Here are 1-2 brief analogies for Castor Maritime (CTRM):

• Hertz for cargo ships: Castor Maritime owns and leases out a fleet of large ocean-going vessels that transport various raw materials and oil, much like Hertz owns and rents out cars.
• A global J.B. Hunt for raw materials: Imagine a major trucking firm like J.B. Hunt, but instead of trucks, Castor Maritime uses a fleet of ships to move bulk commodities and oil across the world's oceans.

• Dry Bulk Cargo Transportation: Provides maritime transportation services for various dry bulk commodities, such as iron ore, coal, grain, and bauxite, using its fleet of dry bulk vessels.
• Tanker Transportation: Provides maritime transportation services for crude oil and refined petroleum products using its fleet of Aframax/LR2 and Handysize tanker vessels.

Castor Maritime Inc. (CTRM) operates as an international shipping company. Its business model involves owning and operating a fleet of dry bulk and tanker vessels, which it then charters out to third-party companies. Therefore, Castor Maritime sells primarily to other companies.

While Castor Maritime's SEC filings (specifically its Form 10-K) disclose customer concentration, stating that a significant portion of its revenues comes from a relatively small number of charterers, it does not publicly name these specific "major customers." For example, in its 2022 Annual Report (filed March 2023), Castor Maritime stated that two charterers accounted for approximately 25.1% and 10.3% of its revenues, respectively, for the year ended December 31, 2022.

Given that the company does not disclose the names of these specific major customers in its public filings, it is not possible to list them. Generally, customers of shipping companies like Castor Maritime are global businesses involved in commodity trading and transportation. These typically include:

• Commodity trading houses
• Mining companies and producers of raw materials
• Industrial manufacturers and energy companies

These entities charter vessels to transport a wide range of goods, such as iron ore, coal, grain, crude oil, and refined petroleum products across international waters.

• Pavmar S.A.

Petros Panagiotidis, Chairman of the Board, Chief Executive Officer, Chief Financial Officer, President and Treasurer

Petros Panagiotidis founded Castor Maritime Inc. in September 2017 and has served as the company's Chairman of the Board, Chief Executive Officer, Chief Financial Officer, President, and Treasurer since its inception. He played a key role in the successful listing of Castor Maritime on the Nasdaq Capital Market in February 2019. Mr. Panagiotidis holds a degree in International Studies and Mathematics from Fordham University and a master's degree in Risk Management from New York University. In addition to his roles at Castor Maritime, he is also the Chief Executive Officer of Toro Corp. and the founder of Robin Energy Ltd. He also serves as a Director at MPC Container Ships ASA.

Dionysios Makris, Independent Director and Secretary

Dionysios Makris co-founded Castor Maritime in September 2017. He has a background in the Hellenic Navy, where he served as an Officer in Special Operations, Navigation Admin from 1983 to 1986, and later as a commanding officer in the Greek military from 1998 to 2005. Mr. Makris earned a Master's degree in Military, Strategic and Management studies from the Hellenic Naval Academy in 2003. He also worked as a Radar and Fire Control Engineer for the NATO SeaSparrow Project from 1998 to 2001 and was promoted to Deputy Chief of Staff for NATO headquarters in Naples in 2011. He is also a law practitioner and a member of the Athens Bar Association.

Angelos Rounick Platanias, Independent Director and Audit Committee Chairman

Angelos Rounick Platanias serves as an Independent Director and the Audit Committee Chairman for Castor Maritime Inc.

Castor Maritime (CTRM) is anticipated to drive future revenue growth over the next 2-3 years through a combination of strategic diversification, fleet optimization, and capitalizing on market opportunities.

1. Diversification into Asset Management: The strategic acquisition of MPC Capital is a significant driver, broadening Castor Maritime's operations into asset management. This move aims to generate more stable, fee-based income streams and enhance growth opportunities by leveraging MPC Capital's platforms and expertise in maritime and renewable energy infrastructure. Revenue from these new service streams is already being reported.
2. Strategic Fleet Management and Modernization: The company's commitment to modernizing its fleet and optimizing vessel utilization is expected to contribute to revenue growth. While vessel sales have occurred, the focus on a modern fleet can lead to improved operational efficiency, better competitiveness, and the ability to secure more favorable charter rates in the dry bulk and containership segments.
3. New Vessel Acquisitions and Fleet Expansion: Castor Maritime has historically driven revenue growth through fleet expansion and continues to pursue opportunities in the shipping space, including new vessel acquisitions. The company recently announced its entry into the dry cargo Ultramax sector, which directly increases its carrying capacity and revenue-generating potential.
4. Favorable Shipping Market Conditions and Charter Rates: The health of the global shipping market, including demand for dry bulk and containership services, and the prevailing charter rates are critical for Castor Maritime's revenue. Historically, high demand and elevated charter rates have significantly increased revenue. While market conditions can fluctuate, the company's ability to secure advantageous time charter agreements and capitalize on strong spot market voyages will be a key factor in future revenue.

Share Repurchases

• Castor Maritime has not announced any significant share repurchase programs or authorized future share repurchases within the last 3-5 years.

Share Issuance

• In April 2021, Castor Maritime completed a registered direct offering, issuing approximately 192.3 million common shares and warrants, which generated estimated gross proceeds of $125.0 million.
• On September 29, 2025, the company agreed to issue 60,000 Series E Cumulative Perpetual Convertible Preferred Shares to Toro Corp. for $60.0 million in cash.
• These Series E Preferred Shares were fully redeemed and cancelled on October 13, 2025, for a cash consideration equal to their stated amount plus 0.523% and accrued distributions.

Inbound Investments

• Toro Corp. made a $60.0 million investment in Castor Maritime on September 29, 2025, through the issuance of Series E Cumulative Perpetual Convertible Preferred Shares, which were subsequently redeemed in October 2025.
• On October 15, 2025, Castor Maritime secured a $50.0 million sustainability-linked senior term loan facility from a European bank for general corporate purposes.

Outbound Investments

• In the second quarter of 2025, Castor's subsidiary, MPCC CSI LTD., acquired 3.44% of shares in MPC Container Ships ASA (MPCC), increasing the collective holding of MPC Capital and its affiliated entities in MPCC to 20.12%.
• Castor Maritime holds a majority stake in MPC Münchmeyer Petersen Capital AG, a Frankfurt-listed asset manager.
• During the first quarter of 2025, the company reported a net loss of $26.4 million from equity method investments measured at fair value, primarily related to its stakes in MPC Container Ships ASA and MPC Energy Solutions N.V.

Capital Expenditures

• Annual capital expenditures were $75.553 million in 2022, $623 thousand in 2023, and $72.172 million in 2024.
• Quarterly capital expenditures were $41.914 million for the period ending December 31, 2024, and $218.9 thousand for the period ending March 31, 2025.
• The primary focus of capital expenditures includes the acquisition and refurbishment of vessels.