Castor Maritime (CTRM) Q2 2025 earnings summary

Executive summary

• Second quarter 2025 vessel revenues fell 37.4% year-over-year to $10.2 million, with net income dropping 72.5% to $6.3 million and adjusted net income at $2.0 million.

• For the first half of 2025, total vessel revenues declined 41.4% to $21.5 million, with a net loss of $17.0 million versus a $45.2 million profit a year earlier.

• Management attributes declines to fewer operating days due to vessel sales and lower charter rates, but remains confident in long-term sector fundamentals.

Financial highlights

• Q2 2025 EBITDA was $10.7 million, down from $26.5 million in Q2 2024; adjusted EBITDA was $6.4 million, down from $25.2 million.

• Six-month EBITDA was negative $7.6 million, compared to $53.3 million in 2024; adjusted EBITDA was $16.3 million, down from $42.1 million.

• Basic EPS for Q2 2025 was $0.34, down from $2.29; for the half-year, basic EPS was $(1.84) versus $4.52.

• Cash as of June 30, 2025 was $44.8 million, down from $87.9 million at year-end 2024.

Outlook and guidance

• Management expects near-term market conditions to remain challenging but is optimistic about long-term fundamentals and value creation through disciplined capital deployment and fleet renewal.