Castor Maritime Inc Stock Price, News & Analysis

Castor Maritime (NASDAQ: CTRM) announced the sale of the M/V Magic Moon, a 2005-built Panamax vessel, for $13.95 million on March 23, 2023. The sale is subject to standard documentation and is expected to close in Q3 2023. The company anticipates a net gain of approximately $5.3 million from this sale, excluding transaction costs. Castor owns a fleet of 22 vessels with a total capacity of 1.7 million dwt, enhancing its operational portfolio in the shipping industry.

Castor Maritime Inc. (NASDAQ: CTRM) announced the sale of its vessel, M/V Magic Rainbow, for $12.6 million on March 13, 2023. The sale is contingent upon standard documentation and is expected to close in the second quarter of 2023. The company anticipates realizing a net gain of approximately $4.4 million from this transaction, excluding related costs. Castor operates a fleet of 22 vessels with a total capacity of 1.7 million dwt, primarily focusing on shipping transportation services.

Castor Maritime Inc. (NASDAQ: CTRM), a global shipping company, has filed its Annual Report on Form 20-F for the fiscal year ending December 31, 2022, with the SEC. The report provides audited consolidated financial statements and is available on the SEC and the company website. Castor Maritime operates a fleet of 22 vessels with a total capacity of 1.7 million dwt, comprising 1 Capesize, 7 Kamsarmax, 12 Panamax dry bulk vessels, and 2 containerships. Shareholders can request a hard copy of the report free of charge.

Castor Maritime Inc. (NASDAQ: CTRM) reported robust financial results for Q4 and the full year 2022, showcasing significant growth in revenues and net income. For Q4 2022, total vessel revenues reached $69.3 million, a 15.5% increase from Q4 2021. Net income rose by 15.4% to $33.7 million, with earnings per share of $0.36. For the entire year, total revenues soared 98.6% to $262.1 million, and net income jumped 126.8% to $118.6 million. Cash and restricted cash increased to $152.3 million. A spin-off of the Aframax/LR2 and Handysize tanker segments into Toro Corp was completed on March 7, 2023, aiming to enhance shareholder value amid favorable market conditions.

Castor Maritime Inc. (NASDAQ: CTRM) announced the spin-off of its subsidiary, Toro Corp., with a distribution date set for March 7, 2023. The spin-off remains subject to conditions outlined in Toro Corp.’s amended registration statement filed with the SEC. Investors should note that there is no guarantee of the spin-off occurring or when it will happen. Castor Maritime operates a fleet of 30 vessels with a total capacity of 2.5 million dwt, including various types of bulk carriers and tankers. Additional details can be found in the SEC filings and on the company’s website.

Castor Maritime Inc. (NASDAQ: CTRM) has revised the record date for the spin-off of its subsidiary, Toro Corp., to February 22, 2023, with the distribution of common shares expected in March 2023. The spin-off remains contingent upon regulatory approvals including the effectiveness of Toro’s registration statement and its listing on the Nasdaq Capital Market. The company owns a fleet of 30 vessels, comprising various dry bulk carriers and tankers, with a total capacity of 2.5 million dwt. Updates on Toro Corp.’s registration can be found on the SEC’s website.

Castor Maritime (NASDAQ: CTRM) announced an amendment to the spin-off terms of its tanker fleet, which consists of six Aframax/LR2 and two Handysize tankers to be held by Toro Corp. Shareholders will receive one Toro share for every ten Castor shares held as of December 6, 2022. The spin-off, set for January 2023, is subject to approval and regulatory conditions. Fractional shares will be aggregated and sold in the market, with cash proceeds distributed to eligible shareholders. Toro has filed a registration statement with the SEC as part of this process.

Castor Maritime (NASDAQ: CTRM) held its 2022 Annual General Meeting of Shareholders on December 15, 2022, in Limassol, Cyprus. Key outcomes included the re-election of Mr. Dionysios Makris as Class B Director until the 2025 AGM and the appointment of Deloitte Certified Public Accountants S.A. as the independent auditors for the fiscal year 2022. Castor Maritime operates a fleet of 30 vessels with an aggregate capacity of 2.5 million dwt, enhancing its position in the global shipping industry.

Castor Maritime (NASDAQ: CTRM) announced a delay in the distribution of common shares from its spin-off subsidiary, Toro Corp. Initially set for December 15, 2022, the new date is expected in mid-January 2023. The postponement is due to Toro not yet obtaining the necessary regulatory approvals and the effectiveness of its registration statement. There is no guarantee that the spin-off will occur on the revised date or at all.