Castor Maritime has revealed its best-ever profit at the same time as completing the spin-off of its new tanker company.
The Nasdaq-listed, Limassol-based owner said net earnings in the fourth quarter were $33.7m, against $29.2m the year before.
Revenue rose to $69.3m, up from $60m a year earlier.
The 2022 annual profit was $118.6m, a record result.
Cash and restricted cash has risen to $152.3m, up from $43.4m over the year.
Chief executive Petros Panagiotidis said the performance was boosted by higher aframax/LR2 and handysize tanker earnings following “timely” acquisitions in 2021.
Tankers produced an operating profit of $53.7m in 2022, while the dry bulk segment continued to be robust at $80.1m.
Castor has now split off its aframax, five aframax/LR2 and two handysize tankers into Toro Corp, which will also be listed on the Nasdaq.
On 7 March, shareholders received one share in Toro Corp for every 10 Castor shares held.
Pure-play bet
“We believe the spin-off, which represents a substantial payment by Castor to its shareholders, is an important strategic step that will establish Toro as a pure-play tanker business at a time of increased focus on energy supplies and as the tanker shipping market enjoys strong supply-demand fundamentals, as demonstrated especially in the second half of 2022,” Panagiotidis said.
Castor has retained 20 dry bulk and two container vessels.
“The dry bulk fundamentals remain healthy given the historically low orderbook and the improved outlook of the Chinese economy,” Panagiotidis added.
The Toro Corp deal was announced in November but delayed from December and then January due to red tape.
