Limassol-based Nasdaq Stock Exchange-listed shipowner and operator Castor Maritime (CTRM) has continued its strategy of successful asset plays by offloading another of its older bulk carriers. CEO Petros Panagiotidis-led Cypriot shipowner and operator Castor Maritime (CTRM) sold the 2011-built panamax bulk carrier, the 75K DWT MV Magic Vela, to a Turkish shipowner for approximately $16.5 million. This sale is part of Castor Maritime’s (CTRM) ongoing efforts to streamline its older fleet. The Chinese-built panamax bulk carrier, MV Magic Vela, is currently valued at around $17 million. 8-May-2024
Limassol-based shipowner and operator Castor Maritime (CTRM), listed on Nasdaq, is initiating a warrant buyback program to provide more clarity to investors and reduce the number of shares in circulation. The initiative aims to prevent stock dilution by repurchasing outstanding warrants. Castor Maritime (CTRM) has offered to buy back each of the 10.33 million warrants issued in April 2021 at a price of $0.105. These warrants are convertible into 103,307 shares at a conversion price of $55.30 each. This move by Castor Maritime (CTRM) reflects a strategic effort to streamline its capital structure and enhance shareholder value by reducing potential dilution. 24-April-2024
Headquartered in Limassol and led by Chairman and CEO Petros Panagiotidis, Castor Maritime (CTRM) has successfully regained favor on the Nasdaq Stock Exchange following a strategic stock split. This move came just in time to meet Nasdaq’s compliance requirements, boosting the share price above the necessary $1 threshold. The Cyprus-based shipowner and operator, Castor Maritime (CTRM), has received official written confirmation that it will continue to be listed on the US exchange, having satisfactorily lifted its share price to meet the minimum listing criteria. This development is a significant turnaround for Castor Maritime (CTRM), which faced the potential challenge of delisting had it not addressed the compliance issues. 18-April-2024
Under the leadership of Chairman and CEO Petros Panagiotidis, Castor Maritime (CTRM), with its headquarters in Limassol, is implementing a reverse stock split in an effort to meet the Nasdaq Stock Exchange’s minimum share price requirement as the deadline approaches. The Cyprus-based maritime firm, Castor Maritime (CTRM), is acting to rectify its share price to avoid falling below the $1 minimum share price requirement of the Nasdaq Stock Exchange. By consolidating its shares, Castor Maritime (CTRM) aims to align with the Nasdaq’s listing criteria. The company, which specializes in both bulker and containership sectors, has announced a reverse stock split at a ratio of one-for-ten, set to be executed for trading on March 27, 2024. 25-March-2024
Castor Maritime (CTRM), headquartered in Limassol and steered by Chairman and CEO Petros Panagiotidis, has announced a strategic adjustment with a one-for-ten reverse stock split on the Nasdaq Stock Exchange. This maneuver is aimed at adhering to the exchange’s minimum bid price requirement. Set to take effect on March 27, 2024, this reverse split is designed to reconfigure the share distribution without impacting the proportional ownership or voting rights of the existing shareholders, reducing the total number of outstanding shares from roughly 96.6 million to about 9.66 million. In situations where shareholders might receive a fractional share due to the reverse split, Castor Maritime (CTRM) will provide a cash compensation instead. The company faced a directive from the exchange in April 2023 to elevate its stock price above the $1 mark within six months to fend off delisting risks, subsequently receiving an additional six-month period to rectify its stock price in October 2023. Beyond its corporate financial strategies, Castor Maritime (CTRM) is recognized for its robust operational footprint in the global shipping industry. Castor Maritime (CTRM) possesses a versatile fleet of 14 ships, with plans to downsize to 11 following the sale of three ships. These vessels are a mix that supports a variety of maritime cargo needs, reflecting the company’s adaptability and its strategic position in the maritime logistics and transportation sector. Castor Maritime’s engagement in diversifying and upgrading its fleet underlines its commitment to meeting the dynamic demands of maritime trade and logistics. Through strategic asset management and a keen focus on operational excellence, Castor Maritime (CTRM) continues to navigate the complex and ever-changing global shipping markets, aiming for sustained growth and stability amidst challenging economic conditions. 25-March-2024
