CTRM Castor Maritime Inc.
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Executive Summary
Castor Maritime reported Q1 2026 net income of $69.2 million, reversing a $23.3 million loss in Q1 2025, driven largely by a $46.5 million unrealized fair-value gain on its MPCC stake (MPCC shares rose ~30% in the quarter). Core shipping operations showed modest improvement: total vessel revenues rose 5.3% YoY to $11.9 million, with daily TCE rates up 56% to $14,926, offset by a 31% reduction in fleet size. Adjusted net income doubled to $9.6 million, and cash grew to $192.8 million from $152.8 million at year-end 2025.
Actionable Insight
The headline net income largely reflects non-cash mark-to-market gains on the MPCC stake, not core shipping earnings. The core shipping business is improving (TCE rates up 56%) but on a smaller fleet, and adjusted net income still modest at ~$9.6M. Monitor whether dry-bulk and containership charter rates can sustain at current levels, and watch for any monetization of the MPCC stake or further fleet sales/leasebacks that would crystallize the investment portfolio's value. The strong cash position and positive operating cash flow provide flexibility.
Key Facts
- Net income of $69.2 million for Q1 2026 compared to a $23.3 million loss in Q1 2025
- Total vessel revenues $11.9 million (+5.3% YoY); revenue from services $9.3 million (+3.3% YoY)
- Daily TCE rate $14,926 (+56.2% YoY) on a 31% smaller fleet (741 vs 1,068 available days)
- Adjusted net income $9.6 million (vs $4.9 million in Q1 2025)
- Adjusted EBITDA $15.2 million (vs $9.9 million in Q1 2025)
- Cash and restricted cash $192.8 million, up $40 million from December 31, 2025
- EPS basic $4.65; diluted EPS $0.83 (weighted diluted shares 56.6M vs 9.7M basic, reflecting Series D preferred conversion)
- Unrealized gain of $46.5 million from equity method investments measured at fair value (primarily MPCC stake)
Financial Impact
Reported net income of $69.2M; adjusted net income of $9.6M; cash increased by $40M to $192.8M; total debt rose to $98.4M from $85.6M due to sale-leaseback financing
Risk Factors
- Record net income driven by non-cash unrealized gains on MPCC equity stake — core shipping earnings are much smaller
- Fleet reduced by ~31% YoY following vessel sales, lowering potential revenue base
- Total debt increased to $98.4 million from $85.6 million due to sale-leaseback financing
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001140361-26-023657 |
| Document: ef20075215_6k.htm | 0001140361-26-023657 |
| Document: 0001140361-26-023657-index-headers.html | 0001140361-26-023657 |
| Document: 0001140361-26-023657-index.html | 0001140361-26-023657 |
| Document: 0001140361-26-023657.txt | 0001140361-26-023657 |
Track record builds as more directional reports settle.
Filters
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Jun 2, 2026
3d ago
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6-K
| $2.35 $2.24 | ▼ −4.68% | ▼ −3.99% | $2.13 (−9.57%) |
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Jun 2, 2026
3d ago
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Press Release
| $2.35 $2.24 | ▼ −4.68% | ▼ −3.99% | $2.13 (−9.57%) |
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Apr 15, 2026
7w ago
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Press Release
| $1.82 $1.80 | ▼ −1.10% | ▼ −2.31% | $2.13 (+16.76%) |
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Apr 15, 2026
7w ago
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20-F
| $1.86 $1.82 | ▼ −2.15% | ▼ −2.40% | $2.13 (+14.25%) |
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Apr 15, 2026
7w ago
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6-K
| $1.86 $1.82 | ▼ −2.15% | ▼ −2.40% | $2.13 (+14.25%) |
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