Cyprus-based Castor Maritime has revealed a loss for 2020 — but is hopeful of better things this year as its fleet swells dramatically.
The net loss in the fourth quarter was $0.8m, against a profit of $0.5m the year before, with revenue growing to $4.4m from $2.8m.
The average time charter equivalent (TCE) rate was $10,257 per day, compared with $10,789 in 2019, a drop Castor attributed mainly to adverse market conditions caused by the ongoing Covid-19 pandemic.
