0000919574-19-007688.txt : 20191216 0000919574-19-007688.hdr.sgml : 20191216 20191216092248 ACCESSION NUMBER: 0000919574-19-007688 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 54 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191216 DATE AS OF CHANGE: 20191216 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Castor Maritime Inc. CENTRAL INDEX KEY: 0001720161 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] IRS NUMBER: 000000000 STATE OF INCORPORATION: 1T FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38802 FILM NUMBER: 191286145 BUSINESS ADDRESS: STREET 1: CHRISTODOULOU CHATZIPAVLOU 223 STREET 2: HAWAII ROYAL GARDENS, APART. 16 CITY: LIMASSOL STATE: G4 ZIP: 3036 BUSINESS PHONE: 357 25357767 MAIL ADDRESS: STREET 1: CHRISTODOULOU CHATZIPAVLOU 223 STREET 2: HAWAII ROYAL GARDENS, APART. 16 CITY: LIMASSOL STATE: G4 ZIP: 3036 6-K 1 d8429360_6-k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of December 2019

Commission File Number: 001-38802

CASTOR MARITIME INC.

(Translation of registrant’s name into English)

223 Christodoulou Chatzipavlou Street, Hawaii Royal Gardens, 3036 Limassol, Cyprus

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Note: Regulation S-T Rule 101(b) (1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this Report on Form 6-K as Exhibit 99.1 are the unaudited consolidated interim financial statements and related Management’s Discussion and Analysis of Financial Condition and Results of Operations of Castor Maritime Inc. (the “Company”) for the nine months ended September 30, 2019.

The information contained in this Report on Form 6-K and the exhibit attached hereto are hereby incorporated by reference into the Company’s registration statement on Form F-3 (File No. 333-232052) that was filed with the U.S. Securities and Exchange Commission and became effective on June 21, 2019.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	CASTOR MARITIME INC.


Dated: December 16, 2019	By:	/s/ Petros Panagiotidis
		Petros Panagiotidis Chairman, Chief Executive Officer and Chief Financial Officer

EX-99.1 2 d8429285_ex99-1.htm

EXHBIT 99.1

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion of the financial condition and results of operations of Castor Maritime Inc. (“Castor”) for the nine-month periods ended September 30, 2019 and 2018, on the basis of revised nine-month periods following Company’s decision to change its fiscal year end from September 30 to December 31. Unless otherwise specified herein, references to the “Company”, “we”, “our” and “us” or similar terms shall include Castor and its wholly owned subsidiaries. You should read the following discussion and analysis together with the unaudited interim condensed consolidated financial statements and related notes included elsewhere in this report. Amounts relating to percentage variations in period-on-period comparisons shown in this section are derived from such unaudited interim condensed consolidated financial statements. The following discussion contains forward-looking statements that reflect our future plans, estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside our control which could cause actual events or conditions to differ materially from those currently anticipated and expressed or implied by such forward-looking statements. For additional information relating to our management’s discussion and analysis of financial conditions and results of operations and a more complete discussion of the risks and uncertainties referenced in the preceding sentence, please see our Annual Report for the year ended September 30, 2018 (the “2018 Annual Report”) and the audited transition report for the period from October 1, 2018 through December 31, 2018 on Form 20‑F, which were filed with the U.S. Securities and Exchange Commission (the “SEC”) on January 31, 2019 and December 16, 2019, respectively. Unless otherwise defined herein, capitalized words and expressions used herein shall have the same meanings ascribed to them in the 2018 Annual Report.

Business Overview and Development of the Company

We are a growth-oriented global shipping company engaged in the seaborne transportation of a wide range of dry bulk commodities including, among others, iron ore, coal and grain, collectively referred to as “major bulks,” and steel products, fertilizers, cement, bauxite, sugar and scrap metal, collectively referred to as “minor bulks”. We were incorporated in the Republic of the Marshall Islands on September 11, 2017.

On September 22, 2017, we entered into an all-share exchange transaction (the “Magic P Purchase Transaction”) pursuant to which we acquired 100% of the issued and outstanding capital stock of our wholly-owned subsidiary Spetses Shipping Co. (“Spetses”), a Marshall Islands corporation, which owns a 76,453 dwt drybulk carrier, the Magic P. The consideration for the Magic P Purchase Transaction involved the issuance of 2,400,000 common shares, 480,000 9.75% Series A Cumulative Redeemable Perpetual Preferred Shares (the “Series A Preferred Shares”) and 12,000 non-interest bearing Series B Preferred Shares (the “Series B Preferred Shares”) to the then existing shareholders of Spetses.

Vessel Acquisitions

On September 5, 2019, pursuant to a purchase agreement entered into on July 25, 2019 with an unaffiliated third party, we took delivery of our second dry bulk carrier vessel, the Magic Sun, which we acquired for cash consideration of $6.7 million (the “Magic Sun Acquisition”). We financed the Magic Sun Acquisition using a combination of cash on hand and the proceeds from a $5.0 million unsecured term loan agreement entered into between us and an entity controlled by Petros Panagiotidis, our Chairman, Chief Executive Officer and Chief Financial Officer, which closed on August 30, 2019 (the “$5.0 Million Shareholder Loan”).

As of September 30, 2019, our fleet was comprised of the Magic P and the Magic Sun, or our Fleet.

On October 20, 2019, in connection with a purchase agreement previously entered into on October 14, 2019 between us and an entity in which a family member of our Chairman, Chief Executive Officer and Chief Financial Officer has an interest, we acquired our third dry bulk carrier vessel, the Magic Moon, for cash consideration of $10.2 million (the “Magic Moon Acquisition”). The Magic Moon Acquisition was financed using a combination of cash on hand, the net cash proceeds from sales under our at-the-market common stock offering (the “ATM offering”) completed in the third quarter of 2019, discussed below, and the proceeds from a $7.5 million unsecured interest free bridge loan provided by an entity controlled by Petros Panagiotidis, which was drawn down on October 17, 2019 (the “$7.5 Million Shareholder Bridge Loan”). The $7.5 Million Shareholder Bridge Loan was repayable through one bullet instalment on December 31, 2019. On December 6, 2019, we repaid the $7.5 Million Shareholder Bridge Loan in full by partially using the net proceeds received under an $11.0 Senior Secured Term Loan Facility with Alpha Bank S.A (“the Alpha Bank Financing”) which we entered into on November 22, 2019, further discussed below.

Our Fleet’s Management

Our Fleet is managed by Pavimar S.A. (“Pavimar” or our “Manager”), under the supervision of our Chief Executive Officer and our Board of Directors. Pavimar is controlled by the sister of our Chairman, Chief Executive Officer and Chief Financial Officer. Pavimar has in-house ship management expertise that allows it to oversee every step of our Fleet’s management, including, but not limited to, the shipping operations throughout the life of the vessels, the superintendence of maintenance, repairs and dry-docking, insurance arrangements, provisioning, bunkering and various aspects of administrative support.

Financing Transactions

On November 22, 2019, we, through two of our wholly-owned subsidiaries, concluded our first secured financing, the Alpha Bank Financing, the net proceeds of which were drawn down on December 2, 2019. The Alpha Bank Financing has a term of five years from the drawdown date and bears interest at LIBOR plus 3.50% per annum. We partly used the net proceeds from this facility in order to repay in full, on December 6, 2019, the $7.5 Million Shareholder Bridge Loan. We intend to use the remainder of the net proceeds under the Alpha Bank Financing for general corporate purposes which may also include the expansion of our Fleet.

Equity transactions

On June 28, 2019, we entered into an equity distribution agreement, or as commonly referred to, an ATM offering, with Maxim Group LLC (“Maxim”), under which we may offer and sell an aggregate offering price of up to US$10,000,000 of our common stock, par value $0.001 per share, with Maxim acting as a sales agent over a minimum period of 12 months. As of September 30, 2019, we received net proceeds under the ATM amounting to $2,320,176, by issuing and selling 618,112 common shares.

On October 10, 2019, we reached an agreement with all of the holders of our 9.75% Series A Cumulative Redeemable Perpetual Preferred Shares (the “Series A Preferred Shares”) for the forgiveness of $4.3 million worth of due and overdue accumulated dividends in exchange for which the Series A Preferred Shareholders, on October 17, 2019, received 300,000 newly issued common shares. On October 10, 2019, we also entered into an Amended and Restated Statement of Designation on our Series A Preferred Shares (the “Series A Amended Agreement”), pursuant to which, we and the Series A Preferred Shareholders further agreed to i) waive all our dividend obligations during the period from July 1, 2019 to December 31, 2021 so that dividend payments no longer accumulate during that period, ii) to establish a fixed default dividend payment rate, which replaces and reduces an increasing rate, iii) increase the redemption price of the Series A Preferred Shares to $30 from $25 per share in case we exercise our option to redeem, in whole or in part, the Series A Preferred Shares with cash and iv) increase Series A Preferred Shares liquidation preference from $25 to $30 per share. As a result of the Series A Amended Agreement, we no longer have any dividend priority restriction to the holders of our common shares and the Series A Amended Agreement cannot impose any such restriction during the period from July 1, 2019 to December 31, 2021.

As of December 16, 2019, we have outstanding 3,318,112 common shares, 480,000 Series A Preferred Shares and 12,000 Series B Preferred Shares. As of the same date, our Chairman, Chief Executive Officer and Chief Financial Officer beneficially owned approximately 33.9% of the issued and outstanding common equity interests in the Company and 100% of the issued and outstanding Series B Preferred Shares. Our Chairman, Chief Executive Officer and Chief Financial Officer does not own any Series A Preferred Shares. Each Series B Preferred Share has the voting power of 100,000 common shares and, by virtue of the voting power granted by the Series B Preferred Shares, our Chairman, Chief Executive Officer and Chief Financial Officer currently retains control over Castor.

Change in fiscal year end

On September 27, 2019, we announced that our Board of Directors approved a change in our fiscal year end from September 30 to December 31. This change was made to better align our reporting calendar with other NASDAQ listed companies and our industry peers. Our next fiscal year will end on December 31, 2019, resulting in a three-month transition period from October 1, 2018 to December 31, 2018. On December 16, 2019, we filed an audited transition report on Form 20-F with the Commission for the period from October 1, 2018 through December 31, 2018.

Our Fleet and our Charters

As of December 16, 2019, our Fleet had an average age of 17.0 years. Our commercial strategy primarily focuses on deploying our Fleet under a mix of period time charters and spot charters according to our assessment of market conditions, adjusting the mix of these charters to take advantage of the relatively stable cash flows and high utilization rates associated with period time charters or to profit from attractive spot charter rates during periods of strong charter market conditions.

The following table sets forth summary information about our Fleet and the existing time charters relating to our Fleet as of December 16, 2019:

Vessel Name	Year Built	Cargo Capacity (dwt)		Vessel Type	Date delivered to Castor	Earliest Charter Expiration	Latest Charter Expiration
Magic P	2004		76,453	Panamax	February 2017	January 2020	January 2020
Magic Sun	2001		75,311	Panamax	September 2019	May 2020	September 2020
Magic Moon	2005		76,602	Panamax	October 2019	June 2020	September 2020

We believe that we are well regarded by our charterers for our expertise and safety in conducting our operations, the good performance of our vessels and the first class cargo holds. We intend to leverage our expertise and relationships with our charterers and our Manager in growing our core business and pursuing further business and growth opportunities in the dry-bulk sector. As opportunities arise, we may acquire additional vessels and/or engage in investment opportunities incidental to the dry-bulk industry. We may fund possible growth plans through the use of cash on hand, cash from operations, debt financing which might also include capital lease financings, or equity offerings of our securities in the public or private markets. These transactions will be principally subject to management’s expectation of future market conditions as well as our ability to acquire dry bulk carriers on favorable terms or at all, thus, we cannot assure you that we will grow the size of our Fleet or that we will be able to execute our plans for growth.

Operating results

Factors Affecting Our Results of Operations

We believe that important concepts and measures for analyzing trends in our results of operations include the following:

Ownership days. Ownership days are the total number of calendar days in a period during which we owned our vessels. Ownership days are an indicator of the size of our Fleet over a period and determine both the level of revenues and expenses recorded during that specific period.

Available days. Available days for the Fleet are the Ownership days after subtracting off-hire days associated with major repairs, vessel upgrades and dry-dockings or special or intermediate surveys. The shipping industry uses Available days to measure the aggregate number of days in a period during which vessels are available to generate revenues.

Fleet utilization. We calculate Fleet utilization by dividing the Available days during a period by the number of Ownership days during that period. Fleet utilization is used to measure a company’s ability to efficiently find suitable employment for its vessels and minimize the number of days that its vessels are off-hire for reasons such as major repairs, vessel upgrades, dry-dockings or special or intermediate surveys and other unforeseen events.

Off-hire. The period our Fleet is unable to perform the services for which it is required under a charter for reasons such as scheduled repairs, vessel upgrades, dry-dockings or special or intermediate surveys or other unforeseen events.

Dry-docking. We periodically dry-dock our Fleet for inspection, repairs and maintenance and any modifications to comply with industry certification or governmental requirements. Our ability to control our dry-docking expenses and our ability to complete our scheduled dry-dockings on time also affects our financial results.

Daily vessel operating expenses. The level of our vessels’ operating expenses, including crewing costs, insurance and maintenance costs. Our ability to control our vessels’ operating expenses also affects our financial results. These expenses include crew wages and related costs, the cost of insurance, expenses for repairs and maintenance, the cost of spares and consumable stores, lubricating oil costs, tonnage taxes and other miscellaneous expenses. Daily vessel operating expenses are calculated by dividing Fleet operating expenses by the Ownership days for the relevant period.

Daily company administration expenses. Daily company administration expenses include administration expenses such as audit fees, executive officer compensation and other miscellaneous expenses and are calculated by dividing company administration expenses, by the Ownership days for the relevant period.

Daily management fees. Daily management fees are calculated by dividing management fees by the Ownership days for the relevant time period and represent the fees payable to our Manager for managing our Fleet.

Time charter. A time charter is a contract for the use of a vessel for a specific period of time during which the charterer pays substantially all of the voyage expenses, including port charges, bunker expenses and canal charges. The vessel owner pays the vessel operating expenses, which include crew costs, provisions, deck and engine stores and spares, lubricants, insurance, maintenance and repairs. The vessel owner is also responsible for each vessel's dry-docking and intermediate and special survey costs. Time charter rates are usually fixed during the term of the charter. Prevailing time charter rates do fluctuate on a seasonal and year-to-year basis and may be substantially higher or lower from a prior time charter agreement when the subject vessel is seeking to renew the time charter agreement with the existing charterer or enter into a new time charter agreement with another charterer. Fluctuations in time charter rates are influenced by changes in spot charter rates.

Time charter equivalent (“TCE”) Rate. Our method of calculating TCE rate is determined by dividing revenues (either time charter or voyage revenues, net of voyage expenses) by the Available days in the relevant period. See below a more detailed discussion on the use by the Company of this Non-GAAP measure.

Our results of operations are affected by numerous factors. The principal factors that have impacted the business during the fiscal periods presented in the following discussion and analysis and that are likely to continue to impact our business are the following:

-	The levels of demand and supply in the dry bulk shipping industry;

-	Utilization rates of our Fleet;

-	The employment and operation of our Fleet;

-	Management of the financial, general and administrative elements involved in the conduct of our business and ownership of our Fleet;

-	The performance of our charterers’ obligations under their charter agreements;

-	Our ability to maintain solid working relationships with our existing charterers and our ability to increase the number of our charterers through the development of new working relationships;

-	The effective and efficient technical management of our Fleet by our Manager;

-	Economic, regulatory, political and governmental conditions that affect shipping and the dry-bulk industry;

-	Dry-docking and special survey days, both expected and unexpected;

-	Our ability to successfully employ our vessels at economically attractive rates and our strategic decisions regarding the employment mix of our Fleet in the spot and time charter markets, as our charters expire or are otherwise terminated;

-	Performance of our counterparties, which are limited in number, including our charterers ability to make charter payments to us;

-	Our ability to obtain acceptable equity and debt financing to fund future capital expenditures;

-	Our access to capital required to acquire additional ships and/or to implement our business strategy; and

-	The level of any distribution on all classes of our shares.

Employment and operation of our Fleet

A factor that impacts our profitability is the employment and operation of our Fleet which mainly requires regular maintenance and repair, effective crew selection and training, ongoing supply of our Fleet with the spares and the stores that it requires, contingency response planning, auditing of our vessels’ onboard safety procedures, arrangements for our vessels’ insurance, chartering of the vessels, training of onboard and on shore personnel with respect to the vessels’ security and security response plans (ISPS), obtaining of ISM certifications and performing the necessary audit for the vessels within the six months of taking over a vessel and the ongoing performance monitoring of the vessels.

Financial, general and administrative management

The management of financial, general and administrative elements involved in the conduct of our business and ownership of our Fleet, requires us to manage our financial resources, including banking relationships, such as administration of bank accounts; manage the accounting system and records and financial reporting; monitor and ensure compliance with the legal and regulatory requirements affecting our business and assets; and manage our relationships with our service providers and customers.

