Castor Maritime Inc Stock Price, News & Analysis

Castor Maritime Inc. (NASDAQ: CTRM) announced the delivery of the M/V Magic Venus on March 2, 2021. This 2010-built Kamsarmax dry bulk vessel's acquisition was fully financed with cash on hand. The vessel is set to begin a time charter on or around March 5, 2021, at a daily gross rate of $18,500, potentially generating approximately $2.8 million in gross revenue for the minimum charter period of five months, and up to $4.2 million if extended. With this addition, Castor's fleet will comprise 12 vessels with a total capacity of 1.1 million dwt.

Castor Maritime (NASDAQ: CTRM) has announced the acquisition of a 2010 Korean-built Kamsarmax dry bulk carrier for $14.8 million through a wholly-owned subsidiary. The acquisition is set for completion by the end of Q1 or early Q2 2021, subject to customary closing conditions. CEO Petros Panagiotidis expressed confidence in the company’s growth strategy, noting that the fleet will expand to twelve vessels, doubling its size since the beginning of 2021. The fleet will then consist of various dry bulk and tanker vessels, enhancing operational capabilities.

Castor Maritime (NASDAQ: CTRM) has announced agreements via subsidiaries to acquire two Aframax LR2 tankers built in 2005 for a total of $27.2 million. The vessels come with time charter contracts offering a minimum daily hire of $15,000 and a profit-sharing arrangement. Each contract can be extended by the charterer for another year. The delivery of the tankers is expected within the first quarter of 2021, pending customary closing conditions. Castor's fleet will expand to 11 vessels, enhancing their cash flow stability and market position.

Castor Maritime Inc. (NASDAQ: CTRM) announced the acquisition of a 2009 Japan-built Kamsarmax dry bulk carrier for $14.5 million. The delivery is expected within Q1 2021, pending customary closing conditions. CEO Petros Panagiotidis emphasized the company's strategy to expand its fleet, now comprising nine vessels, a tripling since last summer. This acquisition aligns with their commitment to seize growth opportunities in shipping, focusing on various vessel sizes and segments.

Castor Maritime Inc. (NASDAQ: CTRM) has announced the acquisition of a 2010 Kamsarmax dry bulk carrier for $15.85 million through a wholly-owned subsidiary. This move marks the addition of the company’s 8th vessel to its fleet, which includes 1 Capesize, 1 Kamsarmax, and 6 Panamax vessels. The transaction is expected to close in Q1 2021, pending customary conditions. CEO Petros Panagiotidis expressed excitement about this expansion, highlighting the company’s strategy to grow its fleet swiftly.

Castor Maritime Inc. (NASDAQ: CTRM) has successfully closed a $15.3 million senior term loan facility through two subsidiaries, secured by two of its vessels. The loan is set to be drawn down before the end of January 2021, with a four-year tenor and an interest rate of 3.30% plus LIBOR. The proceeds will be used to support the company’s growth plans. CEO Petros Panagiotidis expressed satisfaction over the financing, marking it as the largest to date, aimed at enhancing liquidity to pursue strategic goals for fleet expansion and shareholder profitability.

Castor Maritime (NASDAQ: CTRM) announced its agreement to acquire a 2006 Japan-built Capesize dry bulk carrier for $17.5 million through a wholly-owned subsidiary. The acquisition is set to complete by late Q1 or early Q2 2021 after necessary dry docking and surveys. CEO Petros Panagiotidis expressed optimism, highlighting the acquisition's strategic value in expanding their fleet to seven vessels. The company aims for long-term profitability and growth in the improving dry bulk market, utilizing recently raised capital effectively.

Castor Maritime Inc. (NASDAQ: CTRM) has entered a securities purchase agreement to issue approximately 137 million common shares and warrants for an aggregate price of $0.19 per share. This registered direct offering is projected to raise about $26 million in gross proceeds before fees and expenses, with the closing expected around January 12, 2021. The warrants will have a five-year expiration and an exercise price of $0.19. Maxim Group LLC will serve as the placement agent for this offering.

Castor Maritime (NASDAQ: CTRM) has announced a registered direct offering to institutional investors, issuing approximately 94.8 million common shares and warrants at $0.19 per share. The gross proceeds are estimated at $18 million before fees and expenses. The offering is set to close around January 5, 2021, pending customary conditions. The company aims to utilize these funds for general corporate purposes. Maxim Group LLC serves as the sole placement agent for this offering, which complies with a previously filed shelf registration statement.