Castor Maritime Reports Soaring Profits in 2024

Castor Maritime (CTRM) has released an update.

Castor Maritime Inc. has reported a substantial increase in net income to $22.9 million for Q2 2024, and $45.2 million for the first half of the year, despite a decrease in total vessel revenues. The significant income rise is partly attributed to robust cash flows from vessel sales and operational activities, enabling debt reduction and balance sheet strengthening. The company has also ventured into the Ultramax dry cargo sector as part of its growth and fleet modernization strategy.

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