Selected financial information

The following tables present selected unaudited consolidated financial information of the Company at the dates and for the periods presented. All amounts are expressed in United States Dollars except for share and per share data. This information was derived from the unaudited interim condensed consolidated statements for the periods presented.

Selected Historical Financial Data
STATEMENT OF INCOME	Nine Months Ended September 30,
(In U.S. Dollars, except for shares and per share data)	2018			2019
Time charter revenues, net of address commissions	$	3,294,235		$	3,125,623
Voyage expenses (including related party commissions)		(8,933	)		(105,516	)
Vessel operating expenses		(1,125,983	)		(1,461,473	)
Depreciation and amortization		(529,686	)		(552,167	)
Management fees - related party		(87,360	)		(100,360	)
General and administrative expenses
- Company administration expenses		(73,399	)		(211,548	)
- Public registration costs		(234,406	)		(132,091	)
Operating income	$	1,234,468		$	562,468
Interest and finance costs, net		1,648			1,740
Other expenses/ (income), net		(7,318	)		(3,407	)
Net Income	$	1,228,798		$	560,801

LOSS PER SHARE (basic and diluted):
Loss per share	$	(0.02	)	$	(0.57	)
Weighted average number of shares outstanding (basic and diluted):
Common shares		2,400,000			2,467,798

	December 31, 2018			September 30, 2019
BALANCE SHEET DATA, at end of year/period:
Total current assets	$	2,847,417		$	4,699,931
Vessels, net		6,995,350			13,709,427
Other non-current assets		341,070			41,802
Total assets	$	10,183,837		$	18,451,160
Total current liabilities		432,813			819,159
Long-term debt, related party		—			5,000,000
Total shareholders’ equity	$	9,751,024		$	12,632,001

	Nine Months Ended September 30,
CASH FLOW DATA		2018			2019
Net cash provided by operating activities	$	1,252,504		$	1,021,367
Net cash used in investing activities		—			(6,768,025	)
Net cash provided by financing activities	$	—		$	7,379,066

Set forth below are selected operational and financial statistical data of our Fleet for each of the nine month periods ended September 30, 2018 and 2019 that the Company believes are useful in better analyzing trends in its results of operations:

Selected Historical Operational and Other Financial Data	Nine Months Ended September 30,
	2018			2019
FLEET PERFORMANCE DATA:
Average number of vessels in operation in period ⁽¹⁾		1.0			1.1
Age of vessels in operation at end of period		13.9			16.8
Ownership Days		273			299
Available Days		273			296
Fleet utilization		100	%		99	%

OTHER FINANCIAL DATA (In U.S. Dollars)
Daily vessel operating expenses	$	4,124		$	4,888
Daily management fees		320			336
Daily company administration expenses		269			708
Daily Time Charter Equivalent (TCE) Rate (in U.S. Dollars) ⁽²⁾		12,034			10,203
EBITDA ⁽²⁾	$	1,756,836		$	1,111,228

(1)	Represents the number of vessels that constituted our Fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our Fleet during the period divided by the number of calendar days in the period.

(2)	Non-GAAP Financial Information

Daily Time Charter Equivalent (TCE) Rate. TCE rate, is a measure of the average daily revenue performance of a vessel. For time charters, the TCE rate is calculated by dividing total revenues (either time charter or voyage revenues), less any voyage expenses, by the number of Available Days during that period. Under a time charter, the charterer pays substantially all vessel voyage related expenses. However, we may incur voyage related expenses when positioning or repositioning vessels before or after the period of a time charter, during periods of commercial waiting time or while off-hire during dry-docking or due to other unforeseen circumstances. The TCE rate is not a measure of financial performance under U.S. GAAP (non-GAAP measure), and should not be considered as an alternative to voyage revenues, the most directly comparable GAAP measure, or any other measure of financial performance presented in accordance with U.S. GAAP. However, TCE rate is standard shipping industry performance measure used primarily to compare period-to-period changes in a company's performance and assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance. Our calculation of TCE rates may not be comparable to that reported by other companies. The following table reflects the calculation of our TCE rates for the periods presented (amounts in U.S. dollars, except for Available Days):

	Nine Months Ended September 30,
(In U.S. Dollars, except for Available Days)	2018			2019
Time charter revenues (net of address commissions)	$	3,294,235		$	3,125,623
Voyage expenses (including related party commissions)		(8,933	)		(105,516	)
Time charter equivalent revenues		3,285,302			3,020,107
Available Days		273			296
Time charter equivalent (TCE) rate	$	12,034		$	10,203

EBITDA. We define EBITDA as earnings before interest and finance costs (if any), net of interest income, taxes (when incurred), depreciation and amortization. EBITDA is used as a supplemental financial measure by management and external users of financial statements, such as investors, to assess our operating performance. We believe that EBITDA assists our management and investors by providing useful information that increases the comparability of our operating performance from period to period and against the operating performance of other companies in our industry that provide EBITDA information. This increased comparability is achieved by excluding the potentially disparate effects between periods or companies of interest, other financial items, depreciation and amortization and taxes, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. We believe that including EBITDA as a measure of operating performance benefits investors in (a) selecting between investing in us and other investment alternatives and (b) monitoring our ongoing financial and operational strength. EBITDA is not a measure of financial performance under U.S. GAAP, does not represent and should not be considered as an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. Therefore, EBITDA as presented below may not be comparable to similarly titled measures of other companies. The following table reconciles EBITDA to net income, the most directly comparable U.S. GAAP financial measure, for the periods presented:

Reconciliation of Net Income to EBITDA	Nine months ended September 30,
(In thousands of U.S. Dollars)	2018			2019
Net Income	$	1,228,798		$	560,801
Depreciation and amortization		529,686			552,167
Interest and finance costs, net		(1,648	)		(1,740	)
EBITDA	$	1,756,836		$	1,111,228

Results of Operations

Nine months ended September 30, 2019 compared to the nine months ended September 30, 2018

Time charter revenues

Time charter revenues, net of address commissions, decreased by $168,612, or 5.1%, from $3,294,235 in the nine months ended September 30, 2018, to $3,125,623 in the corresponding period of 2019. This decrease was predominantly due to the Magic P lower revenues earned in the nine-month period ended September 30, 2019, versus the corresponding period of 2018, which was the result of this period’s slightly weaker prevailing charter rates in relation to those achieved in the compared period. The average daily revenue of our Fleet during the nine month period ended September 30, 2019, after subtracting address commissions and voyage expenses (time charter equivalent or TCE, see definition above), was $10,203 per day compared to $12,034 per day for last year’s nine-month period.

Voyage expenses

Voyage expenses increased by $96,583, or 1081%, from $8,933 in the nine months ended September 30, 2018, to $105,516 in the corresponding period of 2019. This increase in voyage expenses is mainly due to the net bunker sale losses of $29,209 we incurred in the current period versus bunker sale gains of $82,949 incurred during the nine months ended September 30, 2018. We incur bunkers losses and/or bunker gains as a result of selling bunkers under a new charter at a cost that is less or exceeds the cost of the bunker fuel acquired, the variations in cost stemming from either a decrease or increase in bunker market prices, respectively. This increase in bunker sale costs in the current nine-month period ended September 30, 2019, was partly offset by the decrease by $23,119 in brokerage commissions between the two periods, which is in line with the decrease in period time charter revenues.

Vessel operating expenses

Vessel operating expenses were $1,125,983, which corresponds to a vessel average daily rate of $4,124 in the nine-month period ended September 30, 2018, as compared to $1,461,473, or a vessel average daily rate of $4,888 in the nine-month period ended September 30, 2019. This increase of $335,490, or 29.8%, between the compared periods is primarily associated with i) re-stocking of spares and supplies, as well as crew pre-joining and initial repair and maintenance costs following the delivery of the Magic Sun which took place on September 5, 2019, and ii) increased spare and repair costs on the Magic P.

General and Administrative Expenses

•	Company administration expenses

During the nine month periods ended September 30, 2018 and 2019, we incurred Company administration expenses of $73,399 and $211,548, respectively. The increase in Company administration expenses between the compared periods is mainly attributable to the increase in the audit, consultancy and legal fees for the period as a result of being a publicly listed company on Nasdaq Stock Market since February 2019. Company administrative expenses generally consist of audit fees, legal fees, listing and consultancy fees, the remuneration fees we pay our Chief Financial Officer and Chief Executive Officer as well as other miscellaneous expenditures essential to conduct our business.

•	Public registration costs

Public registration costs decreased by $102,315 or 43.6%, from $234,406 in the nine months ended September 30, 2018 to $132,091 in the nine months ended September 30, 2019. We incurred public registration fees in the nine-months ended September 30, 2018 and continued incurring such costs up to the end of the first quarter of 2019, in connection with the registration and listing of our common shares on the Norwegian OTC market on December 21, 2018 and the listing of our common shares on the NASDAQ stock exchange on February 11, 2019. Apart from registration and listing costs, public registration costs further include legal, consultancy and other costs incurred in connection with the subject listings.

Management fees- related party

During the nine-month periods ended September 30, 2018 and 2019, we incurred $87,360 and $100,360 in management fees, respectively, or an average fleet daily fee of $320 and $336, respectively. The increase in management fees between the compared periods is mainly derived from the increase in Fleet ownership days from 273 in 2018 to 299 in 2019, following the addition to our Fleet on September 5, 2019, of the Magic Sun. The management fee of the Magic Sun has been set at $500 per day (in relation to a previously charged daily fee of $320 on our other vessel, the Magic P) which further explains the increase in the daily average daily management fees of our Fleet.

Depreciation and amortization

Depreciation and amortization expenses comprise of vessels’ depreciation and the amortization of vessels’ capitalized dry-dock costs. Depreciation and amortization charges totaled $529,686 in the nine months ended September 30, 2018 as compared to $552,167 in the nine months ended September 30, 2019, thereby amounting to a $22,481, or a 4.2%, increase.

Amortization of deferred dry-docking costs was $306,972 during the nine months ended September 30, 2018, compared to $299,268 during the corresponding period of 2019. The amortization days did not materially deviate in the compared periods and, as a result, neither did the amortization charges in these periods.

Vessels’ depreciation increased to $252,899 in the nine-months ended September 30, 2019, from $222,714 in the nine-month period ended September 30, 2018, as, following the delivery of the Magic Sun in September 2019, our depreciable days increased to 299 in 2019 from 273 in 2018.

Significant Accounting Policies and Critical Accounting Policies

There have been no material changes to our significant accounting policies since December 31, 2018. For a description of our critical accounting policies and all of our significant accounting policies, see Note 2 to our audited consolidated financial statements included in our Transition Report on Form 20-F for the transition period ended December 31, 2018, which was filed with the SEC on December 16, 2019.

Liquidity and Capital Resources

We operate in a capital-intensive industry and, in the past, have financed the acquisition of our vessels through debt and equity financings. As future growth opportunities may arise, we expect to finance the purchase of additional vessels and other capital expenditures through a combination of borrowings from debt transactions, cash generated from operations and equity and debt financings.

Our liquidity requirements relate to funding working capital and maintaining cash reserves for the purpose of maintaining the quality of our Fleet, complying with international shipping standards and environmental laws and regulations and strengthening our position against adverse fluctuations in operating cash flows. Our funding and treasury activities are intended to maximize investment returns while maintaining appropriate liquidity.

For the nine months ended September 30, 2019, our principal sources of funds were our operating cash flows, unsecured debt assumed from our controlling shareholder and the net proceeds under our ATM offering. We frequently monitor our capital needs by projecting our fixed income and expenses, and seek to maintain adequate cash reserves to compensate for any budget overruns. Our short-term liquidity requirements are primarily the funding of working capital, including vessel operating expenses, the servicing of our debt and payments under our management agreements. Our medium and long-term liquidity requirements relate to paying cash dividends, when we are able to do so, repayment of our long-term debt and funding capital expenditures, including, without limitation, the acquisition of additional vessels. Sources of funding for our medium and long-term liquidity requirements include cash flows from operations, new debt or capital lease financing we may negotiate, or equity issuances in private or publicly held transactions.

As of September 30, 2019, we reported cash of $3,519,688, which represented an increase of $1,632,408, or 86.5%, from December 31, 2018. As of September 30, 2019, our indebtedness related to the $5.0 Million Shareholder Loan which was provided by an entity affiliated with Petros Panagiotidis. As of September 30, 2019, we had no secured indebtedness. We believe, given our current cash reserves, that if market conditions remain relatively stable throughout 2019 and early 2020, our financial resources, including the cash expected to be generated within twelve months from the date of this report, will be sufficient to meet our liquidity and working capital needs through September 30, 2020.

On November 15, 2018, we entered into contracts to purchase and install ballast water management systems (“BWMS”) on our dry bulk carriers, as amended on October 20, 2019, following the acquisition of the M/V Magic Sun and the M/V Magic Moon. We expect that the BWMS installation on our vessels will be completed during the vessels’ upcoming dry-docking in 2020 and estimate that the contractual obligations related to these purchases, excluding installation costs, will be approximately $0.8 million.

As of September 30, 2019, we reported a working capital surplus of $3,880,772 as compared to a working capital surplus of $2,414,604 as of December 31, 2018, which represents an increase of $1,466,168, or 60.7%. Working capital is equal to current assets minus current liabilities.

During the nine-month period ended September 30, 2019, we generated net cash from operating activities of $1,021,367, as compared to $1,252,504 in the same period ended September 30, 2018, which represents a decrease of $231,137, or 18.5%. This decrease in net cash from operating activities was mainly attributable to the lower revenues and higher operating and administrative expenses we incurred in the nine-month period ended September 30, 2019, in relation to the nine-month period ended September 30, 2018, as discussed above, which was counterbalanced by the positive effect of variations in working capital in the current period.

Our Borrowing Activities

$5.0 Million Shareholder Loan

On August 30, 2019, we entered into the $5.0 Million Shareholder Loan in order to partly finance the acquisition of the Magic Sun. The $5.0 Million Shareholder Loan bears a fixed interest rate of 6% per annum and has a bullet repayment on March 3, 2021, a date which is eighteen (18) months from the drawdown date. The $5.0 Million Term Loan Facility may be prepaid in whole or in part at any time prior to its maturity, at the Company’s option.

$7.5 Million Shareholder Bridge Loan

On October 17, 2019, we entered into the $7.5 Million Shareholder Bridge Loan in order to temporarily partly finance the acquisition of the Magic Moon. The $7.5 Million Shareholder Bridge Loan, originally maturing on December 31, 2019, allowed us to immediately seize this fleet expansion opportunity while exploring financing alternatives for our whole Fleet. On December 6, 2019, the $7.5 Million Shareholder Bridge Loan was paid in full with a part of the net proceeds received under the Alpha Bank Financing, discussed below.

$11.0 Million Senior Secured Term Loan

On November 22, 2019, we, through two of our wholly-owned subsidiaries, entered the Alpha Bank Financing, the net proceeds of which were drawn down on December 2, 2019. The Alpha Bank Financing has a term of five years from the drawdown date and bears interest at LIBOR plus 3.50% per annum. We partly used the net proceeds from the respective facility in order to repay in full, on December 6, 2019, the $7.5 Shareholder Million Bridge Loan. We intend to use the remainder of the net proceeds under the Alpha Bank Financing for general corporate purposes which may also include the expansion of our Fleet.

Cash Flows

The following table summarizes our net cash flows from operating, investing and financing activities and our cash and cash equivalents for the nine month periods ended September 30, 2018 and 2019:

	Nine months ended September 30,
(in thousands of U.S. Dollars)	2018		2019
Net cash provided by operating activities	$	1,252,504	$	1,021,367
Net cash used in investing activities		—		(6,768,025	)
Net cash provided by financing activities		—		7,379,066
Cash and cash equivalents at beginning of period		486,670		1,887,280
Cash and cash equivalents at end of period	$	1,739,174	$	3,519,688

Operating Activities:

Net cash provided by operating activities amounted to $1,021,367 for the nine-month period ended September 30, 2019, consisting of net income after non-cash items of $1,112,968, partly set-off by a reduction in working capital by $91,601. Net cash provided by operating activities amounted to $1,252,504 for the nine-month period ended September 30, 2018, consisting of net income after non-cash items of $1,758,484 partly set-off by a reduction in working capital by $505,980. The decrease by 231,137, or 18.5%, in cash provided by operating activities between the compared periods is mainly due to the lower revenues earned and the higher operating expenses incurred in the nine-months ended September 30, 2019, as compared to the same period in 2018, elaborated above in more detail.

Investing Activities:

Net cash used in investing activities during the nine-months ended September 30, 2019, represents the cash consideration paid during the period for the acquisition of the Magic Sun which also includes paid capitalized expenditures in connection with such acquisition.

We did not use cash towards any investing activities in the nine-month period ended September 30, 2018.

