Castor Maritime Inc. - CTRM STOCK NEWS

Castor Maritime Inc. (NASDAQ: CTRM) has announced an agreement to acquire a 2011 Chinese-built Panamax dry bulk carrier for $14.5 million. This acquisition, expected to be finalized in May 2021, will increase Castor’s dry bulk fleet to 15 vessels. Following this, the fleet will expand to 18 vessels, tripling in size since the start of the year. CEO Petros Panagiotidis highlighted the benefit of the acquisition in leveraging current strong market demand for dry bulk tonnage.

Castor Maritime (NASDAQ: CTRM) announced an agreement to acquire a 2015 Kamsarmax dry bulk carrier for $23.5 million. The vessel comes with a time charter contract, securing a daily gross rate at 114% of the Baltic Panamax Index, estimated to last 17-21 months. This acquisition marks Castor's eleventh vessel purchase in 2021 and will expand their fleet to 17 vessels with a total capacity of 1.5 million dwt. The transaction is expected to close in Q2 2021, pending customary conditions.

Castor Maritime (NASDAQ: CTRM) announced the acquisition of a 2005 Korean-built Aframax tanker for $14.8 million. This transaction marks the tenth vessel acquisition in 2021, increasing the fleet to 16 vessels with a total capacity of 1.5 million deadweight tons (dwt). The acquisition is expected to be finalized in the second quarter, pending customary closing conditions. CEO Petros Panagiotidis emphasized the company's commitment to monitoring the market for further acquisition opportunities across various vessel segments.

Castor Maritime (NASDAQ: CTRM) announced the delivery of two Kamsarmax dry bulk carriers: M/V Magic Twilight and M/V Magic Thunder, on April 9 and April 13, 2021. Both acquisitions, previously announced on February 18 and March 12, were funded entirely with cash on hand. M/V Magic Twilight has started a time charter at a gross rate of $19,000 per day for about 20 days, while M/V Magic Thunder is set to begin employment at $18,900 per day for approximately 60 days, starting around April 17.

Castor Maritime Inc. (NASDAQ: CTRM) has announced the acquisition of a 2011 Japanese-built Panamax dry bulk carrier for $18.48 million. This acquisition, which will be completed within the second quarter of 2021, marks the ninth vessel added to their fleet this year. The company aims to expand its shipping capabilities by acquiring vessels across various segments. Once this transaction is finalized, Castor will have a total of 15 vessels, with an aggregate capacity of 1.4 million deadweight tons.

Castor Maritime Inc. (NASDAQ: CTRM) has announced a registered direct offering to institutional investors, issuing approximately 192.3 million common shares and warrants for $0.65 each. Expected gross proceeds are projected at $125.0 million, set to close around April 7, 2021, pending customary closing conditions. The warrants are exercisable immediately at the same price and expire in five years. Maxim Group LLC serves as the sole placement agent. This offering is part of the company’s expansion efforts to enhance its shipping services portfolio.

Castor Maritime Inc. (NASDAQ: CTRM) reported significant challenges in 2020, highlighted by a net loss of $1.8 million compared to a net income of $1.1 million in 2019. The company's revenues increased to $12.5 million, marking a 108% rise year-over-year, but the fourth quarter showed a revenue of $4.4 million, up 57% from the previous year. EBITDA decreased by 73% to $0.3 million in Q4. Cash and restricted cash improved to $9.4 million from $5.1 million. Despite fleet growth and improving market conditions, the ongoing COVID-19 pandemic continues to impact revenues and operating expenses.

Castor Maritime (NASDAQ: CTRM) announced the delivery of the M/T Wonder Sirius, a 2005-built Aframax LR2 tanker, on March 22, 2021. The vessel is on a time charter for at least one year, generating a minimum gross daily hire of $15,000. This acquisition was fully financed with cash. Castor expects the two tankers to produce approximately $10 million in gross revenues over the minimum charter period, potentially rising to $21 million if options for extensions are exercised. The company now operates a fleet of 14 vessels with a total capacity of 1.3 million dwt.

Castor Maritime (NASDAQ: CTRM) has successfully taken delivery of two new dry bulk carriers: the M/V Magic Orion, a 2006-built Capesize vessel, and the M/V Magic Argo, a 2009-built Kamsarmax vessel. The acquisitions were fully financed with cash on hand. The M/V Magic Orion is set to start a time charter at $21,000 per day for approximately 35 days, while the M/V Magic Argo will commence at $25,100 per day for roughly four months. This expansion increases Castor's fleet to 14 vessels with a total capacity of 1.3 million dwt.