Castor Maritime

What Castor Maritime does

Castor Maritime Inc. is a Cyprus-incorporated, Nasdaq-listed (CTRM) global shipping company founded in September 2017 by Petros Panagiotidis and headquartered in Limassol. It provides seaborne transportation services through ownership of a fleet of nine oceangoing cargo vessels (Kamsarmax, Panamax, and Ultramax drybulk ships plus one 1,850 TEU containership), with an aggregate capacity of 684,883 DWT operating along worldwide shipping routes for commodity traders, industrial companies, and charterers transporting dry bulk cargo (coal, iron ore, grains) and containerized goods.

The company generates revenue primarily through usage-based time-charter and voyage contracts priced at market-clearing daily Time Charter Equivalent (TCE) rates that fluctuate with dry bulk and containership market conditions. As of Q1 2026, the daily TCE rate stood at $14,926, up 56.2% year-over-year, while full-year 2025 vessel revenues were $46.2 million (down 29% from 2024 due to four vessel disposals). The company went public on Nasdaq in February 2019, spun off its tanker fleet into Toro Corp. in 2023, and completed a reverse stock split in March 2024 to maintain listing compliance.

In December 2024 Castor executed a strategic pivot by acquiring a 74.09% controlling stake in MPC Münchmeyer Petersen Capital AG for approximately $192.6 million, diversifying into asset management and energy infrastructure. The acquisition was funded in part by a $100 million senior loan from Toro Corp. (since fully repaid) and the company subsequently secured a $50 million sustainability-linked facility from a European bank while redeeming $60 million in Series E Preferred Shares. As of Q1 2026, Castor held $192.8 million in cash, reported a market capitalization of $20.4 million (approximately 9.66 million shares outstanding at $2.11), and operated with a concentrated leadership structure in which founder Petros Panagiotidis serves as Chairman, CEO, and CFO.

Name

Castor Maritime

Legal name

Castor Maritime Inc.

Website

https://castormaritime.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

Castor Maritime is a Cyprus-based, Nasdaq-listed global shipping company that owns and operates nine drybulk and containership vessels (684,883 DWT) serving commodity traders and industrial charterers on worldwide routes, and following its 2024 acquisition of MPC Münchmeyer Petersen Capital AG, it has diversified into asset management and energy infrastructure.

Ownership category

akta.pro rank

Product category

Dry Bulk Maritime Transportation

NAICS

Deep Sea, Coastal, and Great Lakes Water Transportation (48311), Water Transportation (483)

SIC

Deep Sea Foreign Transportation Of Freight (4412), Water Transportation (4400)

akta.pro primary industry

Bulk Dry Cargo Carriers (Capesize/Panamax/Supramax/Handysize) (TLADABAC)

akta.pro secondary industry

Dry Bulk Ocean Shipping (Capesize/Panamax/Handysize) (TLADAKAA)

Keywords

• Dry bulk shipping
• Containership transportation
• Maritime vessel chartering
• Seaborne commodity transport
• Global shipping services

Headquarters

HQ city

Limassol

HQ country

Cyprus

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Others

Revenue model

1. Vessel Transportation Services: Revenue generated from chartering vessels for seaborne transportation of dry bulk commodities and containerized cargo. Revenue is driven by daily Time Charter Equivalent (TCE) rates which fluctuate based on dry bulk and containership market conditions.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Castor Maritime is an international provider of seaborne shipping transportation services through ownership of dry bulk vessels (Kamsarmax, Panamax, Ultramax) and containerships (1850 TEU). The company operates a fleet of 9 vessels with aggregate capacity of 684,883 DWT, chartering vessels to commodity traders, industrial companies, and shipping charterers for the transportation of dry bulk cargo and containerized goods along worldwide shipping routes.

Product overview

Castor Maritime Inc. is a growth-oriented global shipping company engaged in the seaborne transportation of a wide range of commodities along worldwide shipping routes through ownership of dry bulk and containership vessels. The company operates a fleet consisting of drybulk vessels (Kamsarmax, Panamax, Ultramax types) and containerships. Following the 2024 acquisition of a 74.09% stake in MPC Münchmeyer Petersen Capital AG, the company has diversified into asset management and energy infrastructure services.