Financing Activities:

The 2019 nine-month period $7,379,066 cash inflow from financing activities resulted from the net proceeds raised under our ATM offering amounting to $2,379,066 and the proceeds under our $5.0 Million Shareholder Loan.

No cash inflow or outflow was made on any financing activities during the nine-month period ended September 30, 2018.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

	Page
Unaudited Interim Consolidated Balance Sheets as of December 31, 2018 and September 30, 2019	F-2

Unaudited Interim Condensed Consolidated Statements of Comprehensive Income for the nine months ended September 30, 2018 and 2019	F-3

Unaudited Interim Consolidated Statements of Shareholders’ Equity for the nine months ended September 30, 2018 and 2019	F-4

Unaudited Interim Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 and 2019	F-5

Notes to Unaudited Interim Condensed Consolidated Financial Statements	F-6

F-1

CASTOR MARITIME INC.

UNAUDITED INTERIM CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2018 AND SEPTEMBER 30, 2019

(Expressed in U.S. Dollars – except for share data)

ASSETS	Note		December 31, 2018		September 30, 2019
CURRENT ASSETS:
Cash and cash equivalents			$	1,887,280	$	3,519,688
Accounts receivable trade				670,973		497,367
Due from related party		3		176,434		371,199
Inventories				57,530		112,819
Prepaid expenses and other current assets				55,200		159,215
Deferred Charges				—		39,643
Total current assets				2,847,417		4,699,931

NON-CURRENT ASSETS:
Vessels, net of accumulated depreciation of $297,768 and $252,899, respectively		5		6,995,350		13,709,427
Deferred charges, net of accumulated amortization of $409,296 and $299,268, respectively		4		341,070		41,802
Total non-current assets				7,336,420		13,751,229

Total assets			$	10,183,837	$	18,451,160

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
Accounts payable			$	244,371	$	260,385
Unearned revenue				47,708		83,715
Accrued liabilities (including $0 and $1,140 respectively, to related party )		3		140,734		475,059
Total current liabilities				432,813		819,159

NON-CURRENT LIABILITIES:
Related party debt		3		—		5,000,000
Total non-current liabilities				—		5,000,000

Commitments and contingencies		8

SHAREHOLDERS' EQUITY:
Preferred shares, $0.001 par value: 50,000,000 shares authorized:		6
Series A Preferred Shares- 9.75% cumulative redeemable perpetual preferred shares (liquidation preference of $25 per share), 480,000 shares issued and outstanding				480		480
Series B Preferred Shares – 12,000 shares issued and outstanding				12		12
Common shares, $0.001 par value; 1,950,000,000 shares authorized; 2,400,000 and 3,018,112 shares issued and outstanding as of December 31, 2018 and September 30, 2019, respectively		6		2,400		3,018
Additional paid-in capital		6		7,612,108		9,931,666
Retained earnings				2,136,024		2,696,825
Total shareholders' equity				9,751,024		12,632,001

Total liabilities and shareholders' equity			$	10,183,837	$	18,451,160

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-2

CASTOR MARITIME INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 AND 2019

(Expressed in U.S. Dollars – except for share data)

			Nine-months ended September 30,
	Note		2018			2019
REVENUES:
Voyage revenues (net of address commissions of $127,649 in 2018 and $153,453 in 2019)			$	3,294,235		$	3,125,623
Total revenues				3,294,235			3,125,623

EXPENSES:
Voyage expenses (including related party commissions)		3,11		(8,933	)		(105,516	)
Vessel operating expenses		11		(1,125,983	)		(1,461,473	)
Management fees to related party		3		(87,360	)		(100,360	)
Depreciation and amortization		4,5		(529,686	)		(552,167	)
General and administrative expenses		12
- Company administration expenses				(73,399	)		(211,548	)
- Public registration costs				(234,406	)		(132,091	)
Total expenses				(2,059,767	)		(2,563,155	)

Operating income				1,234,468			562,468

OTHER INCOME/ (EXPENSES):
Interest and finance costs		3		(2,595	)		(26,081	)
Interest income				4,243			27,821
Foreign exchange losses				(7,075	)		(3,407	)
Other, net				(243	)		—
Total other expenses, net				(5,670	)		(1,667	)

Net income and comprehensive income			$	1,228,798		$	560,801

Loss per common share, basic and diluted		10	$	(0.02	)	$	(0.57	)
Weighted average number of common shares, basic and diluted				2,400,000			2,467,798

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-3

CASTOR MARITIME INC.

UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 AND 2019

(Expressed in U.S. Dollars – except for share data)

	Number of shares issued
	Common shares		Preferred A shares		Preferred B shares		Par Value of Shares issued		Additional Paid-in capital		Retained earnings		Total Shareholders' Equity
Balance, December 31, 2017		2,400,000		480,000		12,000	$	2,892	$	7,612,108	$	630,784	$	8,245,784
- Net income		—		—		—		—		—		1,228,798		1,228,798
Balance, September 30, 2018		2,400,000		480,000		12,000	$	2,892	$	7,612,108	$	1,859,582	$	9,474,582

Balance, December 31, 2018		2,400,000		480,000		12,000		2,892		7,612,108		2,136,024		9,751,024
- Net income		—		—		—		—		—		560,801		560,801
- Issuance of common stock, net of issuance costs, pursuant to the ATM (Note 6)		618,112		—		—		618		2,319,558		—		2,320,176
Balance, September 30, 2019		3,018,112		480,000		12,000	$	3,510	$	9,931,666	$	2,696,825	$	12,632,001

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-4

CASTOR MARITIME INC.

UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 AND 2019

(Expressed in U.S. Dollars)

			Nine-months ended September 30,
	Note		2018			2019
Cash Flows from Operating Activities:
Net income			$	1,228,798		$	560,801
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization				529,686			552,167
Changes in operating assets and liabilities:
Accounts receivable trade				554,011			173,606
Inventories				(2,680	)		(55,289	)
Due from related parties				(291,898	)		(193,625	)
Prepaid expenses and other current assets				26,739			(104,015	)
Accounts payable				(657,513	)		(96,141	)
Accrued liabilities				(134,639	)		147,856
Unearned revenue				—			36,007
Net Cash provided by Operating Activities				1,252,504			1,021,367

Cash flow used in Investing Activities:
Vessel acquisition		5		—			(6,768,025	)
Net cash used in Investing Activities				—			(6,768,025	)

Cash flows provided by Financing Activities:
Proceeds from issuance of common stock, net of issuance costs		6		—			2,444,446
Payment of securities registration and other filing costs				—			(65,380	)
Proceeds from related party debt		3		—			5,000,000
Net cash provided by Financing Activities				—			7,379,066

Net increase in cash and cash equivalents				1,252,504			1,632,408
Cash and cash equivalents at the beginning of the period				486,670			1,887,280
Cash and cash equivalents at the end of the period			$	1,739,174		$	3,519,688

SUPPLEMENTAL CASH FLOW INFORMATION
Common stock issuance expenses accrued/ payable				—			58,890
Vessel acquisition costs accrued/ payable				—			198,951
Deferred charges accrued				—			39,643

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-5

CASTOR MARITIME INC.

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars – except for share data unless otherwise stated)

1.	Basis of Presentation and General information

Castor Maritime Inc. (“Castor”) was incorporated on September 11, 2017 under the laws of the Republic of the Marshall Islands. The Company is engaged in the worldwide ocean transportation of dry bulk cargoes through its vessel-owning subsidiaries. On December 21, 2018, Castor’s common shares began trading on the Norwegian OTC whereas, on February 11, 2019, they began trading on the NASDAQ Stock Market under the ticker symbol “CTRM”.

The accompanying unaudited interim condensed consolidated financial statements include the accounts of Castor and its wholly owned subsidiaries, collectively the “Company”, and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These statements and the accompanying notes should be read in conjunction with the Company’s Annual Report on Form 20-F for the fiscal year ended September 30, 2018 and the transition report for the period from October 1, 2018 to December 31, 2018, filed with the U.S. Securities and Exchange Commission (the “SEC”) on January 31, 2019 and December 16, 2019, respectively.

On September 27, 2019, the Company’s Board of Director authorized a change in Castor’s fiscal year end from September 30 to December 31 of each year. As a result, our unaudited interim condensed consolidated financial statements have been prepared on the basis of the new fiscal year end, but consistently with the preparation of the annual financial statements. In the opinion of management, these financial statements reflect all adjustments which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the nine-month period ended September 30, 2019 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2019.

Castor is controlled by Thalassa Investment Co. S.A. (“Thalassa”), an entity registered in Liberia, which as of September 30, 2019, held 37.3% of the Company's common shares and 100% of the Series B preferred shares and, accordingly, could control the outcome of matters on which stockholders are entitled to vote. Thalassa is wholly-owned and controlled by Petros Panagiotidis, the Company's Chairman, Chief Executive Officer and Chief Financial Officer.

As of September 30, 2019, the Company was the sole owner of all outstanding shares of the following subsidiary companies:

Vessel Owning Subsidiaries:

Company	Country of incorporation	Vessel Name	DWT		Year Built		Delivery date to Castor
Spetses Shipping Co.	Marshall Islands	Magic P		76,453		2004	February 2017
Bistro Maritime Co.	Marshall Islands	Magic Sun		75,311		2001	September 2019

2.	Significant Accounting Policies and Recent Accounting Pronouncements:

A discussion of the Company's significant accounting policies can be found in the Company's annual financial statements for the fiscal year ended September 30, 2018 and the transition report for the period from October 1, 2018 to December 31, 2018 which have been filed with the US Securities and Exchange Commission on Form 20-F on January 31, 2019 and December 16, 2019, respectively. There have been no material changes to these policies in the nine-month period ended September 30, 2019.

F-6

CASTOR MARITIME INC.

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars – except for share data unless otherwise stated)

2.	Significant Accounting Policies and Recent Accounting Pronouncements (continued):

New accounting standards to be implemented

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326)” (“ASU 2016-13”), which amends several aspects of the measurement of credit losses on financial instruments based on an estimate of current expected credit losses. ASU 2016-13 will apply to loans, accounts receivable, trade receivables, other financial assets measured at amortized cost, loan commitments and other off-balance sheet credit exposures. ASU 2016-13 will also apply to debt securities and other financial assets measured at fair value through other comprehensive income. For the Company, ASU 2016-13 is effective for annual periods beginning after December 15, 2020, and interim reporting periods within annual reporting periods beginning after December 15, 2021, with early adoption permitted. The Company is currently evaluating the potential impact of this pronouncement on the condensed consolidated financial statements.

3. Transactions with Related Parties:

During the nine month periods ended September 30, 2018 and 2019, the Company incurred the following charges in connection with related party transactions, which are included in the accompanying unaudited interim condensed consolidated statements of income:

	Nine months ended September 30,		Nine months ended September 30,
	2018		2019
Management fees-related party
Management fees (a)	$	87,360	$	100,360

Included in voyage expenses
Charter hire commissions (b)	$	—	$	36,839

Included in Interest and finance costs
Interest expenses (c)	$	—	$	23,333

(a)	Pavimar S.A.:

The Company’s ship-owning subsidiaries have each entered into separate vessel management agreements with Pavimar S.A. (“Pavimar” or the “Manager”), a company controlled by Ismini Panagiotidis, the sister of Petros Panagiotidis (see Note 1). Pursuant to the terms of the management agreements, Pavimar provides the Company with a wide range of shipping services, including, but not limited to, crew management, technical management, operational employment management, insurance arrangements, provisioning, bunkering, accounting, general administration and audit support services, in exchange for a fixed daily fee, for a period beginning upon the vessel's delivery and until the termination of the agreement.

During the nine-month periods ended September 30, 2018 and 2019, the Company incurred Management fees under the vessel management agreements amounting to $87,360 and $100,360, respectively, which are separately reflected in the accompanying unaudited interim condensed consolidated statements of comprehensive income.

In addition, each month the Manager makes payments for operating expenses with funds provided by the Company. As of December 31, 2018 and September 30, 2019, amounts of $176,434 and $371,199, respectively, were due from the Manager in relation to these working capital advances granted to it.

F-7

CASTOR MARITIME INC.

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars – except for share data unless otherwise stated)

3.	Transactions with Related Parties (continued):

(b)	Alexandria Enterprises S.A:

The Company uses on a non-recurring basis the commercial management services of Alexandria Enterprises S.A., (“Alexandria”) an entity controlled by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer. In exchange for these services, Alexandria charges the Company a commission rate equal to 1.25% of the gross charter hire, freight and the ballast bonus earned under a charter.

During the nine-month periods ended September 30, 2018 and 2019, commissions charged by Alexandria amounted to $0 and $36,839, respectively, and are included in Voyage expenses in the accompanying unaudited interim condensed consolidated statements of comprehensive income. As at December 31, 2018, and September 30, 2019 an amount of $0 and $1,140 was payable to Alexandria and is included in Accrued liabilities in the accompanying interim consolidated balance sheet.

As of December 31, 2018 and September 30, 2019 balances with related parties consisted of the following:

	December 31, 2018		September 30, 2019
Assets:
Working capital advances granted to the Manager (a)	$	176,434	$	371,199

Included in Accrued Liabilities:
Charter hire commission charges due to Alexandria (b)	$	—	$	1,140
Total liabilities due to related party, current	$	—	$	1,140
Related party debt (c)	$	—	$	5,000,000
Total liabilities due to related party, non-current	$	—	$	5,000,000

(c)	Thalassa Investment Co. S.A:

On August 30, 2019, the Company entered into a $5.0 million unsecured term loan with Thalassa Investment Co. S.A (“Thalassa”), a company controlled by Petros Panagiotidis, who is also the Company’s Chairman, Chief Executive Officer and Chief Financial Officer, the proceeds of which were used to partly finance the equity required to be contributed by the respective ship-owning subsidiary for the acquisition of the M/V Magic Sun (the “$5.0 Million Term Loan Facility”) (Note 5). The Company drew down the entire loan amount on September 3, 2019. The $5.0 Million Term Loan Facility bears a fixed interest rate of 6% per annum and has a bullet repayment on March 3, 2021, a date which is eighteen (18) months after the drawdown date. The $5.0 Million Term Loan Facility may be prepaid in whole or in part at any time prior to its maturity, at the Company’s option. As of September 30, 2019, the whole amount under the $5.0 Million Term Loan Facility was outstanding.

During the nine-months ended September 30, 2019, the Company incurred interest costs in connection with the $5.0 Million Term Loan Facility amounting to $23,333 which are in included in Interest and finance costs in the accompanying unaudited interim condensed consolidated statements of comprehensive income. No interest costs were incurred in the nine month period ended September 30, 2018.

4.	Deferred charges, net:

On October 27, 2017, the M/V Magic P commenced its scheduled dry-dock which was completed on November 25, 2017. In accordance with the Company’s policy, such cost is deferred and amortized on a straight-line basis over the period until the Vessel’s upcoming dry-dock. Unamortized deferred dry-dock charges amounted to $341,070 and $41,802 as of December 31, 2018 and September 30, 2019, respectively. During the nine-month periods ended September 30, 2018 and 2019, amortization of deferred dry-dock costs amounted to $306,972 and $299,268 respectively, and is included in Depreciation and amortization in the accompanying unaudited interim condensed consolidated statements of comprehensive income. The unamortized balance as of September 30, 2019, is expected to be amortized to Depreciation and amortization expense during the fourth quarter of 2019.

F-8

CASTOR MARITIME INC.

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars – except for share data unless otherwise stated)

5. ..Vessels, net:

Vessel Acquisition:

On July 25, 2019, the Company entered into an agreement with an unaffiliated third party for the purchase of one second hand Panamax dry-bulk carrier vessel, the M/V Magic Sun, for a cash consideration of $6.7 million. The Company took delivery of the M/V Magic Sun on September 5, 2019. The M/V Magic Sun acquisition was financed using a portion of Castor’s cash on hand and the proceeds drawn under the $5.0 Million Term Loan Facility (Note 3).

The amounts in the accompanying consolidated balance sheets are analyzed as follows:


	Vessel Cost		Accumulated depreciation			Net Book Value
Balance December 31, 2018	$	7,549,281	$	(553,931	)	$	6,995,350
—Vessel acquisition		6,966,976		—			6,966,976
—Period depreciation		—		(252,899	)		(252,899	)
Balance September 30, 2019	$	14,516,257	$	(806,830	)	$	13,709,427

As of September 30, 2019, all vessels in the Company’s fleet were free of encumbrances.

6. Shareholders' Equity:

As of September 30, 2019, the Company's authorized capital stock consisted of 2,000,000,000 shares, par value $0.001 per share, of which 1,950,000,000 shares are designated as common shares and 50,000,000 shares are designated as preferred shares. As of the same date, 3,018,112 common shares, 480,000 9.75% Series A cumulative redeemable perpetual preferred shares (the “Series A Preferred Shares”) and 12,000 Series B Preferred shares were issued and outstanding.

