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Basis of Presentation and General Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Basis of Presentation and General information [Abstract] |
Assets and Liabilities of Toro | The assets and liabilities of Toro on March 7, 2023, were as follows:
|  | March 7, 2023 |
Cash and cash equivalents |  | $ | 61,359,774 |
Accounts receivable trade, net |  |  | 6,767,408 |
Due from related parties, current |  |  | 4,528,948 |
Inventories |  |  | 890,523 |
Prepaid expenses and other assets, current |  |  | 1,447,062 |
Vessels, net |  |  | 91,492,003 |
Restricted cash |  |  | 700,000 |
Due from related parties, non-current |  |  | 1,708,474 |
Prepaid expenses and other assets, non-current |  |  | 4,449,999 |
Deferred charges, net |  |  | 2,685,922 |
Due to Related Parties |  |  | (3,001,865 | )
Accounts payable |  |  | (2,432,095 | )
Accrued liabilities |  |  | (3,041,530 | )
Long-term debt, net |  |  | (12,413,056 | )
Net assets of Toro |  |  | 155,141,567 |
Less: Investment in Preferred Shares of Toro issued as part of Spin-Off (refer Note 4(c) ) |  |  | (117,222,135 | )
Distribution of net assets of Toro to the Company’s shareholders |  | $ | 37,919,432 |
Consolidated Vessel Owning Subsidiaries | (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 |  | Pikachu Shipping Co. (“Pikachu”) | Marshall Islands | M/V Magic Moon |  | 76,602 |  | 2005 |  | October 2019
3 |  | Pocahontas Shipping Co. (“Pocahontas”) | Marshall Islands | M/V Magic Horizon |  | 76,619 |  | 2010 |  | October 2020
4 |  | Jumaru Shipping Co. (“Jumaru”) | Marshall Islands | M/V Magic Nova |  | 78,833 |  | 2010 |  | October 2020
5 |  | Super Mario Shipping Co. (“Super Mario”) | Marshall Islands | M/V Magic Venus |  | 83,416 |  | 2010 |  | March 2021
6 |  | Pumba Shipping Co. (“Pumba”) | Marshall Islands | M/V Magic Orion |  | 180,200 |  | 2006 |  | March 2021
7 |  | Liono Shipping Co. (“Liono”) | Marshall Islands | M/V Magic Thunder |  | 83,375 |  | 2011 |  | April 2021
8 |  | Stewie Shipping Co. (“Stewie”) | Marshall Islands | M/V Magic Vela |  | 75,003 |  | 2011 |  | May 2021
9 |  | Snoopy Shipping Co. (“Snoopy”) | Marshall Islands | M/V Magic Nebula |  | 80,281 |  | 2010 |  | May 2021
10 |  | Mulan Shipping Co. (“Mulan”) | Marshall Islands | M/V Magic Starlight |  | 81,048 |  | 2015 |  | May 2021
11 |  | Cinderella Shipping Co. (“Cinderella”) | Marshall Islands | M/V Magic Eclipse |  | 74,940 |  | 2011 |  | June 2021
12 |  | Mickey Shipping Co. (“Mickey”) | Marshall Islands | M/V Magic Callisto |  | 74,930 |  | 2012 |  | January 2022
13 |  | Songoku Shipping Co. (“Songoku”) | Marshall Islands | M/V Magic Pluto |  | 74,940 |  | 2013 |  | August 2021
14 |  | Asterix Shipping Co. (“Asterix”) | Marshall Islands | M/V Magic Perseus |  | 82,158 |  | 2013 |  | August 2021
15 |  | Johnny Bravo Shipping Co. (“Johnny Bravo”) | Marshall Islands | M/V Magic Mars |  | 76,822 |  | 2014 |  | September 2021
16 |  | Jerry Shipping Co. (“Jerry S”) | Marshall Islands | M/V Ariana A |  | 38,117 |  | 2005 |  | November 2022
17 |  | Tom Shipping Co. (“Tom S”) | Marshall Islands | M/V Gabriela A |  | 38,121 |  | 2005 |  | November 2022
Consolidated Subsidiaries Formed to Acquire Vessels | (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 |  | Containco Shipping Inc. | Marshall Islands |
Consolidated Non-Vessel Owning Subsidiaries | (c) Consolidated non-vessel owning subsidiaries:
|  | Company | Country of incorporation |
1 |  | Castor Maritime SCR Corp. (“Castor SCR”)(1) | Marshall Islands |
2 |  | Bagheera Shipping Co. (“Bagheera”)(2) | Marshall Islands |
3 |  | Luffy Shipping Co. (“Luffy”)(3) | Marshall Islands |
4 |  | Kabamaru Shipping Co. (“Kabamaru”)(4) | Marshall Islands |
5 |  | Bistro Maritime Co. (“Bistro”)(5) | Marshall Islands |
6 |  | Garfield Shipping Co. (“Garfield”)(6) | Marshall Islands |
(1) | Incorporated under the laws of the Marshall Islands on September 16, 2021, this entity serves as the Company’s subsidiaries’ cash manager with effect from November 1, 2021.
