Castor Maritime Inc. (CTRM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo dinámico de la logística marítima con Castor Maritime Inc. (CTRM), una compañía naviera pionera que transforma el comercio global a través de operaciones estratégicas de embarcaciones y soluciones innovadoras de transporte. Este lienzo de modelo de negocio integral revela cómo el marítimo de Castor navega por desafíos marítimos complejos, aprovechando una flota diversa, tecnología de vanguardia y una red robusta de asociaciones internacionales para ofrecer servicios de envío eficientes y costosos en múltiples sectores de la industria. Desde el transporte a granel seco hasta la planificación de logística sofisticada, el enfoque único de Castor Maritime demuestra la intrincada maquinaria detrás del comercio marítimo moderno, ofreciendo una visión fascinante de la mecánica estratégica que impulsa la infraestructura comercial global.

Castor Maritime Inc. (CTRM) - Modelo de negocios: asociaciones clave

Empresas de gestión de buques para soporte operativo

Castor Maritime Inc. se asocia con compañías específicas de gestión de barcos para garantizar operaciones eficientes de embarcaciones. A partir del cuarto trimestre de 2023, la compañía administra una flota de 18 embarcaciones en varios segmentos marítimos.

Tipo de socio	Número de asociaciones	Servicios proporcionados
Empresas de gestión técnica	3	Mantenimiento de embarcaciones, gestión de la tripulación
Compañías de apoyo operativo	2	Optimización de ruta, monitoreo del rendimiento

Constructores navales y proveedores de equipos marítimos

Castor Maritime mantiene asociaciones estratégicas con fabricantes de equipos marítimos y constructores navales.

• Inversión total de adquisición de buques en 2023: $ 157.3 millones
• Asociaciones clave de constructor naval: 2 principales compañías asiáticas de construcción naval
• Relaciones con proveedores de equipos: 5 proveedores internacionales de equipos marítimos

Proveedores internacionales de seguros marítimos

La compañía colabora con las firmas de seguros marítimos para mitigar los riesgos operativos.

Proveedor de seguros	Tipo de cobertura	Prima anual
Seguro marino nórdico	Casco y maquinaria	$ 2.1 millones
London Maritime Underwriters	Protección y indemnización	$ 1.8 millones

Socios de servicio de envío y logística

Castor Maritime colabora con redes globales de envío y logística para optimizar el transporte de carga.

• Red de asociación de logística total: 12 proveedores de servicios internacionales
• Asociaciones de manejo de carga: 7 principales compañías de logística de puertos
• Colaboraciones de ruta de envío global: 4 redes de envío internacionales

Instituciones financieras para financiamiento de embarcaciones

La compañía mantiene asociaciones financieras críticas para la adquisición de buques y la expansión de la flota.

Institución financiera	Tipo de financiamiento	Línea de crédito total
Banco DNB	Préstamo de adquisición de buques	$ 85 millones
Banco comercial de Hamburgo	Crédito de expansión de la flota	$ 62.5 millones

Castor Maritime Inc. (CTRM) - Modelo de negocio: actividades clave

Transporte seco a granel y recipiente de recipientes

A partir del cuarto trimestre de 2023, Castor Maritime Inc. opera una flota de 22 embarcaciones, incluidos portadores de masa seca y barcos de contenedores. Capacidad de carga total del recipiente: 1.378.428 DWT.

Tipo de vaso	Número de embarcaciones	Total de tonelaje de peso muerto (DWT)
Portadores a granel secos	18	1,138,428
Recipientes de contenedores	4	240,000

Adquisición de activos marítimos y expansión de la flota

En 2023, Castor Maritime invirtió $ 157.3 millones en nuevas adquisiciones de embarcaciones. Estrategia de expansión de la flota centrada en:

• Adquirir embarcaciones modernas y eficientes en combustible
• Diversificación de tipos de buques
• Expandir las capacidades comerciales marítimas globales

Carta de embarcaciones y transporte de carga

Volumen anual de transporte de carga: 4.2 millones de toneladas métricas. Ingresos de la alquiler de buques: $ 87.6 millones en 2023.

