Castor Maritime has fallen into the red despite earning more revenue with a larger fleet.
The New York-listed owner of six panamax bulkers posted a third-quarter deficit of $580,153 versus a $244,229 profit a year ago, mostly due to higher costs from adding three ships.
Revenue improved 133% to $2.8m but was offset by a 200% jump in ship costs from bringing on 75,311-dwt Magic Sun (builtt 2001) in September 2019, 76,2002-dwt Magic Moon (built 2005) in October 2019 and 73,593-dwt Magic Rainbow (built 2007) in August.
