Castor Maritime Inc - CTRM STOCK NEWS

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.

Castor Maritime (NASDAQ: CTRM) has announced an agreement to purchase a 2011 Japanese-built Kamsarmax dry bulk carrier for $16.85 million, with delivery expected between Q2 and Q3 2021. This acquisition marks the company's eighth vessel purchase in 2021, expanding its fleet to 14 vessels, including 1 Capesize and 2 Aframax tankers. Additionally, Castor successfully delivered the M/T Wonder Polaris, its first Aframax tanker, currently chartered at $15,000 per day. The company financed this acquisition entirely with cash.

Castor Maritime Inc. (NASDAQ: CTRM) announced the acquisition of a 2010 Korean-built Kamsarmax dry bulk carrier for $15.45 million through a wholly-owned subsidiary. Scheduled for delivery in Q2 2021, this marks the seventh vessel purchase for Castor this year and expands its fleet to 13 vessels with a total capacity of 1.2 million dwt. The CEO emphasized the company's strategy of timely acquisitions to grow its fleet across shipping segments.

Castor Maritime Inc. (NASDAQ: CTRM) announced the delivery of the M/V Magic Venus on March 2, 2021. This 2010-built Kamsarmax dry bulk vessel's acquisition was fully financed with cash on hand. The vessel is set to begin a time charter on or around March 5, 2021, at a daily gross rate of $18,500, potentially generating approximately $2.8 million in gross revenue for the minimum charter period of five months, and up to $4.2 million if extended. With this addition, Castor's fleet will comprise 12 vessels with a total capacity of 1.1 million dwt.

Castor Maritime (NASDAQ: CTRM) has announced the acquisition of a 2010 Korean-built Kamsarmax dry bulk carrier for $14.8 million through a wholly-owned subsidiary. The acquisition is set for completion by the end of Q1 or early Q2 2021, subject to customary closing conditions. CEO Petros Panagiotidis expressed confidence in the company’s growth strategy, noting that the fleet will expand to twelve vessels, doubling its size since the beginning of 2021. The fleet will then consist of various dry bulk and tanker vessels, enhancing operational capabilities.

Castor Maritime (NASDAQ: CTRM) has announced agreements via subsidiaries to acquire two Aframax LR2 tankers built in 2005 for a total of $27.2 million. The vessels come with time charter contracts offering a minimum daily hire of $15,000 and a profit-sharing arrangement. Each contract can be extended by the charterer for another year. The delivery of the tankers is expected within the first quarter of 2021, pending customary closing conditions. Castor's fleet will expand to 11 vessels, enhancing their cash flow stability and market position.

Castor Maritime Inc. (NASDAQ: CTRM) announced the acquisition of a 2009 Japan-built Kamsarmax dry bulk carrier for $14.5 million. The delivery is expected within Q1 2021, pending customary closing conditions. CEO Petros Panagiotidis emphasized the company's strategy to expand its fleet, now comprising nine vessels, a tripling since last summer. This acquisition aligns with their commitment to seize growth opportunities in shipping, focusing on various vessel sizes and segments.