due to a decrease in interest income earned from our time and cash deposits, which resulted from lower average cash balances during the three months ended June 30, 2025. Other income in the three months ended June 30, 2025 amounted to $2.9 million and mainly includes (i) a gain of $3.2 million from our investments in listed equity securities, (ii) dividend income on equity securities of $1.4 million, (iii) dividend income of $0.4 million from our investment in 140,000 1.00% Series A Fixed Rate Cumulative Perpetual Convertible Preferred Shares of Toro (the “Toro Series A Preferred Shares”), (iv) foreign exchange losses amounting to $4.1 million, and (v) other net amounting to $2.0 million due to recoveries of prior year allowances and reversals of provisions. Dividend income from equity method investments measured at fair value (related party) amounted to $5.5 million in the six months ended June 30, 2025 and includes the dividend income from MPCC. Other income, net in the three months ended June 30, 2024, amounted to $7.4 million, which includes (i) a gain of $5.1 million from our investments in listed equity securities, (ii) dividend income on equity securities of $2.0 million, and (iii) dividend income of $0.4 million from our investment in the Toro Series A Preferred Shares. Recent Financial Developments Commentary: Liquidity/Financing/Cash flow update Our consolidated cash position as of June 30, 2025, decreased by $43.1 million to $44.8 million, as compared to our cash position on December 31, 2024, which amounted to $87.9 million. The decrease was mainly the result of: (i) $4.0 million of net operating cash outflows during the six months ended June 30, 2025, (ii) net outflows of $20.0 million associated with the sale and purchase of equity method investments, (iii) $101.1 million used for scheduled principal repayments, early prepayments in connection with the sale of vessels and voluntary prepayments, mainly to the term loan from Toro, on our debt, (iv) $2.1 million of dividends paid relating to our 5.00% Series D Cumulative Perpetual Convertible Preferred Shares, (v) $2.8 million for cash dividends paid to non-controlling interests, as offset by (vi) $61.9 million inflow of net proceeds from the sales of the M/V Ariana A, M/V Magic Eclipse, M/V Magic Callisto and M/V Gabriela A, (vii) $1.6 million proceeds related to a loan facility, and (viii) net inflows of $20.7 million associated with the purchase and sale of equity securities. As of June 30, 2025, our total debt, gross of unamortized deferred loan fees, was $5.3 million, of which $1.2 million is repayable within one year, as compared to $103.7 million of gross total debt as of December 31, 2024, a decrease mainly due to the prepayments made in connection with vessel dispositions and voluntary prepayments of our long term debt. More specifically, on March 24, 2025 and March 31, 2025, Castor made partial prepayments to Toro for its term loan amounting to $13,500,000 and $34,000,000, respectively, in addition to $2,500,000 as part of the scheduled repayment of the loan. On April 29, 2025 we prepaid $14,000,000 of the term loan from Toro, and on May 5, 2025, we prepaid the amount of $36,000,000 that remained outstanding as of that date. As of June 30, 2025, the remaining debt balance of $5.3 million pertained to our asset management segment. Recent Business Developments Commentary: New Series E Preferred shares On September 29, 2025, we agreed to issue 60,000 Series E Cumulative Perpetual Convertible Preferred Shares (the “Series E Preferred Shares”) having a stated amount of $1,000 each to Toro for a total consideration of $60.0 million in cash. The distribution rate of the Series E Preferred Shares is 8.75%, paid quarterly, and they are convertible into common shares of Castor from the first anniversary of the issue date at a conversion price equal to the 5-day value weighted average price immediately preceding the conversion, subject to a minimum conversion price of $0.30. The Company may at its option redeem the Series E Preferred Shares, in whole or in part, at any time, on or after October 30, 2025, for a cash consideration equal to 100% of the stated amount plus any accrued and unpaid distributions up until that date. This transaction and its terms were approved by the board of directors of Castor and Toro at the recommendation of their respective independent committees who negotiated the transaction. Equity method investments Castor’s subsidiary, MPCC CSI LTD., a company affiliated with MPC Capital, acquired during the second quarter of 2025, 3.44% shares in MPC Container Ships ASA (“MPCC”), resulting in MPC Capital and its affiliated entities, collectively increasing their holding of total shares and voting rights in MPCC from approximately 16.68% to 20.12%, or 89,260,056 shares. MPC Capital is the founding shareholder of MPCC. Sale and Leaseback On July 29, 2025, we successfully completed a sale and leaseback transaction for the M/V Magic Thunder, a 2011-built Kamsarmax bulk carrier vessel with a Japanese counterparty. The bareboat financing amounts to $14.6 million, has a duration of five years, and a purchase option for the Company, beginning at the end of the second year of the bareboat charter period. Sale of vessels We have completed the sale of the four vessels listed below: Fleet Employment Status (as of October 1, 2025) During the three months ended June 30, 2025, we operated on average 9.7 vessels earning a Daily TCE Rate(2) of $11,516 as compared to an average of 11.8 vessels earning a Daily TCE Rate(2) of $14,249 during the same period in 2024. Our employment profile as of October 1, 2025 is presented immediately below. (2) Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Financial Results Overview of Operations: Set forth below are selected financial data of our dry bulk, containership and asset management segments for each of the three and six months ended June 30, 2025, and 2024, respectively: (1) EBITDA, Adjusted EBITDA and Adjusted net income are not recognized measures under U.S. GAAP. Please refer to Appendix B of this release for the definition and reconciliation of these measures to Net (loss)/income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Consolidated Fleet Selected Financial and Operational Data: Set forth below are selected financial and operational data which are applicable only for our dry bulk and containership segments for each of the three and six months ended June 30, 2025, and 2024, respectively, that we believe are useful in analyzing trends in our results of operations. APPENDIX A CASTOR MARITIME INC. Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income (Expressed in U.S. Dollars—except for number of share data) (1) Includes interest and finance costs and interest income, if any. CASTOR MARITIME INC. Unaudited Condensed Consolidated Balance Sheets (Expressed in U.S. Dollars—except for number of share data) CASTOR MARITIME INC. Unaudited Consolidated Statements of Cash Flows APPENDIX B Non-GAAP Financial Information Daily Time Charter (“TCE”) Rate. The Daily Time Charter Equivalent Rate (“Daily TCE Rate”) is a measure of the average daily revenue performance of a vessel. The Daily TCE Rate is not a measure of financial performance under U.S. GAAP (non-GAAP measure) and should not be considered as an alternative to any measure of financial performance presented in accordance with U.S. GAAP. We calculate Daily TCE Rate by dividing total revenues (time charter and/or voyage charter revenues, and/or pool revenues, net of charterers’ commissions), less voyage expenses, by the number of Available Days during that period. Under a time charter, the charterer pays substantially all the vessel voyage related expenses. However, we may incur voyage related expenses when positioning or repositioning vessels before or after the period of a time or other charter, during periods of commercial waiting time or while off-hire during dry-docking. Under voyage charters, the majority of voyage expenses are generally borne by us whereas for vessels in a pool, such expenses are borne by the pool operator. The Daily TCE Rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a company’s performance and management believes that the Daily TCE Rate provides meaningful information to our investors since it compares daily net earnings generated by our vessels irrespective of the mix of charter types (i.e., time charter, voyage charter, or other) under which our vessels are employed between the periods while it further assists our management in making decisions regarding the deployment and