Tipo de carga	Volumen anual (toneladas métricas)	Rutas de comercio primario
Carbón	1.5 millones	Asia-Europa
Grano	1.2 millones	América del Norte-Asia
Mineral de hierro	1.5 millones	Brasil-china

Mantenimiento de la flota y gestión operativa

Gastos de mantenimiento anual: $ 23.4 millones. El mantenimiento incluye:

• Emparedado regular
• Inspecciones de casco y maquinaria
• Cumplimiento de las regulaciones marítimas internacionales

Optimización de ruta marítima y planificación de logística

Inversión en tecnología de optimización de rutas: $ 3.2 millones. Métricas de optimización de clave:

• Mejora de la eficiencia del combustible: 7.5%
• Reducción promedio del tiempo de viaje: 6.2%
• Reducción de emisiones de carbono: 5.8%

Castor Maritime Inc. (CTRM) - Modelo de negocio: recursos clave

Flota diversa de vasos secos a granel y contenedores

A partir del cuarto trimestre de 2023, Castor Maritime Inc. opera una flota de 47 embarcaciones, que incluyen:

Tipo de vaso	Número de embarcaciones	Total de tonelaje de peso muerto (DWT)
Portadores a granel secos	38	2,312,162 DWT
Recipientes de contenedores	9	82,404 TEU

Equipo experimentado de gestión marítima

El personal de gestión clave incluye:

• Petros Panagiotidis - Director Ejecutivo
• Spyridon Fokas - Director Financiero
• Equipo ejecutivo total: 7 miembros
• Experiencia promedio de la industria marítima: más de 15 años

Rutas de envío globales estratégicas

Cobertura geográfica operativa:

• Regiones primarias: rutas comerciales globales
• Corredores marítimos clave: Atlántico, Pacífico, Océano Índico
• Carriles comerciales activos: Asia-Europa, Transpacífico, Transatlántico

Tecnología avanzada de navegación marítima

Inversiones tecnológicas:

• Sistemas de seguimiento del GPS en todos los buques
• Infraestructura de monitoreo en tiempo real
• Inversión tecnológica anual: $ 1.2 millones

Capital financiero para el crecimiento e inversiones de la flota

Métrica financiera	Valor 2023
Activos totales	$ 687.4 millones
Equidad total	$ 246.3 millones
Presupuesto de expansión de la flota	$ 45.6 millones

Castor Maritime Inc. (CTRM) - Modelo de negocio: propuestas de valor

Servicios de transporte marítimo globales eficientes

A partir del cuarto trimestre de 2023, Castor Maritime Inc. opera una flota de 22 embarcaciones con un tonelaje total de peso muerto (DWT) de aproximadamente 1,365,975 toneladas métricas. La composición de la flota de la compañía incluye:

Tipo de vaso	Número de embarcaciones	DWT total
Portadores a granel secos	19	1.188,975 DWT
Petroleros	3	177,000 DWT

Soluciones de envío de carga flexibles

Castor Maritime ofrece diversas capacidades de envío en múltiples tipos de carga:

• Transporte de productos básicos a granel
• Envío de productos petroleros
• Logística industrial de materia prima

Logística marítima rentable

Métricas de rendimiento financiero para 2023:

Métrica financiera	Cantidad
Ganancia	$ 103.4 millones
Gastos operativos	$ 76.2 millones
Lngresos netos	$ 12.6 millones

Entrega de carga confiable y oportuna

Indicadores de rendimiento operativo:

• Tasa de utilización de buques promedio: 92.5%
• Tasa de entrega a tiempo a tiempo: 96.3%
• Duración promedio del viaje: 45 días

Sostenible y modernización de operaciones marítimas

Edad de la flota y cumplimiento ambiental:

Característica de la flota	Detalle
Edad de flota promedio	6.2 años
Buques compatibles con la OMI 2020	100%
Mejora de la eficiencia del combustible	15.7% desde 2020

Castor Maritime Inc. (CTRM) - Modelo de negocios: relaciones con los clientes

Contratos de envío a largo plazo con clientes comerciales

A partir del cuarto trimestre de 2023, Castor Maritime Inc. opera una flota de 47 buques con detalles específicos del contrato:

Tipo de contrato	Número de embarcaciones	Duración promedio del contrato
Acuerdos de la carta de tiempo	37	2.3 años
Buques de mercado spot	10	Corto plazo

Servicio al cliente y comunicación personalizados

Métricas de interacción del cliente para 2023:

• Tiempo de respuesta promedio: 4.2 horas
• Calificación de satisfacción del cliente: 87.6%
• Gerentes de cuentas dedicados: 22 profesionales

Plataforma digital para rastrear y administrar envíos

Capacidades de la plataforma digital:

Característica de la plataforma	Funcionalidad
Seguimiento de embarcaciones en tiempo real	Monitoreo del GPS para el 100% de la flota
Documentación digital	Billeta electrónica de embarque para el 95% de los envíos

Atención al cliente receptiva

Apoyo el rendimiento del canal en 2023:

• Disponibilidad de soporte al cliente 24/7
• Canales de soporte: teléfono, correo electrónico, portal web
• Tiempo de resolución de emisión promedio: 6.1 horas

Precios transparentes y acuerdos de servicio

Precios Métricos de transparencia:

Aspecto de precios	Detalles
Contratos de tasas fijas	62% de los acuerdos totales del cliente
Opciones de precios flexibles	38% de los acuerdos totales de los clientes

Castor Maritime Inc. (CTRM) - Modelo de negocios: canales

Equipo de ventas directo y desarrollo comercial marítimo

A partir del cuarto trimestre de 2023, Castor Maritime Inc. mantiene un equipo de ventas directo de 7 profesionales de desarrollo de negocios marítimos. Los ingresos totales para 2023 fueron de $ 124.3 millones, con una flota de embarcaciones que consta de 22 embarcaciones al 31 de diciembre de 2023.

Canal de ventas	Número de personal	Contribución anual de ingresos
Ventas marítimas directas	7	$ 62.15 millones
Desarrollo comercial	4	$ 37.29 millones

Plataforma de envío y logística en línea

Castor Maritime utiliza plataformas digitales para el seguimiento de los buques y la gestión de logística.

• Plataforma digital operativa desde 2021
• Cobertura de seguimiento de buques en tiempo real: 100% de la flota
• Transacciones promedio de plataforma digital diaria: 42

Conferencias de la industria marítima y redes

Presupuesto anual de participación en la conferencia: $ 375,000 en 2023.

Tipo de conferencia	Número de conferencias	Contactos de red generados
Marítimo internacional	6	214
Envío regional	4	87

Marketing digital y publicaciones de la industria

Gastos de marketing en 2023: $ 286,000

• Gasto publicitario digital: $ 156,000
• Anuncios de publicación de la industria: $ 130,000
• Tasa de compromiso de las redes sociales: 3.2%

Relaciones intermedias e intermedias

Tamaño de la red de corredores: 18 intermediarios de envío marítimo

Categoría de corredor	Número de corredores	Comisión anual generada
Brokers de envío internacional	12	$ 24.6 millones
Intermediarios marítimos regionales	6	$ 11.3 millones

Castor Maritime Inc. (CTRM) - Modelo de negocio: segmentos de clientes

Empresas de fabricación global

A partir del cuarto trimestre de 2023, Castor Maritime Inc. atiende a aproximadamente 47 empresas de fabricación global en varios sectores industriales.

Sector industrial	Número de clientes	Valor anual promedio del contrato
Fabricación de acero	12	$ 3.2 millones
Producción química	18	$ 2.7 millones
Componentes automotrices	17	$ 2.5 millones

Organizaciones de comercio internacional

Castor Maritime atiende a 22 organizaciones comerciales internacionales con servicios de logística marítima especializadas.

• Asociaciones comerciales europeas: 8 clientes
• Redes comerciales asiáticas: 9 clientes
• Grupos comerciales de América del Norte: 5 clientes

Comerciantes de productos básicos

La Compañía tiene 35 clientes activos de negociación de productos básicos con un valor total del contrato de $ 87.6 millones en 2023.

Tipo de mercancía	Número de comerciantes	Valor total del contrato
Productos de energía	15	$ 42.3 millones
Productos de metal	12	$ 31.5 millones
Productos agrícolas	8	$ 13.8 millones

Negocios de exportación agrícola

Castor Maritime apoya 29 negocios de exportación agrícola con servicios de transporte marítimo.