(2) | Bagheera Shipping Co. no longer owns any vessel following the sale of the M/V Magic Rainbow on March 13, 2023, and delivery of such vessel to an unaffiliated third-party on April 18, 2023 (see also Note 7).
(3) | Luffy Shipping Co. no longer owns any vessel following the sale of the M/V Magic Twilight on June 2, 2023, and delivery of such vessel to an unaffiliated third-party on July 20, 2023 (see also Note 7).
(4) | Kabamaru Shipping Co. no longer owns any vessel following the sale of the M/V Magic Argo on September 22, 2023, and delivery of such vessel to an unaffiliated third-party on December 14, 2023 (see also Note 7).
(5) | Bistro Maritime Co. no longer owns any vessel following the sale of the M/V Magic Sun on October 6, 2023, and delivery of such vessel to an unaffiliated third-party on November 14, 2023 (see also Note 7).
(6) | Garfield Shipping Co. no longer owns any vessel following the sale of the M/V Magic Phoenix on October 16, 2023, and delivery of such vessel to an unaffiliated third-party on November 27, 2023 (see also Note 7).
Entities Comprising Discontinued Operations as Part of Spin-Off | (d) Entities comprising the discontinued operations as part of the Spin-Off:
|  | Company | Country of incorporation | Vessel Name |  | DWT |  | Year Built |  | Delivery date to Castor
1 |  | Toro Corp. (7) | Marshall Islands | — |  | — |  | — |  | —
2 |  | Toro RBX Corp. (“Toro RBX”) (8) | Marshall Islands | — |  | — |  | — |  | —
3 |  | Rocket Shipping Co. (“Rocket”) | Marshall Islands | M/T Wonder Polaris |  | 115,351 |  | 2005 |  | March 2021
4 |  | Gamora Shipping Co. (“Gamora”) | Marshall Islands | M/T Wonder Sirius |  | 115,341 |  | 2005 |  | March 2021
5 |  | Starlord Shipping Co. (“Starlord”) | Marshall Islands | M/T Wonder Vega |  | 106,062 |  | 2005 |  | May 2021
6 |  | Hawkeye Shipping Co. (“Hawkeye”) | Marshall Islands | M/T Wonder Avior |  | 106,162 |  | 2004 |  | May 2021
7 |  | Vision Shipping Co. (“Vision”) | Marshall Islands | M/T Wonder Mimosa |  | 36,718 |  | 2006 |  | May 2021
8 |  | Colossus Shipping Co. (“Colossus”) | Marshall Islands | M/T Wonder Musica |  | 106,290 |  | 2004 |  | June 2021
9 |  | Xavier Shipping Co. (“Xavier”) | Marshall Islands | M/T Wonder Formosa |  | 36,660 |  | 2006 |  | June 2021
10 |  | Drax Shipping Co. (“Drax”) | Marshall Islands | M/T Wonder Bellatrix |  | 115,341 |  | 2006 |  | December 2021
11 |  | Elektra Shipping Co. (“Elektra”) (9) | Marshall Islands | — |  | — |  | — |  | —
(7) | 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 owning subsidiaries and Elektra were contributed.
(8) | 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 and its subsidiaries.
(9) | Elektra 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.
Revenue from Charterers | During the years ended December 31, 2021, 2022 and 2023, 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 and containers segments, were as follows:
Charterer |  |  | Year Ended December 31, 2021 |  |  | Year Ended December 31, 2022 |  |  | Year Ended December 31, 2023 |
A |  |  |  | 25 | % |  |  | 31 | % |  |  | 42 | %
B |  |  |  | — | % |  |  | 18 | % |  |  | 28 | %
C |  |  |  | — | % |  |  | — | % |  |  | 10 | %
D |  |  |  | 15 | % |  |  | 26 | % |  |  | — | %
E |  |  |  | 14 | % |  |  | — | % |  |  | — | %
Total |  |  |  | 54 | % |  |  | 75 | % |  |  | 80 | %

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