At-the-market common stock offering: On June 28, 2019, the Company, entered into an equity distribution agreement, or as commonly referred to, an at-the-market offering, with Maxim Group LLC (“Maxim”), under which the Company may sell an aggregate offering price of up to US$10,000,000 of its common stock with Maxim acting as a sales agent over a minimum period of 12 months (the “ATM”). No warrants, derivatives, or other share classes were associated with this transaction. As of September 30, 2019, the Company received $2,625,590 gross proceeds under the ATM by issuing 618,112 common shares, whereas, the net proceeds under the ATM, after deducting sales commissions and other transaction fees and expenses, amounted to $2,320,176.

Series A Preferred terms amendment and settlement of accumulated dividends: On October 10, 2019, the Company reached an agreement with the Series A Preferred holders whereby all accumulated dividends on the Series A Preferred Shares up to and including June 30, 2019 were forgiven in full, whereas, it simultaneously entered into an amended and restated Statement of Designations to amend certain existing terms set forth therein (Note 14).

F-9

CASTOR MARITIME INC.

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars – except for share data unless otherwise stated)

7. Financial Instruments and Fair Value Disclosures:

The principal financial assets of the Company consist of cash at banks, trade accounts receivable and amounts due from related party. The principal financial liabilities of the Company consist of trade accounts payable and amounts due to related parties.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

◾

Cash and cash equivalents, trade accounts receivable, amounts due from related party and trade accounts payable: The carrying values reported in the accompanying consolidated balance sheets for those financial instruments are reasonable estimates of their fair values due to their short-term nature. The carrying value of these instruments is separately reflected in the accompanying consolidated balance sheets.

◾

Related party debt: The fair value of the fixed interest $5.0 Million Term Loan Facility discussed in Note 3, determined through Level 2 inputs of the fair value hierarchy (quoted prices for identical or similar assets and liabilities in markets that are not active), approximates its recorded value as of the period end.

Concentration of credit risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition.

8. Commitments and contingencies:

Various claims, lawsuits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company's Vessel. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying unaudited interim condensed consolidated financial statements.

The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying unaudited interim condensed consolidated financial statements. The Company is covered for liabilities associated with the Vessel’s actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.

Commitments under Contracts for BWMS Purchases

On November 15, 2018, the Company entered into contracts to purchase and install ballast water management systems (“BWMS”) on its dry bulk carriers, as amended on October 20, 2019, following the acquisition of the M/V Magic Sun and the M/V Magic Moon. The Company expects that the BWMS installation on its vessels will be completed during the vessels’ upcoming dry-docking in 2020 and estimates that the contractual obligations related to these purchases, excluding installation costs, will be approximately $0.8 million. These costs will be capitalized and depreciated over the remainder of the life of each vessel. As of September 30, 2019, the Company had advanced $45,263 in connection with the subject orders which are recorded in Prepaid expenses and other current assets in the accompanying interim condensed consolidated balance sheet of September 30, 2019.

F-10

CASTOR MARITIME INC.

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars – except for share data unless otherwise stated)

9. Income Taxes:

Both Castor and its subsidiaries are incorporated under the laws of the Republic of the Marshall Islands and they are not subject to income taxes in the Republic of the Marshall Islands. Castor’s ship-owning subsidiaries are subject to registration and tonnage taxes, which have been included in Vessel operating expenses in the accompanying unaudited interim condensed consolidated statements of comprehensive income. The Company and its subsidiaries were not subject to United States federal income taxation in respect of income that is derived from the international operation of ships and the performance of services directly related as they qualified for the exemption of Section 883 of the Internal Revenue Code of 1986, as amended.

10. Loss Per Share:

For the nine-month periods ended September 30, 2018 and 2019 the Company had no dilutive shares. The components of the calculation of basic and diluted loss per share in each of the nine-month periods ended September 30, 2018 and 2019 are as follows:

	Nine months ended September 30,
	2018			2019
Net income and comprehensive income		1,228,798			560,801
Less: Period cumulative dividend on Series A Preferred Shares		(1,281,150	)		(1,963,319	)
Net loss and comprehensive loss available to common shareholders		(52,352	)		(1,402,518	)
Weighted average number of common shares outstanding, basic and diluted		2,400,000			2,467,798
Loss per common share, basic and diluted		(0.02	)		(0.57	)

As of September 30, 2019, the Company had not declared or paid dividends on its Series A Preferred Shares. On October 10, 2019, the Company entered into a waiver and consent agreement with the holders of its Series A Preferred Shares for the settlement of all due and overdue accumulated dividends on the Series A Preferred Shares up to and including June 30, 2019 which amounted to $4.3 million (Note 14).

11. Vessel Operating and Voyage Expenses:

The amounts in the accompanying unaudited interim condensed consolidated statements of comprehensive income are analyzed as follows:

	For the nine months ended
Vessel Operating Expenses	September 30, 2018		September 30, 2019
Crew and related costs		672,159		765,533
Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling		228,895		375,139
Lubricants		71,225		129,053
Insurances		95,541		101,151
Tonnage taxes		25,470		29,469
Other		32,693		61,128
Total	$	1,125,983	$	1,461,473

F-11

CASTOR MARITIME INC.

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars – except for share data unless otherwise stated)

11. Vessel Operating and Voyage Expenses (continued):

	For the nine months ended
Voyage expenses	September 30, 2018			September 30, 2019
Brokerage commissions (including commissions of $0 and $36,839, respectively, to related party )		73,023			49,904
Port & other expenses		12,103			18,614
(Gain)/loss on bunkers		(76,193	)		36,998
Total	$	8,933		$	105,516

12. General and Administrative Expenses:

General and administrative expenses include public registration costs and costs in relation to the administration of the Company.

Company Administration Expenses: Company administration expenses for the nine-months ended September 30, 2018 and 2019 amounted to $73,399 and $211,548, respectively. Company administration expenses include audit fees, Chief Executive Officer and Chief Financial Officer compensation and other professional fees and expenses and are analyzed as follows:

	For the nine months ended
	September 30, 2018		September 30, 2019
Audit fees	$	60,000	$	69,205
Chief Executive and Chief Financial Officer compensation		9,000		9,000
Other professional fees		4,399		133,343
Total	$	73,399	$	211,548

Public Registration Costs: During the nine month periods ended September 30, 2018 and 2019, the Company incurred public registration costs of $234,406 and $132,091 respectively. Public registration costs relate to the costs incurred by the Company in connection with the Company’s registration and listing of its 2,400,000 issued and outstanding common shares in the Norwegian OTC on December 21, 2018 and the NASDAQ American Stock Exchange on February 11, 2019. Apart from registration and listing costs, public registration costs further include legal, consultancy and other costs incurred in connection with the subject listings.

13. Future Minimum Time Charter Revenues:

The future minimum contracted charter revenues, based on vessels’ commitment to non-cancelable time charter contracts (including fixture recaps) as of September 30, 2019, was $2,958,836, all due within the next 12 months. This amount does not include any assumed off-hire.

F-12

CASTOR MARITIME INC.

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars – except for share data unless otherwise stated)

14. Subsequent Events:

a. Series A Preferred Shares amendment and accumulated dividends settlement: On October 10, 2019, the Company reached an agreement with the holders of its Series A Preferred Shares to settle in full all accumulated dividend obligations on the Series A Preferred Shares (the “Series A Dividends Settlement Agreement”) and to simultaneously adopt an Amended and Restated Statements of Designations of its Series A Preferred Shares (the “Series A Amended SOD”). Pursuant to the Series A Dividends Settlement Agreement, the Series A Preferred holders agreed to forgive the Company’s obligations related to all due and overdue accumulated dividends on the Series A Preferred shares during the period from their original issue date up to and including June 30, 2019, amounting to $4.3 million, and to receive, in settlement thereof, 300,000 newly issued common shares (the “Settlement Shares”). The Settlement Shares were issued to the Series A Preferred holders on October 17, 2019. In addition, in accordance with the terms of the Series A Amended SOD, the Company and the Series A Preferred holders mutually agreed to: i) waive all dividend payment obligations on the Series A Preferred Shares during the period from July 1, 2019 until December 31, 2021, ii) reduce the progressively increasing dividend payment default rate that is 1.30 times the rate payable on the Series A Preferred Shares on the date preceding such payment to a fixed dividend payment default rate that is 1.30 times the base dividend payment rate, iii) increase the redemption price of the Series A Preferred Shares to $30 from $25 per share in case that the Company exercises its current option to redeem the Series A Preferred Shares, in whole or in part, with cash and iv) increase the liquidation preference from $25 to $30 per Series A Preferred Share. As a result of the foregoing, dividends on the Series A Preferred Shares will neither accrue nor accumulate during the period from July 1, 2019 until December 31, 2021 and the Company will no longer have any dividend priority restriction when declaring dividends to the holders of its common shares during this period. The Company will reflect the accounting and disclosure impacts of this transaction in the fourth quarter of 2019.

b. Vessel Acquisition: On October 14, 2019, the Company entered into a purchase agreement with an entity in which an immediate family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer has a minority interest, for the acquisition of a 2005 Japan built Panamax dry bulk carrier at a purchase price of $10.2 million. On October 20 2019, the Company took delivery of the subject vessel, namely the M/V Magic Moon. The M/V Magic Moon acquisition was financed using a combination of cash of hand, the net proceeds raised under the Company’s ATM program and the proceeds from a $7.5 million interest free unsecured bridge loan, which was provided to the Company by Thalassa (the “$7.5 Million Bridge Loan”). The $7.5 Million Bridge Loan originally maturing on December 31, 2019, was repaid in full on December 6, 2019 (see discussion below).

c. $11.0 Million Senior Secured Term Loan: On November 22, 2019, the Company, through its wholly-owned subsidiaries owning the Magic P and the Magic Moon (the “Borrowers”), entered into a $11.0 million senior secured term loan with Alpha Bank S.A (“the Alpha Bank Financing”). The facility was drawn down on December 2, 2019. The Alpha Bank Financing has a term of five years from the draw down date, bears interest at a margin of 3.50% over LIBOR per annum and will be repayable in 20 equal quarterly instalments plus a balloon instalment payable at maturity. The facility securities include, among others, a first preferred mortgage and first priority general assignment covering earnings, insurances and requisition compensation over the vessels owned by the Borrowers and is guaranteed by Castor. Pursuant to the terms of the Alpha Bank Financing, the Borrowers are subject to certain customary minimum liquidity restrictions and negative covenants. The net proceeds under the Alpha Bank Financing were partly used to repay in full, on December 6, 2019, the Company’s existing $7.5 Million Bridge Loan whereas the Company intends to use the remainder of the net proceeds for general corporate purposes.

F-13

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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;"><font style="background-color: #FFFFFF;">The accompanying unaudited interim condensed consolidated financial statements include the accounts of Castor and its wholly owned subsidiaries, collectively the “Company”, and </font>have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These statements and the accompanying notes should be read in conjunction with the Company’s Annual Report on Form 20-F for the fiscal year ended September 30, 2018 and the transition report for the period from October 1, 2018 to December 31, 2018, filed with the U.S. Securities and Exchange Commission (the “SEC”) on January 31, 2019 and December 16, 2019, respectively.</div></div>

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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">On September 27, 2019, the Company’s Board of Director authorized a change in Castor’s fiscal year end from September 30 to December 31 of each year. As a result, our unaudited interim condensed consolidated financial statements have been prepared on the basis of the new fiscal year end, but consistently with the preparation of the annual financial statements. In the opinion of management, these financial statements reflect all adjustments which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the nine-month period ended September 30, 2019 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2019.</div></div>

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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">New accounting standards to be implemented</font> </div><div> </div><div style="text-align: justify; color: #000000;">In June 2016, the FASB issued ASU No. 2016-13, “<font style="font-style: italic;">Financial Instruments—Credit Losses (Topic 326)</font>” (“ASU 2016-13”), which amends several aspects of the measurement of credit losses on financial instruments based on an estimate of current expected credit losses. ASU 2016-13 will apply to loans, accounts receivable, trade receivables, other financial assets measured at amortized cost, loan commitments and other off-balance sheet credit exposures. ASU 2016-13 will also apply to debt securities and other financial assets measured at fair value through other comprehensive income. For the Company, ASU 2016-13 is effective for annual periods beginning after December 15, 2020, and interim reporting periods within annual reporting periods beginning after December 15, 2021, with early adoption permitted. The Company is currently evaluating the potential impact of this pronouncement on the condensed consolidated financial statements.</div></div>

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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="color: #000000;"><font style="background-color: #FFFFFF;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</font></div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 55%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Vessel Cost</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Accumulated depreciation</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Net Book Value</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Balance December 31, 2018</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">7,549,281</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">(553,931</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">6,995,350</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">—Vessel acquisition</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div>6,966,976</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div>6,966,976</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">—Period depreciation</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div>(252,899</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div>(252,899</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Balance September 30, 2019</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">14,516,257</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(806,830</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">13,709,427</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr></table></div>

6995350

13709427

6995350

13709427

800000

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; font-weight: bold;"><font style="background-color: #FFFFFF;">3.</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Transactions with Related Parties:</font></div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">During the nine month periods ended September 30, 2018 and 2019, the Company incurred the following charges in connection with related party transactions, which are included in the accompanying unaudited interim condensed consolidated statements of income:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;"><div style="font-weight: bold;">Nine months ended</div><div style="font-weight: bold;">September 30,</div>2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;"><div style="font-weight: bold;">Nine months ended</div><div style="font-weight: bold;">September 30,</div>2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Management fees-related party</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Management fees (a)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>87,360</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>100,360</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Included in Voyage expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Charter hire commissions (b)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>36,839</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td rowspan="1" valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td rowspan="1" valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><font style="font-weight: bold;">Included in Interest and finance costs</font><br /></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td rowspan="1" valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">Interest expenses (c)<br /></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">$<br /></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">—</td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">$<br /></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">23,333<br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">(a)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;">Pavimar S.A.:</div></td></tr></table><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">The Company’s ship-owning subsidiaries have each entered into separate vessel management agreements with Pavimar S.A. (“Pavimar” or the “Manager”), a company controlled by Ismini Panagiotidis, the sister of Petros Panagiotidis (see Note 1). Pursuant to the terms of the management agreements, Pavimar provides the Company with a wide range of shipping services, including, but not limited to, crew management, technical management, operational employment management, insurance arrangements, provisioning, bunkering, accounting, general administration and audit support services, in exchange for a fixed daily fee, </font><font style="background-color: #FFFFFF; color: #000000;">for a period beginning upon the vessel's delivery and until the termination of the agreement.</font></div><div> </div><div style="text-align: justify;">During the nine-month periods ended  September 30, 2018 and 2019, the Company incurred Management fees under the vessel management agreements amounting to $87,360 and $100,360, respectively, which are separately reflected  in the accompanying unaudited interim condensed consolidated statements of comprehensive income.</div><div> </div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">In addition, each month the Manager makes payments for operating expenses with funds provided by the Company. As of December 31, 2018 and September 30, 2019, amounts of $176,434 and $371,199, respectively, were due from the Manager in relation to these working capital advances granted to it.</font></div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">(b)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Alexandria Enterprises S.A:</font></div></td></tr></table><div> </div><div style="text-align: justify;">The Company uses on a non-recurring basis the commercial management services of Alexandria Enterprises S.A., (“Alexandria”) an entity controlled by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer. In exchange for these services, Alexandria charges the Company a commission rate equal to 1.25% of the gross charter hire, freight and the ballast bonus earned under a charter.</div><div><br /></div><div style="text-align: justify;">During the nine-month periods ended September 30, 2018 and 2019, commissions charged by Alexandria amounted to $0 and $36,839, respectively, and are included in Voyage expenses in the accompanying unaudited interim condensed consolidated statements of comprehensive income. <font style="background-color: rgb(255, 255, 255);">As at December 31, 2018, and September 30, 2019 an amount of $0 and $1,140 was payable to Alexandria and is included in Accrued liabilities in the accompanying interim consolidated balance sheet.</font></div><div> </div><div style="text-align: justify; color: #000000;">As of December 31, 2018 and September 30, 2019 balances with related parties consisted of the following:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">December 31, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">September 30, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Assets:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Working capital advances granted to the Manager (a)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>176,434</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>371,199</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Included in Accrued Liabilities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Charter hire commission charges due to Alexandria (b)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>1,140</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total liabilities due to related party, current</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">1,140</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Related party debt (c)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5,000,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total liabilities due to related party, non-current</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">5,000,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">(c)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Thalassa Investment Co. S.A:</font></div></td></tr></table><div> </div><div style="text-align: justify;">On August 30, 2019, the Company entered into a $5.0 million unsecured term loan with Thalassa Investment Co. S.A (“Thalassa”), a company controlled by Petros Panagiotidis, who is also the Company’s Chairman, Chief Executive Officer and Chief Financial Officer, the proceeds of which were used to partly finance the equity required to be contributed by the respective ship-owning subsidiary for the acquisition of the M/V <font style="font-style: italic;">Magic Sun</font> (the “$5.0 Million Term Loan Facility”) (Note 5). The Company drew down the entire loan amount on September 3, 2019.  The $5.0 Million Term Loan Facility bears a fixed interest rate of 6% per annum and has a bullet repayment on March 3, 2021, a date which is eighteen (18) months after the drawdown date. The $5.0 Million Term Loan Facility may be prepaid in whole or in part at any time prior to its maturity, at the Company’s option. As of September 30, 2019, the whole amount under the $5.0 Million Term Loan Facility was outstanding.</div><div> </div><div style="text-align: justify;">During the nine-months ended September 30, 2019, the Company incurred interest costs in connection with the $5.0 Million Term Loan Facility amounting to $23,333 which are in included in Interest and finance costs in the accompanying unaudited interim condensed consolidated statements of comprehensive income. No interest costs were incurred in the nine month period ended September 30, 2018.</div></div>

