Castor Maritime Inc. (NASDAQ: CTRM) shares have surged +12.50% in the early hours of the morning, sitting at $0.908. A rise of +2.70% occurred at the ring of the bell for the diversified global shipping company, concluding the weekend session. It is unclear what is directly driving the surge, but the stock is the subject of much speculation among the investors, particularly on social media platforms.
Recent developments:
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As a provider of marine transportation services throughout the world, Castor Maritime owns oceangoing cargo vessels. Upon delivery, Castor will be operating a fleet of 12 vessels made up of 1 Capesize, 3 Kamsarmax and 6 Panamax dry bulk vessels and 2 Aframax tankers. This will enhance the CTRM’s capacity to an aggregate of 1.1 million dwt.
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Recently occurring developments in the company could also give valuable insight into the volatility of its stock.
In early last week, Castor Maritime took delivery of the M/V Magic Venus, a 2010 Japanese-built Kamsarmax bulk carrier whose acquisition was previously announced on February 1, 2021. Cash on hand paid the entire acquisition cost of M/V Magic Venus. CTRM is expecting a time charter agreement to begin on or about March 5, 2021 employing its M/V Magic Venus.
The rate of $18,500 will be applied each day of the charter and the duration of the charter will range between minimum five months to around seven months. For the minimum scheduled period of the charter, Castor estimates to generate about $2.8 million of additional revenues and approximately $4.2 million if the contract extends to its maximum period, in each case assuming no days off.