Castor Maritime Inc. Reports Net Income Of $26.8 Million For The Three Months Ended June 30, 2026, And $96.0 Million For The Six Months Ended June 30, 2026
| Dry Bulk Carriers | ||||||||
| Vessel Name | Type | Capacity (dwt) | Year Built | Country of Construction | Type of Employment (1) | Daily Gross Charter Rate | Estimated Redelivery Date | |
| Earliest | Latest | |||||||
| Magic Saturn | Kamsarmax | 82,145 | 2024 | China | TC period | $13,400(3) | Sept-2027 | -(6) |
| Magic Jupiter | Kamsarmax | 85,505 | 2023 | China | TC period | 106% of BPI5TC(2) | Feb-2028 | Jun-2028 |
| Magic Ariel | Kamsarmax | 81,845 | 2020 | China | TC period | 108% of BPI5TC(2) | -(6) | -(6) |
| Magic Perseus | Kamsarmax | 82,158 | 2013 | Japan | TC period | $17,550(4) | -(6) | -(6) |
| Magic Thunder | Kamsarmax | 83,375 | 2011 | Japan | TC period | $15,000(5) | -(6) | -(6) |
| Magic Mars | Panamax | 76,822 | 2014 | Korea | TC period | 102% of BPI4TC(7) | -(6) | -(6) |
| Magic Pluto | Panamax | 74,940 | 2013 | Japan | TC period | 100% of BPI4TC(7) | -(6) | -(6) |
| Magic P | Panamax | 76,453 | 2004 | Japan | Panamax Pool(8) | N/A | -(9) | -(9) |
| Magic Celeste | Ultramax | 63,310 | 2015 | China | TC period | 111% of BSI10TC(10) | -(6) | -(6) |
| Magic Starlight(11) | Kamsarmax | 81,048 | 2015 | China | TC period | 98% BPI5TC | -(6) | -(6) |
| Containerships | ||||||||
| Vessel Name | Type | Capacity (dwt) | Year Built | Country of Construction | Type of Employment | Daily Gross Charter Rate ($/day) | Estimated Redelivery Date | |
| Earliest | Latest | |||||||
| Raphaela | Containership | 26,811 | 2008 | Turkey | TC period | $26,250 | Nov-26 | Jan-27 |
(1) TC stands for time charter.
(2) The benchmark vessel used in the calculation of the average Baltic Panamax Index 5TC routes (“BPI5TC”) is a non-scrubber fitted 82,000mt dwt vessel (Kamsarmax) with specific age, speed–consumption, and design characteristics.
(3) The vessel's daily gross charter rate is equal to 115% of BPI5TC(2). In accordance with the prevailing charter party, the vessel had a fixed rate from delivery to us until September 30, 2026 at a rate of $13,400 per day. In accordance with the prevailing charter party, the rate has been converted to a fixed rate of $18,860 per day, applicable from October 1, 2026 until December 31, 2026. Thereafter, the rate shall revert to index-linked.
(4) The vessel's daily gross charter rate is equal to 100% of BPI5TC(2). In accordance with the prevailing charter party, on March 1, 2026, we converted the index-linked rate to fixed from July 1, 2026 until December 31, 2026 at a rate of $17,550 per day. Thereafter, the rate shall revert to index-linked.
(5) The vessel's daily gross charter rate is equal to 97% of BPI5TC(2). In accordance with the prevailing charter party, on January 26, 2026, we converted the index-linked rate to fixed from July 1, 2026 until September 30, 2026 at a rate of $15,000 per day. In accordance with the prevailing charter party, on March 1, 2026, we converted the index-linked rate to fixed from October 1, 2026 until December 31, 2026 at a rate of $16,300 per day. Thereafter, the rate shall revert to index-linked.
(6) In accordance with the prevailing charter party, both parties (owners and charterers) have the option to terminate the charter by providing 3 months' written notice to the other party.
(7) The benchmark vessel used in the calculation of the average of the Baltic Panamax Index 4TC routes (“BPI4TC”) is a non-scrubber fitted 74,000mt dwt vessel (Panamax) with specific age, speed-consumption, and design characteristics.
(8) The vessel is currently participating in an unaffiliated pool specializing in the employment of Panamax/Kamsarmax dry bulk vessels.
