AI-extracted from the 20-F filed 2026-04-15 — FY2025 (year ended December 31, 2025). Every figure is machine-verified against the filing text on SEC EDGAR.
Net income increased 41% to $21.5M despite 29% decline in vessel revenues to $46.2M, driven by $18.0M dividend from MPCC and $16.9M gain on equity securities, partially offset by $10.8M loss on fair-value revaluation of minority investments.
Biggest Revenue Drivers
Vessel revenues (dry bulk and containership)$46.2M-28.9% YoY
Decreased due to sale of four vessels and lower charter rates for dry bulk, partially offset by higher containership rates
Revenue from services (asset management)$35.6M+2929% YoY
Full-year contribution from MPC Capital acquisition (16 days in 2024) including transaction fees, management services for shipping and energy infrastructure
Biggest Revenue Drivers
Total revenue: $81.8M+23.5% YoY
Vessel revenues (dry bulk and containership)$46.2M-28.9% YoY
Decreased due to sale of four vessels and lower charter rates for dry bulk, partially offset by higher containership rates
Revenue from services (asset management)$35.6M+2929% YoY
Full-year contribution from MPC Capital acquisition (16 days in 2024) including transaction fees, management services for shipping and energy infrastructure
Largest Expense Items
Cost of revenue from services$22.1M+1879.1% YoY
Third-party service provider expenses and employee costs from MPC Capital's full-year operations
General and administrative expenses$19.4M+45.6% YoY
Increase reflects full-year MPC Capital overhead including professional fees (+$4.9M), audit fees (+$2.1M), personnel (+$4.2M), and office/IT (+$1.4M)
Vessel operating expenses$19.1M-26.9% YoY
Decreased due to 22% reduction in ownership days following sale of four vessels
Margins: EBITDA increased 35.6% to $40.2M despite lower vessel revenues, benefiting from operational leverage on the reduced fleet and full-year MPC Capital contribution of $11.3M EBITDA. Operating loss of $18.4M reflects $10.8M unrealized loss on fair-value equity method investments and $5.6M loss on vessels held for sale.
Watch Items from the Filing
Customer concentration risk: dry bulk segment derives 90% of revenues from three charterers; containership segment 89% from three charterers. Significant reliance on small customer base creates revenue volatility.
Dividend dependency: company materially dependent on dividends from MPCC (17.4% ownership stake) and MPCES (20.5% ownership), which represented $18.0M of 2025 revenues and material portion of operating cash flows.
Fair-value investment volatility: $10.8M unrealized loss on MPCC and MPCES shareholdings in 2025 reflects market risk; these listed equity investments subject to significant quarterly volatility affecting reported net income.
Fleet reduction: sold four vessels in 2025 (Ariana A, Eclipse, Callisto, Gabriela A) reducing available days from 4,626 to 3,506 days; ownership days fell 22% to 3,633 days, pressuring absolute revenue scale.
MPC Capital goodwill impairment risk: $55.3M goodwill recognized on December 2024 acquisition; impairment testing sensitive to AuM assumptions, discount rate changes, and maritime/energy sector cyclicality; first annual impairment assessment completed with no charge.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
About Castor Maritime Inc. (CTRM): stock profile, AI score and financials
Castor Maritime Inc. (CTRM) stock profile, AI quality score, and SEC EDGAR financial data, a Industrials sector company. 13F Pro's AI-powered ranking engine scores CTRM at 68.6/100 on a composite quality score built from its SEC filings, placing it at rank #298 of 2,925 stocks — the top 25% of the AI-ranked universe. CTRM scores in the top quartile across revenue growth (95.3), free cash flow (91.4), profitability (76.4). Areas of concern include revenue scale (1.9), which score below median versus the broader universe. Based on the latest XBRL financial filings (FY 2025), Castor Maritime Inc. reports quarterly revenue of $81.8M, net income of $19.3M, an operating margin of -22.5%. Top institutional holders of CTRM by reported 13-F value include TOWERVIEW, RENAISSANCE TECHNOLOGIES, CITADEL ADVISORS, based on the most recent SEC filings. CTRM trades on the Nasdaq exchange and files with the SEC under CIK 1720161. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate CTRM daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Castor Maritime Inc. directly from SEC EDGAR.