Castor Maritime
CTRMNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $1.27 Prior regular-session close from the quote source.
- $1.26–$1.35 Regular-session low and high so far today.
- 54.1K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $1.25–$2.66 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own CTRM if CTRM is an asset-discount shipping turnaround: upside comes from turning cash and vessels into per-share value, but the business lacks a durable moat and FY2025 operating losses make capital allocation the whole case.
CTRM price history
Loading recent earnings…
Investment thesis
What must happen next
Because Castor sells commoditized ocean freight capacity, customer demand creates value only when management converts favorable charter-rate windows into profitable vessel employment rather than simply accepting volatile spot-market exposure.HoldingMateriality: High
GAAP annual revenue rose from $66.2 million in FY2024 to $81.8 million in FY2025, showing the fleet still captured shipping demand in the latest year. If chartering discipline holds, revenue can become cash; if it fails, growth can arrive with losses.
Watch: A broad dry-bulk or tanker freight recession caused by excess vessel supply and weak commodity trade would prevent charter demand from converting into attractive rates.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue rose from $66.2 million in FY2024 to $81.8 million in FY2025, showing the fleet still captured shipping.
Open source ↗The fleet has no moat if vessel operating costs, dry-docking, off-hire time and management overhead absorb rate gains; Castor must turn charter exposure into positive GAAP operating profit through cost discipline.WeakeningMateriality: High
GAAP annual operating income was positive in FY2023 at $22.0 million and FY2024 at $21.4 million, showing the model can work in better cost/rate conditions. Positive operating profit is what separates an asset-backed shipping investment from a melting fleet-value trade.
Watch: Older vessels requiring heavier special surveys, dry-docking or maintenance would raise off-hire days and cash costs before revenue fully reflects the damage.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income was positive in FY2023 at $22.0 million and FY2024 at $21.4 million, showing the model can.
Open source ↗Castor’s cash balance gives it survival value in weak freight markets and optionality to buy vessels countercyclically, but that option is valuable only if management does not spend liquidity on uneconomic fleet growth.StrengtheningMateriality: Medium
Cash and equivalents increased from $87.9 million at FY2024 year-end to $151.8 million at FY2025 year-end. Cash can protect downside and fund accretive purchases, or it can become the raw material for value destruction.
Watch: Cash-funded vessel acquisitions at above-market prices would convert liquidity into lower-return assets.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and equivalents increased from $87.9 million at FY2024 year-end to $151.8 million at FY2025 year-end.
Open source ↗The main substitute for a competitive moat is capital allocation discipline; if management grows assets while common shareholders receive lower per-share economics, the book-value discount is justified.WeakeningMateriality: Medium
GAAP diluted EPS remained positive in FY2025 at $0.36 despite negative GAAP operating income, indicating non-operating items still supported reported earnings. For a sub-book shipping stock, per-share value creation matters more than fleet size or accounting equity.
Watch: Below-book equity issuance, reverse splits or financing structures that expand the share base without accretive vessel returns would weaken common-holder economics before earnings show it.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP diluted EPS remained positive in FY2025 at $0.36 despite negative GAAP operating income, indicating non-operating items still supported reported.
Open source ↗
Full investment case & evidence
Loading the original research archive…
Original research
Because Castor sells commoditized ocean freight capacity, customer demand creates value only when management converts favorable charter-rate windows into profitable vessel employment rather than simply accepting volatile spot-market exposure. If chartering discipline holds, revenue can become cash; if it fails, growth can arrive with losses.
The fleet has no moat if vessel operating costs, dry-docking, off-hire time and management overhead absorb rate gains; Castor must turn charter exposure into positive GAAP operating profit through cost discipline. Positive operating profit is what separates an asset-backed shipping investment from a melting fleet-value trade.
Castor’s cash balance gives it survival value in weak freight markets and optionality to buy vessels countercyclically, but that option is valuable only if management does not spend liquidity on uneconomic fleet growth. Cash can protect downside and fund accretive purchases, or it can become the raw material for value destruction.
The main substitute for a competitive moat is capital allocation discipline; if management grows assets while common shareholders receive lower per-share economics, the book-value discount is justified. For a sub-book shipping stock, per-share value creation matters more than fleet size or accounting equity.
All standing thesis claims
Original report summary
CTRM is an asset-discount shipping turnaround: upside comes from turning cash and vessels into per-share value, but the business lacks a durable moat and FY2025 operating losses make capital allocation the whole case.
Bull case and bear case
Bull case and bear case for Castor Maritime
Where the evidence on Castor Maritime disagrees: Mixed on the latest evidence (Oct 15, 2026). Of its 4 thesis points, 1 strengthening, 1 holding and 2 weakening.
Bull case: what the evidence supports
Because Castor sells commoditized ocean freight capacity, customer demand creates value only when management converts favorable charter-rate windows into profitable vessel employment rather than simply accepting volatile spot-market exposure.
Castor’s cash balance gives it survival value in weak freight markets and optionality to buy vessels countercyclically, but that option is valuable only if management does not spend liquidity on uneconomic fleet growth.
Bear case: what the evidence questions
The fleet has no moat if vessel operating costs, dry-docking, off-hire time and management overhead absorb rate gains; Castor must turn charter exposure into positive GAAP operating profit through cost discipline.
The main substitute for a competitive moat is capital allocation discipline; if management grows assets while common shareholders receive lower per-share economics, the book-value discount is justified.
Thesis-Break Engine
Thesis-break watch · Castor Maritime
Loading the break-condition record for Castor Maritime.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedForeign issuer material report (6-K).
Castor Maritime filed an SEC report on 2026-10-09: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
Castor Maritime filed an SEC report on 2026-09-15: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
Castor Maritime filed an SEC report on 2026-09-14: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A broad dry-bulk or tanker freight recession caused by excess vessel supply and weak commodity trade would prevent charter demand from converting into attractive rates.
- Older vessels requiring heavier special surveys, dry-docking or maintenance would raise off-hire days and cash costs before revenue fully reflects the damage.
- Cash-funded vessel acquisitions at above-market prices would convert liquidity into lower-return assets.
- Below-book equity issuance, reverse splits or financing structures that expand the share base without accretive vessel returns would weaken common-holder economics before earnings show it.
CTRM news
Loading headlines…
Financial statements
CTRM income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.