(9) Under the prevailing pool agreement, owners may terminate the charter by giving three months' written notice.
(10) The benchmark vessel used in the calculation of the average of the Baltic Supramax Index 10TC routes (“BSI10TC”) is a non-scrubber fitted 58,000mt dwt vessel (Supramax) with specific age, speed–consumption, and design characteristics.
(11) M/V Magic Starlight is owned by the Joint Venture in which we have a 30% equity interest.
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, 2026, and 2025, respectively:
| Three Months Ended | Six Months Ended | |||||||||
| (Expressed in U.S. dollars) | June 30, 2026 (unaudited) | June 30, 2025 (unaudited) | June 30, 2026 (unaudited) | June 30, 2025 (unaudited) | ||||||
| Total vessel revenues | $ | 14,900,722 | $ | 10,159,771 | $ | 26,843,551 | $ | 21,482,267 | ||
| Revenue from services | $ | 10,666,722 | $ | 7,781,882 | $ | 19,981,835 | $ | 16,803,545 | ||
| Operating income/(loss) | $ | 24,564,540 | $ | (816,556 | ) | $ | 72,952,482 | $ | (34,264,782 | ) |
| Net income/(loss) | $ | 26,812,506 | $ | 6,338,275 | $ | 96,030,327 | $ | (17,008,587 | ) | |
| Adjusted net income(1) | $ | 11,647,662 | $ | 2,018,988 | $ | 21,279,322 | $ | 6,879,709 | ||
| EBITDA(1) | $ | 31,985,484 | $ | 10,747,001 | $ | 106,816,833 | $ | (7,568,625 | ) | |
| Adjusted EBITDA(1) | $ | 16,820,640 | $ | 6,427,714 | $ | 32,065,828 | $ | 16,319,671 | ||
| Earnings / (Loss) per common share, basic attributable to Castor Maritime Inc. common shareholders | $ | 1.70 | $ | 0.34 | $ | 6.35 | $ | (1.84 | ) | |
| Earnings / (Loss) per common share, diluted attributable to Castor Maritime Inc. common shareholders | $ | 0.31 | $ | 0.10 | $ | 1.12 | $ | (1.84 | ) |
(1)Adjusted net income, 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 income/(loss), 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 vessel and containership segments for each of the three and six months ended June 30, 2026, and 2025, respectively, that we believe are useful in analyzing trends in our results of operations.
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| (Expressed in U.S. dollars except for operational data) | 2026 | 2025 | 2026 | 2025 | |||||||||
| Ownership Days(1)(7) | 822 | 883 | 1,632 | 1,977 | |||||||||
| Available Days(2)(7) | 822 | 825 | 1,563 | 1,893 | |||||||||
| Operating Days(3)(7) | 822 | 822 | 1,563 | 1,886 | |||||||||
| Daily TCE Rate(4) | $ | 16,700 | $ | 11,516 | $ | 15,859 | $ | 10,410 | |||||
| Fleet Utilization(5)(7) | 100 | % | 100 | % | 100 | % | 100 | % | |||||
| Daily vessel operating expenses(6) | $ | 5,530 | $ | 5,184 | $ | 5,327 | $ | 5,182 |
(1)Ownership Days are the total number of calendar days in a period during which we owned a vessel.
(2)Available Days are the Ownership Days in a period less the aggregate number of days our vessels are off-hire due to scheduled repairs, dry-dockings or special or intermediate surveys.
(3)Operating Days are the Available Days in a period after subtracting unscheduled off-hire and idle days.
(4)Daily TCE Rate is not a recognized metric under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this metric to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
(5)Fleet Utilization is calculated by dividing the Operating Days during a period by the number of Available Days during that period.
(6)Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the Ownership Days for such period.
(7)Our definitions of Ownership Days, Available Days, Operating Days and Fleet Utilization may not be comparable to those reported by other companies.
