Castor Maritime Inc. (CTRM) | Investment Case

1. Company Snapshot

1.a. Company Description

Castor Maritime Inc.provides shipping services worldwide.The company operates through three segments: Dry Bulk, Aframax/LR2 Tanker, and Handysize Tanker.

It offers seaborne transportation services for dry bulk cargo; commodities, such as iron ore, coal, soybeans, etc.; and crude oil and refined petroleum products.As of December 31, 2021, the company owned and operated a fleet of 29 vessels primarily consisting of two Handysize tanker vessels, seven Aframax/LR2 tanker vessels, and 14 dry bulk vessels.Castor Maritime Inc.

was incorporated in 2017 and is based in Limassol, Cyprus.

Show Full description

1.b. Last Insights on CTRM

Castor Maritime Inc.'s recent performance was negatively impacted by increased financial leverage, as evident from its $50.0 million debt financing deal announced on October 15, 2025. The sustainability-linked senior term loan facility, secured by a mortgage on four dry bulk vessels, may raise concerns about the company's debt obligations. Additionally, the company's decision to fully redeem its 8.75% Series E Cumulative Perpetual Convertible Preferred Shares could be seen as a strategic shift, potentially diluting shareholder value. This move may be perceived as a negative development.

1.c. Company Highlights

Last Price	2.2
Change Percentage	8.37%
Open	2.02
Previous Close	2.03
Market Cap ( Millions)	21
Volume	319216
Year High	3.5
Year Low	1.84
M A 50	2.03
M A 200	2.2

FCF Yield	-274.88%
Dividend Yield	0.00%
ROE	-8.15%
Debt / Equity	17.02%
Net Debt / EBIDTA	-460.00%
Price To Book	0.04
Price Earnings Ratio	-0.48
Price To FCF	-0.36
Price To sales	0.31
EV / EBITDA	-7.06

2. Transcript Summary

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3. NewsRoom

Castor Maritime Inc. Announces $50.0 million Debt Financing and Full Redemption of the 8.75% Series E Cumulative Perpetual Convertible Preferred Shares

Oct -15

Source: globenewswire.com

Castor Maritime Inc. Announces Results of its 2025 Annual General Meeting of Shareholders

Sep -15

Source: globenewswire.com

Castor Maritime Inc. Reports First Quarter Results for 2025

Aug -11

Source: globenewswire.com

Spirit AeroSystems Announces Definitive Agreement with CTRM for Acquisition of Facility in Subang, Malaysia

Aug -08

Source: prnewswire.com

Castor Maritime Inc. Announces the Sale and Leaseback of the M/V Magic Thunder

Jul -30

Source: globenewswire.com

Castor Maritime Inc. Reports Fourth Quarter and Full Year Results for 2024

May -14

Source: globenewswire.com

Castor Maritime Inc. Announces Availability of its 2024 Annual Report on Form 20-F

May -14

Source: globenewswire.com

Castor Maritime Inc. Announces the Completion of the Sale of the M/V Magic Eclipse

Mar -28

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.75%)

6. Segments

Dry Bulk

Expected Growth: 4.8%

Growing demand for iron ore and coal, increasing global trade, and a rise in grain exports are expected to drive the dry bulk shipping market. Castor Maritime's modern fleet and operational efficiency will enable the company to capitalize on these trends.

Container Ship

Expected Growth: 4.5%

Growing demand for international trade, increasing adoption of intermodal transportation, and Castor Maritime Inc.'s expanding fleet capacity drive the container ship market growth.

7. Detailed Products

Dry Bulk Vessels

Castor Maritime Inc. operates a fleet of dry bulk vessels that transport a variety of dry bulk cargoes, including iron ore, coal, grains, and other commodities.

Container Vessels

The company's container vessels provide transportation services for containerized cargo, including refrigerated containers, project cargo, and breakbulk cargo.

Tanker Vessels

Castor Maritime Inc.'s tanker vessels are designed for the transportation of petroleum products, chemicals, and other liquid cargoes.

Ship Management Services

The company offers ship management services, including technical management, crew management, and commercial management.

Vessel Acquisition and Disposal

Castor Maritime Inc. provides services for the acquisition and disposal of vessels, including brokerage, valuation, and consulting.

8. Castor Maritime Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Castor Maritime Inc. is medium due to the availability of alternative shipping options, but the company's specialized services and strong relationships with customers mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low for Castor Maritime Inc. due to the company's strong market position and long-term contracts with customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium for Castor Maritime Inc. due to the company's dependence on a few key suppliers, but the company's strong relationships and negotiating power mitigate this threat.

Threat Of New Entrants

The threat of new entrants is low for Castor Maritime Inc. due to the high barriers to entry in the shipping industry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high for Castor Maritime Inc. due to the competitive nature of the shipping industry, with many established players competing for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	22.38%
Debt Cost	7.45%
Equity Weight	77.62%
Equity Cost	8.01%
WACC	7.88%
Leverage	28.83%

11. Quality Control: Castor Maritime Inc. passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Solstad Offshore

A-Score: 5.0/10

Value: 7.5

Growth: 2.2

Quality: 9.1

Yield: 0.6

Momentum: 8.0

Volatility: 2.7

1-Year Total Return ->

KNOT Offshore Partners

A-Score: 4.6/10

Value: 8.9

Growth: 2.3

Quality: 4.9

Yield: 5.6

Momentum: 4.0

Volatility: 1.7

1-Year Total Return ->

Cadeler

A-Score: 4.0/10

Value: 7.3

Growth: 5.8

Quality: 5.9

Yield: 0.0

Momentum: 0.5

Volatility: 4.3

1-Year Total Return ->

Top Ships

A-Score: 2.8/10

Value: 9.6

Growth: 2.0

Quality: 4.4

Yield: 0.0

Momentum: 1.0

Volatility: 0.0

1-Year Total Return ->

Castor Maritime

A-Score: 2.5/10

Value: 10.0

Growth: 0.6

Quality: 2.9

Yield: 0.0

Momentum: 0.0

Volatility: 1.7

1-Year Total Return ->

Globus Maritime

A-Score: 1.9/10

Value: 9.2

Growth: 1.3

Quality: 1.0

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

13.81%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.88%

Castor Maritime Inc. - MHY1146L1258

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on CTRM

1.c. Company Highlights

Cheaper

More Volatile

Better Quality

Lower Yield

Weak Momentum

Lower Growth

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.75%)

6. Segments

Dry Bulk

Expected Growth: 4.8%

Container Ship

Expected Growth: 4.5%

7. Detailed Products

Dry Bulk Vessels

Container Vessels

Tanker Vessels

Ship Management Services

Vessel Acquisition and Disposal

8. Castor Maritime Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Castor Maritime Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.2$

Current Price

2.2$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA