CASTOR MARITIME INC.
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Dated: September 5, 2019
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By:
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/s/ Petros Panagiotidis
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Petros Panagiotidis
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Chairman, Chief Executive Officer and Chief Financial Officer
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◾ |
Voyage revenues: $3.0 million and $1.0 million for the nine and three months ended June 30, 2019, as compared to $2.8 million and $1.1 million
for the nine and three months ended June 30, 2018, respectively;
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◾ |
Net income: $0.6 million and $0.3 million for the nine and three months ended June 30, 2019, as compared to $0.4 million and $0.3 million for the
nine and three months ended June 30, 2018, respectively;
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◾ |
EBITDA: $1.1 million and $0.4 million for the nine and three months ended June 30, 2019, as compared to $0.9 million and $0.5 million for the
nine and three months ended March 31, 2018, respectively.
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Vessel Name
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DWT
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Year Built
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Country of construction
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Daily Gross Charter Rate
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Redelivery Date
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Charterer
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||||||||||
Magic P
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76,500
|
2004
|
Japan
|
$
|
11,250
|
September 2019
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November 2019
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Oldendorff
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||||||||
Magic Sun
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75,300
|
2001
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Korea
|
$
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12,000
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May 2020
|
August 2020
|
Oldendorff
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◾ |
On September 5 2019, the Company, through one of its wholly-owned
subsidiaries, took delivery of the M/V Magic Sun, a 2001 Korean built Panamax dry bulk carrier, from an unaffiliated seller. The vessel is expected to commence its initial charter with Oldendorff Carriers GMBH & Co KG on or around
September 7, 2019 (the “Magic Sun Initial Charter”). The Magic Sun Initial Charter was fixed at a daily hire rate of $12,000 and has an expected term of minimum eight (8) months up to maximum (12) months. The M/V Magic Sun acquisition
was financed using Castor’s existing cash reserves and debt financing.
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◾ |
In connection with the M/V Magic Sun acquisition, on August 30, 2019,
Castor entered into an unsecured $5.0 million term loan with Thalassa Investment Co., an entity controlled by Petros Panagiotidis, Castor’s Chairman, Chief Executive Officer and Chief Financial Officer. The loan bears an annual fixed
interest rate of 6% and has a bullet repayment at maturity, which is eighteen (18) months from the drawdown date, being September 3, 2019.
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Three Months Ended
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Nine Months Ended
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|||||||||||||||
(expressed in U.S. dollars, except per share data)
|
June 30, 2018
(unaudited)
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June 30, 2019
(unaudited)
|
June 30, 2018
(unaudited)
|
June 30, 2019
(unaudited)
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||||||||||||
Voyage revenues
|
$
|
1,142,838
|
$
|
953,667
|
$
|
2,838,169
|
$
|
2,991,798
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||||||||
Net Income
|
$
|
284,279
|
$
|
260,603
|
$
|
444,923
|
$
|
593,014
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||||||||
Operating income
|
$
|
282,876
|
$
|
249,661
|
$
|
455,635
|
$
|
567,465
|
||||||||
EBITDA(1)
|
$
|
460,841
|
$
|
418,537
|
$
|
905,156
|
$
|
1,086,696
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||||||||
Loss per common share (2)
|
$
|
(0.17
|
)
|
$
|
(0.47
|
)
|
$
|
(0.38
|
)
|
$
|
(0.86
|
)
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(1) |
EBITDA is not a recognized measure under U.S. GAAP. Please refer to Appendix B of this press release for the definition and reconciliation of this measure to the
most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
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(2) |
Loss per common share, basic and diluted, is calculated after taking into account the effect of the dividends on Series A Preferred shares.
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Three Months Ended
June 30, |
Nine Months Ended
June 30, |
|||||||||||||||
(expressed in U.S. dollars except for operational data)
|
2018
|
2019
|
2018
|
2019
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||||||||||||
Ownership Days (1)
|
91
|
91
|
273
|
273
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||||||||||||
Available Days (2)
|
91
|
91
|
244
|
273
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||||||||||||
Daily Time Charter Equivalent (TCE)(3)
|
$
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12,199
|
$
|
10,339
|
$
|
11,297
|
$
|
10,675
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||||||||
Fleet Utilization (4)
|
100
|
%
|
100
|
%
|
89.4
|
%
|
100
|
%
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||||||||
Daily vessel operating expenses (5)
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$
|
4,677
|
$
|
4,448
|
$
|
5,060
|
$
|
4,787
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||||||||
Daily company administration expenses (6)
|
$
|
74
|
$
|
973
|
$
|
173
|
$
|
500
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(1) |
Ownership days are the total number of calendar days in a
period during which we owned our vessel.
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(2) |
Available days are the Ownership days after subtracting
off-hire days associated with major repairs, vessel upgrades and dry-dockings or special or intermediate surveys.