use of our vessels and in evaluating our financial performance. Our calculation of the Daily TCE Rates may be different from and may not be comparable to that reported by other companies. The following table reconciles the calculation of the Daily TCE Rate which is applicable only for our dry bulk and containership fleet to Total vessel revenues (applicable only to dry bulk and containership segments) for the periods presented (amounts in U.S. dollars, except for Available Days): EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are not measures of financial performance under U.S. GAAP, do not represent and should not be considered as an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. We define EBITDA as earnings before interest and finance costs (if any), net of interest income, taxes (when incurred), depreciation and amortization of deferred dry-docking costs. Adjusted EBITDA represents EBITDA adjusted to exclude unrealized gain/loss on equity securities and equity method investments (including those measured at fair value) and non-recurring expenses, which the Company believes are not indicative of the ongoing performance of its core operations. EBITDA and Adjusted EBITDA are used as supplemental financial measure by management and external users of financial statements to assess our operating performance. We believe that EBITDA and Adjusted EBITDA assists our management by providing useful information that increases the comparability of our operating performance from period to period and against the operating performance of other companies in our industry that provide EBITDA information. This increased comparability is achieved by excluding the potentially disparate effects between periods or companies of interest, other financial items, depreciation and amortization and taxes for EBITDA, and further excluding unrealized gains/loss on securities and non-recurring expenses for Adjusted EBITDA, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. We believe that including EBITDA and Adjusted EBITDA as measures of operating performance benefits investors in (a) selecting between investing in us and other investment alternatives and (b) monitoring our ongoing financial and operational strength. Our basis of computing EBITDA and Adjusted EBITDA as presented below may be different from and may not be comparable to similarly titled measures of other companies. The following table reconciles EBITDA and Adjusted EBITDA to Net (loss)/ income, the most directly comparable U.S. GAAP financial measure, for the periods presented: (1) Includes interest and finance costs and interest income, if any. Adjusted Net Income. To derive Adjusted Net Income/(Loss) from Net Income/(Loss), we exclude certain non-cash items, as provided in the table below. We believe that Adjusted Net Income assists our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash item as unrealized losses from investments measured at fair value and other items which may vary from year to year, for reasons unrelated to overall operating performance. Our method of computing Adjusted Net Income may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles Adjusted Net Income for the periods presented: Adjusted Net Income Reconciliation Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. We are including this cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “will”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of current or historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these forward-looking statements, including these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward‐looking statements include generally: the effects of the spin-off of our tanker business, the effects of our acquisition of MPC Münchmeyer Petersen Capital AG, our business strategy, expected capital spending and other plans and objectives for future operations, dry bulk and containership market conditions and trends, including volatility in charter rates (particularly for vessels employed in short-term time charters or index linked period time charters), factors affecting supply and demand, fluctuating vessel values, opportunities for the profitable operations of dry bulk and container vessels and the strength of world economies, changes in the size and composition of our fleet, our ability to realize the expected benefits from our past or future vessel acquisitions, our ability to realize the expected benefits of vessel acquisitions, increased transactions costs and other adverse effects (such as lost profit) due to any failure to consummate any sale of our vessels, our relationships with our current and future service providers and customers, including the ongoing performance of their obligations, dependence on their expertise, compliance with applicable laws, and any impacts on our reputation due to our association with them, our ability to borrow under existing or future debt agreements or to refinance our debt on favorable terms and our ability to comply with the covenants contained therein, in particular due to economic, financial or operational reasons, our continued ability to enter into time or voyage charters with existing and new customers and to re-charter our vessels upon the expiry of the existing charters, changes in our operating and capitalized expenses, including bunker prices, dry-docking, insurance costs, costs associated with regulatory compliance, and costs associated with climate change, our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations dates, expected downtime and lost revenue), instances of off-hire, due to vessel upgrades and repairs, competition in the shipping and energy infrastructure management business, our ability to identify and develop new investment projects, our ability to maintain and increase the volume of the assets under our management and therefore our ability to earn fees, the financial performance or our investees over which we do not exercise control, fluctuations in interest rates and currencies, including the value of the U.S. dollar relative to other currencies, any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity breach, existing or future disputes, proceedings or litigation, future sales of our securities in the public market and our ability to maintain compliance with applicable listing standards, volatility in our share price, including due to high volume transactions in our shares by retail investors, potential conflicts of interest involving affiliated entities and/or members of our board of directors, senior management and certain of our service providers that are related parties, general domestic and international political conditions or events, including armed conflicts such as the war in Ukraine and the conflict in the Middle East, acts of piracy or maritime aggression, such as recent maritime incidents involving vessels in and around the Red Sea, sanctions, “trade wars”, tariffs, global public health threats and major outbreaks of disease, changes in seaborne and other transportation, including due to the maritime incidents in and around the Red Sea, fluctuating demand for dry bulk and container vessels and/or disruption of shipping routes due to accidents, political events, international sanctions, international hostilities and instability, piracy or acts of terrorism, changes in governmental rules and regulations or actions taken by regulatory authorities, including changes to environmental regulations applicable to the shipping industry, accidents, the impact of adverse weather and natural disasters and any other factors described in our filings with the SEC. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication, except to the extent required by applicable law. New factors emerge from time to time, and it is not possible for us to predict all or any of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these foregoing and other risks and uncertainties. These factors and the other risk factors described in this press release are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Given these uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements. CONTACT DETAILS For further information please contact: Investor Relations Castor Maritime Inc. Email: [email protected] Media Contact: Kevin Karlis Capital Link Email: [email protected]