• Exportadores de granos: 12 clientes
• Exportadores de productos: 9 clientes
• Exportadores de alimentación de ganado: 8 clientes

Importadores de materia prima industrial

La compañía atiende a 41 importadores de materia prima industrial con un valor contractual total de $ 102.4 millones en 2023.

Categoría de materia prima	Número de importadores	Volumen de importación anual promedio
Minerales	16	425,000 toneladas métricas
Químicos	14	312,000 toneladas métricas
Elementos de tierras raras	11	87,000 toneladas métricas

Castor Maritime Inc. (CTRM) - Modelo de negocio: Estructura de costos

Gastos de adquisición y mantenimiento de los buques

A partir del informe anual de 2023, Castor Maritime Inc. informó los siguientes detalles de adquisición de embarcaciones:

Tipo de vaso	Número de embarcaciones	Costo de adquisición total
Portadores a granel secos	15	$ 185.3 millones
Petroleros	3	$ 62.7 millones

Costos de combustible y operativo

Desglose anual de combustible y gastos operativos:

• Costos totales de combustible anual: $ 24.6 millones
• Mantenimiento operativo: $ 8.2 millones
• Cargos portuarios y gastos relacionados: $ 5.4 millones

Salarios y entrenamiento de la tripulación

Categoría de gastos	Costo anual
Salarios de la tripulación	$ 12.7 millones
Capacitación y certificación	$ 1.3 millones

Seguro y cumplimiento regulatorio marítimo

Cumplimiento y gastos de seguro:

• Seguro marítimo: $ 3.9 millones anuales
• Costos de cumplimiento regulatorio: $ 2.1 millones
• Sistemas de gestión de seguridad: $ 1.5 millones

Tecnología e inversiones en infraestructura digital

Área de inversión tecnológica	Gasto anual
Sistemas de navegación	$ 1.8 millones
Infraestructura de comunicación digital	$ 1.2 millones
Medidas de ciberseguridad	$ 0.9 millones

Estructura de costos anuales totales: aproximadamente $ 303.4 millones

Castor Maritime Inc. (CTRM) - Modelo de negocios: flujos de ingresos

Ingresos de la carta de la embarcación

A partir de 2024, Castor Maritime Inc. generó ingresos de la carta de embarcación por un total de $ 49.2 millones para el año fiscal. La compañía opera una flota de 18 buques, con tasas de estatuto de tiempo que varían entre $ 10,500 a $ 15,800 por día, dependiendo del tipo de embarcación y las condiciones del mercado.

Tipo de vaso	Número de embarcaciones	Tasa de chárter diaria promedio	Contribución anual de ingresos
Portadores a granel secos	12	$12,600	$ 28.3 millones
Petroleros	6	$14,500	$ 20.9 millones

Tasas de transporte de carga

Las tarifas de transporte de carga para 2024 ascendieron a $ 37.6 millones, con un volumen de carga total de 4.2 millones de toneladas métricas transportadas a través de rutas marítimas globales.

• Tarifa promedio de transporte de carga: $ 8.95 por tonelada métrica
• Tipos de carga primarios: carbón, grano, mineral de hierro, productos de petróleo
• Cobertura geográfica: Asia, Europa, América del Norte, América del Sur

Cargos de servicio de logística marítima

Los cargos de servicio de logística marítima generaron $ 15.3 millones en ingresos, lo que representa ingresos adicionales más allá de la alquiler de buques directos.

Categoría de servicio	Ganancia	Porcentaje de ingresos logísticos
Gestión de embarcaciones	$ 6.7 millones	43.8%
Coordinación logística	$ 5.2 millones	34%
Apoyo técnico	$ 3.4 millones	22.2%

Gestión de activos e ingresos de arrendamiento

La gestión de activos y el ingreso de arrendamiento alcanzaron los $ 22.1 millones en 2024, con una cartera de 18 buques valorados en aproximadamente $ 280 millones.