APPENDIX A
| CASTOR MARITIME INC. Unaudited Condensed Consolidated Statements of Comprehensive Income (Expressed in U.S. Dollars-except for number of share data) | |||||||||||||
| (In U.S. dollars except for number of share data) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| REVENUES | |||||||||||||
| Time charter revenues | $ | 13,425,737 | $ | 9,291,086 | $ | 24,340,327 | $ | 20,213,839 | |||||
| Pool revenues | 1,474,985 | 868,685 | 2,503,224 | 1,268,428 | |||||||||
| Total vessel revenues | $ | 14,900,722 | $ | 10,159,771 | $ | 26,843,551 | $ | 21,482,267 | |||||
| Revenue from services (including related party revenues) | $ | 10,666,722 | $ | 7,781,882 | $ | 19,981,835 | $ | 16,803,545 | |||||
| Total revenues | $ | 25,567,444 | $ | 17,941,653 | $ | 46,825,386 | $ | 38,285,812 | |||||
| EXPENSES | |||||||||||||
| Voyage expenses (including commissions to related party) | (1,173,371 | ) | (659,125 | ) | (2,055,809 | ) | (1,776,817 | ) | |||||
| Vessel operating expenses | (4,545,787 | ) | (4,577,573 | ) | (8,694,266 | ) | (10,244,724 | ) | |||||
| Cost of revenue from services | (8,399,357 | ) | (5,781,067 | ) | (14,009,651 | ) | (10,504,581 | ) | |||||
| Management fees -related parties | (938,784 | ) | (1,009,428 | ) | (1,785,924 | ) | (2,288,643 | ) | |||||
| Depreciation and amortization | (3,904,870 | ) | (3,203,742 | ) | (7,601,749 | ) | (6,653,155 | ) | |||||
| General and administrative expenses (including related party fees) | (4,638,667 | ) | (5,414,699 | ) | (8,538,023 | ) | (9,547,735 | ) | |||||
| Loss on vessels held for sale | - | - | - | (5,554,777 | ) | ||||||||
| (Provision) / recovery of provision for doubtful accounts | 286 | (10,478 | ) | 75,908 | (15,459 | ) | |||||||
| Net gain/(loss) on sale of vessels | - | 82,643 | - | (2,001,646 | ) | ||||||||
| Net (loss) / gain on disposition of assets | (291 | ) | 390,843 | 346 | 410,099 | ||||||||
| Net (loss) / gain from equity method investments | (520,893 | ) | (128,005 | ) | (864,264 | ) | 441,493 | ||||||
| Net gain / (loss) from equity method investments measured at fair value | 23,118,830 | 1,552,422 | 69,600,528 | (24,814,649 | ) | ||||||||
| Operating income/ (loss) | $ | 24,564,540 | $ | (816,556 | ) | $ | 72,952,482 | $ | (34,264,782 | ) | |||
| Interest and finance costs, net(1)(including costs from related party) | (664,557 | ) | (897,260 | ) | (1,002,085 | ) | (2,184,674 | ) | |||||
| Other (expenses) / income, net(2) | (116,334 | ) | 2,892,749 | 18,425,077 | 9,432,415 | ||||||||
| Dividend income from equity method investments measured at fair value (related party) | 3,632,408 | 5,467,066 | 7,837,525 | 10,610,587 | |||||||||
| Income taxes | (603,551 | ) | (307,724 | ) | (2,182,672 | ) | (602,133 | ) | |||||
| Net income / (loss) | $ | 26,812,506 | $ | 6,338,275 | $ | 96,030,327 | $ | (17,008,587 | ) | ||||
| Less: Net (income) / loss attributable to the non-controlling interest | (8,328,507 | ) | (1,070,017 | ) | (30,550,611 | ) | 3,191,062 | ||||||
| Net income/(loss) attributable to Castor Maritime Inc. | 18,483,999 | 5,268,258 | 65,479,716 | (13,817,525 | ) | ||||||||
| Dividend on Series D Preferred Shares | (1,250,000 | ) | (1,263,889 | ) | (2,500,000 | ) | (2,513,889 | ) | |||||
| Deemed dividend on Series D Preferred Shares | (820,233 | ) | (738,650 | ) | (1,620,049 | ) | (1,451,187 | ) | |||||
| Net income / (loss) attributable to common shareholders of Castor Maritime Inc. | $ | 16,413,766 | $ | 3,265,719 | $ | 61,359,667 | $ | (17,782,601 | ) | ||||
| Other comprehensive income / (loss): | |||||||||||||
| Foreign currency translation | (1,839,551 | ) | 19,399,435 | (10,266,636 | ) | 28,586,783 | |||||||
| Net cash flow hedges | (156,163 | ) | 137,547 | (296,927 | ) | 394,454 | |||||||
| Other comprehensive (loss) / income | (1,995,714 | ) | 19,536,982 | (10,563,563 | ) | 28,981,237 | |||||||