LIMASSOL, Cyprus, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM) (“Castor” or the “Company”), a diversified global shipping and energy company, today announced its results for the three months ended March 31, 2025. Highlights of the First Quarter Ended March 31, 2025: Total vessel revenues: $11.3 million for the three months ended March 31, 2025, as compared to $20.4 million for the three months ended March 31, 2024, or a 44.6% decrease; Net loss of $23.3 million for the three months ended March 31, 2025, as compared to net income of $22.3 million for the three months ended March 31, 2024, or a 204.5% decrease. The loss is primarily attributable to unrealized losses of $26.4 million recognized as of March 31, 2025, resulting from the remeasurement of our equity method investments to period-end fair market values; Adjusted net income(1) of $4.9 million for the three months ended March 31, 2025, as compared to adjusted net income of $12.4 million for the three months ended March 31, 2024; (Loss) / earnings per common share, basic: $(2.18) per share for the three months ended March 31, 2025, as compared to $2.23 per share for the three months March 31, 2024; EBITDA (1): $(18.3) million for the three months ended March 31, 2025, as compared to $26.8 million for the three months ended March 31, 2024; Adjusted EBITDA (1): $9.9 million for the three months ended March 31, 2025, as compared to $16.9 million for the three months ended March 31, 2024; Cash of $78.3 million as of March 31, 2025, as compared to $87.9 million as of December 31, 2024; On March 24, 2025, March 31, 2025 and April 29, 2025, Castor made partial prepayments to the term loan from Toro Corp. (“Toro”), amounting to $13,500,000, $34,000,000 and $14,000,000, respectively, in addition to $2,500,000 as part of the scheduled repayment of the loan. On May 5, 2025, we prepaid the amount of $36,000,000 that remained outstanding as of that date; and For the three months ended March 31, 2025, the Company completed two vessel disposals and for the three months ended March 31, 2024, completed three vessel disposals. (1) EBITDA, Adjusted EBITDA and adjusted net income are not recognized measures under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition of these measures and reconciliation to Net income / (Loss), the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Management Commentary for First Quarter 2025: Mr. Petros Panagiotidis, Chief Executive Officer of Castor, commented: “The first quarter of 2025 presented a challenging operating environment, with softer conditions in the dry bulk shipping market and a more modest contribution from our investment portfolio. Nevertheless, our underlying performance remained resilient, underpinned by disciplined operations, prudent cost management, and a commitment to long-term value creation. Importantly, during the course of 2025, we successfully fully repaid the $100 million loan from Toro, which was used in part to finance the MPC Capital acquisition. Supported by a solid cash position of $78.3 million as of March 31, 2025, this achievement significantly strengthened our financial position, providing us with enhanced flexibility, lower financial risk, and greater capacity to fund future growth without the constraints of leverage. Looking ahead, we remain firmly focused on executing our strategic priorities and actively pursuing attractive acquisition opportunities across the shipping and energy sectors to drive sustainable, long-term growth.” Earnings Commentary: First Quarter ended March 31, 2025, and 2024, Results Total vessel revenues for the three months ended March 31, 2025, decreased to $11.3 million from $20.4 million in the same period of 2024. This variation was mainly driven by (i) the decrease in our Available Days (defined below) from 1,441 days in the three months ended March 31, 2024, to 1,068 days in the three months ended March 31, 2025, following the sale of four dry bulk vessels during the second quarter ended June 30, 2024, and the sale of one dry bulk vessel and one container vessel in the first quarter of 2025, as partially offset by the acquisitions of the M/V Magic Celeste on August 16, 2024, M/V Raphaela on October 3, 2024 and M/V Magic Ariel on October 9, 2024 and (ii) the decrease in prevailing charter rates of our dry bulk vessels. Revenue from services for the three months ended March 31, 2025, amounted to $9.0 million and relates to revenue earned from our subsidiary acquired in late 2024, MPC Münchmeyer Petersen Capital AG (“MPC Capital”). Revenue from services is generated through the following streams: (i) transaction services, (ii) management services for companies and assets, and (iii) ship management services. There was an increase in voyage expenses to $1.11 million in the three months ended March 31, 2025, from $1.1 million in the same period of 2024, which was mainly associated with the increase of port and other expenses, partially offset by the decrease of brokerage commissions due to the decrease in our Available Days and prevailing charter rates of our dry bulk vessels. Vessel operating expenses decreased by $2.4 million to $5.7 million in the three months ended March 31, 2025 from $8.1 million in the same period of 2024, mainly reflecting the decrease in the Ownership Days of our fleet to 1,094 days in the three months ended March 31, 2025, from 1,441 days in the same period in 2024. Cost of revenue from services for the three months ended March 31, 2025, amounted to $4.7 million and relates to expenses for purchased services from third party providers and employee expenses from our newly acquired subsidiary MPC Capital. Management fees in the three months ended March 31, 2025 amounted to $1.3 million, whereas in the same period of 2024, management fees totaled $1.4 million. This decrease in management fees is due to the net decrease in the total number of Ownership Days for which our managers charge us a daily management fee following the sales and acquisitions of vessels mentioned above, partly offset by a management fee adjustment for inflation under our Amended and Restated Master Management Agreement with effect from July 1, 2024. Depreciation and amortization expenses are comprised of vessels’ depreciation, the amortization of vessels’ capitalized dry-dock costs, property and equipment depreciation and intangible assets amortization. Depreciation expenses decreased to $2.7 million in the three months ended March 31, 2025, from $3.5 million in the same period of 2024. The decrease by $0.8 million reflects mainly the net decrease in the Ownership Days of our fleet following the sales and acquisitions of vessels discussed above. Dry-dock and special survey amortization charges amounted to $0.2 million for the three months ended March 31, 2025, compared to a charge of $0.4 million in the respective period of 2024. This variation in dry-dock amortization charges primarily resulted from the decrease in aggregate amortization days, mainly as a result of the sale of vessels mentioned above. Further to the above, depreciation and amortization expenses for our asset management segment amounted to $0.6 million for the three-month period ended March 31, 2025, comprising property and equipment depreciation and intangible assets amortization. General and administrative expenses in the three months ended March 31, 2025, amounted to $4.1 million, whereas, in the same period of 2024, general and administrative expenses totaled $1.9 million. This increase mainly reflects the $2.4 million costs related to the operations at the level of our subsidiary MPC Capital for the three-month period ended March 31, 2025. Loss on vessels held for sale in the three months ended March 31, 2025, amounted to $5.6 million, representing the expected loss from the sale of the dry bulk vessel M/V Magic Callisto during the next twelve-month period (delivered to its new owners on April 28, 2025). During the three months ended March 31, 2024, for the dry bulk vessels that were classified as vessels held for sale, no loss on vessels held for sale was recorded, since each vessel’s estimated fair value less costs to sell exceeded each vessel’s carrying value. Loss on sale of vessels in the three months ended March 31, 2025, amounted to $2.1 million following the sales of the: (i) M/V Ariana A on January 22, 2025 and (ii) M/V Magic Eclipse on March 24, 2025. Gain on sale of vessels in the three months ended March 31, 2024, amounted to $7.9 million following the sales of: (i) M/V Magic Moon on January 16, 2024, (ii) M/V Magic Nova on March 11, 2024 and (iii) M/V Magic Orion on March 22, 2024. Net loss from equity method investments measured at fair value in the three months ended March 31, 2025 and 2024, amounted to $26.4 million and $0 million, respectively, resulting from the revaluation of such investments. These represent our share in MPC Container Ships ASA and