Limassol-based shipowner and operator Castor Maritime (CTRM), under the leadership of its Chairman and CEO Petros Panagiotidis, has completed the sale of one of its bulk carriers for approximately $16 million. This transaction involved the kamsarmax bulk carrier, MV Magic Nebula, built in 2010, which was purchased by an entity owned by a family member of Castor Maritime’s Chairman, CEO, and CFO, Petros Panagiotidis. This year, Castor Maritime has previously sold vessels to members of the Panagiotidis family, including the panamax bulk carriers MV Magic Nova and MV Magic Horizon, fetching prices of about $16 million and $15.5 million, respectively. MV Magic Nova and MV Magic Horizon were acquired by Nasdaq-listed shipowner and operator Castor Maritime in 2020 for approximately $13.5 million and $12.5 million. MV Magic Horizon and MV Magic Nebula have now joined the fleet of Pavimar SA, a shipping company overseen by Petros Panagiotidis’ sister, Ismini Panayotides, which consists of 20 bulk carriers. Furthermore, Pavimar SA has also recently acquired the kamsarmax bulk carrier MV Magic Venus from Castor Maritime. Another recent agreement between Castor Maritime and Pavimar SA involved Castor Maritime’s purchase of two container ships in the latter part of 2022. The negotiation and approval of this recent sale’s terms were conducted by a special committee composed of disinterested and independent directors of Limassol-based shipowner and operator Castor Maritime (CTRM). The delivery of the kamsarmax bulk carrier MV Magic Nebula to Pavimar is scheduled for the second quarter of 2024. From this sale, Castor Maritime anticipates a net gain of roughly $2.5 million during the second quarter of 2024, this figure does not include any costs related to the transaction. 23-February-2024
Limassol-based shipowner and operator Castor Maritime (CTRM), under the leadership of its Chairman and CEO Petros Panagiotidis, has finalized the sale of two panamax bulk carriers from its fleet to entities linked with his family members. The company, listed on Nasdaq, has agreed to sell the MV Magic Nova, a 78K DWT panamax bulk carrier, for $16.1 million and the MV Magic Horizon, with a capacity of 76K DWT panamax bulk carrier, for $15.8 million. These sales come after Castor Maritime (CTRM) acquired these panamax bulk carriers in 2020 for $13.86 million and $12.75 million, respectively, indicating a significant return on investment. The transactions are expected to conclude by the end of the first quarter of 2024, resulting in an approximate profit of $9 million for Castor Maritime (CTRM). The purchasing party includes Pavimar, a shipping company controlled by Petros Panagiotidis’ sister, Ismini Panayotides, which boasts a fleet of 10 bulk carriers. This deal follows a previous engagement where Castor Maritime (CTRM) and Pavimar traded two containerships for $50.75 million, marking Castor Maritime’s entry into the container sector. Additionally, earlier this year, a kamsarmax bulk carrier, the 2010-built Magic Venus, was sold to a Panagiotidis family member after its purchase from Pavimar in January 2021 for $15.85 million. Despite these sales, Castor Maritime (CTRM) maintains a diverse fleet, including a 2005-built container ship with a capacity of 2,700 teu and 14 bulk carriers, though four are slated for departure. This strategic reshuffling underscores the company’s dynamic approach to fleet management and investment within the maritime sector. 31-January-2024
Limassol-based shipowner and operator Castor Maritime (CTRM), which specializes in bulkers and container ships, has confirmed its departure from the capesize segment with the sale of its 2006-built MV Magic Orion. The Nasdaq-listed Castor Maritime (CTRM), led by Petros Panagiotidis, anticipates completing the sale of the 180K DWT capesize bulk carrier MV Magic Orion, built by Imabari, by the end of the Q1 2024. The transaction, with an undisclosed buyer, is valued at $17.5 million, and Castor Maritime (CTRM) expects to realize a net profit of approximately $2 million, not accounting for transaction-related expenses. Additionally, Castor Maritime (CTRM) has recently concluded the sale of the 2009 built kamsarmax bulk carrier MV Magic Argo, generating a profit of about $3 million. Following these transactions, Castor Maritime’s fleet, once fully delivered, will comprise 13 bulk carriers — five kamsarmax and eight panamax — along with two container ships. 20-December-2023
Limassol-based shipowner and operator Castor Maritime (CTRM) is expanding its bulk carrier sale efforts, recently parting with its sole capesize bulk carrier. This move aligns with the current trend where the secondhand market for larger bulk carriers is gaining momentum, reflecting positively on freight rates. Previously known for acquiring numerous bulk carriers, Petros Panagiotidis-led shipowner Castor Maritime (CTRM) has shifted its strategy to become more focused on selling. Nasdaq-listed shipowner and operator Castor Maritime (CTRM) is reported to have sold the 2006 built capesize bulk carrier 180K DWT MV Magic Orion to undisclosed buyers. The sale price for this capesize bulk carrier is said to be around $17.8 million, a decision made in the context of an increasingly favorable market for sellers of such ships. 12-December-2023