| Other comprehensive income attributable to noncontrolling interests | 63,030 | (5,163,990 | ) | 3,634,510 | (7,622,435 | ) | |||||||
| Other comprehensive (loss) / income attributable to Castor Maritime Inc. | (1,932,684 | ) | 14,372,992 | (6,929,053 | ) | 21,358,802 | |||||||
| Total comprehensive income | 24,816,792 | 25,875,257 | 85,466,764 | 11,972,650 | |||||||||
| Less: Comprehensive income attributable to noncontrolling interests | (8,265,477 | ) | (6,234,007 | ) | (26,916,101 | ) | (4,431,373 | ) | |||||
| Total comprehensive income attributable to Castor Maritime Inc. | 16,551,315 | 19,641,250 | 58,550,663 | 7,541,277 | |||||||||
| Earnings / (loss) per common share, basic attributable to Castor Maritime Inc. common shareholders | $ | 1.70 | $ | 0.34 | $ | 6.35 | $ | (1.84 | ) | ||||
| Earnings / (loss) per common share, diluted attributable to Castor Maritime Inc. common shareholders | $ | 0.31 | $ | 0.10 | $ | 1.12 | $ | (1.84 | ) | ||||
| Weighted average number of common shares outstanding, basic | 9,662,354 | 9,662,354 | 9,662,354 | 9,662,354 | |||||||||
| Weighted average number of common shares outstanding, diluted | 59,878,323 | 54,503,652 | 58,175,084 | 9,662,354 |
(1)Includes interest and finance costs and interest income, if any.
(2)Includes aggregated amounts for foreign exchange loss / gain, gain / loss from equity and debt securities and other income, as applicable in each period.
| CASTOR MARITIME INC. Unaudited Condensed Consolidated Balance Sheets (Expressed in U.S. Dollars-except for number of share data) | ||||
| June 30, 2026 | December 31, 2025 | |||
| ASSETS | ||||
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | $ | 108,443,675 | $ | 151,775,129 |
| Due from related parties | 9,938,847 | 13,155,509 | ||
| Investment in equity securities | 1,170,409 | 27,759,775 | ||
| Investment in debt securities | 2,561,855 | 554,924 | ||
| Other current assets | 32,840,619 | 28,169,537 | ||
| Total current assets | 154,955,405 | 221,414,874 | ||
| NON-CURRENT ASSETS: | ||||
| Vessels, net | 231,708,277 | 156,496,033 | ||
| Property, plant and equipment, net | 33,027,270 | 34,658,519 | ||
| Restricted cash | 1,000,000 | 1,000,000 | ||
| Due from related parties | 2,893,839 | 2,893,839 | ||
| Investment in related party | 117,521,579 | 117,521,579 | ||
| Equity method investments | 46,268,316 | 50,045,840 | ||
| Equity method investments measured at fair value | 234,269,389 | 139,745,917 | ||
| Intangible assets, net | 19,427,180 | 21,173,403 | ||
| Goodwill | 23,396,032 | 24,126,824 | ||
| Other non-current assets | 26,809,380 | 28,281,613 | ||
| Total non-current assets | 736,321,262 | 575,943,567 | ||
| Total assets | 891,276,667 | 797,358,441 | ||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY | ||||
| CURRENT LIABILITIES: | ||||
| Current portion of long-term debt, net | 3,927,308 | 5,637,620 | ||
| Current portion of financial liabilities, net | 2,868,539 | 1,548,990 | ||
| Accrued liabilities | 13,398,508 | 16,700,000 | ||
| Due to related parties, current | 1,487,702 | 1,106,606 | ||
| Other current liabilities | 11,454,862 | 9,413,688 | ||
| Total current liabilities | 33,136,919 | 34,406,904 | ||
| NON-CURRENT LIABILITIES: | ||||
| Long-term debt, net | 41,353,580 | 64,992,597 | ||
| Long‐term financial liabilities, net | 24,423,904 | 12,046,770 | ||
| Deferred tax liabilities | 11,128,651 | 10,596,230 | ||
| Other non-current liabilities | 5,835,911 | 6,358,462 | ||
| Total non-current liabilities | 82,742,046 | 93,994,059 | ||
| Total liabilities | 115,878,965 | 128,400,963 | ||
| MEZZANINE EQUITY | ||||
| 5.00% Series D fixed rate cumulative perpetual convertible preferred shares: 100,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively, aggregate liquidation preference of $100,000,000 as of June 30, 2026 and December 31, 2025, respectively. | 82,334,124 | 80,714,075 | ||
| Total mezzanine equity | 82,334,124 | 80,714,075 | ||
| SHAREHOLDERS' EQUITY | ||||