MPC Energy Solutions N.V for which we have elected the fair value option. Gain from equity method investments in the three months ended March 31, 2025 and 2024, amounted to $0.6 million and $0, respectively. During the three months ended March 31, 2025, we incurred net interest costs and finance costs amounting to $1.3 million compared to $0.6 million during the same period in 2024. The increase is mainly associated with the decrease in interest income we earned from our time and cash deposits due to decreased average cash balances during the three months ended March 31, 2025. Other income, net in the three months ended March 31, 2025, amounted to $11.7 million, which includes mainly (i) a realized gain on sale of equity securities of $2.0 million and an unrealized gain of $0.3 million from revaluing our investments in listed equity securities at period end market rates, (ii) dividend income on equity securities of $0.8 million and dividend income of $0.4 million from our investment in 140,000 1.00% Series A Fixed Rate Cumulative Perpetual Convertible Preferred Shares of Toro (the “Toro Series A Preferred Shares”), (iii) dividend income from equity method investments that are measured at fair value of $5.1 million, and (iv) foreign exchange gains of $3.0 million mainly resulting from the revaluation of the equity method investments. Other income, net in the three months ended March 31, 2024, amounted to $11.1 million, which includes (i) an unrealized gain of $9.9 million from revaluing our investments in listed equity securities at period end market rates, (ii) dividend income on equity securities of $0.8 million and (iii) dividend income of $0.4 million from our investment in 140,000 Toro Series A Preferred Shares. Recent Financial Developments Commentary: Liquidity/Financing/Cash flow update Our consolidated cash position as of March 31, 2025, decreased by $9.6 million to $78.3 million, as compared to our cash position on December 31, 2024, which amounted to $87.9 million. The decrease was mainly the result of: (i) $1.7 million of net operating cash outflows during the three months ended March 31, 2025, (ii) $2.6 million used for the acquisition of equity method investments, (iii) $50.5 million used for scheduled principal repayments, early prepayments in connection with the sale of vessels and voluntary prepayments, on our debt, (iv) $0.9 million of dividends paid relating to our 5.00% Series D Cumulative Perpetual Convertible Preferred Shares, as offset by (v) $29.2 million inflow of net proceeds from the sales of the M/V Ariana A and M/V Magic Eclipse, (vi) $1.5 million of advance deposit received in connection with the sale of vessel M/V Magic Callisto, (vii) $1.6 million proceeds related to a loan facility, and (viii) net inflows of $13.1 million associated with the purchase and sale of equity securities. As of March 31, 2025, our total debt, gross of unamortized deferred loan fees, was $55.1 million, of which $51.1 million is repayable within one year, as compared to $103.7 million of gross total debt as of December 31, 2024, a decrease mainly due to the prepayments made in connection with vessel dispositions and voluntary prepayments of our long term debt. More specifically, on March 24, 2025 and March 31, 2025, Castor made partial prepayments to Toro for its term loan amounting to $13,500,000 and $34,000,000, respectively, in addition to $2,500,000 as part of the scheduled repayment of the loan. The amount of $50.0 million of the term loan is classified under ‘Current portion of long-term debt’ as of March 31, 2025. As of March 31, 2025, the remaining debt balance of $5.1 million pertained to our asset management segment. On April 29, 2025 we prepaid $14,000,000 of the term loan from Toro, and on May 5, 2025, we prepaid the amount of $36,000,000 that remained outstanding as of that date. Recent Business Developments Commentary: Equity method investments Castor Maritime Inc.’s subsidiary, MPCC CSI LTD., a company affiliated with MPC Capital, acquired after the end of first quarter of 2025, 3.44% shares in MPC Container Ships ASA (“MPCC”), resulting in MPC Capital and its affiliated entities, collectively increasing their holding of total shares and voting rights in MPCC from approximately 16.68% to 20.12%, or 89,260,056 shares. MPC Capital is the founding shareholder of MPCC. MPC Capital acquired a 50% share in BestShip GmbH & Cie, KG from the Norwegian Wilhelmsen Group at the start of January 2025. BestShip provides IT-based assessments of vessels for improving energy efficiency and reducing emissions, and advises on how to realize improvements. BestShip provides services for around 450 vessels. Loan updates On January 13, 2025, a wholly-owned subsidiary of MPC Capital drew an additional €1.5 million out of the loan facility from Ostfriesische Volksbank eG. Sale of vessels We have completed the sale of the four vessels listed below: On July 29, 2025, we successfully completed a sale and leaseback transaction for the M/V Magic Thunder, a 2011-built Kamsarmax bulk carrier vessel with a Japanese counterparty. The bareboat financing amounts to $14.6 million, has a duration of five years, and a purchase option for the Company, beginning at the end of the second year of the bareboat charter period. Fleet Employment Status (as of August 8, 2025) During the three months ended March 31, 2025, we operated on average 12.2 vessels earning a Daily TCE Rate(2) of $9,555 as compared to an average of 15.8 vessels earning a Daily TCE Rate(2) of $13,411 during the same period in 2024. Our employment profile as of August 8, 2025 is presented immediately below. (2) Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Financial Results Overview: Set forth below are selected financial data for each of the three months ended March 31, 2025, and 2024, respectively: (1) EBITDA, Adjusted EBITDA and Adjusted net income are not recognized measures under U.S. GAAP. Please refer to Appendix B of this release for the definition and reconciliation of these measures to Net (loss)/income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Consolidated Fleet Selected Financial and Operational Data: Set forth below are selected financial and operational data which are applicable only for our dry bulk and containership segments for each of the three months ended March 31, 2025, and 2024, respectively, that we believe are useful in analyzing trends in our results of operations. APPENDIX A CASTOR MARITIME INC. Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income (Expressed in U.S. Dollars—except for number of share data) (1) Includes interest and finance costs and interest income, if any. CASTOR MARITIME INC. Unaudited Condensed Consolidated Balance Sheets (Expressed in U.S. Dollars—except for number of share data) CASTOR MARITIME INC. Unaudited Consolidated Statements of Cash Flows APPENDIX B Non-GAAP Financial Information Daily Time Charter (“TCE”) Rate. The Daily Time Charter Equivalent Rate (“Daily TCE Rate”) is a measure of the average daily revenue performance of a vessel. The Daily TCE Rate is not a measure of financial performance under U.S. GAAP (non-GAAP measure) and should not be considered as an alternative to any measure of financial performance presented in accordance with U.S. GAAP. We calculate Daily TCE Rate by dividing total revenues (time charter and/or voyage charter revenues, and/or pool revenues, net of charterers’ commissions), less voyage expenses, by the number of Available Days during that period. Under a time charter, the charterer pays substantially all the vessel voyage related expenses. However, we may incur voyage related expenses when positioning or repositioning vessels before or after the period of a time or other charter, during periods of commercial waiting time or while off-hire during dry-docking. Under voyage charters, the majority of voyage expenses are generally borne by us whereas for vessels in a pool, such expenses are borne by the pool operator. The Daily TCE Rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a company’s performance and management believes that the Daily TCE Rate provides meaningful information to our investors since it compares daily net earnings generated by our vessels irrespective of the mix of charter types (i.e., time charter, voyage charter, or other) under which our vessels are employed between the periods while it further assists our management in making decisions regarding the deployment and use of our vessels and in evaluating our financial performance. Our calculation of the Daily TCE Rates may be different from and may not be