Millions of People Will Soon Be Blindsided. Will You Be One of Them?

On April 20 at 7 p.m. ET, Louis Navellier and Matt McCall will reveal an event that’s about to rock the stock market and how you could use it to beat the markets by nearly 11X.

Tue, April 20 at 7:00PM ET
 
 
 
 

CTRM Stock: The News That Has Castor Maritime Shares Soaring (Again)

Castor Maritime (NASDAQ:CTRM) stock is on the rise again Thursday after announcing its acquisition of two ships.

a cargo ship in the middle of the ocean

Source: VladSV / Shutterstock.com

According to a news release, Castor Maritime has signed agreements that will have it acquiring two 2005 Korean-built Aframax LR2 tankers. The company is buying these ships through two of its subsidiaries from a third-party seller.

Castor Maritime notes that the deal will have it paying a total of $27.2 million for the two ships. The company also says that each of these ships has a minimum gross daily hire of $15,000. The ships are also signed on with a reputable charterer for one year and there’s an option to extend that contract for one more year.

Castor Maritime also points out that each of these ships has recently completed scheduled special surveys and dry-dockings. They also come equipped with ballast water treatment systems. The acquisition deal is set to close in the first quarter of 2021.

Petros Panagiotidis, CEO of Castor maritime, had this to say about the news boosting CTRM stock up.

“We are very excited to be entering the tanker market, at what we believe is an opportune time for this sector. While the tanker market may face continued headwinds in the short to medium term, the attached time charter contracts provide us with cash flow security while the profit sharing arrangement allows us to benefit further should a rate recovery materialize within their duration.”

This is far from the only time in recent history that shares of CTRM stock have soared. The stock also got a boost earlier this week, as well as midway through January.

CTRM stock was up 40.8% as of noon Thursday.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2021/02/ctrm-stock-the-news-that-has-castor-maritime-shares-soaring-again/.

©2021 InvestorPlace Media, LLC