7500000

2696825

2136024

3294235

3125623

2320176

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">During the nine month periods ended September 30, 2018 and 2019, the Company incurred the following charges in connection with related party transactions, which are included in the accompanying unaudited interim condensed consolidated statements of income:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;"><div style="font-weight: bold;">Nine months ended</div><div style="font-weight: bold;">September 30,</div>2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;"><div style="font-weight: bold;">Nine months ended</div><div style="font-weight: bold;">September 30,</div>2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Management fees-related party</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Management fees (a)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>87,360</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>100,360</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Included in Voyage expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Charter hire commissions (b)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>36,839</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td rowspan="1" valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td rowspan="1" valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><font style="font-weight: bold;">Included in Interest and finance costs</font><br /></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td rowspan="1" valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">Interest expenses (c)<br /></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">$<br /></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">—</td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">$<br /></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">23,333<br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr></table><div> </div><div style="text-align: justify; color: #000000;">As of December 31, 2018 and September 30, 2019 balances with related parties consisted of the following:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">December 31, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">September 30, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Assets:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Working capital advances granted to the Manager (a)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>176,434</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>371,199</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Included in Accrued Liabilities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Charter hire commission charges due to Alexandria (b)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>1,140</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total liabilities due to related party, current</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">1,140</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Related party debt (c)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5,000,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total liabilities due to related party, non-current</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">5,000,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table></div>

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div>The components of the calculation of basic and diluted loss per share in each of the nine-month periods ended September 30, 2018 and 2019 are as follows:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 76%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Nine months ended</div><div style="text-align: center; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px; text-indent: -9pt; margin-left: 9pt; width: 76%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net income and comprehensive income</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">1,228,798</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">560,801</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Less: Period cumulative dividend on Series A Preferred Shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>(1,281,150</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>(1,963,319</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net loss and comprehensive loss available to common shareholders</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">(52,352</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">(1,402,518</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Weighted average number of common shares outstanding, basic and diluted</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>2,400,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>2,467,798</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Loss per common share, basic and diluted</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">(0.02</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">(0.57</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">)</div></td></tr></table></div>

2400000

12000

2400000

12000

480000

12000

2400000

12000

480000

3018112

618112

300000

2320176

618

2319558

<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: justify;"><font style="background-color: rgb(255, 255, 255); font-weight: bold;">6.</font></div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify;"><font style="font-weight: bold;"><font style="background-color: rgb(255, 255, 255);">Shareholders' Equity:</font></font></div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">As of September 30, 2019, the Company's authorized capital stock consisted of 2,000,000,000 shares, par value $0.001 per share, of which 1,950,000,000 shares are designated as common shares and 50,000,000 shares are designated as preferred shares. As of the same date, 3,018,112 common shares, 480,000 9.75% Series A cumulative redeemable perpetual preferred shares (the “Series A Preferred Shares”) and 12,000 Series B Preferred shares were issued and outstanding.</font></div><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF; font-weight: bold; font-style: italic;">At-the-market common stock offering:</font><font style="background-color: #FFFFFF;"> On June 28, 2019, the Company, entered into an equity distribution agreement, or as commonly referred to, an at-the-market offering, with Maxim Group LLC (“Maxim”), under which the Company may sell an aggregate offering price of up to US$10,000,000 of its common stock with Maxim acting as a sales agent over a minimum period of 12 months (the “ATM”). No warrants, derivatives, or other share classes were associated with this transaction. As of September 30, 2019, the Company received $2,625,590 gross proceeds under the ATM by issuing 618,112 common shares, whereas, the net proceeds under the ATM, after deducting sales commissions and other transaction fees and expenses, amounted to $2,320,176.</font></div><div> </div><div></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF; font-weight: bold; font-style: italic;">Series A Preferred terms amendment and settlement of accumulated dividends: </font><font style="background-color: #FFFFFF;">On October 10, 2019, the Company reached an agreement with the Series A Preferred holders whereby all accumulated dividends on the Series A Preferred Shares up to and including June 30, 2019 were forgiven in full, whereas, it simultaneously entered into an amended and restated Statement of Designations to amend certain existing terms set forth therein (Note 14).</font></div></div>

12632001

9751024

7612108

2892

7612108

2136024

630784

2892

8245784

1859582

3510

7612108

2696825

2892

9474582

9931666

25470

29469

2400000

2467798

1 0.0125 0.373 1 2001 2004 2019-09 2017-02 Magic P Magic Sun 75311 76453 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; color: #000000;">As of September 30, 2019, the Company was the sole owner of all outstanding shares of the following subsidiary companies:</div><div> </div><div style="text-align: justify;"><u>Vessel Owning Subsidiaries:</u></div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-weight: bold; text-align: center;">Company</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Country of incorporation</div></td><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Vessel Name</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">DWT</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Year Built</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Delivery date to Castor</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 19%; background-color: #CCEEFF;"><div>Spetses Shipping Co.</div></td><td valign="bottom" style="vertical-align: bottom; width: 19%; background-color: #CCEEFF;"><div style="text-align: center;">Marshall Islands</div></td><td valign="bottom" style="vertical-align: bottom; width: 19%; background-color: #CCEEFF;"><div style="text-align: center;">Magic P</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>76,453</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2004</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td valign="bottom" style="vertical-align: bottom; width: 19%; background-color: #CCEEFF;"><div style="text-align: center;">February 2017</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 19%; background-color: #FFFFFF;"><div>Bistro Maritime Co.</div></td><td valign="bottom" style="vertical-align: bottom; width: 19%; background-color: #FFFFFF;"><div style="text-align: center;">Marshall Islands</div></td><td valign="bottom" style="vertical-align: bottom; width: 19%; background-color: #FFFFFF;"><div style="text-align: center;">Magic Sun</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>75,311</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>2001</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td valign="bottom" style="vertical-align: bottom; width: 19%; background-color: #FFFFFF;"><div style="text-align: center;">September 2019</div></td></tr></table></div> 2625590 0.001 10000000 2000000000 P12M 409296 299268 41802 341070 0 36839 36839 0 36839 0 228895 375139 71225 129053 73023 49904 12103 18614 36998 -76193 20 1.30 6700000 10200000 25 30 1.30 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div>Company administration expenses include audit fees, Chief Executive Officer and Chief Financial Officer compensation and other professional fees and expenses and are analyzed as follows:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">For the nine months ended</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;">September 30, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;">September 30, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="text-indent: -12pt; margin-left: 12pt;">Audit fees</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>60,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>69,205</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div>Chief Executive and Chief Financial Officer compensation</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>9,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>9,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div>Other professional fees</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>4,399</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>133,343</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -12pt; margin-left: 12pt; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">73,399</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">211,548</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr></table></div> 69205 60000 4399 133343 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: justify;"><font style="background-color: rgb(255, 255, 255); font-weight: bold;">12.</font></div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify;"><font style="font-weight: bold;"><font style="background-color: rgb(255, 255, 255);">General and Administrative Expenses:</font></font></div></td></tr></table><div> </div><div style="text-align: justify; color: #000000;">General and administrative expenses include public registration costs and costs in relation to the administration of the Company.</div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF; font-weight: bold;">Company Administration Expenses:</font><font style="background-color: #FFFFFF;"> Company administration expenses for the nine-months ended September 30, 2018 and 2019 amounted to $73,399 and $211,548, respectively. Company administration expenses include audit fees, Chief Executive Officer and Chief Financial Officer compensation and other professional fees and expenses and are analyzed as follows:</font></div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">For the nine months ended</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;">September 30, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: right; font-weight: bold;">September 30, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="text-indent: -12pt; margin-left: 12pt;">Audit fees</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>60,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>69,205</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div>Chief Executive and Chief Financial Officer compensation</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>9,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>9,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div>Other professional fees</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>4,399</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>133,343</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-indent: -12pt; margin-left: 12pt; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">73,399</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">211,548</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr></table><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF; font-weight: bold;">Public Registration Costs:</font> During the nine month periods ended September 30, 2018 and 2019, the Company incurred public registration costs of $234,406 and $132,091 respectively. Public registration costs relate to the costs incurred by the Company in connection with the Company’s registration and listing of its 2,400,000 issued and outstanding common shares in the Norwegian OTC on December 21, 2018 and the NASDAQ American Stock Exchange on February 11, 2019. Apart from registration and listing costs, public registration costs further include legal, consultancy and other costs incurred in connection with the subject listings.</div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"><br /></td><td colspan="6" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">For the nine months ended</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76%;"><div style="font-weight: bold;">Voyage expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">September 30, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">September 30, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div>Brokerage commissions (including commissions of $0 and $36,839, respectively, to related party )</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>73,023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>49,904</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"><div>Port & other expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>12,103</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>18,614</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div>(Gain)/loss on bunkers</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>(76,193</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>36,998</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">8,933</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">105,516</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr></table></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><font style="background-color: #FFFFFF;">The amounts in the accompanying unaudited interim condensed consolidated statements of </font>comprehensive<font style="background-color: #FFFFFF;"> income are analyzed as follows:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">For the nine months ended</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="font-weight: bold;">Vessel Operating Expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">September 30, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">September 30, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div>Crew and related costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>672,159</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>765,533</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"><div>Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling<br /></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>228,895</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>375,139</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div>Lubricants</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>71,225</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>129,053</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"><div>Insurances</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>95,541</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>101,151</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div>Tonnage taxes</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>25,470</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>29,469</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"><div>Other</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>32,693</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>61,128</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1,125,983</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1,461,473</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr></table></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; font-weight: bold;"><font style="background-color: #FFFFFF;">11.</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Vessel Operating and Voyage Expenses:</font></div></td></tr></table><div><br /></div><div><font style="background-color: #FFFFFF;">The amounts in the accompanying unaudited interim condensed consolidated statements of </font>comprehensive<font style="background-color: #FFFFFF;"> income are analyzed as follows:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">For the nine months ended</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="font-weight: bold;">Vessel Operating Expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">September 30, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">September 30, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div>Crew and related costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>672,159</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>765,533</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"><div>Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling<br /></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>228,895</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>375,139</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div>Lubricants</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>71,225</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>129,053</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"><div>Insurances</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>95,541</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>101,151</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div>Tonnage taxes</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>25,470</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>29,469</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"><div>Other</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>32,693</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>61,128</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1,125,983</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">1,461,473</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr></table><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"><br /></td><td colspan="6" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">For the nine months ended</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 76%;"><div style="font-weight: bold;">Voyage expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">September 30, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">September 30, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div>Brokerage commissions (including commissions of $0 and $36,839, respectively, to related party )</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>73,023</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>49,904</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"><div>Port & other expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>12,103</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>18,614</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div>(Gain)/loss on bunkers</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>(76,193</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>36,998</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">8,933</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">105,516</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr></table></div> 127649 153453 211548 73399 100360 87360 100360 87360 234406 132091 105516 8933 65380 0 58890 0 39643 0 45263

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Deferred charges, net

9 Months Ended

Sep. 30, 2019

Deferred charges, net [Abstract]

Deferred charges, net

4.	Deferred charges, net:

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Commitments and contingencies

9 Months Ended

Sep. 30, 2019

Commitments and contingencies [Abstract]

Commitments and contingencies

8.	Commitments and contingencies:

Commitments under Contracts for BWMS Purchases

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General and Administrative Expenses

9 Months Ended

Sep. 30, 2019

General and Administrative Expenses [Abstract]

General and Administrative Expenses

12.	General and Administrative Expenses:

General and administrative expenses include public registration costs and costs in relation to the administration of the Company.

	For the nine months ended
	September 30, 2018		September 30, 2019
Audit fees	$	60,000	$	69,205
Chief Executive and Chief Financial Officer compensation		9,000		9,000
Other professional fees		4,399		133,343
Total	$	73,399	$	211,548

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Commitments and contingencies (Details) - Purchase Commitment for Ballast Water Management Systems [Member] - USD ($)	Oct. 20, 2019	Sep. 30, 2019
Subsequent Event [Member]
Commitments and contingencies [Abstract]
Contractual purchase obligations	$ 800,000
Prepaid Expenses and Other Current Assets [Member]
Commitments and contingencies [Abstract]
Advances for purchase obligations		$ 45,263

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UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
REVENUES:
Address commissions	$ 153,453	$ 127,649

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Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2019
Cover [Abstract]
Entity Registrant Name	Castor Maritime Inc.
Entity Central Index Key	0001720161
Current Fiscal Year End Date	--12-31
Document Type	6-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2019

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Deferred charges, net (Details) - USD ($)	9 Months Ended
Deferred charges, net (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Deferred charges, net [Abstract]
Net unamortized deferred dry-dock charges	$ 41,802		$ 341,070
Amortization of deferred dry-dock costs	$ 299,268	$ 306,972

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Significant Accounting Policies and Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2019

Significant Accounting Policies and Recent Accounting Pronouncements [Abstract]

Significant Accounting Policies and Recent Accounting Pronouncements

2.	Significant Accounting Policies and Recent Accounting Pronouncements:

New accounting standards to be implemented

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Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2019
Significant Accounting Policies and Recent Accounting Pronouncements [Abstract]
New accounting standards to be implemented	New accounting standards to be implemented In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326)” (“ASU 2016-13”), which amends several aspects of the measurement of credit losses on financial instruments based on an estimate of current expected credit losses. ASU 2016-13 will apply to loans, accounts receivable, trade receivables, other financial assets measured at amortized cost, loan commitments and other off-balance sheet credit exposures. ASU 2016-13 will also apply to debt securities and other financial assets measured at fair value through other comprehensive income. For the Company, ASU 2016-13 is effective for annual periods beginning after December 15, 2020, and interim reporting periods within annual reporting periods beginning after December 15, 2021, with early adoption permitted. The Company is currently evaluating the potential impact of this pronouncement on the condensed consolidated financial statements.

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Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2019

Loss Per Share [Abstract]

Calculation of Basic and Diluted Loss per Share

The components of the calculation of basic and diluted loss per share in each of the nine-month periods ended September 30, 2018 and 2019 are as follows:

	Nine months ended September 30,
	2018			2019
Net income and comprehensive income		1,228,798			560,801
Less: Period cumulative dividend on Series A Preferred Shares		(1,281,150	)		(1,963,319	)
Net loss and comprehensive loss available to common shareholders		(52,352	)		(1,402,518	)
Weighted average number of common shares outstanding, basic and diluted		2,400,000			2,467,798
Loss per common share, basic and diluted		(0.02	)		(0.57	)

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Basis of Presentation and General information (Policies)	9 Months Ended
	Sep. 30, 2019
Basis of Presentation and General information [Abstract]
Principles of Consolidation	The accompanying unaudited interim condensed consolidated financial statements include the accounts of Castor and its wholly owned subsidiaries, collectively the “Company”, and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These statements and the accompanying notes should be read in conjunction with the Company’s Annual Report on Form 20-F for the fiscal year ended September 30, 2018 and the transition report for the period from October 1, 2018 to December 31, 2018, filed with the U.S. Securities and Exchange Commission (the “SEC”) on January 31, 2019 and December 16, 2019, respectively.
Change of Fiscal Year	On September 27, 2019, the Company’s Board of Director authorized a change in Castor’s fiscal year end from September 30 to December 31 of each year. As a result, our unaudited interim condensed consolidated financial statements have been prepared on the basis of the new fiscal year end, but consistently with the preparation of the annual financial statements. In the opinion of management, these financial statements reflect all adjustments which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the nine-month period ended September 30, 2019 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2019.