comparable to that reported by other companies. The following table reconciles the calculation of the Daily TCE Rate which is applicable only for our dry bulk and containership fleet to Total vessel revenues (applicable only to dry bulk and containership segments) for the periods presented (amounts in U.S. dollars, except for Available Days): EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are not measures of financial performance under U.S. GAAP, do not represent and should not be considered as an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. We define EBITDA as earnings before interest and finance costs (if any), net of interest income, taxes (when incurred), depreciation and amortization of deferred dry-docking costs. Adjusted EBITDA represents EBITDA adjusted to exclude unrealized gain/loss on equity securities and equity method investments (including those measured at fair value) and non-recurring expenses, which the Company believes are not indicative of the ongoing performance of its core operations. EBITDA and Adjusted EBITDA are used as supplemental financial measure by management and external users of financial statements to assess our operating performance. We believe that EBITDA and Adjusted EBITDA assists our management by providing useful information that increases the comparability of our operating performance from period to period and against the operating performance of other companies in our industry that provide EBITDA information. This increased comparability is achieved by excluding the potentially disparate effects between periods or companies of interest, other financial items, depreciation and amortization and taxes for EBITDA, and further excluding unrealized gains/loss on securities and non-recurring expenses for Adjusted EBITDA, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. We believe that including EBITDA and Adjusted EBITDA as measures of operating performance benefits investors in (a) selecting between investing in us and other investment alternatives and (b) monitoring our ongoing financial and operational strength. Our basis of computing EBITDA and Adjusted EBITDA as presented below may be different from and may not be comparable to similarly titled measures of other companies. The following table reconciles EBITDA and Adjusted EBITDA to Net (loss)/ income, the most directly comparable U.S. GAAP financial measure, for the periods presented: (1) Includes interest and finance costs and interest income, if any. Adjusted Net Income. To derive Adjusted Net Income/(Loss) from Net Income/(Loss), we exclude certain non-cash items, as provided in the table below. We believe that Adjusted Net Income assists our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash item as unrealized losses from investments measured at fair value and other items which may vary from year to year, for reasons unrelated to overall operating performance. Our method of computing Adjusted Net Income may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles Adjusted Net Income for the periods presented: Adjusted Net Income Reconciliation Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. We are including this cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “will”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of current or historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these forward-looking statements, including these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward‐looking statements include generally: the effects of the spin-off of our tanker business, the effects of our acquisition of MPC Münchmeyer Petersen Capital AG, our business strategy, expected capital spending and other plans and objectives for future operations, dry bulk and containership market conditions and trends, including volatility in charter rates (particularly for vessels employed in short-term time charters or index linked period time charters), factors affecting supply and demand, fluctuating vessel values, opportunities for the profitable operations of dry bulk and container vessels and the strength of world economies, changes in the size and composition of our fleet, our ability to realize the expected benefits from our past or future vessel acquisitions, our ability to realize the expected benefits of vessel acquisitions, increased transactions costs and other adverse effects (such as lost profit) due to any failure to consummate any sale of our vessels, our relationships with our current and future service providers and customers, including the ongoing performance of their obligations, dependence on their expertise, compliance with applicable laws, and any impacts on our reputation due to our association with them, our ability to borrow under existing or future debt agreements or to refinance our debt on favorable terms and our ability to comply with the covenants contained therein, in particular due to economic, financial or operational reasons, our continued ability to enter into time or voyage charters with existing and new customers and to re-charter our vessels upon the expiry of the existing charters, changes in our operating and capitalized expenses, including bunker prices, dry-docking, insurance costs, costs associated with regulatory compliance, and costs associated with climate change, our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations dates, expected downtime and lost revenue), instances of off-hire, due to vessel upgrades and repairs, competition in the shipping and energy infrastructure management business, our ability to identify and develop new investment projects, our ability to maintain and increase the volume of the assets under our management and therefore our ability to earn fees, the financial performance or our investees over which we do not exercise control, fluctuations in interest rates and currencies, including the value of the U.S. dollar relative to other currencies, any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity breach, existing or future disputes, proceedings or litigation, future sales of our securities in the public market and our ability to maintain compliance with applicable listing standards, volatility in our share price, including due to high volume transactions in our shares by retail investors, potential conflicts of interest involving affiliated entities and/or members of our board of directors, senior management and certain of our service providers that are related parties, general domestic and international political conditions or events, including armed conflicts such as the war in Ukraine and the conflict in the Middle East, acts of piracy or maritime aggression, such as recent maritime incidents involving vessels in and around the Red Sea, sanctions, “trade wars”, tariffs, global public health threats and major outbreaks of disease, changes in seaborne and other transportation, including due to the maritime incidents in and around the Red Sea, fluctuating demand for dry bulk and container vessels and/or disruption of shipping routes due to accidents, political events, international sanctions, international hostilities and instability, piracy or acts of terrorism, changes in governmental rules and regulations or actions taken by regulatory authorities, including changes to environmental regulations applicable to the shipping industry, accidents, the impact of adverse weather and natural disasters and any other factors described in our filings with the SEC. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication, except to the extent required by applicable law. New factors emerge from time to time, and it is not possible for us to predict all or any of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these foregoing and other risks and uncertainties. These factors and the other risk factors described in this press release are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Given these uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements. CONTACT DETAILS For further information please contact: Investor Relations Castor Maritime Inc. Email: [email protected] Media Contact: Kevin Karlis Capital Link Email: [email protected]

