Castor Maritime Inc Stock Price, News & Analysis

Castor Maritime Inc. (NASDAQ: CTRM) has announced the acquisition of a 2009-built 1,850 TEU containership for $16.49 million. The purchase, expected to be finalized by October 2024, will be financed with cash on hand. Upon delivery, the vessel will be employed under a four-month time charter contract at a gross daily rate of $29,000.

This acquisition will expand Castor's fleet to 12 vessels with a total capacity of 0.9 million dwt, including three Kamsarmax, five Panamax, one Ultramax, and three containership vessels. The diversified fleet positions Castor as an international provider of shipping transportation services.

Castor Maritime Inc. (NASDAQ: CTRM), a diversified global shipping company, held its 2024 Annual General Meeting of Shareholders on September 6, 2024, in Limassol, Cyprus. The meeting resulted in two key approvals:

1. The re-election of Mr. Georgios Daskalakis as the Company's Class A Director until the 2027 Annual General Meeting.

2. The appointment of Deloitte Certified Public Accountants S.A. as the Company's independent auditors for the fiscal year 2024.

Castor Maritime owns a fleet of 11 vessels with a total capacity of 0.8 million dwt, including three Kamsarmax, five Panamax, one Ultramax dry bulk vessels, and two 2,700 TEU containership vessels.

Castor Maritime Inc. (NASDAQ: CTRM) has announced the delivery of the M/V Magic Celeste, a 2015-built Ultramax dry bulk carrier, on August 16, 2024. The acquisition, previously announced on July 25, 2024, was fully financed with cash on hand. The vessel has been fixed on a time charter contract at a gross daily rate of 111% of the average Baltic Supramax Index 10 TC routes, set to commence around August 20, 2024, with a minimum duration of nine months.

Castor Maritime now owns a fleet of 11 vessels with a total capacity of 0.8 million dwt, including three Kamsarmax, five Panamax, one Ultramax dry bulk vessels, and two 2,700 TEU containerships. This delivery aligns with Castor's strategy as a diversified global shipping company.

Castor Maritime (NASDAQ: CTRM) reported notable financial results for Q2 2024 and H1 2024.

Q2 2024 highlights:

• Net income surged to $22.9M, a 179.3% increase from Q2 2023's $8.2M.
• Earnings per share rose to $2.29 from $0.86.
• EBITDA reached $26.5M, up from $16.1M.
• Total vessel revenues dropped to $16.3M, a 35.6% decline from $25.3M.
• Cash reserves rose to $236.3M from $120.9M at year's start.

H1 2024 highlights:

• Net income soared to $45.2M from $1.7M in H1 2023.
• Earnings per share climbed to $4.52 from $0.18.
• EBITDA increased to $53.3M from $17.7M.
• Total vessel revenues decreased to $36.7M, a 26.2% drop from $49.7M.

The company also reported significant gains from vessel sales and improved liquidity through debt reduction and increased cash flow.

Castor Maritime Inc. (NASDAQ: CTRM) has announced the date for its 2024 Annual General Meeting of Shareholders. The meeting is scheduled for September 6, 2024, at 6:00 p.m. local time in Limassol, Cyprus. The company has set July 8, 2024 as the record date for determining shareholders eligible to receive notice and vote at the meeting. Proxy materials will be mailed around August 6, 2024, and will be available on the SEC website and Castor's website.

Castor Maritime is an international shipping company with a fleet of 10 vessels, including Kamsarmax, Panamax dry bulk, and containership vessels. The company recently announced an agreement to acquire a 2015-built Ultramax vessel, expected to be delivered in Q3 2024.

Castor Maritime Inc. (NASDAQ: CTRM) has announced the acquisition of its first Ultramax dry bulk carrier vessel. The company entered into an agreement on July 16, 2024, to purchase a 2015-built vessel for $25.5 million from an unaffiliated third party. The acquisition is expected to be completed in the third quarter of 2024, subject to customary closing conditions.

CEO Petros Panagiotidis expressed excitement about Castor's entry into the Ultramax segment, emphasizing the company's commitment to fleet renewal and growth. Upon completion of this acquisition, Castor's fleet will expand to 11 vessels with a total capacity of 0.8 million dwt, including Kamsarmax, Panamax, Ultramax, and containership vessels.

Castor Maritime (NASDAQ: CTRM) has announced the final results of its tender offer to purchase all of its outstanding Common Share Purchase Warrants issued on April 7, 2021. The offer expired on May 31, 2024, and resulted in the tendering of 10,080,770 Warrants, which convert into 1,008,077 Common Shares. These will be purchased at $0.105 per Warrant, totaling approximately $1,058,481. Post-purchase, only Warrants exercisable into 25,000 Common Shares will remain outstanding. This action aims to retire and cancel the purchased Warrants.

The information provided does not constitute a recommendation to buy or sell securities but serves as a summary of the tender offer. For more details, investors can refer to the SEC filings associated with this action.

Castor Maritime (NASDAQ: CTRM) announced the completion of the sale of its 2010-built Panamax bulk carrier vessel, M/V Magic Horizon, for $15.8 million on May 28, 2024. The sale is expected to result in a net gain of approximately $4.6 million, excluding transaction-related costs, to be recorded in Q2 2024. Castor Maritime operates a diversified fleet of 10 vessels with a total capacity of 0.7 million dwt, including Kamsarmax, Panamax dry bulk vessels, and containership vessels.

Castor Maritime (NASDAQ: CTRM) announced the completion of the sale of its 2011-built Panamax bulk carrier vessel, M/V Magic Vela, for $16.4 million on May 23, 2024. The sale is expected to result in a net gain of approximately $2.7 million, excluding transaction-related costs, to be recorded in the second quarter of 2024. Castor Maritime is a diversified global shipping company with a fleet of 11 vessels, including Kamsarmax and Panamax dry bulk vessels and containerships, with an aggregate capacity of 0.8 million dwt.