CTRM Stock: Over 6% Increase Intraday Explanation 

By Amit Chowdhry ● April 19, 2021
  • The stock price of Castor Maritime Inc (NASDAQ: CTRM) increased by over 6% during intraday trading. This is why it happened.

The stock price of Castor Maritime Inc (NASDAQ: CTRM) increased by over 6% during intraday trading. Investors appear to be responding positively to Castor Maritime announcing a vessel acquisition.

Castor Maritime had announced that it entered, through a separate wholly-owned subsidiary, into an agreement to acquire a 2015 Chinese-built Kamsarmax dry bulk carrier from an unaffiliated third-party for a purchase price of $23.5 million. And the vessel will be delivered to the company with a time charter contract attached with a reputable charterer, at a daily gross charter rate equal to 114% of the Baltic Panamax Index, and with an estimated remaining term of about 17 to 21 months. This acquisition is expected to be consummated by taking delivery of the vessel within the second quarter of this year and is subject to the satisfaction of certain customary closing conditions.

KEY QUOTE:

“We are pleased to announce our eleventh vessel acquisition in 2021 with the addition of another Kamsarmax dry bulk vessel, our sixth, to Castor’s fleet. Upon completion of all our announced acquisitions, our fleet will consist of seventeen vessels. With significant capital on hand, we continue to look for further opportunities to grow our fleet with the addition of high-quality tonnage.”

— Petros Panagiotidis, Chief Executive Officer of Castor

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.