LIMASSOL, Cyprus, May 14, 2025 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM) (“Castor” or the “Company”), a diversified global shipping and energy company, today announced its results for the three months and year ended December 31, 2024. Highlights of the Year Ended December 31, 2024: Total vessel revenues from continuing operations: $65.1 million for the year ended December 31, 2024, as compared to $97.5 million for the year ended December 31, 2023, or a 33.2% decrease; Net income from continuing operations: $15.3 million for the year ended December 31, 2024, as compared to net income of $21.3 million for the year ended December 31, 2023, or a 28.2% decrease; Net income of $15.3 million for the year ended December 31, 2024, as compared to $38.6 million for the year ended December 31, 2023, or a 60.4% decrease; Earnings per common share, basic from continuing operations: $3.50 per share for the year ended December 31, 2024, as compared to $2.05 per share for the year ended December 31, 2023; EBITDA from continuing operations(1): $29.7 million for the year ended December 31, 2024, as compared to $51.6 million for the year ended December 31, 2023; and Adjusted EBITDA from continuing operations(1): $51.4 million for the year ended December 31, 2024, as compared to $46.5 million for the year ended December 31, 2023. Cash and restricted cash of $87.9 million as of December 31, 2024, as compared to $120.9 million as of December 31, 2023; For the year ended December 31, 2024, the Company completed three acquisitions and seven disposals and for the year ended December 31, 2023, there were no vessels acquired or sold; On December 11, 2024, the Company entered into a facility agreement with Toro Corp. (“Toro”) to borrow a $100.0 million senior term loan facility from Toro, which was drawn down on the same date; On December 12, 2024, the Company agreed to issue to Toro an additional 50,000 5.00% Series D Cumulative Perpetual Convertible Preferred Shares of Castor (“Series D Preferred Shares”) with a stated amount of $1,000 per share for total consideration of $50.0 million in cash; On December 12, 2024, the Company, through a wholly owned subsidiary, entered into a share purchase agreement, pursuant to which the Company agreed to acquire from MPC Münchmeyer Petersen & Co. GmbH (“MPC Holding”), subject to certain terms and conditions, 26,116,378 shares of common stock of MPC Münchmeyer Petersen Capital AG (“MPC Capital”), representing 74.09% of MPC Capital’s outstanding common stock, for a cash price of €7.00 per share, equivalent to aggregate consideration of €182.8 million (approximately $192.0 million at the time of the transaction), excluding transaction related costs. The acquisition was completed on December 16, 2024; and Following the acquisition of MPC Capital, the Company determined that it operates in three reportable segments (previously two), i.e., (i) the dry bulk segment, (ii) the containership segment, and (iii) the asset management segment. (1) EBITDA and Adjusted EBITDA are not recognized measures under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition of these measures and reconciliation to Net income / (Loss), the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Management Commentary for 2024: Mr. Petros Panagiotidis, Chief Executive Officer of Castor, commented: “The fourth quarter of 2024 marked an important milestone for Castor Maritime as we completed the acquisition of MPC Capital, a strategic transaction which diversifies our business and allows us to enter the asset management sector in the shipping and energy infrastructure areas. It is an important step to our growth trajectory and positions us well for the balancing of our future income streams. “Overall, throughout 2024, we delivered on our plans, enjoyed robust cash flows from operations, modernized our fleet, simplified our capital structure and built a robust liquidity position. “During the course of 2025, we fully repaid the $100 million loan from Toro, which was used in part to finance the MPC Capital acquisition. As a result, our balance sheet remains strong, allowing us to continue pursuing growth opportunities and remain focused on executing our strategy as a diversified global shipping and energy company.” Earnings Commentary: Fourth Quarter ended December 31, 2024, and 2023, Results Total vessel revenues for the three months ended December 31, 2024, decreased to $15.0 million from $26.4 million in the same period of 2023. This variation was mainly driven by (i) the decrease in our Available Days (defined below) from 1,740 days in the three months ended December 31, 2023, to 1,180 days in the three months ended December 31, 2024, following the sale of seven dry bulk vessels during the six months ended June 30, 2024 and the sale of three dry bulk vessels in the fourth quarter of 2023, as partially offset by the acquisitions of the M/V Magic Celeste on August 16, 2024, M/V Raphaela on October 3, 2024 and M/V Magic Ariel on October 9, 2024 and (ii) the decrease in prevailing charter rates of our dry bulk vessels. Revenue from services for the three months ended December 31, 2024, amounted to $1.2 million and relates to revenue earned from our newly acquired subsidiary, MPC Capital, for the period from December 16, 2024 (the date on which the MPC Capital acquisition was consummated) to December 31, 2024. Revenue from services is generated through the following streams: (i) transaction services, (ii) management services for companies and assets, and (iii) ship management services. There was an increase in voyage expenses to $1.2 million in the three months ended December 31, 2024, from $1.1 million in the same period of 2023, which was mainly associated with the increase of port and other expenses, partially offset by the decrease of brokerage commissions due to the decrease in our Available Days and prevailing charter rates of our dry bulk vessels. Vessel operating expenses decreased by $3.8 million to $6.3 million in the three months ended December 31, 2024 from $10.1 million in the same period of 2023, mainly reflecting the decrease in the Ownership Days of our fleet to 1,186 days in the three months ended December 31, 2024, from 1,740 days in the same period in 2023. Cost of revenue from services for the three months ended December 31, 2024, amounted to $1.1 million and relates to expenses for purchased services and employee expenses from our newly acquired subsidiary MPC Capital for the period from December 16, 2024 to December 31, 2024. Management fees in the three months ended December 31, 2024 amounted to $1.3 million, whereas in the same period of 2023, management fees totaled $1.7 million. This decrease in management fees is due to the decrease in the total number of Ownership Days for which our managers charge us a daily management fee following the sales of the dry bulk vessels mentioned above, partly offset by a management fee adjustment for inflation under our Amended and Restated Master Management Agreement with effect from July 1, 2024. The decrease in depreciation and amortization costs by $0.9 million to $4.0 million in the three months ended December 31, 2024, from $4.9 million in the same period of 2023, mainly reflects the decrease in our Ownership Days following the sale of seven dry bulk vessels during the six months ended June 30, 2024 and the sale of three dry bulk vessels in the fourth quarter of 2023, partially offset by the acquisition of two dry bulk vessels and one containerships vessel during the second half of 2024. General and administrative expenses in the three months ended December 31, 2024, amounted to $8.5 million, whereas, in the same period of 2023, general and administrative expenses totaled $1.3 million. This increase mainly reflects the increased costs related to the acquisition of MPC Capital. Loss on vessels held for sale in the three months ended December 31, 2024, amounted to $3.6 million, representing the expected loss from the sale of the containership vessel M/V Ariana A during the next twelve-month period. We did not record any loss on any vessels held for sale during the three months ended December 31, 2023. During the three months ended December 31, 2023, for the dry bulk vessels that were classified as vessels held for sale, no loss on vessels held for sale was recorded, since each vessel’s estimated fair value less costs to sell exceeded each vessel’s carrying value. Net gain from equity method investments in the three months ended December 31, 2024 and 2023, amounted to $2.7 million and $0, respectively, representing our share in jointly owned companies or equity method investments (all of which relate to the asset management segment). During the three months ended December 31, 2024, we incurred net interest costs and finance costs amounting to $0.02 million compared to $1.4 million during the same period in 2023. The decrease is mainly associated with the drop in our weighted average indebtedness. Other (expenses)/income, net in the three months ended December 31, 