XML 28 R10.htm IDEA: XBRL DOCUMENT
v3.22.4

Basis of Presentation and General information | 12 Months Ended
--- | ---
Dec. 31, 2022
Basis of Presentation and General information [Abstract] |
Basis of Presentation and General information |
1. | Basis of Presentation and General information:
Castor Maritime Inc. (“Castor”) was incorporated in September 2017 under the laws of the Republic of the Marshall Islands. The accompanying consolidated financial statements include the accounts of Castor and its wholly owned subsidiaries (collectively, the “Company”). The Company is engaged in the worldwide transportation of ocean-going cargoes through its vessel-owning subsidiaries. On December 21, 2018, Castor’s common shares began trading on the Euronext NOTC, under the symbol “CASTOR” and, on February 11, 2019, they began trading on the Nasdaq Capital Market, or Nasdaq, under the symbol “CTRM”. As of December 31, 2022, Castor was controlled by Thalassa Investment Co. S.A. (“Thalassa”) by virtue of its ownership of 100% of the Series B preferred shares of Castor and, as a result, Thalassa controlled the outcome of matters on which shareholders are entitled to vote. Thalassa is controlled by Petros Panagiotidis, the Company’s Chairman, Chief Executive Officer and Chief Financial Officer. On March 7, 2023 (the “Distribution Date”), the Company contributed the subsidiaries constituting the Company’s Aframax/LR2 and Handysize tanker segments and Elektra (as defined below) to the Company’s wholly owned subsidiary, Toro Corp. (“Toro”), in exchange for (i) the issuance by Toro to Castor of all 9,461,009 of Toro’s issued and outstanding common shares, and 140,000 1.00% Series A fixed rate cumulative perpetual convertible preferred shares of Toro, having a stated amount of $1,000 and a par value of $0.001 per share and (ii) the issuance of 40,000 Series B preferred shares of Toro, par value $0.001 per share, to Pelagos Holdings Corp, a company controlled by the Company’s Chairman, Chief Executive Officer and Chief Financial Officer. On the same day, the Company distributed all issued and outstanding shares of Toro to its common shareholders of record as of February 22, 2023, on a pro rata basis (such transactions collectively, the “Spin Off”) (see also Note 18). With effect from July 1, 2022, Castor Ships S.A., a corporation incorporated under the laws of the Republic of the Marshall Islands (“Castor Ships”), a related party controlled by the Company’s Chairman, Chief Executive Officer and Chief Financial Officer, Petros Panagiotidis, manages the Company’s business overall. Prior to this date, Castor Ships provided only commercial ship management and administrative services to the Company (see also Note 3). Pavimar S.A., a corporation incorporated under the laws of the Republic of the Marshall Islands (“Pavimar”), a related party controlled by the sister of Petros Panagiotidis, Ismini Panagiotidis, provided technical, crew and operational management services to the Company through the first half of 2022. With effect from July 1, 2022, Pavimar co-manages with Castor Ships the technical management of the Company’s dry bulk vessels. As of December 31, 2022, the Company owned a diversified fleet of thirty vessels, with a combined carrying capacity of 2.5 million dwt, consisting of one Capesize, seven Kamsarmax and twelve Panamax dry bulk vessels, as well as two 2,700 TEU containerships and one Aframax, five Aframax/LR2 and two Handysize tankers. Details of the Company’s wholly owned subsidiaries as of December 31, 2022, are listed below. (a) Consolidated vessel owning subsidiaries:
|  | Company | Country of incorporation | Vessel Name |  | DWT |  | Year Built |  | Delivery date to Castor
1 |  | Spetses Shipping Co. (“Spetses”) | Marshall Islands | M/V Magic P |  | 76,453 |  | 2004 |  | February 2017
2 |  | Bistro Maritime Co. (“Bistro”) | Marshall Islands | M/V Magic Sun |  | 75,311 |  | 2001 |  | September 2019
3 |  | Pikachu Shipping Co. (“Pikachu”) | Marshall Islands | M/V Magic Moon |  | 76,602 |  | 2005 |  | October 2019
4 |  | Bagheera Shipping Co. (“Bagheera”) | Marshall Islands | M/V Magic Rainbow |  | 73,593 |  | 2007 |  | August 2020
5 |  | Pocahontas Shipping Co. (“Pocahontas”) | Marshall Islands | M/V Magic Horizon |  | 76,619 |  | 2010 |  | October 2020
6 |  | Jumaru Shipping Co. (“Jumaru”) | Marshall Islands | M/V Magic Nova |  | 78,833 |  | 2010 |  | October 2020
7 |  | Super Mario Shipping Co. (“Super Mario”) | Marshall Islands | M/V Magic Venus |  | 83,416 |  | 2010 |  | March 2021
8 |  | Pumba Shipping Co. (“Pumba”) | Marshall Islands | M/V Magic Orion |  | 180,200 |  | 2006 |  | March 2021
9 |  | Kabamaru Shipping Co. (“Kabamaru”) | Marshall Islands | M/V Magic Argo |  | 82,338 |  | 2009 |  | March 2021
