Castor Maritime Inc Stock Price, News & Analysis

Castor Maritime Inc. (NASDAQ: CTRM) announced the acquisition of a 2006 Korean-built Aframax LR2 tanker for $18.15 million, expected to be finalized in December 2021. The tanker comes with a time charter at $15,000 per day, including a 50% profit-sharing arrangement, with about three months remaining on the contract. Additionally, the company secured a $23.15 million term loan facility and has fixed two dry bulk carriers on time charter agreements with gross daily rates of $19,000 and $17,500, further enhancing its shipping operations.

Castor Maritime Inc. (NASDAQ: CTRM) held its 2021 Annual General Meeting on November 30, 2021, in Limassol, Cyprus. During this meeting, shareholders approved two key proposals: the re-election of Mr. Georgios Daskalakis as Class A Director until the 2024 AGM and the appointment of Deloitte as independent auditors for the fiscal year 2021. Castor Maritime operates a fleet of 27 vessels, totaling 2.3 million deadweight tons, specializing in dry bulk and tanker shipping.

Castor Maritime Inc. (NASDAQ: CTRM) has announced significant time charter contracts for multiple vessels. The M/V Magic Nova and M/V Magic Pluto will receive charters at rates equal to 92% of the average Baltic Panamax Index, commencing on November 17 and December 7, 2021, respectively. The M/V Magic Orion is set for a charter starting around November 21, 2021, at 101% of the average Baltic Capesize Index. Additionally, M/V Magic Vela will start a 45-day charter at $19,000 per day plus a bonus. All contracts have minimum durations of eleven months.

Castor Maritime Inc. (NASDAQ: CTRM) reported robust financial growth for Q3 2021, with revenues surging to $43.3 million from $2.8 million in Q3 2020. The company achieved a net income of $15.5 million, marking a significant turnaround from a $0.6 million loss a year prior. Earnings per share improved to $0.16 compared to a loss of $0.05. EBITDA for the quarter reached $21.2 million, up from $0.1 million in 2020. Castor expanded its fleet, now comprising 27 vessels, while maintaining a cash position of $42.4 million as of September 30, 2021.

Castor Maritime Inc. (NASDAQ: CTRM) announced the delivery of the M/V Magic Phoenix, a 2008-built Panamax dry bulk carrier, on October 26, 2021. The acquisition was funded entirely with cash on hand. The vessel will operate under a time charter contract earning a gross daily rate at 102% of the Baltic Panamax Index 4TC routes, commencing around October 28, 2021. Additionally, the M/V Magic Venus, a 2010-built Kamsarmax dry bulk carrier, has secured a charter at $38,000 per day starting October 16, 2021, for approximately 60 days.

Castor Maritime Inc. (NASDAQ: CTRM) announced its 2021 Annual General Meeting of Shareholders, scheduled for November 30, 2021, at 6:00 p.m. in Limassol, Cyprus. The record date for shareholders entitled to vote is October 15, 2021. The notice and proxy statement will be mailed to shareholders and filed with the Securities and Exchange Commission, accessible on both the SEC's website and Castor's official site. Castor Maritime operates a diverse fleet of 27 vessels, totaling 2.3 million dwt capacity, post recent acquisitions.

Castor Maritime (CTRM) has secured two time charter contracts for its vessels. The M/V Magic Orion, a Capesize dry bulk carrier, will commence a charter on October 8, 2021, at a daily rate of $73,000 for approximately 45 days. Additionally, the M/V Magic Eclipse, a Panamax dry bulk carrier, started its charter on September 14, 2021, at $28,500 per day, lasting between 8-10 months. These contracts contribute to Castor's growing fleet, which will total 27 vessels with a capacity of 2.3 million dwt upon full delivery.

On September 20, 2021, Castor Maritime (NASDAQ: CTRM) delivered the M/V Magic Mars, a 2014 Korean-built Panamax dry bulk carrier, financed entirely with cash. The vessel will operate under a time charter agreement at a gross daily rate of $34,600, commencing around September 24, 2021, for approximately 75 days. Additionally, the M/V Magic Argo has been chartered at a gross daily rate of $33,500 since September 14, 2021, for about 90 days. With these additions, Castor will operate a fleet of 27 vessels on a fully delivered basis.

Castor Maritime Inc. (NASDAQ: CTRM) announced three new time charter contracts for its vessels, enhancing its revenue stream. The M/V Magic Nebula was fixed at $31,750 daily for a minimum of six months. The M/V Magic Moon secured a rate of $30,250 per day for approximately 90 days. Additionally, the M/V Magic Nova will start charters at $32,000 per day, plus a $1.3 million ballast bonus, expected to begin around September 17, 2021. Following recent acquisitions, Castor will own a fleet of 27 vessels with a total capacity of 2.3 million dwt.