2024, amounted to $(25.6) million, which includes a loss of $(28.0) million from our investments in listed equity securities, partially offset by dividend income on equity securities of $2.0 million and dividend income of $0.4 million from our investment in 140,000 1.00% Series A Fixed Rate Cumulative Perpetual Convertible Preferred Shares of Toro (the “Toro Series A Preferred Shares”). The loss of $(28.0) million from our investments in listed equity securities includes an unrealized loss of $(24.1) million, mostly related to revaluing our investments in listed equity securities at period end market rates. Other income, net in the three months ended December 31, 2023, amounted to $19.1 million, which mainly includes (i) the unrealized gain of $18.6 million from revaluing our investments in listed equity securities at period end market rates, (ii) dividend income on equity securities of $0.1 million and (iii) dividend income of $0.4 million from our investment in the Toro Series A Preferred Shares. Recent Financial Developments Commentary: Liquidity/Financing/Cash flow update Our consolidated cash position (including our restricted cash) as of December 31, 2024, decreased by $33.0 million to $87.9 million, as compared to our cash position on December 31, 2023, which amounted to $120.9 million. The decrease was mainly the result of: (i) $41.9 million of net operating cash flows received during the year ended December 31, 2024, (ii) $107.9 million inflow of net proceeds from the sales of the M/V Magic Moon, M/V Magic Nova, M/V Magic Orion, M/V Magic Nebula, M/V Magic Venus, M/V Magic Vela and M/V Magic Horizon, (iii) inflows of $1.4 million of proceeds from a claim, (iv) $50.0 million of net proceeds following the issuance of additional Series D Preferred Shares to Toro, (v) $100.0 million proceeds related to the Toro term loan facility, as offset by (vi) $86.9 million for scheduled principal repayments, early prepayments in connection with the sale of vessels and voluntary prepayments, on our debt, (vii) the acquisition of MPC Capital for $192.0 million, net of $28.0 million in cash held by MPC Capital and $1.0 million included in assets held for sale on the acquisition date, (viii) the acquisitions of the M/V Magic Celeste, the M/V Raphaela and M/V Magic Ariel amounting to $72.2 million, (ix) net outflows of $7.0 million associated with the purchase and sale of equity securities, (x) $2.5 million of dividends paid relating to Series D Preferred and (xi) $1.1 million for payments related to the repurchase in May 2024 of our outstanding Common Share Purchase Warrants issued on April 7, 2021. As of December 31, 2024, our total debt, gross of unamortized deferred loan fees, was $103.7 million, of which $11.1 million is repayable within one year, as compared to $86.6 million of gross total debt as of December 31, 2023, an increase mainly due to the $100.0 million senior term loan facility with Toro offset by the prepayments in connection with vessel dispositions and voluntary prepayments of our long term debt. Loan prepayments On December 3, 2024, we fully repaid the amount of $1.6 million that remained outstanding under the $11.0 million senior secured term loan facility with Alpha Bank S.A, secured against two dry bulk vessels (the M/V Magic P and M/V Magic Moon). Recent Business Developments Commentary: Senior term loan facility agreement of $100.0 million from Toro On December 11, 2024, Castor entered into a facility agreement with Toro to receive a $100.0 million senior term loan facility from Toro (the “Term Loan”) which was drawn down on the same date. This transaction and its terms were approved by the independent members of the board of directors of each of Castor and Toro at the recommendation of their respective special committees composed of independent and disinterested directors, which negotiated the transaction and its terms. Additional information about this transaction and its terms can be found in the Castor annual report on Form 20-F, filed pursuant to the Securities Exchange Act of 1934 which is available at www.sec.gov. On March 24, 2025, March 31, 2025 and April 29, 2025, Castor performed partial prepayments to Toro related to the Term Loan amounting to $13,500,000, $34,000,000 and $14,000,000, respectively, in addition to $2,500,000 as part of the scheduled repayment of the loan. On May 5, 2025, we prepaid the amount of $36,000,000 remaining outstanding as of that date. Issuance of an additional 50,000 Series D Preferred Shares On December 12, 2024, Castor issued an additional 50,000 Series D Preferred Shares with a stated amount of $1,000 per share to Toro for a total consideration of $50.0 million in cash. Toro may not dispose of any of the Castor Series D Preferred Shares for a period of 180 days after the closing date of the transaction. This transaction and its terms were approved by the independent members of the board of directors of each of Castor and Toro at the recommendation of their respective special committees composed of independent and disinterested directors, which negotiated the transaction and its terms. Additional information about this transaction and its terms can be found in the Castor annual report on Form 20-F, filed pursuant to the Securities Exchange Act of 1934 which is available at www.sec.gov. Acquisition of MPC Capital On December 12, 2024, the Company, through a wholly owned subsidiary, entered into a share purchase agreement, pursuant to which the Company agreed to acquire from MPC Holding, subject to certain terms and conditions, 26,116,378 shares of common stock of MPC Capital, representing 74.09% of MPC Capital’s outstanding common stock, for a cash price of €7.00 per share, equivalent to aggregate consideration of €182.8 million (approximately $192.0 million at the time of the transaction), excluding transaction related costs. On December 16, 2024, the acquisition was completed. MPC Capital is an asset manager specializing in infrastructure projects in the maritime and energy sectors. Partnering and co-investing with institutional investors, MPC Capital provides tailor-made investment solutions, project access, and integrated asset management expertise, including technical and commercial ship management. MPC Capital is a public limited liability company incorporated and domiciled in Germany and is listed on the Scale Segment of the Frankfurt Stock Exchange since 2000. Vessel Acquisitions We have completed the acquisition of the two vessels listed below: Sale of vessels We have completed the sale of the four vessels listed below: Fleet Employment Status (as of May 13, 2025) During the three months ended December 31, 2024, we operated on average 12.9 vessels earning a Daily TCE Rate(2) of $11,648 as compared to an average of 18.9 vessels earning a Daily TCE Rate(2) of $14,530 during the same period in 2023. Our employment profile as of May 13, 2025 is presented immediately below. (2) Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.   Financial Results Overview of Continuing Operations: Set forth below are selected financial data of our dry bulk, containerships and asset management segments (continuing operations) for each of the three months and year ended December 31, 2024, and 2023, respectively: (1)   EBITDA and Adjusted EBITDA are not recognized measures under U.S. GAAP. Please refer to Appendix B of this release for the definition and reconciliation of these measures to Net (loss)/income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Consolidated Fleet Selected Financial and Operational Data: Set forth below are selected financial and operational data which are applicable only for our dry bulk and containership segments for each of the three months and year ended December 31, 2024, and 2023, respectively, that we believe are useful in analyzing trends in our results of operations.   