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) is optimistic about a successful sale of its 2005 built panamax bulk carrier 76K DWT MV Magic Moon, following an earlier deal that fell through. Petros Panagiotidis-led shipowner Castor Maritime (CTRM) has managed to secure a new buyer for the MV Magic Moon, two months after the initial sale did not materialize. The Nasdaq-listed shipowner and operator Castor Maritime (CTRM) has confirmed that 2005 built panamax bulk carrier 76K DWT MV Magic Moon has been sold for around $11.8 million. The delivery of the MV Magic Moon to the new, yet undisclosed, shipowner is anticipated by the Q4 2023. This recent development represents a second attempt by Castor Maritime (CTRM) to offload the MV Magic Moon, with the hope that this transaction will be completed successfully, albeit at a lower profit than initially expected. Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) is looking forward to finalizing this sale, marking a significant transaction in their fleet management and business operations. 30-November-2023
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) has finalized the sale of its 2005-built panamax bulk carrier 76K DWT MV Magic Moon. This Nasdaq-listed Castor Maritime (CTRM) disclosed that the agreement for the sale was made earlier this month with an unrelated third party, at a price of $11.8 million. The transfer of MV Magic Moon to its new shipowner is scheduled to occur by the end of the Q4 2023. From this transaction, Petros Panagiotidis-led shipowner Castor Maritime (CTRM) anticipates a net gain of around $3 million in the Q4 2023, which excludes any costs related to the transaction. This sale marks the second attempt this year to offload MV Magic Moon. Initially, in April 2023, Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) had agreed to sell the MV Magic Moon for around $13.9 million, with delivery planned during the Q3 2023. However, this deal was canceled in late September 2023 due to the buyer’s failure to take delivery. Additionally, Castor Maritime (CTRM) has successfully completed the sale of another bulk carrier, the 2008-built panamax bulk carrier MV Magic Phoenix, for around $14 million. MV Magic Phoenix has already been delivered to its new owner. Despite the successful transaction, Castor Maritime (CTRM) is expecting to record a net loss of approximately $2.6 million from the sale of MV Magic Phoenix, also excluding transaction-related expenses. 29-November-2023
CEO Petros Panagiotidis has expressed concern over the subdued bulk carrier market, which has impacted Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM), leading the company to register a loss. Despite the challenging conditions in the dry bulk market during the Q3 2023, the Limassol-based shipowner Castor Maritime (CTRM) remains dedicated to updating its fleet, following the disposal of older bulk carriers earlier in the year. The Nasdaq-listed shipowner and operator Castor Maritime (CTRM), specializing in bulk carriers and container ships, reported a net loss of $5.4 million. This loss underscores the broader market challenges yet also reflects Castor Maritime’s (CTRM) ongoing strategy to rejuvenate its fleet amidst fluctuating market conditions. As of now, Castor Maritime (CTRM) has ownership and operational control of a fleet consisting of fifteen bulk carriers and two container ships. 10-November-2023
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) is in the process of selling two (2) of its panamax bulk carriers for a combined total of $20.5 million. Petros Panagiotidis-led shipowner Castor Maritime (CTRM) currently operates a fleet of 20 vessels, is divesting itself of two bulk carriers: the 2001 built MV Magic Sun for around $6.5 million, and the 2008 built MV Magic Phoenix for around $14 million. Both 2001 built MV Magic Sun and 2008 built MV Magic Phoenix are expected to be transferred to undisclosed shipowners during the Q4 2023. Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) anticipates a net gain of $1 million from the sale of the MV Magic Sun. However, the MV Magic Phoenix, which Castor Maritime (CTRM) acquired in August 2021 for roughly $17.8 million, will be sold at a loss of $2.6 million. In September 2023, Castor Maritime (CTRM) sold one of its kamsarmax bulk carriers, the 2009 built kamsarmax bulk carrier MV Magic Argo for around $15.7 million, resulting in a net gain of approximately $3 million. Currently, Nasdaq-listed shipowner and operator Castor Maritime (CTRM) owns and operates fifteen (15) bulk carriers and two (2) container ships. 24-October-2023
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) has finalized the sale of one of its kamsarmax bulk carrier. However, a previously announced sale of another bulk carrie has fallen through. Petros Panagiotidis-led shipowner Castor Maritime (CTRM) is set to sell its 2009 built kamsarmax bulk carrier 82K DWT MV Magic Argo for around $15.7 million. This transaction is expected to result in a net profit of around $3 million. Conversely, the planned $13.9 million sale of the 2005 built panamax bulk carrier 76K DWT MV Magic Moon has been canceled due to the buyer’s inability to take delivery. Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) will retain 2005 built panamax bulk carrier 76K DWT MV Magic Moon. While Castor Maritime (CTRM) won’t realize a projected net gain of $5.3 million in the Q3 2023 from this sale, Castor Maritime (CTRM) intends to pursue compensation based on the terms of the initial agreement. Currently, Nasdaq-listed shipowner and operator Castor Maritime owns and operates eighteen (18) bulk carriers and two (2) container ships. 26-September-2023
