The headline net income largely reflects non-cash mark-to-market gains on the MPCC stake, not core shipping earnings. The core shipping business is improving (TCE rates up 56%) but on a smaller fleet, and adjusted net income still modest at ~$9.6M. Monitor whether dry-bulk and containership charter rates can sustain at current levels, and watch for any monetization of the MPCC stake or further fleet sales/leasebacks that would crystallize the investment portfolio's value. The strong cash position and positive operating cash flow provide flexibility.
Price Chart
Executive Summary
Castor Maritime reported Q1 2026 net income of $69.2 million, reversing a $23.3 million loss in Q1 2025, driven largely by a $46.5 million unrealized fair-value gain on its MPCC stake (MPCC shares rose ~30% in the quarter). Core shipping operations showed modest improvement: total vessel revenues rose 5.3% YoY to $11.9 million, with daily TCE rates up 56% to $14,926, offset by a 31% reduction in fleet size. Adjusted net income doubled to $9.6 million, and cash grew to $192.8 million from $152.8 million at year-end 2025.
Key Facts
- Net income of $69.2 million for Q1 2026 compared to a $23.3 million loss in Q1 2025
- Total vessel revenues $11.9 million (+5.3% YoY); revenue from services $9.3 million (+3.3% YoY)
- Daily TCE rate $14,926 (+56.2% YoY) on a 31% smaller fleet (741 vs 1,068 available days)
- Adjusted net income $9.6 million (vs $4.9 million in Q1 2025)
- Adjusted EBITDA $15.2 million (vs $9.9 million in Q1 2025)
- Cash and restricted cash $192.8 million, up $40 million from December 31, 2025
- EPS basic $4.65; diluted EPS $0.83 (weighted diluted shares 56.6M vs 9.7M basic, reflecting Series D preferred conversion)
- Unrealized gain of $46.5 million from equity method investments measured at fair value (primarily MPCC stake)
Financial Impact
Reported net income of $69.2M; adjusted net income of $9.6M; cash increased by $40M to $192.8M; total debt rose to $98.4M from $85.6M due to sale-leaseback financing
Risk Factors
- Record net income driven by non-cash unrealized gains on MPCC equity stake — core shipping earnings are much smaller
- Fleet reduced by ~31% YoY following vessel sales, lowering potential revenue base
- Total debt increased to $98.4 million from $85.6 million due to sale-leaseback financing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001140361-26-023657 |
| Document: ef20075215_6k.htm | 0001140361-26-023657 |
| Document: 0001140361-26-023657-index-headers.html | 0001140361-26-023657 |
| Document: 0001140361-26-023657-index.html | 0001140361-26-023657 |
| Document: 0001140361-26-023657.txt | 0001140361-26-023657 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 17d ago | 6-K | $1.70 | awaiting T+60 | — | $1.57 (−7.65%) |
Sep 14, 2026 6w ago | 6-K | $2.49 | awaiting T+60 | — | $1.57 (−36.95%) |
Sep 14, 2026 6w ago | Press Release | $2.49 | awaiting T+60 | — | $1.57 (−36.95%) |
Aug 7, 2026 11w ago | 6-K | $2.04 | awaiting T+60 | — | $1.57 (−23.04%) |
Aug 7, 2026 11w ago | Press Release | $2.04 | awaiting T+60 | — | $1.57 (−23.04%) |
Jul 20, 2026 14w ago | 6-K | $1.95 $1.72 | ▼ −11.79% | ▼ −16.64% | $1.57 (−19.49%) |
Jun 30, 2026 16w ago | 6-K | $2.10 $2.13 | ▲ +1.43% | ▼ −2.13% | $1.57 (−25.24%) |
Jun 2, 2026 20w ago | 6-K | $2.35 $2.47 | ▲ +5.11% | ▲ +3.99% | $1.57 (−33.19%) |
Jun 2, 2026 20w ago | Press Release | $2.35 $2.47 | ▲ +5.11% | ▲ +3.99% | $1.57 (−33.19%) |
Apr 15, 2026 27w ago | Press Release | $1.82 $2.05 | ▲ +12.64% | ▲ +5.59% | $1.57 (−13.74%) |
US Market Status
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