Company: CTRM
Filing Date: 2025-05-14
Form Type: 20-F
Source: 0001140361-25-018945
Chunk: 2

Company: Castor Maritime Inc.
Filing Date: 2025-05-14
Form: 20-F
Item: Item 5
Chunk 2
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ITEM 5.   OPERATING AND FINANCIAL REVIEW AND PROSPECTS
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The following discussion provides a review of the performance of our operations and compares our performance with that of the preceding year. All dollar amounts referred to in this discussion and analysis are expressed in United States dollars except where indicated otherwise.
 
For a discussion of our results for the year ended December 31, 2023, compared to the year ended December 31, 2022, please see “—A. Operating Results – Year ended December 31, 2023 as compared to year ended December 31, 2022” contained in our annual report on Form 20-F for the year ended December 31, 2023, filed with the SEC on February 29, 2024.
 
On March 7, 2023, we distributed on a pro rata basis all common shares of Toro received in connection with the Spin-Off to our holders of common stock of record at the close of business on February 22, 2023. As a result, as of and from March 7, 2023, our business was comprised of two reportable segments, Dry bulk and Containerships. For more information, please see Item 4. Information on the Company—A. History and Development of the Company”, “Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions” and Notes 1 and 3 to our consolidated financial statements included elsewhere in this Annual Report. Results of operations and cash flows of the Aframax/LR2 and Handysize tanker segments and assets and liabilities that were part of the Spin-Off are reported as discontinued operations for all periods presented.
 
On December 16, 2024, we completed the MPC Acquisition of 26,116,378 shares of common stock of MPC Capital from MPC Holding, representing 74.09% of MPC Capital’s outstanding common stock, for a cash price of €7.00 per share, equivalent to aggregate consideration of €182.8 million (or approximately $192.0 million), excluding transaction related costs. For more information, please see Item 4. Information on the Company—A. History and Development of the Company” and Note 8 to our consolidated financial statements included elsewhere in this Annual Report.
 
The following discussion of the results of our operations and our financial condition should be read in conjunction with the financial statements and the notes to those statements included in “Item 18. Financial Statements