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime’s (CTRM) financial gains were augmented by their interest in New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE), even as they continue their pursuit of expansive growth. The diminishing bulker markets culminated in reduced earnings for the Petros Panagiotidis-led tanker and bulk carrier shipowner Castor Maritime (CTRM). Nevertheless, Castor Maritime (CTRM) reported a net profit of $8.2 million in the Q2 2023, in contrast to $27.8 million in the Q2 2022. 23-August-2023
Wealthy Greek shipowners are enthusiastically investing in dry bulk stocks, newly constructed vessels, and pre-owned ships. The increasing interest of Greek investors in acquiring stakes in the New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE), is indicative of a broader trend. This trend involves Wealthy Greek shipowners flocking toward bulker assets, while other market participants express uncertainty about the sector. With significant funds acquired from recent successes in the container ship and tanker markets, John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) and Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) have disclosed substantial ownership in Eagle Bulk Shipping (EGLE). In addition to this, prominent Greek figures such as George Procopiou and George Economou are actively seeking to expand their exposure to bulk carriers through a series of new building projects. 4-July-2023
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) has entered the competition for shares in New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) following the substantial investment made by Danaos Corporation (DAC). According to a filing submitted to the United States Securities and Exchange Commission (SEC), Castor Maritime (CTRM) acquired approximately 1.39 million shares in Eagle Bulk Shipping (EGLE), representing a 14.99% stake. With this development, Castor Maritime (CTRM) now stands alongside Danaos Corporation (DAC), holding a combined stake of 16.7%, which grants them control over more than 30% of Eagle Bulk Shipping (EGLE). Danaos Corporation (DAC) currently holds the largest share in Eagle Bulk Shipping (EGLE), as the American firm acquired Oaktree Capital’s stake and subsequently divested those shares. However, an anti-takeover measure caps the acquisition of outstanding shares at 15% for any party. The implementation of a poison pill strategy by Eagle Bulk Shipping (EGLE) sparked a verbal conflict, but this did not deter John Coustas-led Danaos Corporation (DAC) from discreetly leveraging recent funds obtained from the sale of older bulk carriers earlier this year. As a result, Danaos Corporation (DAC) invested in the Eagle Bulk Shipping (EGLE) owner of predominantly scrubber-fitted bulk carriers, totaling over 50 bulk carriers. Currently, Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) possesses 18 bulk carriers and a pair of container ships, while Eagle Bulk Shipping (EGLE) boasts 52 ultramax and supramax bulk carriers. In terms of vessels, Castor Maritime (CTRM) now has a stake in nearly eight (8) Eagle Bulk Shipping (EGLE) ships, with Danaos Corporation (DAC) eight and a half. Together, Castor Maritime (CTRM) and Danaos Corporation (DAC) possess a combined stake that meets the threshold for triggering a mandatory takeover offer. 3-July-2023
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) sold 2010 built kamsarmax bulk carrier 80K DWT MV Magic Twilight with a net gain of approximately $4 million. Petros Panagiotidis-led tanker and bulk carrier shipowner Castor Maritime (CTRM) will transfer ownership of the 80,300 deadweight tonnage (dwt) MV Magic Twilight in the Q3 2023, at a price of $17.5 million. Castor Maritime (CTRM) acquired the MV Magic Twilight from Aegean Bulk in February 2021 for a reported price of $14.8 million. Currently, Castor Maritime (CTRM) owns a fleet of 21 vessels, primarily consisting of 19 bulk carriers. In April, Castor Maritime (CTRM) sold its panamax vessel, MV Magic Moon, constructed in 2005, for $13.95 million, with delivery scheduled in Q3 2023. Additionally, Castor Maritime (CTRM) realized a net gain of approximately $4.4 million by selling the MV Magic Rainbow, built in 2007. In April, Castor Maritime (CTRM) sold its panamax bulk carrier, MV Magic Moon, constructed in 2005, for $13.95 million, with delivery scheduled for the Q3 2023. Additionally, the company realized a net gain of approximately $4.4 million by selling the MV Magic Rainbow, built in 2007. 19-June-2023
Castor Maritime, a shipowner and operator based in Limassol and listed on Nasdaq, as well as Top Ships, have been warned by Nasdaq due to their low share prices. The two companies will attempt to raise their share prices in order to meet Nasdaq’s listing requirements. Both companies received notification within a day of each other stating that their stocks have been trading below the minimum requirement of $1 for 30 consecutive days. The shipowners have a 180-day grace period to rectify the situation. Top Ships, which owns a fleet of tankers, has stated that it can fix the issue if its stock trades above $1 for at least 10 consecutive days during that period. Castor Maritime, on the other hand, owns and operates 18 bulk carriers and two container ships. 1-May-2023
