Castor Maritime Inc. - CTRM STOCK NEWS

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.

Castor Maritime Inc. (NASDAQ: CTRM) announced the acquisition of the 2010-built Panamax dry bulk vessel, M/V Magic Nova, which was delivered on October 15, 2020. The acquisition was funded entirely with cash from equity offerings in June and July 2020. The vessel will commence a time charter on October 17, 2020, generating approximately $1.9 million in gross revenue for a minimum period and up to $2.8 million if extended. The fleet operates at an average gross charter hire rate of $10,800.

Castor Maritime Inc. (NASDAQ: CTRM) has successfully delivered the 2010 Japan-built Panamax dry bulk vessel, M/V Magic Horizon, as part of its fleet expansion strategy. The acquisition, announced on July 29, 2020, was financed through cash raised in prior equity offerings. The vessel commenced a time charter on October 13, 2020, expected to generate approximately $3.3 million in gross revenues over a minimum period, potentially rising to $4.8 million if the charter extends. This marks a significant milestone for Castor, establishing its presence in the dry bulk market.

Castor Maritime (NASDAQ: CTRM) announced the acquisition of a 2010 Japan-built Panamax dry bulk carrier, to be renamed Magic Horizon. The vessel will operate under a new charter for 10 to 14 months at a gross daily rate of $11,000, starting soon after delivery expected by mid-October 2020. This acquisition expands Castor's fleet to six vessels. The current fleet includes other vessels earning between $9,000 to $12,500 daily, enhancing revenue potential amidst changing global shipping demands.