APPENDIX B Non-GAAP Financial Information Daily Time Charter (“TCE”) Rate. The Daily Time Charter Equivalent Rate (“Daily TCE Rate”) is a measure of the average daily revenue performance of a vessel. The Daily TCE Rate is not a measure of financial performance under U.S. GAAP (non-GAAP measure) and should not be considered as an alternative to any measure of financial performance presented in accordance with U.S. GAAP. We calculate Daily TCE Rate by dividing total revenues (time charter and/or voyage charter revenues, and/or pool revenues, net of charterers’ commissions), less voyage expenses, by the number of Available Days during that period. Under a time charter, the charterer pays substantially all the vessel voyage related expenses. However, we may incur voyage related expenses when positioning or repositioning vessels before or after the period of a time or other charter, during periods of commercial waiting time or while off-hire during dry-docking. Under voyage charters, the majority of voyage expenses are generally borne by us whereas for vessels in a pool, such expenses are borne by the pool operator. The Daily TCE Rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a company’s performance and management believes that the Daily TCE Rate provides meaningful information to our investors since it compares daily net earnings generated by our vessels irrespective of the mix of charter types (i.e., time charter, voyage charter, or other) under which our vessels are employed between the periods while it further assists our management in making decisions regarding the deployment and use of our vessels and in evaluating our financial performance. Our calculation of the Daily TCE Rates may be different from and may not be comparable to that reported by other companies. The following table reconciles the calculation of the Daily TCE Rate which is applicable only for our dry bulk and containership fleet to Total vessel revenues (applicable only to dry bulk and containership segments) for the periods presented (amounts in U.S. dollars, except for Available Days): EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are not measures of financial performance under U.S. GAAP, do not represent and should not be considered as an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. We define EBITDA as earnings before interest and finance costs (if any), net of interest income, taxes (when incurred), depreciation and amortization of deferred dry-docking costs. Adjusted EBITDA represents EBITDA adjusted to exclude unrealized gain/loss on equity securities and non-recurring expenses, which the Company believes are not indicative of the ongoing performance of its core operations. EBITDA and Adjusted EBITDA are used as supplemental financial measure by management and external users of financial statements to assess our operating performance. We believe that EBITDA and Adjusted EBITDA assists our management by providing useful information that increases the comparability of our operating performance from period to period and against the operating performance of other companies in our industry that provide EBITDA information. This increased comparability is achieved by excluding the potentially disparate effects between periods or companies of interest, other financial items, depreciation and amortization and taxes for EBITDA, and further excluding unrealized gains/loss on securities and non-recurring expenses for Adjusted EBITDA, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. We believe that including EBITDA and Adjusted EBITDA as measures of operating performance benefits investors in (a) selecting between investing in us and other investment alternatives and (b) monitoring our ongoing financial and operational strength. Our basis of computing EBITDA and Adjusted EBITDA as presented below may be different from and may not be comparable to similarly titled measures of other companies. The following table reconciles EBITDA and Adjusted EBITDA to Net (loss)/ income from continuing operations, the most directly comparable U.S. GAAP financial measure, for the periods presented: (1)   Includes interest and finance costs and interest income, if any. (2)   Includes expenses related to business acquisition transactions. Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. We are including this cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “will”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of current or historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these forward-looking statements, including these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward‐looking statements include generally: the effects of the spin-off of our tanker business, the effects of our acquisition of MPC Münchmeyer Petersen Capital AG, our business strategy, expected capital spending and other plans and objectives for future operations, dry bulk and containership market conditions and trends, including volatility in charter rates (particularly for vessels employed in short-term time charters or index linked period time charters), factors affecting supply and demand, fluctuating vessel values, opportunities for the profitable operations of dry bulk and container vessels and the strength of world economies, changes in the size and composition of our fleet, our ability to realize the expected benefits from our past or future vessel acquisitions, our ability to realize the expected benefits of vessel acquisitions, increased transactions costs and other adverse effects (such as lost profit) due to any failure to consummate any sale of our vessels, our relationships with our current and future service providers and customers, including the ongoing performance of their obligations, dependence on their expertise, compliance with applicable laws, and any impacts on our reputation due to our association with them, our ability to borrow under existing or future debt agreements or to refinance our debt on favorable terms and our ability to comply with the covenants contained therein, in particular due to economic, financial or operational reasons, our continued ability to enter into time or voyage charters with existing and new customers and to re-charter our vessels upon the expiry of the existing charters, changes in our operating and capitalized expenses, including bunker prices, dry-docking, insurance costs, costs associated with regulatory compliance, and costs associated with climate change, our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations dates, expected downtime and lost revenue), instances of off-hire, due to vessel upgrades and repairs, competition in the shipping and energy infrastructure management business, our ability to identify and develop new investment projects, our ability to maintain and increase the volume of the assets under our management and therefore our ability to earn fees, the financial performance or our investees over which we do not exercise control, fluctuations in interest rates and currencies, including the value of the U.S. dollar relative to other currencies, any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity breach, existing or future disputes, proceedings or litigation, future sales of our securities in the public market and our ability to maintain compliance with applicable listing standards, volatility in our share price, including due to high volume transactions in our shares by retail investors, potential conflicts of interest involving affiliated entities and/or members of our board of directors, senior management and certain of our service providers that are related parties, general domestic and international political conditions or events, including armed conflicts such as the war in Ukraine and the conflict in the Middle East, acts of piracy or maritime aggression, such as recent maritime incidents involving vessels in and around the Red Sea, sanctions, “trade wars”, tariffs, global public health threats and major outbreaks of disease, changes in seaborne and other transportation, including due to the maritime incidents in and around the Red Sea, fluctuating demand for dry bulk and container vessels and/or disruption of shipping routes due to accidents, political events, international sanctions, international hostilities and instability, piracy or acts of terrorism, changes in governmental rules and regulations or actions taken by regulatory authorities, including changes to environmental regulations applicable to the shipping industry, accidents, the impact of adverse weather and natural disasters and any other factors described in our filings with the SEC. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication, except to the extent required by applicable law. New factors emerge from time to time, and it is not possible for us to predict all or any of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these foregoing and other risks and uncertainties. These factors and the other risk factors described in this press release are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Given these uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements. CONTACT DETAILS For further information please contact: Petros PanagiotidisChief Executive OfficerCastor Maritime Inc. Email: [email protected] Media Contact: Kevin Karlis Capital LinkEmail: [email protected]