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) sold 2005 built panamax bulk carrier 77K DWT MV Magic Moon for around $14 million to KC Maritime. Panagiotidis-led shipowner Castor Maritime (CTRM) has sold its second bulk carrier in a span of two weeks, as the company begins to monetize its assets. Castor Maritime announced that it anticipates a net gain of $5.3 million from the sale of MV Magic Moon. Currently, Nasdaq-listed shipowner and operator Castor Maritime owns and operates eighteen (18) bulk carriers and two (2) container ships. 5-April-2023
The Limassol-based shipping entity, Castor Maritime Inc. (CTRM), has once again successfully sold an older vessel for profit within a remarkably short span. This Nasdaq-listed company has divested its 2005-constructed panamax bulk carrier, MV Magic Moon, to an independent third party. Originally purchased from Pavimar SA in 2019 for approximately $10 million, the 76,600 dwt MV Magic Moon has been sold for $13.9 million. Last month, Castor Maritime Inc. (CTRM) also sold the 2007-built panamax bulk carrier, MV Magic Rainbow, for about $12.6 million, realizing a net profit of $4.4 million from the transaction. The company anticipates a net gain of $5.3 million from the sale of MV Magic Moon in the third quarter of 2023. After these sales, Castor Maritime Inc. (CTRM)’s fleet will consist of 18 bulk carriers and two containerships, each with a capacity of 2,700 TEU. 2-April-2023
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) sold 2007 built panamax bulk carrier 73K DWT MV Magic Rainbow for around $12 million. Petros Panagiotidis-led shipowner Castor Maritime (CTRM) anticipates banking a net gain of $4.4 million from the sale of MV Magic Rainbow. Cyprus-based shipowner and operator Castor Maritime sells the first bulk carrier for a profit after a tremendous ship acquisition. Lately, Castor Maritime (CTRM) split off the company’s tankers into the new spin-off Toro Corp. Currently, Nasdaq-listed shipowner and operator Castor Maritime owns and operates nineteen (19) bulk carriers and two (2) container ships. 21-March-2023
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) reported net earnings of $33.7 million in Q4 2022. Castor Maritime (CTRM) reported revenue of $69.3 million in Q4 2022. Lately, Castor Maritime (CTRM) split off the company’s tankers into the new spin-off Toro Corp. Petros Panagiotidis-led tanker and bulk carrier shipowner Castor Maritime’s (CTRM) shareholders receive stock in start-up Toro Corp following best-ever year. Castor Maritime (CTRM) reported an annual profit of $118.6 million for 2022. Castor Maritime (CTRM) has reported the company’s best-ever profit at the same time as conducting the spin-off of the company’s new tanker company Toro Corp. Currently, Nasdaq-listed shipowner and operator Castor Maritime owns and operates twenty (20) bulk carriers and two (2) container ships. 14-March-2023
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) reveals tanker spin-off plan. Petros Panagiotidis-led tanker and bulk carrier shipowner Castor Maritime is planning a spin-off of the company’s tanker fleet after diversifying from bulk carriers in 2021. Cyprus-based shipowner and operator Castor Maritime has been expanding the fleet since 2020. Castor Maritime Inc.’s BOD (Board of Directors) wants to split off the company’s tanker into a new company. Nasdaq-listed shipowner and operator Castor Maritime names the new spin-off Toro Corp. Currently, Nasdaq-listed shipowner and operator Castor Maritime owns and operates a mixed fleet of 28 vessels. 22-November-2022
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime reported a net profit of $27.8 million in Q2 2022. Castor Maritime reported a net profit of $6.5 million in Q2 2021. Petros Panagiotidis-led Castor Maritime increased fleet growth in 2021. Furthermore, Nasdaq-listed shipowner and operator Castor Maritime reported revenue of $67.5 million in Q2 2022. Limassol-based Nasdaq-listed shipowner and operator Castor Maritime owns and operates both tankers and bulk carriers. 10-August-2022
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime reported a net profit of $29 million in Q4 2021. Petros Panagiotidis-led shipowner and operator Castor Maritime acquired 23 ships in 2021. Castor Maritime reported revenue of $60 million in Q4 2021. Castor Maritime reported a profit of $40 million in Q4 2021. Castor Maritime has grown exponentially. Castor Maritime profited from a healthy liquidity position and low leverage. Castor Maritime pursues appealing ship investment prospects to pursue a growth strategy. Currently, Limassol-based Nasdaq-listed shipowner and operator Castor Maritime owns and operates a mixed fleet of 29 vessels. 7-February-2022
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime has raised another $18 million to fund planned ship acquisitions. $18 million senior term loan was secured by two of its tankers. Castor Maritime is planning to use $18 million for general corporate purposes and ship acquisitions. Previously, Nasdaq-listed shipowner and operator Castor Maritime boosted most of its capital through stock issues. In May, Limassol-based shipowner and operator Castor Maritime acquired 2013 built kamsarmax bulk carrier 82K DWT MV Peak Proteus for around $21 million. Since July 2020, Castor Maritime acquired 21 vessels. Currently, Castor Maritime owns 24 bulk carriers and tankers. 10-May-2021
