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Monday, September 20, 2021

Castor Maritime Inc. (CTRM) is facing negativity after the recent announcement

Castor Maritime Inc. (CTRM) shares lost 1.93% to close Wednesday’s session at $0.76. The negative trend is continuing on Thursday, April 1, 2021, and as of this writing, it has lost 1.17% in the pre-market session.


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Let’s see what could be the reason behind the recent negative momentum

Recent Developments

On March 30, 2021, Castor Maritime announced its results for the three months and the year ended December 31, 2020.

Financial highlights of the fourth quarter

  • CTRM earned a revenue of $4.4 million for the three months ended December 31, 2020, as compared to $2.8 million for the three months ended December 31, 2019.
  • It suffereda net loss of $0.8 million or $0.01 loss per share for the reported quarter, as compared to net income of $0.5 million or earnings per share of $0.20 for the three months ended December 31, 2019.
  • CTRM EBITDA was $0.3 million for the reported quarter compared to $1.1 million for the three months ended December 31, 2019.
  • As of December 31, 2020, CTRM, had cash and restricted cash of $9.4 million.

Financial highlights of the full-year 2020.

  • CTRM earned a revenue of $12.5 million for the year ended December 31, 2020, as compared to $6.0 million for the year ended December 31, 2019.
  • It suffered a net loss of $1.8 million or $0.03 loss per share for the reported year compared to net income of $1.1 million or earnings per share of $0.31 for the year ended December 31, 2019.
  • CTRM EBITDA was $2.3 million for the year ended December 31, 2020, as compared to $2.2 million for the year ended December 31, 2019.

Addition of M/T Wonder Sirius

On March 22, CTRM confirmed that it has received the delivery of M/T Wonder Sirius, which is a Korean-built Aframax LR2 tanker.The M/T Wonder Sirius acquisition was financed in its entirety with cash on hand. The tanker currently has a charter contract with a minimum duration of about one year at a minimum gross daily hire of $15,000.

Purchasing agreement of dry bulk carrier

CTRM stock also 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

About CTRM stock

CTRM stock was founded on September 12 2017 and its offices are located in Limassol Cyprus. CTRM stock 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 CTRM stock 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.

Conclusion: The recent financial results are not very promising hence it is facing negative momentum in the market.

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