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Castor Maritime Inc. reported a net profit of USD 26.8 million during the second quarter, ended June 30, 2026, representing a 325.4% increase compared to USD 6.3 million recorded in the same period of 2025.
Meanwhile, the accumulated net profit for the first half of the year amounted to USD 96.0 million, reversing a loss of USD 17.0 million suffered in the first half of the previous year.
Total revenues from vessels reached USD 14.9 million between April and June 2026, equivalent to a year-on-year increase of 46.1%.
This growth was primarily driven by an improvement in time charter equivalent daily rates, which averaged USD 16,700 during the quarter compared to USD 11,516 recorded in the same period of the previous year.
Likewise, service revenues – generated through its asset management subsidiary MPC Capital (recently rebranded as MPC Oceanic Group AG) – increased by 37.2%, reaching USD 10.7 million.
The operational and financial performance of the quarter was accompanied by a significant strengthening of the balance sheet and an update of the vessel inventory.
During the period, the firm completed the acquisition of two eco-efficient Kamsarmax bulk carriers built in 2023 and 2024 (M/V Magic Jupiter and M/V Magic Saturn) for a combined amount of USD 79.4 million.
Additionally, on June 30, 2026, the company made a voluntary prepayment of USD 22.3 million on the principal of its sustainability-linked senior term loan, reducing its outstanding balance to USD 25.8 million.
In the strategic post-quarter close, Castor finalized the creation of a joint venture with independent investors to operate the bulk carrier M/V Magic Starlight.
Under this agreement, completed on August 6, 2026, the company contributed the vessel in exchange for a 30% ownership stake and a cash consideration of USD 18.75 million.
Concurrently, on August 28, the shareholders' meeting of its management subsidiary approved the corporate name change to MPC Oceanic Group AG to reflect its consolidation as an integrated operations and investment group.
At the close of the semester, the shipping company's cash and restricted cash stood at USD 109.4 million, while its total gross debt decreased to USD 73.8 million.
Petros Panagiotidis, Chairman and CEO of the company, highlighted that the strong demand for bulk freight and strict capital allocation favorably position the shipping company to continue capturing long-term value generation opportunities.