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime acquired another 2011 built panamax bulk carrier for around $14 million. Castor Maritime is going to take the Chinese-built panamax bulk carrier in May 2021. Petros Panagiotidis-led shipowner and operator Castor Maritime spent $228 million to acquire 15 ships since Q3 2020. Castor Maritime wants to take advantage of the current strong market demand for dry bulk carriers. Nasdaq-listed shipowner and operator Castor Maritime is holding significant capital on hand. In April 2021, Castor Maritime started a new round of fundraising via a securities purchase agreement with Maxim Group. Currently, Limassol-based Castor Maritime owns and operates 15 bulk carriers and 3 tankers. 29-April-2021
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime acquired another 2015 built kamsarmax bulk carrier. Castor Maritime paid around million $23 million for 2015 built kamsarmax bulk carrier. Castor Maritime published the kamsarmax bulk carrier will be delivered with an index-linked time charter contract attached. Since the beginning of 2021, Limassol-based shipowner and operator Castor Maritime acquired eleven (11) ships and spent over $175 million on acquisitions. Castor Maritime has been looking for further opportunities to grow its fleet. Currently, Nasdaq-listed shipowner and operator Castor Maritime a mixed fleet of 17 ships. 19-April-2021
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime acquired another 2011 built panamax bulk carrier. This is the ninth bulk carrier of Castor Maritime since the beginning of 2021. Petros Panagiotidis-led Castor Maritime paid around $18 million for a Japanese-built panamax bulk carrier. Castor Maritime concentrates on expanding its fleet through well-timed acquisitions. Since the beginning of 2021, Castor Maritime spent over $135 million for secondhand ship acquisition. Castor Maritime would issue 192 million of its common shares and warrants. Currently, Castor Maritime owns and operates 13 bulk carriers and 2 tankers. 11-April-2021
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime reported a loss for 2020. Furthermore, Castor Maritime reported a net loss of $0.8 million for Q4 2020. In Q4 2020, Castor Maritime took delivery of two (2) bulk carriers. Currently, shipowner and operator Cypriot Castor Maritime owns and operates six (6) large bulk carriers. Furthermore, since the beginning of 2021, Limassol-based Nasdaq-listed shipowner and operator Castor Maritime spent more than $100 million on secondhand tankers and bulk carriers. Notwithstanding the challenges due to the post-coronavirus recession, Castor Maritime proceeded on growth policy. As a diversification strategy, Castor Maritime entered into the tanker segment. 30-March-2021
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime acquired a bulk carrier for around $15 million. Since the beginning of 2021, Cyprus-based Castor Maritime acquired seven ships and spent over $100 million. CEO Petros Panagiotidis-led Castor Maritime focus on growing fleet through well-timed purchases of ships across all segments.
In January 2021, Cyprus-based Castor Maritime acquired a 2006 built capesize bulk carrier and entered into capesize segment. Lately, Castor Maritime acquired two (2) LR2 tankers and entered into tanker market. Currently, Limassol-based Nasdaq-listed shipowner and operator Castor Maritime has a mixed fleet of 13 vessels. 10-March-2021
Limassol based Nasdaq-listed shipowner and operator Castor Maritime acquired a second kamsarmax bulk carrier in a week. Petros Panagiotidis-led shipowner and operator Castor Maritime acquired a 2009 built kamsarmax bulk carrier for around $14 million. Including the latest acquisition, Castor Maritime spent around $50 million in the secondhand dry bulk market this week. Last week, Castor Maritime acquired 2010 built kamsarmax bulk carrier 83K DWT MV Key Evolution for around $16 million from Japanese shipowner and operator Tokei Kaiun. According to Castor Maritime, attractive opportunities are offered in all ship sizes and segments. Cyprus based Castor Maritime has been firmly expanding the fleet. Currently, Castor Maritime has a fleet of nine (9) bulk carriers. 3-February-2021
Limassol based Nasdaq-listed shipowner and operator Castor Maritime acquired 2016 built capesize bulk carrier for around $17 million. Petros Panagiotidis led Cypriot shipowner and operator Castor Maritime has a fleet of panamax bulk carriers and Castor Maritime moved up to capesize league with the acquisition of the first capesize bulk carrier. Castor Maritime has not declared the name of the acquired capesize bulk carrier. Cyprus-based shipowner and operator Castor Maritime has recently raised capital. Lately, the Japanese built modern capesize bulk carriers fetches premium prices amid the new-year market boom. According to Castor Maritime, the dry bulk shipping market is going to improve. Castor Maritime aims to further expand the fleet by taking advantage of second-hand opportunities. Strong capesize spot rates and a positive FFA capesize market have led to increased market confidence in the capesize sector. Castor Maritime’s newly acquired capesize bulk carrier is scheduled to undergo dry-docking and capesize bulk carrier is going to be installed a ballast water treatment system (BWTS) before its delivery. Currently, Castor Maritime has a fleet of seven (7) large bulk carriers. 20-January-2021
