Castor Maritime Inc. reported full‑year 2025 results, with total revenue of $81.8 million, up 23.5% from $66.2 million in 2024. The increase is driven by a $35.6 million rise in service revenue, offsetting a 29% decline in vessel revenue.
Net income rose to $21.5 million, a 40.5% increase from $15.3 million in 2024, surpassing the $19.27 million previously reported. The jump reflects stronger charter rates, disciplined cost control, and the contribution of the MPC Capital acquisition.
Basic earnings per share were $1.13, while diluted EPS fell slightly to $0.36, compared with $3.50 and $0.38 in 2024. The diluted decline is largely due to the higher number of shares outstanding after the sale‑and‑leaseback transaction and the redemption of preferred shares.
The company’s balance sheet strengthened markedly, with cash and restricted cash rising to $152.8 million from $87.9 million. Castor repaid a $100 million senior term loan, redeemed $60 million of preferred shares, and secured a new $50 million sustainability‑linked loan, improving liquidity and financial flexibility.
Management highlighted that the shift toward service‑based revenue is a key driver of resilience, noting that “strong charter demand in Q4 2025 supported a positive long‑term outlook for the dry‑bulk sector.” The company also emphasized disciplined funding and a focus on sustainability‑linked financing as part of its capital‑structure strategy.
Market reaction was positive, with the stock rising in pre‑earnings and extended trading. Investors cited the sharp swing to profitability, the robust balance‑sheet overhaul, and the growing service revenue segment as primary catalysts.
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