Castor Maritime

Limassol based Nasdaq-listed shipowner and operator Castor Maritime acquired 2010 built panamax bulk carrier for around $14 million. Since the beginning of summer 2020, Castor Maritime acquired three (3) bulk carriers after raising $38 million from stock markets. Castor Maritime quickly utilize the $38 million capital productively raised in share offerings. 2010 Japanese built panamax bulk carrier will be delivered to Castor Maritime in the mid of October. Castor Maritime CEO Petros Panagiotidis announced the expansion of the fleet. According to Castor Maritime, the company concentrated on expanding the fleet further while maximizing shareholder value. Castor Maritime aims to benefit from second-hand market opportunities. In Q2 2020, Castor Maritime reported a net loss due to the post-coronavirus recession. However, Castor Maritime has since profited from increasing charter markets. Currently, Castor Maritime owns and operates six (6) bulk carriers. 1-October-2020

 

Limassol based Nasdaq-listed shipowner and operator Castor Maritime reported a net loss of $140,000 in Q2 2020. However, Castor Maritime has since benefited from rising bulk carrier markets. Castor Maritime reported revenue of $2.5 million in Q2 2020. Meanwhile, Castor Maritime added two (2) secondhand bulk carriers to the fleet following share issues to raise cash in the Nasdaq. In Q2 2020, Castor Maritime reported daily TCE (Time Charter Equivalent) of $9,090 per ship. Petros Panagiotidis led Greek shipowner and operator Castor Maritime’s two (2) bulk carriers were hit by exposure to lower spot charter rates on renewing charters due to the post-coronavirus recession. Nevertheless, from June 2020 onwards, Castor Maritime has seen a rebound in charter rates for panamax bulk carriers and Castor Maritime has been able to recharter panamax bulk carriers at improved charter rates. In the mid of post-coronavirus recession, Castor Maritime has been able to raise substantial capital which Castor Maritime has partly utilized for the fleet expansion of fleet and growth plans. Cyprus-based shipowner and operator Castor Maritime aims to take advantage of further growth possibilities. 12-September-2020

 

Limassol based shipowner and operator Castor Maritime chartered out 2001 built panamax bulk carrier 75K DWT MV Magic Sun to Ausca Shipping $12,500 per day for four months. Chartering out a panamax bulk carrier to Hong Kong-based Ausca Shipping means Nasdaq-listed owner Castor Maritime has secured a stable charterer for its expanding bulker fleet. In July 2020, Castor Maritime bought 2010 built panamax bulk carrier for around $13 million. In June 2020, Castor Maritime bought 2007 built panamax bulk carrier 74K DWT MV Magic Rainbow from New York-listed Diana Shipping. Castor Maritime chartered out MV Magic Rainbow at $10,300 per day for five months. Cyprus based shipowner and operator Castor Maritime’s CFO Petros Panagiotidis is satisfied to complete the MV Magic Rainbow acquisition in the post-coronavirus recession. 13-August-2020

 

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