Castor Maritime Inc. - CTRM STOCK NEWS

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.

Castor Maritime (NASDAQ: CTRM) has successfully taken delivery of the M/V Magic Rainbow on August 8, 2020, as part of its acquisition of a Panamax dry bulk carrier. The purchase was financed entirely with cash raised from two equity offerings in June and July 2020. The vessel has commenced employment under a charter with a daily gross hire rate of $10,300, alongside another vessel, M/V Magic Sun, which has secured a charter at $12,500 per day. This expansion strengthens Castor's fleet and enhances cash flow visibility amidst market challenges.

Castor Maritime Inc. (NASDAQ: CTRM) has announced the acquisition of a 2010 Japan-built Panamax dry bulk carrier for $12.75 million. The transaction is expected to close by late Q3 or early Q4 2020, pending customary closing conditions. This vessel will expand Castor's fleet to five Panamax carriers, furthering the company's growth strategy established last year. CEO Petros Panagiotidis emphasized the effective use of recently raised capital to enhance shareholder value through fleet expansion.

Castor Maritime (NASDAQ: CTRM) has successfully closed a registered direct offering, selling 57,750,000 common shares and accompanying warrants, raising approximately $17.3 million. Each share and warrant package was priced at $0.30, with warrants exercisable at $0.35 for five years. The offering was managed by Maxim Group LLC and utilizes a shelf registration statement effective since June 21, 2019. The proceeds aim to enhance the company's shipping capabilities, which include the ownership of three Panamax dry bulk carriers transporting various commodities globally.

Castor Maritime (CTRM) announced the acquisition of a 2007 Chinese-built Panamax dry bulk carrier for $7.85 million, enhancing its fleet as it aims to leverage current market conditions for growth. The acquisition, set for delivery by August 2020, involves a wholly-owned subsidiary and is pending customary closing conditions. CEO Petros Panagiotidis highlighted the strategic importance of utilizing recently raised capital effectively to enhance long-term shareholder value. Post-acquisition, Castor's fleet will consist of four Panamax vessels, focusing on medium-term charters for various cargoes.

Castor Maritime Inc. (NASDAQ: CTRM) has successfully closed an upsized public offering of 51,400,000 units at $0.35 each, yielding approximately $20.7 million in gross proceeds. Each unit includes one common share and one Class A warrant, which can be exercised at the same price. Maxim Group LLC fully exercised its overallotment option, purchasing an additional 7,710,000 shares and warrants. This offering was detailed in the Company’s SEC registration statement declared effective on June 23, 2020.