Castor Maritime announced a strong increase in net profitability in the third quarter of 2025, despite a decrease in revenues from shipping activity.
The shift to asset management services and investments within the shipping and energy infrastructure sectors are bearing fruit.
The listed company, owned by Petros Panagiotidis, reported revenue of 11.4 million dollars in the third quarter, down 14.9% from 13.4 million dollars in the corresponding period in 2024, due to lower available days (sales of four ships).
At the same time, however, the contribution from services – mainly through MPC Capital – amounted to 9.5 million dollars.
As a result, the company recorded a net profit of 21 million dollars, compared to 2.8 million dollars last year (+650%).
On an adjusted basis, profits amounted to 2.4 million, from 4.6 million a year earlier, while EBITDA jumped to 24.3 million (5 million in 2024).
At the nine-month level of 2025, revenues fell to 32.9 million from 50.1 million, as the company restructured its fleet and liquidated assets.
Services revenues amounted to 26.3 million dollars, confirming the gradual shift of Castor’s model towards a more “hybrid” shipping platform.
Net income stood at 4 million dollars, compared to 48 million in 2024 (which was boosted by significant one-off gains).
Improving sentiment
CEO Petros Panagiotidis said the third quarter confirmed the improving sentiment in the dry bulk market, with better rates and stronger demand supporting revenue, despite lower fleet availability.
He noted that the company completed its first sale & leaseback transaction, introducing “mild leverage” to improve its balance sheet efficiency, while maintaining a “disciplined approach” to financing and is in a position to capitalize on opportunities that arise in the market.
Among the main highlights, the spectacular increase in liquidity stands out, with cash equivalents reaching 123.8 million dollars as of 30/9/2025, up from 87.9 million dollars at the end of 2024.
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