Castor Maritime reported a net income of $69.2 million for the three months ended March 31, 2026, representing a significant turnaround from a loss of $23.3 million in the same period of the prior year.
This improvement was attributed to higher charter rates and strong performance within the equity portfolio of the company.
Total vessel revenues rose by 5.3 per cent to $11.9 million, up from $11.3 million in the previous year. According to the company, the average daily time charter equivalent rate for its fleet increased by 56.2 per cent to $14,926, which helped offset a reduction in available shipping days.
Service revenues from its MPC Münchmeyer Petersen Capital subsidiary also grew, rising to $9.3 million from $9 million in the first quarter of 2025.
This growth was mainly supported by an increase in management services revenue, although it was partially offset by a decline in transaction services.
The company completed a sale and leaseback transaction during the quarter for the dry bulk carrier Magic Perseus with a Japanese counterparty, securing $15.6 million in bareboat financing. As a result of this transaction, total debt increased to $98.4 million as of March 31, 2026, compared to $85.6 million at the end of 2025.
Petros Panagiotidis, Chief Executive Officer of Castor Maritime, noted that improved market conditions across the dry bulk and containership sectors supported the positive performance.
Commenting on the results, Panagiotidis said, "The strong performance of our listed equity portfolio contributed meaningfully to our results, reflecting a significant unrealised fair value gain during the quarter."