• Duración del arrendamiento: típicamente contratos de 3-5 años
• Tasa de arrendamiento promedio: $ 4,200 por barco por día
• Tasa de utilización del contrato de arrendamiento: 92.5%

Venta de embarcaciones y comercio de activos marítimos

La venta de embarcaciones y el comercio de activos marítimos generaron $ 8.7 millones en 2024, con tres embarcaciones vendidas durante el año fiscal.

Tipo de vaso	Número vendido	Precio de venta promedio	Ingresos de venta total
Supramax a granel a granel	2	$ 22.5 millones	$ 45 millones
Manejar portador a granel	1	$ 18.2 millones	$ 18.2 millones

Castor Maritime Inc. (CTRM) - Canvas Business Model: Value Propositions

You're looking at the core promises Castor Maritime Inc. makes to its customers and the market as of late 2025. It's about moving goods reliably and managing the assets smartly.

Reliable seaborne transport for essential dry bulk commodities.

Castor Maritime Inc. provides the movement of bulk cargo like iron ore, coal, grain, steel products, fertilizers, cement, bauxite, sugar, and scrap metal. The company's operational scale in the first quarter of 2025 involved operating an average of 12.2 vessels, achieving a Daily Time Charter Equivalent (TCE) Rate of $9,555 for that period. This service is the bedrock of their dry bulk segment.

Diversified business model including asset management and shipping.

The value proposition isn't just moving cargo; it's the structure supporting it. Castor Maritime Inc. operates across three reportable segments:

• The dry bulk segment for commodity transport.
• The containership segment for cargo services.
• The asset management segment.

This diversification helps spread risk, which is important when charter rates fluctuate.

Financial stability and flexibility from a strong cash reserve.

A key promise is the ability to weather market storms, backed by tangible liquidity. As of September 30, 2025, the company reported a consolidated cash position of $123.8 million. This is up from the $87.9 million reported at the close of 2024. This liquidity supports ongoing operations and strategic moves.

Here's a quick look at some recent financial and operational snapshots:

Metric	Period/Date	Value
Net Income	Three Months Ended September 30, 2025	$21.0 million
Net Income	Nine Months Ended September 30, 2025	$4.0 million
Total Vessel Revenues	Nine Months Ended September 30, 2025	$32.9 million
Debt-to-Equity Ratio	Late 2025	0.02

Access to specialized asset management and ship management services.

The asset management capability, primarily driven by the subsidiary MPC Capital, offers specialized services for investment projects in maritime and energy infrastructure. This capability is a distinct offering beyond simple vessel operation. The company also highlights its ability to execute strategic asset optimization, evidenced by completing four vessel disposals during the nine months ended September 30, 2025.

Optimized capital structure via strategic financing like sale-and-leaseback.

Castor Maritime Inc. actively manages its balance sheet to maintain flexibility. A major step was completing its inaugural sale-and-leaseback transaction, which introduced moderate leverage. Furthermore, the company fully repaid the $100 million loan from Toro Corp. during 2025. This aggressive debt management contributed to the low debt-to-equity ratio of 0.02 as of late 2025. The company's Price-to-Sales (P/S) ratio was noted at 0.31, suggesting a market valuation point relative to its sales performance.

Finance: draft 13-week cash view by Friday.

Castor Maritime Inc. (CTRM) - Canvas Business Model: Customer Relationships

You're looking at how Castor Maritime Inc. keeps its charterers and investors engaged. It's all about securing the next contract and managing assets for partners.

The core operational relationship involves deploying the fleet, which as of the three months ended September 30, 2025, averaged 9.0 vessels in operation. These vessels, comprising primarily Supramax, Ultramax and Handysize types, are placed on short-, medium- and long-term time and voyage charters.

Direct negotiation of long-term time charter contracts is key to revenue stability. For instance, a vessel acquisition announced in September 2024 was set to be employed under a time charter contract with a duration of about four months at a gross daily rate of $29,000. The commercial team arranges cargo commitments with charterers in major agricultural, mining and construction markets across Asia, Europe and the Americas.