Castor Maritime, a Nasdaq-listed shipowning and operating company, has completed the purchase of the 2006-built capesize bulk carrier, MV Ocean Compass, for approximately $17.5 million from the Japanese shipowner Imabari Senpaku. This acquisition, previously reported to be made by Pavimar—managed by Ismini Panagiotidi, sister of Castor Maritime’s CEO Petros Panagiotidis—marks an expansion for Castor Maritime. The company expects to take delivery of the MV Ocean Compass towards the end of the second quarter of 2021. Before its delivery, the vessel will undergo drydocking and a special survey (SS) that includes fitting a ballast water treatment system (BWTS), justifying the purchase price. Petros Panagiotidis, CEO of Limassol-based Castor Maritime, expressed enthusiasm over the new addition, highlighting the strategic use of recently raised funds to acquire their seventh vessel. He noted the current market conditions as favorable for expanding into larger dry bulk vessel sizes, aiming to enhance the company’s market position and contribute to long-term shareholder profitability. Before this acquisition, Castor Maritime’s fleet consisted solely of panamax bulk carriers. Since its Nasdaq listing in 2019 with a single bulker, the company has grown to own six panamax bulk carriers. 19-January-2021
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
Limassol based Nasdaq-listed shipowner and operator Castor Maritime got more time to comply with Nasdaq minimum listing requirements. Cyprus-based Castor Maritime’s share price is too low, but Nasdaq will be flexible on minimum compliance during the corona-virus pandemic. Nasdaq posted a written notification to Castor Maritime that the company’s stock had been below $1 for 30 business days. Nasdaq informed Castor Maritime that due to the Covid-19 pandemic, temporary relief has been granted. Petros Panagiotidis led Cypriot shipowner and operator Castor Maritime aims to observe the common stock during the compliance period. Furthermore, Castor Maritime is reconsidering its options to regain compliance with the Nasdaq Capital Market minimum $1 stock price requirement. According to Nasdaq Capital Market regulations, Castor Maritime must bring stock price back above $1 for 10 straight working days. If a company cannot bring the stock price back above $1, that company may still be eligible for another 180-day grace period. Usually, in this situation, Nasdaq-listed companies carry out a stock split to boost the price by cutting the number of shares. In Q4 2019, Cyprus-based shipowner and operator Castor Maritime reported a $530,000 profit. 19-April-2020
Limassol based Nasdaq-listed shipowner and operator Castor Maritime acquired 2009 built kamsarmax bulk carrier 81K DWT MV Olympic Galaxy for around $13 million from Greek Aristotle Onassis company Olympic Shipping & Management. 9-March-2020
Limassol based Nasdaq-listed shipowner and operator Castor Maritime has reported a $530,000 profit for Q4 2019. Petros Panagiotidis-led Cypriot shipowner and operator Castor Maritime’s, which also trade on the Norwegian OTC (Over The Counter), increased to $1.43. Castor Maritime has reported a revenue of $2.8 million for Q4 2019. Last year, Cyprus-based shipowner and operator Castor Maritime acquired a 2001 built panamax bulk carrier 75K DWT MV Magic Sun and a 2005 built panamax bulk carrier 76K DWT MV Magic Moon. Castor Maritime chartered out 75K DWT MV Magic Sun to Oldendorff Carriers. Castor Maritime chartered out 76K DWT MV Magic Moon to United Shipping Lines. Castor Maritime has been pleased to report a profitable Q4 2019 on the first year at Nadsaq. Cyprus-based shipowner and operator Castor Maritime charters out the bulk carriers on medium terms that supported Castor Maritime to remain profitable. Cyprus-based shipowner and operator Castor Maritime has another 2004 built panamax bulk carrier 76K DWT MV Magic P in fleet. 8-March-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
Based in Limassol, the shipowning and operating firm Castor Maritime (CTRM) has finalized an agreement for an $11 million secured term loan facility with Alpha Bank, which it plans to fully utilize before year-end. The company, Castor Maritime (CTRM), aims to allocate the funds towards repaying a $7.5 million shareholder bridge loan, with the surplus earmarked for supporting its expansion efforts. CEO of Castor Maritime (CTRM), Petros Panagiotidis, stated: “We are thrilled to have secured our inaugural secured term loan financing with Alpha Bank, a premier banking institution, under favorable terms. This new financial partnership is a significant step forward, and we are dedicated to strategically leveraging our financial resources to further our growth initiatives.” Established in September 2017 and having made its debut on the Nasdaq Capital Market earlier this year with a single vessel, Castor Maritime has since expanded its fleet to include three panamax bulk carriers, following recent purchases from Diana Shipping and Pavimar SA. Pavimar SA is managed by Ismini Panagiotidi, the sister of Petros Panagiotidis. 25-November-2019
