Castor Maritime Inc., a global shipping company, provides seaborne transportation services for dry bulk cargo and containership cargoes, as well as crude oil and refined petroleum products worldwide.
As of December 31, 2023, the company’s fleet consisted of 15 dry bulk carriers with a combined carrying capacity of 1.3 million dwt, consisting of one Capesize, five Kamsarmax and nine Panamax dry bulk vessels with an average age of 13.3 years, as well as two 2,700 TEU containerships with an aggreg...
Castor Maritime Inc., a global shipping company, provides seaborne transportation services for dry bulk cargo and containership cargoes, as well as crude oil and refined petroleum products worldwide.
As of December 31, 2023, the company’s fleet consisted of 15 dry bulk carriers with a combined carrying capacity of 1.3 million dwt, consisting of one Capesize, five Kamsarmax and nine Panamax dry bulk vessels with an average age of 13.3 years, as well as two 2,700 TEU containerships with an aggregate cargo capacity of 0.1 million dwt and an average age of 18.3 years.
The company operates dry bulk vessels that engage in the worldwide transportation of commodities, such as iron ore, coal, soybeans, etc.; and containerships that are engaged in the transportation of containerized cargoes.
Segments
The company operates through two segments, Dry Bulk and Containerships.
Dry Bulk: This segment provides dry bulk commodities transportation services.
Containerships: This segment provides containership cargoes transportation services.
Chartering of Fleet
The company actively markets its vessels, in the short, medium and long-term charter markets in order to secure optimal employment in the shipping markets in which its vessels actively participate and its commercial strategy focuses on deploying its fleet in both the spot and period markets according to its assessment of market conditions. The company utilizes and expects to continue to utilize various types of employment for its vessels and adjust the mix of charter types.
During the year ended December 31, 2023, the company’s dry bulk vessels and containerships operated exclusively under time charter contracts. As of December 31, 2023, two of the company’s dry bulk vessels were chartered in the spot trip time charter market, ten of its dry bulk vessels were fixed on period charter contracts in which the rate of daily hire is linked to the average of the time charter routes comprising the respective indices for dry bulk vessels of the Baltic Exchange, three of its dry bulk vessels were employed under index-linked period charters converted to a fixed rate and our two containerships were under fixed rate period charter contracts.
Regulations
A variety of government and private entities subject the company’s vessels to both scheduled and unscheduled inspections. These entities include the local port authorities (applicable national authorities, such as the United States Coast Guard (USCG), harbor master or equivalent), classification societies, flag state administrations (countries of registry) and charterers, particularly terminal operators.
The company is also required to comply with requirements relating to new European Union Emissions Trading Scheme (EU ETS) regulations for carbon emissions for voyages of vessels above 5000 GT departing from or arriving to ports in the European Union phased in from the beginning of 2024 with an implementation scheme of 40% of emissions, followed by 70% of emissions in 2025 and ending in 2026 with 100% of the emissions produced by these voyages.
History
Castor Maritime Inc. was founded in 2017. The company was incorporated in the Republic of the Marshall Islands in 2017.