Castor Maritime Inc. (CTRM) stock fell in the pre-market trading. Here’s to know why?

Castor Maritime Inc. (CTRM) stock was falling by 0.86% at the last trading close while the CTRM stock continued to plunge by 3.48% in the pre-market session. Castor Maritime Inc., through its acquisition of oceangoing container vessels, is a global supplier of marine transportation services.

Recent Past Developments

On April 16, 2021, CTRM announced that it has signed an agreement to buy a 2005 Korean-built Aframax tanker from an unassociated third-party for $14.8 million from a different wholly-owned company. The transaction is scheduled to close in the second quarter of this year, pending the fulfillment of certain customary closing conditions.

Petros Panagiotidis, Chief Executive Officer of Castor, said that with the addition of an Aframax tanker to Castor’s fleet in 2021, CTRM is delighted to announce their tenth vessel purchase. CTRM’s fleet will be comprised of sixteen vessels after all of our newly confirmed acquisitions are completed. CTRM keeps a close eye on the demand for interesting investment prospects in a variety of vessel sizes and divisions.

On April 14, 2021

CTRM announced that it received the M/V Magic Twilight, a 2010 Korean-built Kamsarmax dry bulk carrier, on April 9, 2021, and the M/V Magic Thunder, a 2011 Japanese-built Kamsarmax dry bulk carrier, on April 13, 2021, in accordance with the transactions announced on February 18 and March 12, 2021, respectively. Both purchases were mostly funded with cash on hand.

On April 13, 2021, the M/V Magic Twilight began a time charter contract with a regular gross charter rate of $19,000 and a planned period of around 20 days. On or about April 17, 2021, the M/V Magic Thunder is due to start a time charter contract with a regular gross charter rate of $18,900 and a period of around 60 days.