| Common shares, $0.001 par value; 1,950,000,000 shares authorized; 9,662,354 issued and outstanding as of June 30, 2026 and December 31, 2025. | 9,662 | 9,662 | ||
| Series B Preferred Shares - 12,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025 | 12 | 12 | ||
| Additional paid-in capital | 265,339,741 | 265,339,741 | ||
| Retained earnings | 300,812,447 | 239,452,780 | ||
| Accumulated other comprehensive income | 13,699,459 | 20,628,512 | ||
| Total Castor Maritime Inc. shareholders' equity | 579,861,321 | 525,430,707 | ||
| Noncontrolling interests | 113,202,257 | 62,812,696 | ||
| Total shareholders' equity | 693,063,578 | 588,243,403 | ||
| Total liabilities, mezzanine equity and shareholders' equity | $ | 891,276,667 | $ | 797,358,441 |
| CASTOR MARITIME INC. Unaudited Consolidated Statements of Cash Flows | ||||||
| (Expressed in U.S. Dollars) | Six months Ended June 30, | |||||
| 2026 | 2025 | |||||
| Cash Flows provided by / (used in) Operating Activities: | ||||||
| Net income/(loss) | $ | 96,030,327 | $ | (17,008,587 | ) | |
| Adjustments to reconcile net income / (loss) to net cash provided by / (used in) Operating Activities: | ||||||
| Depreciation and amortization | 7,601,749 | 6,653,155 | ||||
| Amortization and write off of deferred finance charges | 629,815 | 108,215 | ||||
| Amortization of fair value of acquired time charters | (634 | ) | 119,733 | |||
| Straight line amortization of hire | (288,517 | ) | 125,507 | |||
| Net loss on sale of vessels | - | 2,001,646 | ||||
| Loss on vessels held for sale | - | 5,554,777 | ||||
| (Recovery) of provision/provision for doubtful accounts | (75,908 | ) | 15,459 | |||
| Non-cash compensation (transfer of shares) | - | 272,780 | ||||
| Net gain on disposition of assets | (346 | ) | (410,099 | ) | ||
| Non-cash effects from translation to reporting currency | (160,880 | ) | 28,458 | |||
| Share-based compensation | 125,430 | 115,044 | ||||
| Unrealized loss/(gain) from equity method investments | 864,264 | (441,493 | ) | |||
| Unrealized (gain)/loss from equity method investments measured at fair value | (69,600,528 | ) | 24,814,649 | |||
| Dividend income from equity method investments measured at fair value (related party) | (7,837,525 | ) | (10,610,587 | ) | ||
| Unrealized foreign exchange (gain)/loss from equity method investments | (7,409,798 | ) | 1,084,348 | |||
| Realized (gain) / loss on sale of equity securities | (9,059,011 | ) | 2,029,190 | |||
| Unrealized loss/(gain) on equity securities | 1,211,721 | (7,511,809 | ) | |||
| Unrealized loss on debt securities | 57,906 | - | ||||
| Amortization of bonds' premium discount | (8,221 | ) | - | |||
| Adjustments for non-cash finance costs | 80,113 | - | ||||
| Deferred income taxes | 1,677,938 | - | ||||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable trade | (1,692,575 | ) | (1,221,358 | ) | ||
| Inventories | (376,575 | ) | 784,160 | |||
| Due from/to related parties | 3,745,426 | 656,457 | ||||
| Prepaid expenses and other assets | (319,298 | ) | (308,770 | ) | ||
| Accounts payable | 318,057 | (172,965 | ) | |||
| Accrued liabilities | (3,177,317 | ) | (8,601,118 | ) | ||
| Income tax receivable / payable | (1,236,721 | ) | (4,596,126 | ) | ||
| Derivative assets and liabilities, net | 622,768 | (1,084,289 | ) | |||
| Deferred revenue | 406,604 | 227,194 | ||||
| Dry-dock costs paid | (3,158,435 | ) | (2,397,313 | ) | ||
| Dividends received from equity method investments measured at fair value | 7,837,525 | 5,797,456 | ||||
| Net Cash provided by / (used in) Operating Activities: | 16,807,354 | (3,976,286 | ) | |||
| Cash flow (used in) / provided by Investing Activities: | ||||||
| Vessel acquisitions and other vessel improvements | (79,604,584 | ) | (260,169 | ) | ||
| Net proceeds from sale of vessels | - | 61,939,798 | ||||
| Acquisitions of property and equipment, net | (357,432 | ) | (112,563 | ) | ||
