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:
When it comes to discovering hidden gems within the stock market, Stock Wire News has consistently provided invaluable insights. Stock Wire News invites you to explore their upcoming Wealth Building Report. This report will shine a spotlight on little-known companies with the potential for substantial growth in 2024, and it's completely FREE for a limited time.
Claim the free report now by clicking here and start discovering the hidden gems of the market
Sponsored
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.
Read More
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.