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Saturday, May 28, 2022

Castor Maritime Inc. (CTRM) share price declining without any Clue

The share price of Castor Maritime Inc. (NASDAQ: CTRM) declined yesterday march 4 in a normal trading session and even in extended trading, it could not recover. In the normal trading session, it lost 17.07% of its value and declined 10.7% further in the after-hours trading session.

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Recent development

Castor Maritime announced on March 2, 2021, that it has taken the delivery of the M/V Magic Venus, the 2010 Japanese-built Kamsarmax dry bulk vessel. The company did an agreement on February 1 2021. The deal has been done entirely with cash. The new addition will start its service under a charter agreement on March 5 2021. The daily rate would be around $18,500 and the lease term would be for at least five to seven months. It is expected that Castor would generate revenue up to $4.2 million.

The company signed a deal back on February 18, 2021, to purchase a 2010 Korean-built Kamsarmax dry bulk carrier at a purchase price of $14.8 million. The delivery of the vessel is expected at the end of the first quarter or the beginning of the 2nd quarter

Also on February 11, 2021, the company signed two separate agreements to purchase two 2005 model 2005 Korean-built Aframax LR2 tankers at $27.2 million. Both vessels are under one year contract with a very reputable charterer. Each charger will generate approximately $15,000 have a 50% profit-sharing arrangement over such level based on a predetermined formula.

About the company

The company was founded on September 12 2017 and its offices are located in Limassol Cyprus. The company is a dry bulk shipping company and its goal is to grow its fleet with new and modern vessels.

The Castor was founded by Petros Panagiotidis. He is also the chairman of the board of Directors and serves as the Chief Executive Officer and the Chief Financial Officer of the company since its establishment in September 2017. He has extensive experience in the shipping industry and banking industry and he worked on different corporate levels in different parts of the world.

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