Differentiator

Problem solved

Functional benefit

Products and services

• Dry Bulk Vessel Transportation Seaborne transportation of dry bulk commodities (coal, iron ore, grains) using owned Kamsarmax, Panamax, and Ultramax vessel types operating along worldwide shipping routes. Services are provided to commodity traders, industrial companies, and shipping charterers on a time charter or voyage basis.
• Containership Transportation Containerized cargo transportation services through ownership of containership vessels including 1850 TEU vessels, serving global trade routes with containerized goods.
• Asset Management and Energy Infrastructure Asset management and energy infrastructure services operated through the majority-owned subsidiary MPC Münchmeyer Petersen Capital AG, providing business diversification beyond maritime shipping.

Quantifiable outcome

• Q1 2026 net income of $69.2M, a 397% increase YoY
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor and core.

• Japanese CounterpartyminorChannel Partner/ Reseller/ Distributor · 5 January 2026Sale-leaseback agreement for M/V Magic Perseus (2013-built Kamsarmax bulk carrier) for $15.6 million. The eleven-year bareboat financing arrangement includes a put option for the counterparty at year eight and a purchase option for Castor beginning at the end of year two. This was Castor's second sale-and-leaseback transaction.
• MPC Münchmeyer Petersen Capital AGcoreStrategic or Co-development Partner · 12 December 2024Castor Maritime acquired a 74.09% stake in MPC Münchmeyer Petersen Capital AG for approximately USD 192.6 million through a share purchase agreement. The transaction is aimed at diversifying Castor's business into asset management and energy infrastructure. The acquisition was completed in 2024.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Seanergy Maritime Holdings: Seanergy Maritime is a pure-play Capesize dry bulk shipping company listed in the US. It shares Castor's model of generating revenue from time charter and voyage charter arrangements tied to dry bulk freight rates.
• Costamare: Costamare is a containership owner-operator with a fleet of feeder, intermediate and larger containerships on time and voyage charters. It is a direct peer for Castor's containership (1850 TEU) operations and broader containership chartering exposure.
• Danaos Corporation: Danaos owns and charters a large fleet of containerships on long-term time charters to liner operators. It provides a directly comparable peer for the containership leg of Castor's business and for listed container tonnage exposure.
• Pangaea Logistics Solutions: Pangaea operates a fleet of dry bulk vessels including ice-class Panamax and Post-Panamax ships on niche and conventional dry bulk trades. It provides a directly comparable dry bulk chartering model with a focus on specialized cargoes.
• Diana Shipping: Diana Shipping operates a fleet of dry bulk vessels (Capesize, Kamsarmax, Panamax, Ultramax) under time charter contracts. It is a like-for-like dry bulk peer with comparable vessel mix and time-charter TCE revenue structure.
• Golden Ocean Group: Golden Ocean Group owns and operates a fleet of Capesize and Panamax dry bulk vessels, generating revenue primarily through voyage and time charters. Its exposure to dry bulk freight rates and global trading routes is highly comparable to Castor.
• Eurodry: Eurodry is a smaller-cap dry bulk owner-operator with a fleet of Panamax and Ultramax vessels. Its size profile, Greek ownership base and dry bulk chartering model make it a particularly close peer for Castor's current fleet scale.
• Star Bulk Carriers: Star Bulk Carriers is a global pure-play dry bulk shipper operating a large fleet of Newcastlemax, Capesize, Kamsarmax, Panamax and Ultramax vessels. It is the closest direct dry bulk comparable to Castor's core Kamsarmax/Panamax/Ultramax focus.
• Genco Shipping & Trading: Genco is a New York-listed pure dry bulk owner-operator with a fleet of Capesize and Ultramax vessels. Its business model of spot and time charter exposure to dry bulk freight rates closely mirrors Castor's TCE-based revenue model.
• Safe Bulkers: Safe Bulkers is a dry bulk shipping company focused on Panamax, Kamsarmax, Post-Panamax and Capesize vessels. Its mid-sized dry bulk fleet and time/voyage charter mix make it a close comparable in vessel type and business model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Castor Maritime