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(3) |
Daily TCE is not a recognized measure under U.S. GAAP. Please refer to Appendix B of this press release for the definition and reconciliation of this measure to the
most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
|
(4) |
Fleet utilization is calculated by dividing the Available days during a period by the number of Ownership days during that period.
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(5) |
Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the
Ownership days for such period.
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(6) |
Daily company administration expenses are calculated by
dividing company administration expenses during a period by the number of Ownership days during that period.
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(In U.S. dollars except for shares and per share data)
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Three Months Ended
June 30, |
Nine Months Ended
June 30, |
||||||||||||||
2018
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2019
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2018
|
2019
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|||||||||||||
REVENUES
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||||||||||||||||
Voyage revenues, net of address commissions
|
$
|
1,142,838
|
$
|
953,667
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$
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2,838,169
|
$
|
2,991,798
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||||||||
EXPENSES
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||||||||||||||||
Voyage expenses (including related party commissions)
|
(32,734
|
)
|
(12,806
|
)
|
(81,667
|
)
|
(77,505
|
)
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||||||||
Vessel operating expenses
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(425,645
|
)
|
(404,743
|
)
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(1,381,370
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)
|
(1,306,804
|
)
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||||||||
General and administrative expenses
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||||||||||||||||
- Company administration expenses
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(6,732
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)
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(88,582
|
)
|
(47,294
|
)
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(136,374
|
)
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- Public registration costs
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(189,169
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)
|
1,204
|
(329,930
|
)
|
(293,207
|
)
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Management fees -related party
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(29,120
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)
|
(29,120
|
)
|
(82,040
|
)
|
(87,360
|
)
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Depreciation and amortization
|
(176,562
|
)
|
(169,959
|
)
|
(460,233
|
)
|
(523,083
|
)
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||||||||
Operating income
|
$
|
282,876
|
$
|
249,661
|
$
|
455,635
|
$
|
567,465
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||||||||
Interest and finance costs, net
|
—
|
12,025
|
—
|
29,401
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||||||||||||
Other income/(expenses)
|
1,403
|
(1,083
|
)
|
(10,712
|
)
|
(3,852
|
)
|
|||||||||
Net income
|
$
|
284,279
|
$
|
260,603
|
$
|
444,923
|
$
|
593,014
|
||||||||
Loss per common share (1) (basic and diluted)
|
$
|
(0.17
|
)
|
$
|
(0.47
|
)
|
$
|
(0.38
|
)
|
$
|
(0.86
|
)
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Weighted average number of shares outstanding, basic and diluted:
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||||||||||||||||
Common shares
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2,400,000
|
2,400,000
|
2,400,000
|
2,400,000
|
(1) |
Loss per common share, basic and diluted, is calculated after taking into account the effect of the dividends on Series A Preferred shares.
|
CASH FLOW DATA
|
Three Months Ended June 30,
|
Nine Months Ended
June 30,
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||||||||||||||
2018
|
2019
|
2018
|
2019
|
|||||||||||||
Net cash provided by/(used in) operating activities
|
$
|
(339,548
|
)
|
$
|
(12,415
|
)
|
$
|
(233,598
|
)
|
$
|
887,069
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|||||
Net cash used in investing activities
|
—
|
—
|
—
|
—
|
||||||||||||
Net cash used in financing activities
|
$
|
—
|
$
|
(40,250
|
)
|
$
|
—
|
$
|
(40,250
|
)
|
Three Months Ended
June 30, |
Nine Months Ended
June 30, |
|||||||||||||||
(In U.S. dollars, except for Available Days)
|
2018
|
2019
|
2018
|
2019
|
||||||||||||
Voyage revenues (net of address commissions)
|
$
|
1,142,838
|
$
|
953,667
|
$
|
2,838,169
|
$
|
2,991,798
|
||||||||
Voyage Expenses (including related party commissions)
|
(32,734
|
)
|
(12,806
|
)
|
(81,667
|
)
|
(77,505
|
)
|
||||||||
Time charter equivalent revenues
|
$
|
1,110,104
|
$
|
940,861
|
$
|
2,756,502
|
$
|
2,914,293
|
||||||||
Available Days
|
91
|
91
|
244
|
273
|
||||||||||||
Time charter equivalent (TCE) rate
|
$
|
12,199
|
$
|
10,339
|
$
|
11,297
|
$
|
10,675
|
Three Months Ended
June 30, |
Nine Months Ended
June 30, |
|||||||||||||||
(In U.S. dollars)
|
2018
|
2019
|
2018
|
2019
|
||||||||||||
Net Income
|
$
|
284,279
|
$
|
260,603
|
$
|
444,923
|
$
|
593,014
|
||||||||
Depreciation and amortization
|
176,562
|
169,959
|
460,233
|
523,083
|
||||||||||||
Less: Interest Income
|
—
|
(12,025
|
)
|
—
|
(29,401
|
)
|
||||||||||
EBITDA
|
$
|
460,841
|
$
|
418,537
|
$
|
905,156
|
$
|
1,086,696
|