Castor Maritime (CTRM) has released an update.
Castor Maritime Inc. reported a significant turnaround with a net income of $22.3 million in Q1 2024, overcoming a previous net loss and achieving a 106.5% increase compared to the same quarter in 2023. Despite a 16.7% drop in vessel revenues, the company benefited from a recovery in the dry cargo market, vessel sales, and improved charter rates. The company also strengthened its balance sheet with a robust cash position, launching a tender offer to streamline its capital structure and seeking opportunities for fleet modernization.
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