Will Castor Maritime Inc. (CTRM) Stock Price Continue to Rise as Fleet Expands?

Castor Maritime Inc. (CTRM) stock prices enjoyed a comfortable 6.31% upswing on April 15th, 2021, bringing the stock price up to USD$0.4551 as of the market close. Following pre-market fluctuations saw a 9.49% increase, with CTRM stock prices rising to USD$0.49.


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Delivery of Dry Bulk Carriers

April 9thand April 13th of 2021 saw an announcement from CTRM regarding the delivery of two dry bulk carriers, having previously announced their purchases on February 18th and March 12th of 2021. The M/V Magic Twiight is a Kamsarmax dry bulk carrier built in Korea, whereas the M/V Magic Thunder is Japanese-built. Both vessels were financed in whole with the company’s cash on hand.

Terms of Vessel Purchase

The M/V Magic Twilight is under a time charter contract commencing April 13th, 2021, with a daily gross charter rate of USD$19,000 and an anticipated term spanning 20 days. The M/V Magic Thunder is also under a time charter contract with an expected term of 60 days and is set to commence employment around April 17th, 2021 with a gross charter rate of USD$18,900.

Consistent Expansion of CTRM Fleet

CTRM had announced in early February of 2021 that it had entered a purchasing agreement for two dry bulk carrier vessels. A 2010 Kamsarmax vessel cost the global shipping company USD$15.85 million and a 2009 Kamsarmax vessel was priced at USD$14.5 million. Both vessels were had an expected delivery period of Q1 2021. Two 2005 Aframax LR2 tankers were also purchased for USD$27.2 million from an undisclosed seller, with each having a minimum gross daily hire rate of USD$15,000 and an expected delivery period of Q1 2021.

CTRM Public Offering

April 5th, 2021 saw a sharp dip of 20% in CTRM stock prices, as the company announced a public offering. CTRM announced the sale of approximately 192.3 million shares, priced at USD$0.65 per share, to institutional investors. Gross proceeds before transaction-related expenses were anticipated to be USD$125 million.

CTRM Future Prospects

Despite investors being displeased with the offering and the pricing scheme CTRM adopted for it, the company has actively been expanding its fleet. With the pandemic driving shipping vessel prices down, CTRM is poised to capitalize on lowered prices to set itself up for the long run. Current and prospective investors hope the public offering will provide CTRM with the resources to leverage its growing fleet towards profitability for the company and shareholders.

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