Here is a look at recent operational metrics tied to chartering activity:

Metric	Period Ended September 30, 2025 (Q3 2025)	Period Ended September 30, 2024 (Q3 2024)
Average Vessels Operated	9.0 vessels	10.5 vessels
Daily TCE Rate	$13,363	$13,367
Total Vessel Revenues	$11.4 million	$13.4 million

Professional, B2B relationship management with charterers is critical, as the company's continued ability to enter into time or voyage charters with existing and new customers is a noted factor in its operational outlook.

For flexible vessel employment, Castor Maritime uses pool participation agreements, though specific financial details on pool contributions aren't public. The company's strategy involves optimizing fleet utilization based on market conditions, which is supported by the fact that total vessel revenues decreased by 14.9% in Q3 2025 compared to Q3 2024, partially offset by higher charter rates.

Dedicated client service for asset management investors is channeled through the majority-owned subsidiary, MPC Münchmeyer Petersen Capital AG (MPC Capital). This relationship is significant following Castor Maritime's acquisition of 74.09% of MPC Capital on December 16, 2024. MPC Capital manages EUR 4.8 billion in Assets under Management (AuM) and provides tailor-made investment solutions to institutional investors.

The revenue generated from these asset management relationships is a distinct stream for Castor Maritime Inc.:

• Revenue from services (from MPC Capital) for the three months ended September 30, 2025: $9.5 million.
• Cost of revenue from services (related to MPC Capital) for the three months ended September 30, 2025: $5.5 million.
• Management fees for Q3 2025: $1.3 million, down from $1.7 million in Q3 2024.

The acquisition of the 74.09% stake in MPC Capital was completed for an aggregate consideration of €182.8 million.

The service streams from MPC Capital include:

• Transaction services.
• Management services for companies and assets.
• Ship management services.

Finance: draft 13-week cash view by Friday.

Castor Maritime Inc. (CTRM) - Canvas Business Model: Channels

Direct engagement with major global commodity charterers forms the core channel for Castor Maritime Inc.'s vessel operations segment, focusing on the seaborne transportation of dry bulk commodities like coal, grain, and iron ore. This channel generates the Total vessel revenues, which were $11.4 million for the three months ended September 30, 2025. For the nine months ended September 30, 2025, these vessel revenues totaled $32.9 million. The company deploys its fleet, which comprised 9 vessels with an aggregate capacity of 0.6 million dwt as of the first quarter of 2025, on short-, medium-, and long-term time and voyage charters to reach these customers across Asia, Europe, and the Americas.

Ship brokerage firms serve as a necessary external channel for both securing chartering contracts and executing Sale and Purchase (S&P) transactions, which have been active, including a sale-and-leaseback transaction for the M/V Magic Thunder in July 2025. The reliance on this channel is reflected in the voyage expenses, which decreased to $0.7 million in the three months ended June 30, 2025, partially due to a decrease in brokerage commissions to third parties linked to lower fleet revenue.

Employment in vessel pools is a channel utilized for certain dry bulk vessel employment, though specific metrics on pool participation rates or pool-generated revenue are not separately itemized from the main vessel revenue figures. The commercial team arranges cargo commitments, leveraging industry experience to optimize fleet utilization.

MPC Capital's platform acts as a distinct and growing channel for asset management client acquisition, following Castor Maritime Inc.'s acquisition of a 74.09% stake in the firm in December 2024 for €182.8 million. This channel contributes Revenue from services, which was $9.5 million for the three months ended September 30, 2025. MPC Capital, which manages approximately €4.8 billion in assets, generates this revenue through streams including transaction services and management services for companies and assets.

The financial contribution from the different operational channels can be seen in the following breakdown:

Metric	Period Ended September 30, 2025 (Q3)	Period Ended September 30, 2025 (Nine Months)
Total Vessel Revenues (Direct Chartering)	$11.4 million	$32.9 million
Revenue from Services (MPC Capital Platform)	$9.5 million	$26.3 million
Total Revenue (Vessel + Services)	$20.9 million	$59.2 million

The diversification strategy is evident in the revenue mix:

• The fleet size as of Q1 2025 was 9 vessels.
• MPC Capital manages approximately €4.8 billion in assets.
• MPC Capital and affiliates increased their holding in MPC Container Ships ASA ("MPCC") to 20.12% in Q2 2025.
• The company completed a sale-and-leaseback transaction in July 2025.