Led by Petros Panagiotidis, the shipowning and operating company Castor Maritime (CTRM) has finalized a deal to purchase a Japanese panamax bulk carrier built in 2005 for $10.2 million. While the specific name of the vessel and the seller were not disclosed, Castor Maritime (CTRM) indicated that the sale involves a third party connected to Petros Panagiotidis. It is speculated that the vessel in question is the Imabari-constructed panamax bulk carrier MV Real Happiness, owned by Pavimar SA, a company directed by Ismini Panagiotidi, the sister of Petros Panagiotidis. The MV Real Happiness has an estimated value of $10.28 million, according to VesselsValue. Petros Panagiotidis, who serves as the chairman, CEO, and CFO of Castor Maritime (CTRM), expressed satisfaction with this new addition to their fleet, marking it as the third dry bulk carrier and the second acquisition since the company went public on NASDAQ in the first quarter of 2019. He emphasized the company’s commitment to an aggressive growth strategy, aiming to identify and seize additional opportunities to enhance the fleet in ways that boost earnings and cash flow. The completion of the MV Real Happiness purchase is anticipated by the end of this month. 17-October-2019
Limassol based Nasdaq-listed shipowner and operator Castor Maritime acquired 2005 built panamax bulk carrier 76K DWT MV Magic Moon for around $10 million. MV Magic Moon was built in Japan. Castor Maritime increased the fleet size with panamax acquisition. This is the second bulk carrier acquisition since Castor Maritime listed on Nasdaq in February 2019. Petros Panagiotidis-led Cypriot shipowner and operator Castor Maritime has an aggressive growth plan. Castor Maritime is looking for future opportunities to expand the fleet. Before the acquisition of MV Magic Moon, Castor Maritime has two panamax bulk carriers in the fleet MV Magic P and MV Magic Sun. Currently, Castor Maritime chartered out MV Magic P and MV Magic Sun to Oldendorff. 16-October-2019
Limassol based Nasdaq-listed shipowner and operator Castor Maritime has settled dividend obligation with preferred shareholders. Cyprus-based shipowner and operator Castor Maritime is to issue 300K common shares to holders of its 9.75% Series A cumulative redeemable perpetual preferred shares to settle a dividend obligation. Castor Maritime shareholders will receive the new shares in exchange for the waiver of about $4.3 million worth of dividends accumulated on the preferred shares since issuance in June 2019. Castor Maritime’s series A preferred shareholders have also agreed to waive all dividend obligations for the period from 1 July 2019 until Q4 2021. 14-October-2019
Limassol based Nasdaq-listed shipowner and operator Castor Maritime chartered out 2001 built panamax bulk carrier 75K DWT MV Magic Sun to Oldendorff Carriers for around a year at a daily hire rate of $12,000. Castor Maritime is going to receive around $4 million. In July 2019, Castor Maritime acquired the 2001 built panamax bulk carrier 75K DWT MV Magic Sun for around 8 months at a daily hire rate of $11,250. Additionally, Cyprus-based shipowner and operator Castor Maritime chartered out 2004 built panamax bulk carrier 76K DWT MV Magic P to Oldendorff Carriers. Castor Maritime has doubled the size of the fleet with the target of increasing annual cash flows and shareholder value. 8-September-2019
Limassol based Nasdaq-listed shipowner and operator Castor Maritime has reported $2 million of revenue for the first half of 2019. Furthermore, Castor Maritime has reported an operating income of $317,000. Petros Panagiotidis-led Cypriot shipowner and operator Castor Maritime believe that the dry bulk market will be rewarding in the years to come. Castor Maritime has focused on taking advantage of market opportunities to enlarge the fleet. Cyprus-based shipowner and operator Castor Maritime began trading on the Nasdaq Capital Market on 11 February 2019 under the ticker symbol CTRM. 3-June-2019
Petros Panagiotidis led Cypriot 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
The Limassol-headquartered shipowning and operating entity, Castor Maritime (CTRM), has received the green light for its common shares to be listed on the Nasdaq Capital Market. Starting Monday, Castor Maritime will trade under the ticker symbol CTRM, in addition to its ongoing trading on the Norwegian OTC market under the symbol CASTOR, where it was listed last month. Established in September 2017 by its chairman and CEO, Petros Panagiotidis, Castor Maritime currently boasts a single ship in its fleet, the MV Magic P, a panamax bulk carrier built in 2004. The MV Magic P is operated by Pavimar SA, a dry bulk shipowning company led by Ismini Panayotides, the sister of Petros Panagiotidis. According to a presentation by Castor Maritime (CTRM), the company has plans to expand its fleet by acquiring more bulk carriers, which will be utilized across a combination of time and spot charter deployments. 6-February-2019