| Net proceeds from dispositions of long term assets | 6,295 | 357,048 | ||||
| Purchase of equity securities | - | (11,012,514 | ) | |||
| Proceeds from sale of equity securities | 34,506,485 | 31,668,114 | ||||
| Purchase of debt securities | (2,056,616 | ) | - | |||
| Payments for acquisition of equity method investments | (3,150,494 | ) | (24,119,428 | ) | ||
| Return of invested capital from and payments received from disposition of equity method investments | 5,702,697 | 4,137,792 | ||||
| Payments for acquisition of equity investments | (394,419 | ) | - | |||
| Proceeds from disposition of equity investments | 1,929,122 | - | ||||
| Net cash (used in) / provided by Investing Activities: | (43,418,946 | ) | 62,598,078 | |||
| Cash flows used in Financing Activities: | ||||||
| Dividends paid on Series D Preferred Shares | (2,500,000 | ) | (2,097,222 | ) | ||
| Proceeds from long-term debt | - | 1,577,002 | ||||
| Repayment of long-term debt (including related party) | (25,310,680 | ) | (101,057,645 | ) | ||
| Proceeds from long-term financial liability | 15,600,000 | - | ||||
| Repayment of long-term financial liability | (1,535,106 | ) | - | |||
| Payment of deferred financing costs | (481,756 | ) | (110,000 | ) | ||
| Cash dividends paid to noncontrolling interests | - | (2,848,198 | ) | |||
| Transactions/distributions with non-controlling interest | (1,100,742 | ) | - | |||
| Net cash used in Financing Activities: | (15,328,284 | ) | (104,536,063 | ) | ||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,391,578 | ) | 3,206,933 | |||
| Net decrease in cash, cash equivalents, and restricted cash | (43,331,454 | ) | (42,707,338 | ) | ||
| Cash, cash equivalents and restricted cash at the beginning of the period | 152,775,129 | 88,616,996 | ||||
| Cash, cash equivalents and restricted cash at the end of the period | $ | 109,443,675 | $ | 45,909,658 |
APPENDIX B
Non-GAAP Financial Information
Daily Time Charter Equivalent (“TCE”) Rate. The Daily Time Charter Equivalent Rate (“Daily TCE Rate”) is a metric of the average daily revenue performance of a vessel. The Daily TCE Rate is not a metric of financial performance under U.S. GAAP (non-GAAP metric) 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 metric 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):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| (In U.S. dollars, except for Available Days) | 2026 | 2025 | 2026 | 2025 | |||||||||
| Total vessel revenues | $ | 14,900,722 | $ | 10,159,771 | $ | 26,843,551 | $ | 21,482,267 | |||||
| Voyage expenses - including commissions to related party | (1,173,371 | ) | (659,125 | ) | (2,055,809 | ) | (1,776,817 | ) | |||||
| TCE revenues | $ | 13,727,351 | $ | 9,500,646 | $ | 24,787,742 | $ | 19,705,450 | |||||
| Available Days | 822 | 825 | 1,563 | 1,893 | |||||||||
| Daily TCE Rate | $ | 16,700 | $ | 11,516 | $ | 15,859 | $ | 10,410 |
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 and debt securities and equity method investments (including those measured at fair value), unrealized foreign exchange losses / (gains) from equity method investments, share-based compensation 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 measures by management and external users of financial statements to assess our operating performance. We believe that EBITDA and Adjusted EBITDA assist 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:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| (In U.S. dollars) | 2026 | 2025 | 2026 | 2025 | |||||||||
| Net income / (loss) | $ | 26,812,506 | $ | 6,338,275 | $ | 96,030,327 | $ | (17,008,587 | ) | ||||
| Depreciation and amortization | 3,904,870 | 3,203,742 | 7,601,749 | 6,653,155 | |||||||||
| Interest and finance costs, net(1) | 664,557 | 897,260 | 1,002,085 | 2,184,674 | |||||||||
| Income taxes | 603,551 | 307,724 | 2,182,672 | 602,133 | |||||||||