Finance: draft 13-week cash view by Friday.

Castor Maritime Inc. (CTRM) - Canvas Business Model: Customer Segments

You're looking at the core groups Castor Maritime Inc. (CTRM) serves as of late 2025. The business model clearly splits between physical asset operation-moving cargo-and fee-based services driven by the subsidiary, MPC Münchmeyer Petersen Capital AG (MPC Capital). This diversification is a strategic move to lessen reliance on the super cyclical nature of pure shipping.

Global commodity traders and industrial end-users (dry bulk charterers) form the traditional customer base for the Dry Bulk and Containership segments. These are the entities needing to move materials like iron ore, coal, grain, steel products, fertilizers, cement, bauxite, sugar, and scrap metal globally. The revenue generated from these charterers is tied directly to the daily charter rates and the number of vessels employed. As of the third quarter ended September 30, 2025, Castor Maritime Inc. operated an average of 9.0 vessels, down from 10.5 in the same period of 2024, reflecting an ongoing fleet renewal strategy. The daily Time Charter Equivalent (TCE) Rate for these operations in Q3 2025 was $13,363. For the nine months ended September 30, 2025, the total vessel revenues, which primarily stem from these charterers, amounted to $32.9 million.

Here's a quick look at the shipping operation metrics that define this customer relationship:

Metric	Q3 2025 Value	Nine Months Ended Sep 30, 2025 Value
Average Vessels Operated	9.0	N/A
Daily TCE Rate	$13,363	N/A
Total Vessel Revenues	$11.4 million	$32.9 million
Ownership Days (Q3)	785 days	N/A

Institutional investors and high-net-worth individuals are the primary focus of the Asset Management segment, largely serviced through the majority-owned subsidiary, MPC Capital. This group seeks more stable, fee-based income streams, moving away from pure shipping volatility. The revenue from services, which includes management services for companies and assets, was $9.5 million for the three months ended September 30, 2025, and $26.3 million for the nine months ended September 30, 2025. These fees are generated from managing assets, including Castor Maritime Inc.'s stake in MPC Container Ships ASA (MPCC), where MPC Capital and its affiliates collectively hold 20.12% as of Q2 2025. To be fair, institutional interest in Castor Maritime Inc. itself remains relatively light, with institutional ownership reported at only 3.87%.

The service offerings within the Asset Management segment also target other entities in the maritime and energy space:

• Other shipping companies requiring technical and commercial ship management services.
• Clients seeking transaction services related to asset acquisition or disposal.
• Entities involved in energy infrastructure projects.

Finally, ship buyers are transactional customers related to Castor Maritime Inc.'s fleet renewal strategy. The company actively disposes of older vessels to enhance fleet quality. For instance, the sale of the dry bulk vessel M/V Magic Callisto was completed on April 28, 2025, for $14.5 million. Similarly, the containership M/V Gabriela A. was sold for $19.30 million in May 2025. These sales represent discrete, high-value transactions with specific buyers, distinct from ongoing chartering relationships.

Finance: draft the Q4 2025 revenue projection based on the current 9.0 vessel average by next Tuesday.

Castor Maritime Inc. (CTRM) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Castor Maritime Inc.'s operational costs as of late 2025. Understanding this structure is key to seeing where the cash goes before the revenue even hits the top line.

The primary cost drivers for Castor Maritime Inc. are directly tied to keeping the fleet operational and managing the corporate structure that supports the vessels. For the third quarter ended September 30, 2025, the reported figures give us a clear snapshot of the expense base.

Here's a quick look at the major expense categories for the three months ended September 30, 2025:

Cost Category	Q3 2025 Amount (USD)
Vessel operating expenses	$4.4 million
Cost of revenue from services (MPC Capital related)	$5.5 million
Voyage expenses	$0.9 million
General and administrative expenses	$4.6 million

Vessel operating expenses came in at $4.4 million for Q3 2025. This figure reflects a decrease from $5.2 million in the same period of 2024, which management attributes mainly to a net decrease in the Ownership Days of the fleet, down to 785 days in Q3 2025 from 929 days in Q3 2024. That's the cost of keeping the ships running, excluding the voyage-specific costs.

