Cyprus-based shipping company Castor Maritime reported a sharp decline in both revenues and earnings for the three months ended June 30, 2025.
Vessel revenues fell to $10.2 million from $16.3 million in the same period of 2024, representing a 37.4 per cent decrease. Net income dropped to $6.3 million from $22.9 million, a fall of 72.5 per cent, while adjusted net income was $2 million compared with $21.5 million a year earlier.
Basic earnings per share fell to $0.34 from $2.29. Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at $10.7 million, down from $26.5 million, while adjusted EBITDA was $6.4 million compared with $25.2 million.
The company said that as of June 30, 2025, cash balances stood at $44.8 million, compared with $87.9 million at the end of 2024. It also reported the sale of two vessels in the quarter, down from four vessel sales in the second quarter of 2024.
For the first half of 2025, total vessel revenues amounted to $21.5 million, compared with $36.7 million in the first half of 2024, representing a 41.4 per cent fall.
The company recorded a net loss of $17 million for the period, a reversal from a profit of $45.2 million in the prior year. Adjusted net income stood at $6.9 million, down from $42.1 million.
Castor Maritime said the results reflected weaker market conditions and the impact of fewer vessel disposals compared with the prior year. The company noted that it remains focused on optimising its fleet operations while exploring opportunities in the energy sector.