XML 23 R26.htm IDEA: XBRL DOCUMENT

Vessels, net (Tables)

9 Months Ended

Sep. 30, 2019

Vessels, net [Abstract]

Vessel, Net

The amounts in the accompanying consolidated balance sheets are analyzed as follows:

	Vessel Cost		Accumulated depreciation			Net Book Value
Balance December 31, 2018	$	7,549,281	$	(553,931	)	$	6,995,350
—Vessel acquisition		6,966,976		—			6,966,976
—Period depreciation		—		(252,899	)		(252,899	)
Balance September 30, 2019	$	14,516,257	$	(806,830	)	$	13,709,427

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Vessel Operating and Voyage Expenses
9 Months Ended

Sep. 30, 2019

Vessel Operating and Voyage Expenses [Abstract]

Vessel Operating and Voyage Expenses
11.
Vessel Operating and Voyage Expenses:

The amounts in the accompanying unaudited interim condensed consolidated statements of comprehensive income are analyzed as follows:

For the nine months ended

Vessel Operating Expenses

September 30, 2018

September 30, 2019

Crew and related costs

672,159

765,533

Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling

228,895

375,139

Lubricants

71,225

129,053

Insurances

95,541

101,151

Tonnage taxes

25,470

29,469

Other

32,693

61,128

Total

$
1,125,983

$
1,461,473

For the nine months ended

Voyage expenses

September 30, 2018

September 30, 2019

Brokerage commissions (including commissions of $0 and $36,839, respectively, to related party )

73,023

49,904

Port & other expenses

12,103

18,614

(Gain)/loss on bunkers

(76,193
)

36,998

Total

$
8,933

$
105,516

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Transactions with Related Parties
9 Months Ended

Sep. 30, 2019

Transactions with Related Parties [Abstract]

Transactions with Related Parties
3.
Transactions with Related Parties:

During the nine month periods ended September 30, 2018 and 2019, the Company incurred the following charges in connection with related party transactions, which are included in the accompanying unaudited interim condensed consolidated statements of income:

Nine months ended
September 30,
2018

Nine months ended
September 30,
2019

Management fees-related party

Management fees (a)

$
87,360

$
100,360

Included in Voyage expenses

Charter hire commissions (b)

$
—

$
36,839

Included in Interest and finance costs

Interest expenses (c)
$
— $
23,333

(a)
Pavimar S.A.:

The Company’s ship-owning subsidiaries have each entered into separate vessel management agreements with Pavimar S.A. (“Pavimar” or the “Manager”), a company controlled by Ismini Panagiotidis, the sister of Petros Panagiotidis (see Note 1). Pursuant to the terms of the management agreements, Pavimar provides the Company with a wide range of shipping services, including, but not limited to, crew management, technical management, operational employment management, insurance arrangements, provisioning, bunkering, accounting, general administration and audit support services, in exchange for a fixed daily fee, for a period beginning upon the vessel's delivery and until the termination of the agreement.

During the nine-month periods ended September 30, 2018 and 2019, the Company incurred Management fees under the vessel management agreements amounting to $87,360 and $100,360, respectively, which are separately reflected in the accompanying unaudited interim condensed consolidated statements of comprehensive income.

In addition, each month the Manager makes payments for operating expenses with funds provided by the Company. As of December 31, 2018 and September 30, 2019, amounts of $176,434 and $371,199, respectively, were due from the Manager in relation to these working capital advances granted to it.

(b)
Alexandria Enterprises S.A:

The Company uses on a non-recurring basis the commercial management services of Alexandria Enterprises S.A., (“Alexandria”) an entity controlled by a family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer. In exchange for these services, Alexandria charges the Company a commission rate equal to 1.25% of the gross charter hire, freight and the ballast bonus earned under a charter.

During the nine-month periods ended September 30, 2018 and 2019, commissions charged by Alexandria amounted to $0 and $36,839, respectively, and are included in Voyage expenses in the accompanying unaudited interim condensed consolidated statements of comprehensive income. As at December 31, 2018, and September 30, 2019 an amount of $0 and $1,140 was payable to Alexandria and is included in Accrued liabilities in the accompanying interim consolidated balance sheet.

As of December 31, 2018 and September 30, 2019 balances with related parties consisted of the following:

December 31, 2018

September 30, 2019

Assets:

Working capital advances granted to the Manager (a)

$
176,434

$
371,199

Included in Accrued Liabilities:

Charter hire commission charges due to Alexandria (b)

$
—

$
1,140

Total liabilities due to related party, current

$
—

$
1,140

Related party debt (c)

$
—

$
5,000,000

Total liabilities due to related party, non-current

$
—

$
5,000,000

(c)
Thalassa Investment Co. S.A:

On August 30, 2019, the Company entered into a $5.0 million unsecured term loan with Thalassa Investment Co. S.A (“Thalassa”), a company controlled by Petros Panagiotidis, who is also the Company’s Chairman, Chief Executive Officer and Chief Financial Officer, the proceeds of which were used to partly finance the equity required to be contributed by the respective ship-owning subsidiary for the acquisition of the M/V Magic Sun (the “$5.0 Million Term Loan Facility”) (Note 5). The Company drew down the entire loan amount on September 3, 2019. The $5.0 Million Term Loan Facility bears a fixed interest rate of 6% per annum and has a bullet repayment on March 3, 2021, a date which is eighteen (18) months after the drawdown date. The $5.0 Million Term Loan Facility may be prepaid in whole or in part at any time prior to its maturity, at the Company’s option. As of September 30, 2019, the whole amount under the $5.0 Million Term Loan Facility was outstanding.

During the nine-months ended September 30, 2019, the Company incurred interest costs in connection with the $5.0 Million Term Loan Facility amounting to $23,333 which are in included in Interest and finance costs in the accompanying unaudited interim condensed consolidated statements of comprehensive income. No interest costs were incurred in the nine month period ended September 30, 2018.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-URI http://asc.fasb.org/topic&trid=2122745
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Financial Instruments and Fair Value Disclosures
9 Months Ended

Sep. 30, 2019

Financial Instruments and Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Disclosures
7.
Financial Instruments and Fair Value Disclosures:

The principal financial assets of the Company consist of cash at banks, trade accounts receivable and amounts due from related party. The principal financial liabilities of the Company consist of trade accounts payable and amounts due to related parties.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

◾
Cash and cash equivalents, trade accounts receivable, amounts due from related party and trade accounts payable: The carrying values reported in the accompanying consolidated balance sheets for those financial instruments are reasonable estimates of their fair values due to their short-term nature. The carrying value of these instruments is separately reflected in the accompanying consolidated balance sheets.

◾
Related party debt: The fair value of the fixed interest $5.0 Million Term Loan Facility discussed in Note 3, determined through Level 2 inputs of the fair value hierarchy (quoted prices for identical or similar assets and liabilities in markets that are not active), approximates its recorded value as of the period end.

Concentration of credit risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition.

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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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Basis of Presentation and General information
9 Months Ended

Sep. 30, 2019

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 on September 11, 2017 under the laws of the Republic of the Marshall Islands. The Company is engaged in the worldwide ocean transportation of dry bulk cargoes through its vessel-owning subsidiaries. On December 21, 2018, Castor’s common shares began trading on the Norwegian OTC whereas, on February 11, 2019, they began trading on the NASDAQ Stock Market under the ticker symbol “CTRM”.

The accompanying unaudited interim condensed consolidated financial statements include the accounts of Castor and its wholly owned subsidiaries, collectively the “Company”, and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These statements and the accompanying notes should be read in conjunction with the Company’s Annual Report on Form 20-F for the fiscal year ended September 30, 2018 and the transition report for the period from October 1, 2018 to December 31, 2018, filed with the U.S. Securities and Exchange Commission (the “SEC”) on January 31, 2019 and December 16, 2019, respectively.

On September 27, 2019, the Company’s Board of Director authorized a change in Castor’s fiscal year end from September 30 to December 31 of each year. As a result, our unaudited interim condensed consolidated financial statements have been prepared on the basis of the new fiscal year end, but consistently with the preparation of the annual financial statements. In the opinion of management, these financial statements reflect all adjustments which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the nine-month period ended September 30, 2019 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2019.

Castor is controlled by Thalassa Investment Co. S.A. (“Thalassa”), an entity registered in Liberia, which as of September 30, 2019, held 37.3% of the Company's common shares and 100% of the Series B preferred shares and, accordingly, could control the outcome of matters on which stockholders are entitled to vote. Thalassa is wholly-owned and controlled by Petros Panagiotidis, the Company's Chairman, Chief Executive Officer and Chief Financial Officer.

As of September 30, 2019, the Company was the sole owner of all outstanding shares of the following subsidiary companies:

Vessel Owning Subsidiaries:

Company
Country of incorporation
Vessel Name

DWT

Year Built

Delivery date to Castor
Spetses Shipping Co.
Marshall Islands
Magic P

76,453

2004

February 2017
Bistro Maritime Co.
Marshall Islands
Magic Sun

75,311

2001

September 2019

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-Name Accounting Standards Codification
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Loss Per Share (Details) - USD ($)
9 Months Ended 21 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Jun. 30, 2019

Loss Per Share [Abstract]

Dilutive shares (in shares) 0 0

Net income $ 560,801 $ 1,228,798

Comprehensive income 560,801 1,228,798

Less: Period cumulative dividend on Series A Preferred Shares (1,963,319) (1,281,150)

Net loss and comprehensive loss available to common shareholders $ (1,402,518) $ (52,352)

Weighted average number of common shares outstanding, basic and diluted (in shares) 2,467,798 2,400,000

Loss per common share, basic and diluted (in dollars per share) $ (0.57) $ (0.02)

Series A Preferred Shares [Member]

Loss Per Share [Abstract]

Cumulative dividend in arrears $ 4,300,000

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UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

REVENUES:

Voyage revenues (net of address commissions of $127,649 in 2018 and $153,453 in 2019) $ 3,125,623 $ 3,294,235

Total revenues 3,125,623 3,294,235

EXPENSES:

Voyage expenses (including related party commissions) (105,516) (8,933)

Vessel operating expenses (1,461,473) (1,125,983)

Management fees to related party (100,360) (87,360)

Depreciation and amortization (552,167) (529,686)

General and administrative expenses

Company administration expenses (211,548) (73,399)

Public registration costs (132,091) (234,406)

Total expenses (2,563,155) (2,059,767)

Operating income 562,468 1,234,468

OTHER INCOME/ (EXPENSES):

Interest and finance costs (26,081) (2,595)

Interest income 27,821 4,243

Foreign exchange losses (3,407) (7,075)

Other, net 0 (243)

Total other expenses, net (1,667) (5,670)

Net income 560,801 1,228,798

Comprehensive income $ 560,801 $ 1,228,798

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Vessels, net (Details)
9 Months Ended

Sep. 03, 2019

USD ($)

Sep. 30, 2019

USD ($)

Sep. 30, 2018

USD ($)

Jul. 25, 2019

USD ($)

Vessel

Vessels, Net [Abstract]

Number of vessels acquired | Vessel 1

Purchase price of vessel $ 6,700,000

Proceeds from related party debt $ 5,000,000 $ 0

Accumulated Depreciation [Abstract]

Beginning balance (297,768)

Ending balance (252,899)

Net Book Value [Abstract]

Beginning balance 6,995,350

Ending balance 13,709,427

Thalassa [Member] | $5 Million Term Loan Facility [Member]

Vessels, Net [Abstract]

Proceeds from related party debt $ 5,000,000

Vessel [Member]

Vessel Cost [Abstract]

Beginning balance 7,549,281

Vessel acquisition 6,966,976

Ending balance 14,516,257

Accumulated Depreciation [Abstract]

Beginning balance (553,931)

Period depreciation (252,899)

Ending balance (806,830)

Net Book Value [Abstract]

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Ending balance $ 13,709,427

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Future Minimum Time Charter Revenue
9 Months Ended

Sep. 30, 2019

Future Minimum Time Charter Revenue [Abstract]

Future Minimum Time Charter Revenue
13.
Future Minimum Time Charter Revenues:

The future minimum contracted charter revenues, based on vessels’ commitment to non-cancelable time charter contracts (including fixture recaps) as of September 30, 2019, was $2,958,836, all due within the next 12 months. This amount does not include any assumed off-hire.

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Basis of Presentation and General Information (Tables)
9 Months Ended

Sep. 30, 2019

Basis of Presentation and General information [Abstract]

Vessel Owning Subsidiaries
As of September 30, 2019, the Company was the sole owner of all outstanding shares of the following subsidiary companies:

Vessel Owning Subsidiaries:

Company
Country of incorporation
Vessel Name

DWT

Year Built

Delivery date to Castor
Spetses Shipping Co.
Marshall Islands
Magic P

76,453

2004

February 2017
Bistro Maritime Co.
Marshall Islands
Magic Sun

75,311

2001

September 2019

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Vessel Operating and Voyage Expenses (Tables)
9 Months Ended

Sep. 30, 2019

Vessel Operating and Voyage Expenses [Abstract]

Vessel Operating Expenses
The amounts in the accompanying unaudited interim condensed consolidated statements of comprehensive income are analyzed as follows:

For the nine months ended

Vessel Operating Expenses

September 30, 2018

September 30, 2019

Crew and related costs

672,159

765,533

Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling

228,895

375,139

Lubricants

71,225

129,053

Insurances

95,541

101,151

Tonnage taxes

25,470

29,469

Other

32,693

61,128

Total

$
1,125,983

$
1,461,473

Voyage Expenses

For the nine months ended

Voyage expenses

September 30, 2018

September 30, 2019

Brokerage commissions (including commissions of $0 and $36,839, respectively, to related party )

73,023

49,904

Port & other expenses

12,103

18,614

(Gain)/loss on bunkers

(76,193
)

36,998

Total

$
8,933

$
105,516

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Subsequent Events (Details)
$ / shares in Units, $ in Millions
9 Months Ended 21 Months Ended

Dec. 06, 2019

USD ($)

Dec. 02, 2019

USD ($)

Installment

Oct. 17, 2019

shares

Oct. 14, 2019

USD ($)

Sep. 30, 2019

$ / shares

shares

Jun. 30, 2019

USD ($)

Oct. 10, 2019

$ / shares

Jul. 25, 2019

USD ($)

Dec. 31, 2018

$ / shares

Subsequent Events [Abstract]

Purchase price of vessel $ 6.7

Common Shares [Member]

Subsequent Events [Abstract]

Issuance of common shares (in shares) | shares 618,112

Series A Preferred Shares [Member]

Subsequent Events [Abstract]

Cumulative dividend in arrears $ 4.3

Preferred shares, redemption price (in dollars per share) | $ / shares $ 25

Preferred shares, liquidation preference (in dollars per share) | $ / shares $ 25 $ 25

Subsequent Event [Member]

Subsequent Events [Abstract]

Purchase price of vessel $ 10.2

Subsequent Event [Member] | $7.5 Million Bridge Loan [Member]

Subsequent Events [Abstract]

Face amount $ 7.5

Maturity date Dec. 31, 2019

Repayment of loan $ 7.5

Subsequent Event [Member] | Alpha Bank Financing [Member]

Subsequent Events [Abstract]

Face amount $ 11.0

Term of loan 5 years

Number of payment instalments | Installment 20

Frequency of periodic payment quarterly

Subsequent Event [Member] | Alpha Bank Financing [Member] | LIBOR [Member]

Subsequent Events [Abstract]

Margin on variable rate 3.50%

Subsequent Event [Member] | Common Shares [Member]

Subsequent Events [Abstract]

Issuance of common shares (in shares) | shares 300,000

Subsequent Event [Member] | Series A Preferred Shares [Member]

Subsequent Events [Abstract]

Preferred shares, default dividend payment rate multiplier 1.30

Preferred shares, fixed default dividend payment rate multiplier 1.30

Preferred shares, redemption price in cash (in dollars per share) | $ / shares $ 30

Preferred shares, redemption price in other than cash (in dollars per share) | $ / shares 25

Preferred shares, liquidation preference (in dollars per share) | $ / shares $ 30

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General and Administrative Expenses (Details) - USD ($)
9 Months Ended

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Sep. 30, 2018

Dec. 31, 2018

General and Administrative Expenses [Abstract]

Audit fees $ 69,205 $ 60,000

Chief Executive and Chief Financial Officer compensation 9,000 9,000

Other professional fees 133,343 4,399

Total 211,548 73,399

Public registration costs $ 132,091 $ 234,406

Common shares, issued (in shares) 3,018,112 2,400,000

Common shares, outstanding (in shares) 3,018,112 2,400,000

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Financial Instruments and Fair Value Disclosures (Details)
$ in Millions

Aug. 30, 2019

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Thalassa [Member] | $5 Million Term Loan Facility [Member]

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Common Shares [Member]

Preferred Shares [Member]

Preferred A Shares [Member]

Preferred Shares [Member]

Preferred B Shares [Member]

Par Value of Shares Issued [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

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Increase (Decrease) in Shareholders' Equity [Roll Forward]

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Balance (in shares) at Dec. 31, 2018 2,400,000 480,000 12,000

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Issuance of common stock, net of issuance costs, pursuant to the ATM (Note 6) 618 2,319,558 0 2,320,176

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Balance at Sep. 30, 2019 $ 3,510 $ 9,931,666 $ 2,696,825 $ 12,632,001

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Dec. 31, 2018

CURRENT ASSETS:

Cash and cash equivalents $ 3,519,688 $ 1,887,280

Accounts receivable trade 497,367 670,973

Due from related party 371,199 176,434

Inventories 112,819 57,530

Prepaid expenses and other current assets 159,215 55,200

Deferred Charges 39,643 0

Total current assets 4,699,931 2,847,417

NON-CURRENT ASSETS:

Vessels, net of accumulated depreciation of $297,768 and $252,899, respectively 13,709,427 6,995,350

Deferred charges, net of accumulated amortization of $409,296 and $299,268, respectively 41,802 341,070

Total non-current assets 13,751,229 7,336,420

Total assets 18,451,160 10,183,837

CURRENT LIABILITIES:

Accounts payable 260,385 244,371

Unearned revenue 83,715 47,708

Accrued liabilities (including $0 and $1,140 respectively, to related party ) 475,059 140,734

Total current liabilities 819,159 432,813

NON-CURRENT LIABILITIES:

Related party debt 5,000,000 0

Total non-current liabilities 5,000,000 0

Commitments and contingencies

SHAREHOLDERS' EQUITY:

Common shares, $0.001 par value; 1,950,000,000 shares authorized; 2,400,000 and 3,018,112 shares issued and outstanding as of December 31, 2018 and September 30, 2019, respectively 3,018 2,400

Additional paid-in capital 9,931,666 7,612,108

Retained earnings 2,696,825 2,136,024

Total shareholders' equity 12,632,001 9,751,024

Total liabilities and shareholders' equity 18,451,160 10,183,837

Series A Preferred Shares [Member]

SHAREHOLDERS' EQUITY:

Preferred shares 480 480

Series B Preferred Shares [Member]

SHAREHOLDERS' EQUITY:

Preferred shares $ 12 $ 12

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Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
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Amount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current.
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Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
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Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.
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Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
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Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
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Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.
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Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
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Sum of the carrying amounts as of the balance sheet date of deferred costs capitalized at the end of the reporting period that are expected to be charged against earnings within one year or the normal operating cycle, if longer.
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Transactions with Related Parties (Details) - USD ($)
9 Months Ended

Sep. 03, 2019

Sep. 30, 2019

Sep. 30, 2018

Aug. 30, 2019

Dec. 31, 2018

Transactions with Related Parties [Abstract]

Management fees $ 100,360 $ 87,360

Charter hire commissions 36,839 0

Balances with Related Parties [Abstract]

Working capital advances granted to the Manager 371,199 $ 176,434

Liabilities due to related party, current 1,140 0

Liabilities due to related party, non-current 5,000,000 0

Transactions with Related Parties [Abstract]

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Accrued Liabilities [Member]

Balances with Related Parties [Abstract]

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Transactions with Related Parties [Abstract]

Charter hire commissions 36,839 0

Interest and Finance Costs [Member]

Transactions with Related Parties [Abstract]

Interest expenses 23,333 0

Pavimar [Member] | Management Agreement [Member]

Transactions with Related Parties [Abstract]

Management fees 100,360 87,360

Balances with Related Parties [Abstract]

Working capital advances granted to the Manager 371,199 176,434

Alexandria [Member] | Commercial Management Services [Member]

Transactions with Related Parties [Abstract]

Charter hire commissions $ 36,839 0

Commission rate 1.25%

Balances with Related Parties [Abstract]

Liabilities due to related party, current $ 1,140 0

Thalassa [Member] | $5 Million Term Loan Facility [Member]

Balances with Related Parties [Abstract]

Liabilities due to related party, non-current $ 5,000,000 $ 0

Transactions with Related Parties [Abstract]

Face amount $ 5,000,000

Proceeds from related party debt $ 5,000,000

Interest rate 6.00%

Maturity date Mar. 03, 2021

Term of facility 18 months

Thalassa [Member] | $5 Million Term Loan Facility [Member] | Interest and Finance Costs [Member]

Transactions with Related Parties [Abstract]

Interest expenses $ 23,333 $ 0

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Vessels, net
9 Months Ended

Sep. 30, 2019

Vessels, net [Abstract]

Vessels, net
5.
Vessels, net:

Vessel Acquisition:

On July 25, 2019, the Company entered into an agreement with an unaffiliated third party for the purchase of one second hand Panamax dry-bulk carrier vessel, the M/V Magic Sun, for a cash consideration of $6.7 million. The Company took delivery of the M/V Magic Sun on September 5, 2019. The M/V Magic Sun acquisition was financed using a portion of Castor’s cash on hand and the proceeds drawn under the $5.0 Million Term Loan Facility (Note 3).

The amounts in the accompanying consolidated balance sheets are analyzed as follows:

Vessel Cost

Accumulated depreciation

Net Book Value

Balance December 31, 2018

$
7,549,281

$
(553,931
)

$
6,995,350

—Vessel acquisition

6,966,976

—

6,966,976

—Period depreciation

—

(252,899
)

(252,899
)
Balance September 30, 2019

$
14,516,257

$
(806,830
)

$
13,709,427

As of September 30, 2019, all vessels in the Company’s fleet were free of encumbrances.

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Income Taxes
9 Months Ended

Sep. 30, 2019

Income Taxes [Abstract]

Income Taxes
9.
Income Taxes:

Both Castor and its subsidiaries are incorporated under the laws of the Republic of the Marshall Islands and they are not subject to income taxes in the Republic of the Marshall Islands. Castor’s ship-owning subsidiaries are subject to registration and tonnage taxes, which have been included in Vessel operating expenses in the accompanying unaudited interim condensed consolidated statements of comprehensive income. The Company and its subsidiaries were not subject to United States federal income taxation in respect of income that is derived from the international operation of ships and the performance of services directly related as they qualified for the exemption of Section 883 of the Internal Revenue Code of 1986, as amended.

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Shareholders' Equity (Details) - USD ($)
9 Months Ended 12 Months Ended

Sep. 30, 2019

Dec. 31, 2018

Jun. 28, 2019

Shareholders' Equity [Abstract]

Capital, authorized (in shares) 2,000,000,000

Capital shares, par value (in dollars per share) $ 0.001

Common shares, shares authorized (in shares) 1,950,000,000 1,950,000,000

Preferred shares, authorized (in shares) 50,000,000 50,000,000

Common shares, issued (in shares) 3,018,112 2,400,000

Gross proceeds from issuance of common shares $ 2,625,590

Net proceeds from issuance of common shares $ 2,320,176

Maximum [Member]

Shareholders' Equity [Abstract]

Common stock that can be sold under ATM $ 10,000,000

Minimum [Member]

Shareholders' Equity [Abstract]

Term common stock can be sold under ATM 12 months

Common Shares [Member]

Shareholders' Equity [Abstract]

Issuance of common shares (in shares) 618,112

Series A Preferred Shares [Member]

Shareholders' Equity [Abstract]

Preferred shares, issued (in shares) 480,000 480,000

Preferred shares, outstanding (in shares) 480,000 480,000

Dividend rate 9.75% 9.75%

Series B Preferred Shares [Member]

Shareholders' Equity [Abstract]

Preferred shares, issued (in shares) 12,000 12,000

Preferred shares, outstanding (in shares) 12,000 12,000

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UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Cash Flows from Operating Activities:

Net income $ 560,801 $ 1,228,798

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 552,167 529,686

Changes in operating assets and liabilities:

Accounts receivable trade 173,606 554,011

Inventories (55,289) (2,680)

Due from related parties (193,625) (291,898)

Prepaid expenses and other current assets (104,015) 26,739

Accounts payable (96,141) (657,513)

Accrued liabilities 147,856 (134,639)

Unearned revenue 36,007 0

Net Cash provided by Operating Activities 1,021,367 1,252,504

Cash flow used in Investing Activities:

Vessel acquisition (6,768,025) 0

Net cash used in Investing Activities (6,768,025) 0

Cash flows provided by Financing Activities:

Proceeds from issuance of common stock, net of issuance costs 2,444,446 0

Payment of securities registration and other filing costs (65,380) 0

Proceeds from related party debt 5,000,000 0

Net cash provided by Financing Activities 7,379,066 0

Net increase in cash and cash equivalents 1,632,408 1,252,504

Cash and cash equivalents at the beginning of the period 1,887,280 486,670

Cash and cash equivalents at the end of the period 3,519,688 1,739,174

SUPPLEMENTAL CASH FLOW INFORMATION

Common stock issuance expenses accrued/ payable 58,890 0

Vessel acquisition costs accrued/ payable 198,951 0

Deferred charges accrued $ 39,643 $ 0

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UNAUDITED INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
9 Months Ended 12 Months Ended

Sep. 30, 2019

Dec. 31, 2018

NON-CURRENT ASSETS:

Vessel, accumulated depreciation $ 252,899 $ 297,768

Deferred charges, accumulated amortization 299,268 409,296

CURRENT LIABILITIES:

Accrued liabilities to related party $ 1,140 $ 0

SHAREHOLDERS' EQUITY:

Preferred shares, par value (in dollars per share) $ 0.001 $ 0.001

Preferred shares, shares authorized (in shares) 50,000,000 50,000,000

Common shares, par value (in dollars per share) $ 0.001 $ 0.001

Common shares, shares authorized (in shares) 1,950,000,000 1,950,000,000

Common shares, shares issued (in shares) 3,018,112 2,400,000

Common shares, shares outstanding (in shares) 3,018,112 2,400,000

Series A Preferred Shares [Member]

SHAREHOLDERS' EQUITY:

Preferred shares, dividend rate 9.75% 9.75%

Preferred shares, liquidation preference (in dollars per share) $ 25 $ 25

Preferred shares, issued (in shares) 480,000 480,000

Preferred shares, shares outstanding (in shares) 480,000 480,000

Series B Preferred Shares [Member]

SHAREHOLDERS' EQUITY:

Preferred shares, issued (in shares) 12,000 12,000

Preferred shares, shares outstanding (in shares) 12,000 12,000

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Basis of Presentation and General information (Details)
9 Months Ended

Sep. 30, 2019

t

Spetses Shipping Co. [Member]

Subsidiaries in Consolidation [Abstract]

Country of incorporation 1T

Vessel name Magic P

DWT 76,453

Year Built 2004

Delivery date to Castor 2017-02

Bistro Maritime Co. [Member]

Subsidiaries in Consolidation [Abstract]

Country of incorporation 1T

Vessel name Magic Sun

DWT 75,311

Year Built 2001

Delivery date to Castor 2019-09

Thalassa [Member] | Series B Preferred Shares [Member]

General Information [Abstract]

Percentage of shares held 100.00%

Thalassa [Member] | Common Shares [Member]

General Information [Abstract]

Percentage of shares held 37.30%

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Vessel Operating and Voyage Expenses (Details) - USD ($)
9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Vessel Operating Expenses [Abstract]

Crew and related costs $ 765,533 $ 672,159

Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling 375,139 228,895

Lubricants 129,053 71,225

Insurances 101,151 95,541

Tonnage taxes 29,469 25,470

Other 61,128 32,693

Total 1,461,473 1,125,983

Voyage Expenses [Abstract]

Brokerage commissions (including commissions of $0 and $36,839, respectively, to related party) 49,904 73,023

Port & other expenses 18,614 12,103

(Gain)/loss on bunkers 36,998 (76,193)

Total 105,516 8,933

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XML 48 R13.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2

Shareholders' Equity
9 Months Ended

Sep. 30, 2019

Shareholders' Equity [Abstract]

Shareholders' Equity
6.
Shareholders' Equity:

As of September 30, 2019, the Company's authorized capital stock consisted of 2,000,000,000 shares, par value $0.001 per share, of which 1,950,000,000 shares are designated as common shares and 50,000,000 shares are designated as preferred shares. As of the same date, 3,018,112 common shares, 480,000 9.75% Series A cumulative redeemable perpetual preferred shares (the “Series A Preferred Shares”) and 12,000 Series B Preferred shares were issued and outstanding.

At-the-market common stock offering: On June 28, 2019, the Company, entered into an equity distribution agreement, or as commonly referred to, an at-the-market offering, with Maxim Group LLC (“Maxim”), under which the Company may sell an aggregate offering price of up to US$10,000,000 of its common stock with Maxim acting as a sales agent over a minimum period of 12 months (the “ATM”). No warrants, derivatives, or other share classes were associated with this transaction. As of September 30, 2019, the Company received $2,625,590 gross proceeds under the ATM by issuing 618,112 common shares, whereas, the net proceeds under the ATM, after deducting sales commissions and other transaction fees and expenses, amounted to $2,320,176.

Series A Preferred terms amendment and settlement of accumulated dividends: On October 10, 2019, the Company reached an agreement with the Series A Preferred holders whereby all accumulated dividends on the Series A Preferred Shares up to and including June 30, 2019 were forgiven in full, whereas, it simultaneously entered into an amended and restated Statement of Designations to amend certain existing terms set forth therein (Note 14).

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Loss Per Share
9 Months Ended

Sep. 30, 2019

Loss Per Share [Abstract]

Loss Per Share
10.
Loss Per Share:

For the nine-month periods ended September 30, 2018 and 2019 the Company had no dilutive shares. The components of the calculation of basic and diluted loss per share in each of the nine-month periods ended September 30, 2018 and 2019 are as follows:

Nine months ended
September 30,

2018

2019

Net income and comprehensive income

1,228,798

560,801

Less: Period cumulative dividend on Series A Preferred Shares

(1,281,150
)

(1,963,319
)
Net loss and comprehensive loss available to common shareholders

(52,352
)

(1,402,518
)
Weighted average number of common shares outstanding, basic and diluted

2,400,000

2,467,798

Loss per common share, basic and diluted

(0.02
)

(0.57
)

As of September 30, 2019, the Company had not declared or paid dividends on its Series A Preferred Shares. On October 10, 2019, the Company entered into a waiver and consent agreement with the holders of its Series A Preferred Shares for the settlement of all due and overdue accumulated dividends on the Series A Preferred Shares up to and including June 30, 2019 which amounted to $4.3 million (Note 14).

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General and Administrative Expenses (Tables)
9 Months Ended

Sep. 30, 2019

General and Administrative Expenses [Abstract]

Company Administration Expenses
Company administration expenses include audit fees, Chief Executive Officer and Chief Financial Officer compensation and other professional fees and expenses and are analyzed as follows:

For the nine months ended

September 30, 2018

September 30, 2019

Audit fees

$
60,000

$
69,205

Chief Executive and Chief Financial Officer compensation

9,000

9,000

Other professional fees

4,399

133,343

Total

$
73,399

$
211,548

X

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Subsequent Events
9 Months Ended

Sep. 30, 2019

Subsequent Events [Abstract]

Subsequent Events
14.
Subsequent Events:

a. Series A Preferred Shares amendment and accumulated dividends settlement: On October 10, 2019, the Company reached an agreement with the holders of its Series A Preferred Shares to settle in full all accumulated dividend obligations on the Series A Preferred Shares (the “Series A Dividends Settlement Agreement”) and to simultaneously adopt an Amended and Restated Statements of Designations of its Series A Preferred Shares (the “Series A Amended SOD”). Pursuant to the Series A Dividends Settlement Agreement, the Series A Preferred holders agreed to forgive the Company’s obligations related to all due and overdue accumulated dividends on the Series A Preferred shares during the period from their original issue date up to and including June 30, 2019, amounting to $4.3 million, and to receive, in settlement thereof, 300,000 newly issued common shares (the “Settlement Shares”). The Settlement Shares were issued to the Series A Preferred holders on October 17, 2019. In addition, in accordance with the terms of the Series A Amended SOD, the Company and the Series A Preferred holders mutually agreed to: i) waive all dividend payment obligations on the Series A Preferred Shares during the period from July 1, 2019 until December 31, 2021, ii) reduce the progressively increasing dividend payment default rate that is 1.30 times the rate payable on the Series A Preferred Shares on the date preceding such payment to a fixed dividend payment default rate that is 1.30 times the base dividend payment rate, iii) increase the redemption price of the Series A Preferred Shares to $30 from $25 per share in case that the Company exercises its current option to redeem the Series A Preferred Shares, in whole or in part, with cash and iv) increase the liquidation preference from $25 to $30 per Series A Preferred Share. As a result of the foregoing, dividends on the Series A Preferred Shares will neither accrue nor accumulate during the period from July 1, 2019 until December 31, 2021 and the Company will no longer have any dividend priority restriction when declaring dividends to the holders of its common shares during this period. The Company will reflect the accounting and disclosure impacts of this transaction in the fourth quarter of 2019.

b. Vessel Acquisition: On October 14, 2019, the Company entered into a purchase agreement with an entity in which an immediate family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer has a minority interest, for the acquisition of a 2005 Japan built Panamax dry bulk carrier at a purchase price of $10.2 million. On October 20 2019, the Company took delivery of the subject vessel, namely the M/V Magic Moon. The M/V Magic Moon acquisition was financed using a combination of cash of hand, the net proceeds raised under the Company’s ATM program and the proceeds from a $7.5 million interest free unsecured bridge loan, which was provided to the Company by Thalassa (the “$7.5 Million Bridge Loan”). The $7.5 Million Bridge Loan originally maturing on December 31, 2019, was repaid in full on December 6, 2019 (see discussion below).

c. $11.0 Million Senior Secured Term Loan: On November 22, 2019, the Company, through its wholly-owned subsidiaries owning the Magic P and the Magic Moon (the “Borrowers”), entered into a $11.0 million senior secured term loan with Alpha Bank S.A (“the Alpha Bank Financing”). The facility was drawn down on December 2, 2019. The Alpha Bank Financing has a term of five years from the draw down date, bears interest at a margin of 3.50% over LIBOR per annum and will be repayable in 20 equal quarterly instalments plus a balloon instalment payable at maturity. The facility securities include, among others, a first preferred mortgage and first priority general assignment covering earnings, insurances and requisition compensation over the vessels owned by the Borrowers and is guaranteed by Castor. Pursuant to the terms of the Alpha Bank Financing, the Borrowers are subject to certain customary minimum liquidity restrictions and negative covenants. The net proceeds under the Alpha Bank Financing were partly used to repay in full, on December 6, 2019, the Company’s existing $7.5 Million Bridge Loan whereas the Company intends to use the remainder of the net proceeds for general corporate purposes.

