Castor Maritime Inc Stock Price, News & Analysis

Castor Maritime Inc. (NASDAQ: CTRM) announced the securing of time charter contracts for three dry bulk carriers. The M/V Magic Moon commenced on March 6, 2022, at a gross daily rate of $25,000 for 30 days. The M/V Magic Argo is set to start on April 4, 2022, at a rate indexed to the Baltic Panamax Index for a minimum of 12 months. Lastly, the M/V Magic Venus will begin on April 15, 2022, also linked to the Baltic Index for approximately 13 months. Castor owns 29 vessels with a total capacity of 2.5 million dwt.

Castor Maritime Inc. (NASDAQ: CTRM) reported significant growth in its financial performance for Q4 and the year ended December 31, 2021. Revenues surged to $60 million in Q4 2021 from $4.4 million in Q4 2020. The company posted a net income of $29.2 million compared to a net loss of $0.8 million a year earlier. For the full year, revenues reached $132 million, up from $12.5 million, with net income of $52.3 million versus a net loss of $1.8 million. Castor expanded its fleet to 29 vessels, quadrupling its size since 2020, and maintained a strong cash position of $43.4 million.

Castor Maritime Inc. (NASDAQ: CTRM) has successfully closed a $55.0 million senior term loan with a European bank, secured by five of its dry bulk vessel subsidiaries. This financing, with a five-year term and interest at SOFR plus 3.15%, aims to support the company’s growth plans. Additionally, the M/V Magic Callisto has secured a time charter with a gross daily rate of 101% of the Baltic Panamax Index, starting January 12, 2022. This marks a significant advancement in Castor's capital structure and strategic objectives.

Castor Maritime Inc. (NASDAQ: CTRM) has announced the delivery of two vessels: the Aframax tanker M/T Wonder Bellatrix on December 23, 2021, and the Panamax dry bulk carrier M/V Magic Callisto on January 4, 2022. Both acquisitions were financed entirely with cash. Additionally, the company has secured new charter agreements for two vessels, generating daily gross rates of $20,100 and $29,000, respectively. Castor operates a fleet of 29 vessels with a total capacity of 2.5 million dwt, including various types of dry bulk carriers and tankers.

Castor Maritime Inc. (NASDAQ: CTRM) announced the acquisition of a 2012 Japanese-built Panamax dry bulk carrier for $23.55 million. This transaction was approved by a special committee of independent directors. The acquisition will be finalized post-dry docking and installation of a ballast water treatment system. Additionally, the company has secured a new charter agreement for the M/V Magic Mars, commencing December 6, 2021, with a gross daily rate based on 91% of the Baltic Panamax Index. Following these developments, Castor will operate a fleet of 29 vessels with a capacity of 2.5 million dwt.

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.