Welcome to our dedicated page for Castor Maritime news (Ticker: CTRM), a resource for investors and traders seeking the latest updates and insights on Castor Maritime stock.
Castor Maritime Inc (CTRM) provides investors and maritime industry stakeholders with essential updates through this comprehensive news hub. Track official press releases, operational developments, and strategic announcements from the dry bulk and tanker shipping specialist.
This resource delivers timely access to CTRM's material disclosures including fleet acquisitions, charter agreements, financial results, and regulatory filings. Content is organized to highlight key operational milestones across the company's diversified shipping segments while maintaining strict adherence to factual reporting standards.
Regular updates cover critical areas such as dry bulk market positioning, tanker fleet utilization, and container shipping operations. Users benefit from centralized monitoring of the company's response to freight rate fluctuations, commodity demand trends, and maritime regulatory changes.
Bookmark this page for efficient tracking of CTRM's evolving market strategy and operational performance within the global seaborne transportation sector. Cross-reference historical announcements to analyze the company's navigation of shipping industry cycles and competitive dynamics.
Castor Maritime Inc. (NASDAQ: CTRM) has successfully closed a $15.3 million senior term loan facility through two subsidiaries, secured by two of its vessels. The loan is set to be drawn down before the end of January 2021, with a four-year tenor and an interest rate of 3.30% plus LIBOR. The proceeds will be used to support the company’s growth plans. CEO Petros Panagiotidis expressed satisfaction over the financing, marking it as the largest to date, aimed at enhancing liquidity to pursue strategic goals for fleet expansion and shareholder profitability.
Castor Maritime (NASDAQ: CTRM) announced its agreement to acquire a 2006 Japan-built Capesize dry bulk carrier for $17.5 million through a wholly-owned subsidiary. The acquisition is set to complete by late Q1 or early Q2 2021 after necessary dry docking and surveys. CEO Petros Panagiotidis expressed optimism, highlighting the acquisition's strategic value in expanding their fleet to seven vessels. The company aims for long-term profitability and growth in the improving dry bulk market, utilizing recently raised capital effectively.
Castor Maritime Inc. (NASDAQ: CTRM) has entered a securities purchase agreement to issue approximately 137 million common shares and warrants for an aggregate price of $0.19 per share. This registered direct offering is projected to raise about $26 million in gross proceeds before fees and expenses, with the closing expected around January 12, 2021. The warrants will have a five-year expiration and an exercise price of $0.19. Maxim Group LLC will serve as the placement agent for this offering.
Castor Maritime (NASDAQ: CTRM) has announced a registered direct offering to institutional investors, issuing approximately 94.8 million common shares and warrants at $0.19 per share. The gross proceeds are estimated at $18 million before fees and expenses. The offering is set to close around January 5, 2021, pending customary conditions. The company aims to utilize these funds for general corporate purposes. Maxim Group LLC serves as the sole placement agent for this offering, which complies with a previously filed shelf registration statement.
Castor Maritime (NASDAQ: CTRM) received a 180-day extension from Nasdaq to comply with the minimum bid price requirement, now until June 28, 2021. The company must maintain a closing bid price of $1.00 or higher for ten consecutive business days to regain compliance. Additionally, Castor Maritime expects to secure approximately $15 million in financing from a European institution, backed by two of its dry bulk carriers, with completion expected in January 2021.
Castor Maritime Inc. (NASDAQ: CTRM) held its Annual Meeting of Shareholders on November 25, 2020. Key outcomes include the re-election of Petros Panagiotidis as Class C Director and the appointment of Deloitte as independent auditors for 2020. Notably, the board was granted authority for potential reverse stock splits, up to a ratio of one-for-75, as part of a strategy to maintain compliance with Nasdaq’s $1.00 minimum bid price requirement. The company will monitor its stock price to ensure its continued listing on the exchange.
Castor Maritime Inc. (NASDAQ: CTRM) has announced the postponement of its 2020 Annual General Meeting originally set for November 19, 2020, in Limassol, Cyprus, due to COVID-19 restrictions. The meeting will now be held on November 25, 2020, at 9:00 a.m. in New York. The record date remains October 16, 2020. Shareholders are encouraged to prioritize health and safety, with possible health screenings for attendees. Supplemental proxy materials will be made available on the SEC website and the company’s site.
Castor Maritime Inc. (NASDAQ: CTRM) reported a 133% increase in revenues, reaching $2.8 million for Q3 2020, compared to $1.2 million in Q3 2019. However, the company incurred a net loss of $580,153, a decline from a net income of $244,229 a year earlier, resulting in a loss per share of 0.47 cents. EBITDA also fell by 80% to $0.1 million. Despite challenges posed by COVID-19, cash reserves surged by 654% to $38.1 million from $5.1 million at year-end 2019, bolstered by significant capital raises and vessel acquisitions.
Castor Maritime (NASDAQ: CTRM) reported a net revenue of $2.8 million for Q3 2020, a 133% increase from Q3 2019, while net loss reached $580,153. For the nine months ending September 30, 2020, revenues totaled $8.1 million (up 161% YoY) but incurred a loss of $984,621. EBITDA dropped to $0.1 million in Q3 from $0.5 million in Q3 2019, reflecting a 22% decrease in average daily TCE to $8,081. Cash and restricted cash surged to $38.1 million, a 654% increase compared to December 2019. The fleet's expansion continued with the acquisition of two Panamax bulk carriers.
Castor Maritime Inc. (NASDAQ: CTRM) has announced its 2020 Annual General Meeting of Shareholders scheduled for November 19, 2020, at 6:00 p.m. in Limassol, Cyprus. Shareholders registered by the record date of October 16, 2020, will receive notice and have the right to vote. The Notice and Proxy Statement will be sent out around October 23, 2020, and will also be available on the SEC website and the company’s website. Castor Maritime operates a fleet of six Panamax dry bulk vessels, engaged in transporting various bulk materials globally.
