Castor Maritime Inc.
CTRM · Deep Sea Foreign Transportation of Freight · EDGAR filings ↗
Grade
C61Dry-bulk/container owner whose reported net income now leans on investee dividends, with a money-losing core operation and a control weakness.
Strengths
- Very strong liquidity (current ratio 6.4, 90th pct) and large cash/investment balance
- Revenue +23.5% (82nd pct) and net income +32% (89th pct), aided by MPCC dividend income
Risks
- Negative EBITDA and operating margin (11th and 6th pct) — the operating fleet does not cover its costs
- Returns weak (ROE 3.7%, ROA 2.4%) and earnings concentrated in a few uncontrolled investees
- Disclosed material weakness in internal control over financial reporting; aged secondhand fleet
Notable findings
- Material weakness• We have identified a material weakness in our internal control over financial reporting
- Strong balance sheetStrong balance sheet — $152M cash & investments
- China exposure• Increased inspection procedures and tighter import and export controls could increase costs and disrupt our business
Key metrics
Operating margin
-22.5%
Net margin
23.6%
Return on equity
3.7%
Return on assets
2.4%
Revenue growth (QoQ)
23.5%
Net-income growth
31.8%
Current ratio
6.4×
EBITDA
-$4M
Tangible book value
$480M
Cash & investments
$152M
Stock comp / revenue
0.3%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-15 | 2025-12-31 | 0001140361-26-014700 ↗ |
| 20-F | 2025-05-14 | 2024-12-31 | 0001140361-25-018945 ↗ |
| 20-F | 2024-02-29 | 2023-12-31 | 0001140361-24-010463 ↗ |
| 20-F | 2023-03-08 | 2022-12-31 | 0001140361-23-010606 ↗ |
| 20-F | 2022-03-31 | 2021-12-31 | 0001140361-22-012285 ↗ |
| 20-F | 2021-03-30 | 2020-12-31 | 0000919574-21-002682 ↗ |
| 20-F | 2020-03-31 | 2019-12-31 | 0000919574-20-002640 ↗ |
| 20-F | 2019-12-16 | 2018-12-31 | 0000919574-19-007687 ↗ |
| 20-F | 2019-01-31 | 2018-09-30 | 0000919574-19-000716 ↗ |