10 |  | Luffy Shipping Co. (“Luffy”) | Marshall Islands | M/V Magic Twilight |  | 80,283 |  | 2010 |  | April 2021
11 |  | Liono Shipping Co. (“Liono”) | Marshall Islands | M/V Magic Thunder |  | 83,375 |  | 2011 |  | April 2021
12 |  | Stewie Shipping Co. (“Stewie”) | Marshall Islands | M/V Magic Vela |  | 75,003 |  | 2011 |  | May 2021
13 |  | Snoopy Shipping Co. (“Snoopy”) | Marshall Islands | M/V Magic Nebula |  | 80,281 |  | 2010 |  | May 2021
14 |  | Mulan Shipping Co. (“Mulan”) | Marshall Islands | M/V Magic Starlight |  | 81,048 |  | 2015 |  | May 2021
15 |  | Cinderella Shipping Co. (“Cinderella”) | Marshall Islands | M/V Magic Eclipse |  | 74,940 |  | 2011 |  | June 2021
16 |  | Rocket Shipping Co. (“Rocket”) (1) | Marshall Islands | M/T Wonder Polaris |  | 115,351 |  | 2005 |  | March 2021
17 |  | Gamora Shipping Co. (“Gamora”) (1) | Marshall Islands | M/T Wonder Sirius |  | 115,341 |  | 2005 |  | March 2021
18 |  | Starlord Shipping Co. (“Starlord”) (1) | Marshall Islands | M/T Wonder Vega |  | 106,062 |  | 2005 |  | May 2021
19 |  | Hawkeye Shipping Co. (“Hawkeye”) (1) | Marshall Islands | M/T Wonder Avior |  | 106,162 |  | 2004 |  | May 2021
20 |  | Mickey Shipping Co. (“Mickey”) | Marshall Islands | M/V Magic Callisto |  | 74,930 |  | 2012 |  | January 2022
21 |  | Vision Shipping Co. (“Vision”) (1) | Marshall Islands | M/T Wonder Mimosa |  | 36,718 |  | 2006 |  | May 2021
22 |  | Colossus Shipping Co. (“Colossus”) (1) | Marshall Islands | M/T Wonder Musica |  | 106,290 |  | 2004 |  | June 2021
23 |  | Xavier Shipping Co. (“Xavier”) (1) | Marshall Islands | M/T Wonder Formosa |  | 36,660 |  | 2006 |  | June 2021
24 |  | Songoku Shipping Co. (“Songoku”) | Marshall Islands | M/V Magic Pluto |  | 74,940 |  | 2013 |  | August 2021
25 |  | Asterix Shipping Co. (“Asterix”) | Marshall Islands | M/V Magic Perseus |  | 82,158 |  | 2013 |  | August 2021
26 |  | Johnny Bravo Shipping Co. (“Johnny Bravo”) | Marshall Islands | M/V Magic Mars |  | 76,822 |  | 2014 |  | September 2021
27 |  | Garfield Shipping Co. (“Garfield”) | Marshall Islands | M/V Magic Phoenix |  | 76,636 |  | 2008 |  | October 2021
28 |  | Drax Shipping Co. (“Drax”) (1) | Marshall Islands | M/T Wonder Bellatrix |  | 115,341 |  | 2006 |  | December 2021
29 |  | Jerry Shipping Co. (“Jerry S”) | Marshall Islands | M/V Ariana A |  | 38,117 |  | 2005 |  | November 2022
30 |  | Tom Shipping Co. (“Tom S”) | Marshall Islands | M/V Gabriela A |  | 38,121 |  | 2005 |  | November 2022
(1) | Contributed to Toro on the Distribution Date in connection with the Spin-Off (Note 18).
(b) Consolidated subsidiaries formed to acquire vessels:
|  | Company | Country of incorporation
1 |  | Tom Maritime Ltd. (“Tom M”) | Malta
2 |  | Jerry Maritime Ltd. (“Jerry M”) | Malta
3 |  | Toro Corp. (2) | Marshall Islands
4 |  | Containco Shipping Inc. | Marshall Islands
(2) | Incorporated on July 29, 2022. At the Distribution Date, Toro served as the holding company to which the equity interests of the Aframax/LR2 and Handysize tanker subsidiaries and Elektra were contributed (see Note 18).
(c) Consolidated non-vessel owning subsidiaries:
1 |  | Castor Maritime SCR Corp. (“Castor SCR”) (3)
2 |  | Toro RBX Corp. (“Toro RBX”) (4)
3 |  | Elektra Shipping Co. (“Elektra”) (1)(5)
(3) | Incorporated under the laws of the Marshall Islands on September 16, 2021, this entity serves as the Company’s subsidiaries’ cash manager of the Company’s subsidiaries with effect from November 1, 2021.
(4) | Incorporated under the laws of the Marshall Islands on October 3, 2022, to serve, with effect from the Distribution Date, as the cash manager of Toro’s subsidiaries.
(5) | Elektra Shipping Co., incorporated under the laws of the Marshall Islands, no longer owns any vessel following the sale of the M/T Wonder Arcturus on May 9, 2022, and delivery of such vessel to an unaffiliated third-party on July 15, 2022 (see also Note 6(a)).
Credit concentration: During the years ended December 31, 2020, 2021 and 2022, charterers that individually accounted for more than 10% of the Company’s total vessel revenues (as percentages of total vessel revenues), all derived from the Company’s dry bulk segment, were as follows:
Charterer |  |  | Year Ended December 31, 2020 |  |  | Year Ended December 31, 2021 |  |  | Year Ended December 31, 2022 |
A |  |  |  | 34 | % |  |  | 20 | % |  |  | 18 | %
B |  |  |  | — | % |  |  | 12 | % |  |  | 15 | %
C |  |  |  | — | % |  |  | — | % |  |  | 10 | %
D |  |  |  | — |  |  |  | 11 | % |  |  | — | %
E |  |  |  | 24 | % |  |  | — |  |  |  | — | %
Total |  |  |  | 58 | % |  |  | 43 | % |  |  | 43 | %

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -URI https://asc.fasb.org/topic&trid=2122149 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI https://asc.fasb.org/topic&trid=2197479 + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration