Castor Maritime

Limassol based shipowner and operator Castor Maritime reported a net loss of $259K in Q1 2020. Even though revenues increased to $2.7 million, expenses increased to $1.39 million in Q1 2020. Petros Panagiotodis-led shipowner and operator Castor Maritime is satisfied with the company’s Q1 2020 performance. Castor Maritime’s chartering tactics have protected the company in Q1 2020 from a soft spot charter market due to coronavirus pandemic. Castor Maritime has a $13 million cash reserve for a continued weaker shipping market and future opportunities. Nasdaq listed shipowner and operator Castor Maritime (CTRM) has reported daily time charter equivalent (TCE) of $12,008 in Q1 2020. Currently, Castor Maritime’s stocks are trading below minimum listing requirements. 2-June-2020

Cyprus based shipowner and operator Castor Maritime has agreed to an $11 million secured term loan facility with Greece’s Alpha Bank. $11 million secured term loan would be used to retire Castor Maritime’s $7.5 million existing shareholder bridge loan and to fund ongoing plans for fleet expansion. Recently, Petros Panagiotidis led Castor Maritime to increase fleet size with panamax bulk carrier acquisition. $11 million secured term loan was obtained through two of Castor Maritime’s shipowning subsidiaries, is expected to be drawn down before the end of 2019. Limassol based Castor Maritime will bear interest at 3.50% plus LIBOR per annum with a tenor of five (5) years. In October 2019, Castor Maritime acquired 2005 built panamax bulk carrier for $10.2 million. Limassol based shipowner and operator Castor Maritime was established in 2017 and listed on Nasdaq in February 2019. After listing on Nasdaq, Castor Maritime acquired 2001 built panamax bulk carrier 75K DWT MV Magic Sun and 2004 built panamax bulk carrier 76K DWT MV Magic P. Both MV Magic P and MV Magic Sun are chartered out to German bulker giant Oldendorff. 1-December-2019

Petros Panagiotidis led Greek shipowner and operator Castor Maritime will begin trading on the Nasdaq on 11 February 2019 under the ticker symbol CTRM. Currently, Castor Maritime owns only 2004 built panamax dry bulk carrier 76K DWT MV Magic P. Since mid-2015, no shipping company has successfully completed a conventional Initial Public Offering (IPO) in New York. Greek shipowner and operator Castor Maritime’s shares on the Norwegian over-the-counter (OTC) market will continue trading. 7-February-2019