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Transactions with Related Parties (Tables)
9 Months Ended

Sep. 30, 2019

Transactions with Related Parties [Abstract]

Transactions with Related Parties
During the nine month periods ended September 30, 2018 and 2019, the Company incurred the following charges in connection with related party transactions, which are included in the accompanying unaudited interim condensed consolidated statements of income:

Nine months ended
September 30,
2018

Nine months ended
September 30,
2019

Management fees-related party

Management fees (a)

$
87,360

$
100,360

Included in Voyage expenses

Charter hire commissions (b)

$
—

$
36,839

Included in Interest and finance costs

Interest expenses (c)
$
— $
23,333

As of December 31, 2018 and September 30, 2019 balances with related parties consisted of the following:

December 31, 2018

September 30, 2019

Assets:

Working capital advances granted to the Manager (a)

$
176,434

$
371,199

Included in Accrued Liabilities:

Charter hire commission charges due to Alexandria (b)

$
—

$
1,140

Total liabilities due to related party, current

$
—

$
1,140

Related party debt (c)

$
—

$
5,000,000

Total liabilities due to related party, non-current

$
—

$
5,000,000

X

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Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.
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Future Minimum Time Charter Revenue (Details)

Sep. 30, 2019

USD ($)

Future Minimum Time Charter Revenue [Abstract]

Future minimum contractual charter revenues due within next 12 months $ 2,958,836

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Future rental payments receivable within one year of the balance sheet date under an operating lease.
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Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=84164653&loc=d3e41551-112718
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Loss Per Share (Details) - USD ($)	9 Months Ended		21 Months Ended
Loss Per Share (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019
Loss Per Share [Abstract]
Dilutive shares (in shares)	0	0
Net income	$ 560,801	$ 1,228,798
Comprehensive income	560,801	1,228,798
Less: Period cumulative dividend on Series A Preferred Shares	(1,963,319)	(1,281,150)
Net loss and comprehensive loss available to common shareholders	$ (1,402,518)	$ (52,352)
Weighted average number of common shares outstanding, basic and diluted (in shares)	2,467,798	2,400,000
Loss per common share, basic and diluted (in dollars per share)	$ (0.57)	$ (0.02)
Series A Preferred Shares [Member]
Loss Per Share [Abstract]
Cumulative dividend in arrears			$ 4,300,000

Vessels, net (Details)		9 Months Ended
Vessels, net (Details)	Sep. 03, 2019 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Jul. 25, 2019 USD ($) Vessel
Vessels, Net [Abstract]
Number of vessels acquired \| Vessel				1
Purchase price of vessel				$ 6,700,000
Proceeds from related party debt		$ 5,000,000	$ 0
Accumulated Depreciation [Abstract]
Beginning balance		(297,768)
Ending balance		(252,899)
Net Book Value [Abstract]
Beginning balance		6,995,350
Ending balance		13,709,427
Thalassa [Member] \| $5 Million Term Loan Facility [Member]
Vessels, Net [Abstract]
Proceeds from related party debt	$ 5,000,000
Vessel [Member]
Vessel Cost [Abstract]
Beginning balance		7,549,281
Vessel acquisition		6,966,976
Ending balance		14,516,257
Accumulated Depreciation [Abstract]
Beginning balance		(553,931)
Period depreciation		(252,899)
Ending balance		(806,830)
Net Book Value [Abstract]
Beginning balance		6,995,350
Ending balance		$ 13,709,427

Subsequent Events (Details) $ / shares in Units, $ in Millions					9 Months Ended	21 Months Ended
	Dec. 06, 2019 USD ($)	Dec. 02, 2019 USD ($) Installment	Oct. 17, 2019 shares	Oct. 14, 2019 USD ($)	Sep. 30, 2019 $ / shares shares	Jun. 30, 2019 USD ($)	Oct. 10, 2019 $ / shares	Jul. 25, 2019 USD ($)	Dec. 31, 2018 $ / shares
Subsequent Events [Abstract]
Purchase price of vessel								$ 6.7
Common Shares [Member]
Subsequent Events [Abstract]
Issuance of common shares (in shares) \| shares					618,112
Series A Preferred Shares [Member]
Subsequent Events [Abstract]
Cumulative dividend in arrears						$ 4.3
Preferred shares, redemption price (in dollars per share) \| $ / shares					$ 25
Preferred shares, liquidation preference (in dollars per share) \| $ / shares					$ 25				$ 25
Subsequent Event [Member]
Subsequent Events [Abstract]
Purchase price of vessel				$ 10.2
Subsequent Event [Member] \| $7.5 Million Bridge Loan [Member]
Subsequent Events [Abstract]
Face amount				$ 7.5
Maturity date				Dec. 31, 2019
Repayment of loan	$ 7.5
Subsequent Event [Member] \| Alpha Bank Financing [Member]
Subsequent Events [Abstract]
Face amount		$ 11.0
Term of loan		5 years
Number of payment instalments \| Installment		20
Frequency of periodic payment		quarterly
Subsequent Event [Member] \| Alpha Bank Financing [Member] \| LIBOR [Member]
Subsequent Events [Abstract]
Margin on variable rate		3.50%
Subsequent Event [Member] \| Common Shares [Member]
Subsequent Events [Abstract]
Issuance of common shares (in shares) \| shares			300,000
Subsequent Event [Member] \| Series A Preferred Shares [Member]
Subsequent Events [Abstract]
Preferred shares, default dividend payment rate multiplier							1.30
Preferred shares, fixed default dividend payment rate multiplier							1.30
Preferred shares, redemption price in cash (in dollars per share) \| $ / shares							$ 30
Preferred shares, redemption price in other than cash (in dollars per share) \| $ / shares							25
Preferred shares, liquidation preference (in dollars per share) \| $ / shares							$ 30

General and Administrative Expenses (Details) - USD ($)	9 Months Ended
General and Administrative Expenses (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
General and Administrative Expenses [Abstract]
Audit fees	$ 69,205	$ 60,000
Chief Executive and Chief Financial Officer compensation	9,000	9,000
Other professional fees	133,343	4,399
Total	211,548	73,399
Public registration costs	$ 132,091	$ 234,406
Common shares, issued (in shares)	3,018,112		2,400,000
Common shares, outstanding (in shares)	3,018,112		2,400,000

Financial Instruments and Fair Value Disclosures (Details) $ in Millions	Aug. 30, 2019 USD ($)
Thalassa [Member] \| $5 Million Term Loan Facility [Member]
Financial Instruments and Fair Value Disclosures [Abstract]
Face amount	$ 5.0

UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Common Shares [Member]	Preferred Shares [Member] Preferred A Shares [Member]	Preferred Shares [Member] Preferred B Shares [Member]	Par Value of Shares Issued [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2017				$ 2,892	$ 7,612,108	$ 630,784	$ 8,245,784
Balance (in shares) at Dec. 31, 2017	2,400,000	480,000	12,000
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net income				0	0	1,228,798	1,228,798
Balance at Sep. 30, 2018				2,892	7,612,108	1,859,582	9,474,582
Balance (in shares) at Sep. 30, 2018	2,400,000	480,000	12,000
Balance at Dec. 31, 2018				2,892	7,612,108	2,136,024	9,751,024
Balance (in shares) at Dec. 31, 2018	2,400,000	480,000	12,000
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net income				0	0	560,801	560,801
Issuance of common stock, net of issuance costs, pursuant to the ATM (Note 6)				618	2,319,558	0	2,320,176
Issuance of common stock, net of issuance costs, pursuant to the ATM (Note 6) (in shares)	618,112	0	0
Balance at Sep. 30, 2019				$ 3,510	$ 9,931,666	$ 2,696,825	$ 12,632,001
Balance (in shares) at Sep. 30, 2019	3,018,112	480,000	12,000

UNAUDITED INTERIM CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 3,519,688	$ 1,887,280
Accounts receivable trade	497,367	670,973
Due from related party	371,199	176,434
Inventories	112,819	57,530
Prepaid expenses and other current assets	159,215	55,200
Deferred Charges	39,643	0
Total current assets	4,699,931	2,847,417
NON-CURRENT ASSETS:
Vessels, net of accumulated depreciation of $297,768 and $252,899, respectively	13,709,427	6,995,350
Deferred charges, net of accumulated amortization of $409,296 and $299,268, respectively	41,802	341,070
Total non-current assets	13,751,229	7,336,420
Total assets	18,451,160	10,183,837
CURRENT LIABILITIES:
Accounts payable	260,385	244,371
Unearned revenue	83,715	47,708
Accrued liabilities (including $0 and $1,140 respectively, to related party )	475,059	140,734
Total current liabilities	819,159	432,813
NON-CURRENT LIABILITIES:
Related party debt	5,000,000	0
Total non-current liabilities	5,000,000	0
Commitments and contingencies
SHAREHOLDERS' EQUITY:
Common shares, $0.001 par value; 1,950,000,000 shares authorized; 2,400,000 and 3,018,112 shares issued and outstanding as of December 31, 2018 and September 30, 2019, respectively	3,018	2,400
Additional paid-in capital	9,931,666	7,612,108
Retained earnings	2,696,825	2,136,024
Total shareholders' equity	12,632,001	9,751,024
Total liabilities and shareholders' equity	18,451,160	10,183,837
Series A Preferred Shares [Member]
SHAREHOLDERS' EQUITY:
Preferred shares	480	480
Series B Preferred Shares [Member]
SHAREHOLDERS' EQUITY:
Preferred shares	$ 12	$ 12

Transactions with Related Parties (Details) - USD ($)		9 Months Ended
Transactions with Related Parties (Details) - USD ($)	Sep. 03, 2019	Sep. 30, 2019	Sep. 30, 2018	Aug. 30, 2019	Dec. 31, 2018
Transactions with Related Parties [Abstract]
Management fees		$ 100,360	$ 87,360
Charter hire commissions		36,839	0
Balances with Related Parties [Abstract]
Working capital advances granted to the Manager		371,199			$ 176,434
Liabilities due to related party, current		1,140			0
Liabilities due to related party, non-current		5,000,000			0
Transactions with Related Parties [Abstract]
Proceeds from related party debt		5,000,000	0
Accrued Liabilities [Member]
Balances with Related Parties [Abstract]
Liabilities due to related party, current		1,140			0
Voyage Expenses [Member]
Transactions with Related Parties [Abstract]
Charter hire commissions		36,839	0
Interest and Finance Costs [Member]
Transactions with Related Parties [Abstract]
Interest expenses		23,333	0
Pavimar [Member] \| Management Agreement [Member]
Transactions with Related Parties [Abstract]
Management fees		100,360	87,360
Balances with Related Parties [Abstract]
Working capital advances granted to the Manager		371,199			176,434
Alexandria [Member] \| Commercial Management Services [Member]
Transactions with Related Parties [Abstract]
Charter hire commissions		$ 36,839	0
Commission rate		1.25%
Balances with Related Parties [Abstract]
Liabilities due to related party, current		$ 1,140			0
Thalassa [Member] \| $5 Million Term Loan Facility [Member]
Balances with Related Parties [Abstract]
Liabilities due to related party, non-current		$ 5,000,000			$ 0
Transactions with Related Parties [Abstract]
Face amount				$ 5,000,000
Proceeds from related party debt	$ 5,000,000
Interest rate		6.00%
Maturity date		Mar. 03, 2021
Term of facility		18 months
Thalassa [Member] \| $5 Million Term Loan Facility [Member] \| Interest and Finance Costs [Member]
Transactions with Related Parties [Abstract]
Interest expenses		$ 23,333	$ 0

Shareholders' Equity (Details) - USD ($)	9 Months Ended	12 Months Ended
Shareholders' Equity (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018	Jun. 28, 2019
Shareholders' Equity [Abstract]
Capital, authorized (in shares)	2,000,000,000
Capital shares, par value (in dollars per share)	$ 0.001
Common shares, shares authorized (in shares)	1,950,000,000	1,950,000,000
Preferred shares, authorized (in shares)	50,000,000	50,000,000
Common shares, issued (in shares)	3,018,112	2,400,000
Gross proceeds from issuance of common shares	$ 2,625,590
Net proceeds from issuance of common shares	$ 2,320,176
Maximum [Member]
Shareholders' Equity [Abstract]
Common stock that can be sold under ATM			$ 10,000,000
Minimum [Member]
Shareholders' Equity [Abstract]
Term common stock can be sold under ATM	12 months
Common Shares [Member]
Shareholders' Equity [Abstract]
Issuance of common shares (in shares)	618,112
Series A Preferred Shares [Member]
Shareholders' Equity [Abstract]
Preferred shares, issued (in shares)	480,000	480,000
Preferred shares, outstanding (in shares)	480,000	480,000
Dividend rate	9.75%	9.75%
Series B Preferred Shares [Member]
Shareholders' Equity [Abstract]
Preferred shares, issued (in shares)	12,000	12,000
Preferred shares, outstanding (in shares)	12,000	12,000

UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows from Operating Activities:
Net income	$ 560,801	$ 1,228,798
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	552,167	529,686
Changes in operating assets and liabilities:
Accounts receivable trade	173,606	554,011
Inventories	(55,289)	(2,680)
Due from related parties	(193,625)	(291,898)
Prepaid expenses and other current assets	(104,015)	26,739
Accounts payable	(96,141)	(657,513)
Accrued liabilities	147,856	(134,639)
Unearned revenue	36,007	0
Net Cash provided by Operating Activities	1,021,367	1,252,504
Cash flow used in Investing Activities:
Vessel acquisition	(6,768,025)	0
Net cash used in Investing Activities	(6,768,025)	0
Cash flows provided by Financing Activities:
Proceeds from issuance of common stock, net of issuance costs	2,444,446	0
Payment of securities registration and other filing costs	(65,380)	0
Proceeds from related party debt	5,000,000	0
Net cash provided by Financing Activities	7,379,066	0
Net increase in cash and cash equivalents	1,632,408	1,252,504
Cash and cash equivalents at the beginning of the period	1,887,280	486,670
Cash and cash equivalents at the end of the period	3,519,688	1,739,174
SUPPLEMENTAL CASH FLOW INFORMATION
Common stock issuance expenses accrued/ payable	58,890	0
Vessel acquisition costs accrued/ payable	198,951	0
Deferred charges accrued	$ 39,643	$ 0

Basis of Presentation and General information (Details)	9 Months Ended
Basis of Presentation and General information (Details)	Sep. 30, 2019 t
Spetses Shipping Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	1T
Vessel name	Magic P
DWT	76,453
Year Built	2004
Delivery date to Castor	2017-02
Bistro Maritime Co. [Member]
Subsidiaries in Consolidation [Abstract]
Country of incorporation	1T
Vessel name	Magic Sun
DWT	75,311
Year Built	2001
Delivery date to Castor	2019-09
Thalassa [Member] \| Series B Preferred Shares [Member]
General Information [Abstract]
Percentage of shares held	100.00%
Thalassa [Member] \| Common Shares [Member]
General Information [Abstract]
Percentage of shares held	37.30%

Vessel Operating and Voyage Expenses (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Vessel Operating Expenses [Abstract]
Crew and related costs	$ 765,533	$ 672,159
Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling	375,139	228,895
Lubricants	129,053	71,225
Insurances	101,151	95,541
Tonnage taxes	29,469	25,470
Other	61,128	32,693
Total	1,461,473	1,125,983
Voyage Expenses [Abstract]
Brokerage commissions (including commissions of $0 and $36,839, respectively, to related party)	49,904	73,023
Port & other expenses	18,614	12,103
(Gain)/loss on bunkers	36,998	(76,193)
Total	105,516	8,933
Commissions to related party	$ 36,839	$ 0

Future Minimum Time Charter Revenue (Details)	Sep. 30, 2019 USD ($)
Future Minimum Time Charter Revenue [Abstract]
Future minimum contractual charter revenues due within next 12 months	$ 2,958,836