Castor Maritime

Castor Maritime Inc.

Company type	Public
Industry	Shipping
Founded	September 2017 (2017-09)
Founder	Petros Panagiotidis, Dionysios Makris
Headquarters	Cyprus , Greece
Key people	Petros Panagiotidis (CEO, CFO, board member)
Products	Tanker vessels (dry bulk carriers, petroleum tankers, LR2 tankers)
Revenue	US$2.067 billion (2023)
Operating income	−US$842 million (2023)

Castor Maritime Inc. operates as an international shipping enterprise with a specialization in managing and operating tanker and bulk carrier vessels. Established in September 2017 by founders Petros Panagiotidis and Dionysios Makris, the company is based in Cyprus, Greece.

The company's operational focus centers on the transportation of various commodities such as steel products, cement, raw bauxite, iron ore, coal, scrap metals, sugar, and whole grains. Its fleet includes three categories of tanker vessels: dry bulk carriers, petroleum tankers (oil tankers), and LR2 (Long-Range 2) tankers.

In the fiscal year 2023, Castor Maritime generated revenues amounting to US$2.067 billion, demonstrating significant market presence despite posting an operating loss of US$842 million. The company is publicly traded on the New York Stock Exchange under the ticker symbol CTRM and is listed within the Russell 1000 index.

Founded in Cyprus in September 2017 by Petros Panagiotidis—who currently holds the roles of CEO, CFO, and board member—Castor Maritime is incorporated under Marshall Islands jurisdiction. Panagiotidis holds academic credentials from Fordham University along with a master's degree in Risk Management from New York University.

Dionysios Makris brings considerable expertise to the company with a background in military strategy and leadership, having held senior positions within the Hellenic Navy and NATO. His experience enhances the company’s capabilities in maritime operations and defense-related innovation.

In April 2021, Castor Maritime successfully raised $125 million through a public offering to fuel its expansion initiatives. The company bolstered its fleet by purchasing two Aframax tankers built in Korea in 2005 for $27.2 million via its subsidiaries. CEO Panagiotidis noted that this acquisition marked the tenth vessel added in 2021, increasing the total fleet size to sixteen ships. The firm remains actively engaged in acquiring additional vessels across various categories to expand its global footprint and market influence.

Castor Maritime Fleet Acquisition

Vessel Name	Operator Name	IMO Number	Ship Type	Country	DWT	Year Built
Magic Argo	Castor Maritime	9340544	Bulk carrier	Template:Country data Marshall IslandsTemplate:Namespace detect showall Marshall Islands	82338	2009
Magic Callisto	Castor Maritime	9641704	Bulk carrier	Template:Country data Marshall IslandsTemplate:Namespace detect showall Marshall Islands	74930	2012
Magic Eclipse	Castor Maritime	9597331	Bulk carrier	Template:Country data Marshall IslandsTemplate:Namespace detect showall Marshall Islands	74940	2011
Magic Horizon	Castor Maritime	9553062	Bulk carrier	Template:Country data Marshall IslandsTemplate:Namespace detect showall Marshall Islands	76619	2010
Magic Mars	Castor Maritime	9691400	Bulk carrier	Template:Country data Marshall IslandsTemplate:Namespace detect showall Marshall Islands	76822	2014
Magic Moon	Castor Maritime	9336036	Bulk carrier	Template:Country data Marshall IslandsTemplate:Namespace detect showall Marshall Islands	76602	2005
Magic Nebula	Castor Maritime	9471264	Bulk carrier	Template:Country data Marshall IslandsTemplate:Namespace detect showall Marshall Islands	80281	2010
Magic Nova	Castor Maritime	9425679	Bulk carrier	Template:Country data Marshall IslandsTemplate:Namespace detect showall Marshall Islands	78833	2010
Magic Orion	Castor Maritime	9346330	Bulk carrier	Template:Country data Marshall IslandsTemplate:Namespace detect showall Marshall Islands	180200	2006
Magic P	Castor Maritime	9288447	Bulk carrier	Template:Country data Marshall IslandsTemplate:Namespace detect showall Marshall Islands	76453	2004
Magic Perseus	Castor Maritime	9582477	Bulk carrier	Template:Country data Marshall IslandsTemplate:Namespace detect showall Marshall Islands	82158	2013
Magic Pluto	Castor Maritime	9651280	Bulk carrier	Template:Country data Marshall IslandsTemplate:Namespace detect showall Marshall Islands	74940	2013
Magic Starlight	Castor Maritime	9687710	Bulk carrier	Template:Country data Marshall IslandsTemplate:Namespace detect showall Marshall Islands	80283	2015
Magic Thunder	Castor Maritime	9442407	Bulk carrier	Template:Country data Marshall IslandsTemplate:Namespace detect showall Marshall Islands	83375	2011
Magic Vela	Castor Maritime	9473327	Bulk carrier	Template:Country data Marshall IslandsTemplate:Namespace detect showall Marshall Islands	75003	2011
Magic Venus	Castor Maritime	9442380	Bulk carrier	Template:Country data Marshall IslandsTemplate:Namespace detect showall Marshall Islands	83416	2010

On October 19, 2023, Castor Maritime obtained a 180-day extension to meet NASDAQ's minimum bid price requirement of $1 per share, postponing the compliance deadline until April 15, 2024.