| EBITDA | $ | 31,985,484 | $ | 10,747,001 | $ | 106,816,833 | $ | (7,568,625 | ) | ||||
| Unrealized (gain) / loss on equity securities (2) | 4,482,590 | (7,220,462 | ) | 1,211,721 | (7,511,809 | ) | |||||||
| Unrealized (gain) / loss on debt securities | 60,728 | - | 57,906 | - | |||||||||
| Unrealized loss / (gain) from equity method investments | 520,893 | 128,005 | 864,264 | (441,493 | ) | ||||||||
| Unrealized (gains) / losses from equity method investments measured at fair value | (23,118,830 | ) | (1,552,422 | ) | (69,600,528 | ) | 24,814,649 | ||||||
| Unrealized foreign exchange losses / (gains) from equity method investments | 2,826,920 | 4,264,301 | (7,409,798 | ) | 1,084,348 | ||||||||
| (Gain) / Loss on vessels held for sale | - | - | - | 5,554,777 | |||||||||
| Share-based compensation | 62,855 | 61,291 | 125,430 | 115,044 | |||||||||
| Non-cash compensation (transfer of shares) | - | - | - | 272,780 | |||||||||
| Adjusted EBITDA | $ | 16,820,640 | $ | 6,427,714 | $ | 32,065,828 | $ | 16,319,671 |
(1)Includes interest and finance costs and interest income, if any.
(2) Period-over-period fluctuations between unrealized and realized gains/(losses) primarily reflect timing differences, as mark-to-market gains/(losses) recognized in prior periods are reversed and reclassified to realized gain/(loss) upon disposition of the underlying securities.
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
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| (In U.S. dollars) | 2026 | 2025 | 2026 | 2025 | |||||||||
| Net income / (loss) | $ | 26,812,506 | $ | 6,338,275 | $ | 96,030,327 | $ | (17,008,587 | ) | ||||
| Unrealized loss/(gain) on equity securities | 4,482,590 | (7,220,462 | ) | 1,211,721 | (7,511,809 | ) | |||||||
| Unrealized (gain) / loss on debt securities | 60,728 | - | 57,906 | - | |||||||||
| Unrealized loss / (gain) from equity method investments | 520,893 | 128,005 | 864,264 | (441,493 | ) | ||||||||
| Unrealized (gains) / losses from equity method investments measured at fair value | (23,118,830 | ) | (1,552,422 | ) | (69,600,528 | ) | 24,814,649 | ||||||
| Unrealized foreign exchange losses / (gains) from equity method investments | 2,826,920 | 4,264,301 | (7,409,798 | ) | 1,084,348 | ||||||||
| (Gain) / Loss on vessels held for sale | - | - | - | 5,554,777 | |||||||||
| Share-based compensation | 62,855 | 61,291 | 125,430 | 115,044 | |||||||||
| Non-cash compensation (transfer of shares) | - | - | - | 272,780 | |||||||||
| Adjusted net income | $ | 11,647,662 | $ | 2,018,988 | $ | 21,279,322 | $ | 6,879,709 |
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: 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 containership 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 vessel acquisitions, our relationships with our current and future service providers and customers, including the ongoing performance of their obligations, dependence on their expertise, the effects of the establishment of any joint ventures, the effects of our acquisition of MPC Münchmeyer Petersen Capital AG, 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 of 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 (including the outbreak of war in Iran and effective closure of the Strait of Hormuz, as well as any further broadening of the conflict), acts of piracy or maritime aggression, such as recent maritime incidents involving vessels in and around the Red Sea and the Strait of Hormuz, 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 and the Strait of Hormuz, fluctuating demand for dry bulk and containership 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 Securities and Exchange Commission (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. 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 SEC for a more complete discussion of the 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.
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