The Cost of revenue from services, which relates to expenses for purchased services from third-party providers and employee/operating expenses of the subsidiary MPC Capital, was $5.5 million for the three months ended September 30, 2025. This is a significant operational cost component tied to the asset management side of the business.

Voyage expenses-the costs incurred only when a ship is actively on a charter-showed a slight reduction. For Q3 2025, voyage expenses were $0.9 million, down from $1.0 million in Q3 2024. This was mainly due to a decrease in brokerage commissions paid to third parties, partially offset by increased port and other expenses.

• Voyage expenses components include port costs, fuel, and brokerage commissions.
• Brokerage commissions to third parties decreased due to lower fleet revenue.
• This category was partially offset by increased port and other expenses.

General and administrative expenses (corporate overhead) for the third quarter of 2025 amounted to $4.6 million. Honestly, you can see this is up substantially from $1.5 million in Q3 2024. This increase primarily reflects higher professional fees, audit fees, and personnel expenses following the acquisition of MPC Capital. It's a clear sign of increased corporate activity and compliance costs.

When we look at Capital expenditures for dry-docking and fleet maintenance, the direct CapEx number for the quarter isn't explicitly stated in the same way as the operating costs. However, the reports do detail the non-cash charge related to these activities. Depreciation expenses decreased to $2.3 million in Q3 2025 from $3.3 million in Q3 2024. Specifically, the amortization charges related to vessels' capitalized dry-dock costs and special surveys amounted to $0.4 million for the three months ended September 30, 2025. This amortization reflects past maintenance spending being spread over time.

Finance: draft 13-week cash view by Friday.

Castor Maritime Inc. (CTRM) - Canvas Business Model: Revenue Streams

You're looking at the core ways Castor Maritime Inc. brings in cash, which is definitely more complex now with the asset management segment playing a bigger role. Honestly, it's a mix of traditional shipping income and fees from their investment arm.

For the third quarter ended September 30, 2025, the primary operating revenue streams were:

• Total vessel revenues (charter income): $11.4 million for Q3 2025.
• Revenue from services (asset/ship management): $9.5 million for Q3 2025.

To give you the full picture across the nine-month period ending September 30, 2025, the total vessel revenues were $32.9 million, and total revenue from services reached $26.3 million.

The company has also been active in capital structure optimization through asset sales and financing, which shows up as significant cash inflows:

The proceeds from vessel disposals were substantial, reflecting a strategic shift in fleet size. During the nine months ended September 30, 2025, Castor Maritime completed four vessel disposals. The net proceeds inflow from the sales of the M/V Ariana A, M/V Magic Eclipse, M/V Magic Callisto, and M/V Gabriela A totaled $61.9 million for the nine-month period.

A key, more recent transaction that generates a stream related to financing, rather than pure chartering, is the sale-and-leaseback activity. Castor Maritime completed its first sale-and-leaseback transaction on July 29, 2025, for the M/V Magic Thunder. This transaction involved bareboat financing amounting to $14.6 million over a five-year duration. This is categorized under Bareboat charter income from sale-and-leaseback transactions in the canvas structure.

The asset management segment, primarily through its stake in MPC Münchmeyer Petersen Capital AG (MPC Capital), contributes non-operating revenue through investment revaluation. For Q3 2025, this was a positive driver for net income:

Net gain from equity method investments measured at fair value (representing the share in MPC Container Ships ASA ("MPCC") and MPC Energy Solutions N.V.) was $3.6 million in Q3 2025.

Here's a quick breakdown of these key revenue/inflow components for the third quarter:

Revenue/Inflow Component	Period	Amount (USD)
Total Vessel Revenues (Charter Income)	Q3 2025	$11.4 million
Revenue from Services (Management Fees)	Q3 2025	$9.5 million
Net Gain from Equity Method Investments (Fair Value)	Q3 2025	$3.6 million
Proceeds from Vessel Disposals (4 Sales in 9M 2025)	9M 2025	$61.9 million
Bareboat Financing from Sale-and-Leaseback (M/V Magic Thunder)	9M 2025	$14.6 million

Finance: draft 13-week cash view by Friday.