Castor Maritime (NASDAQ:CTRM) stock got a boost on Friday after announcing the acquisition of a new shipping vessel.
According to a news release, Castor Maritime has agreed to purchase a “2011 Japanese-built Panamax dry bulk carrier.” The company is paying an unaffiliated third-party seller $18.48 million for the ship.
Castor Maritime notes that the new shipping vessel is being bought through one of its separate wholly-owned subsidiaries. The company also mentions that the deal will be complete when it takes delivery of the vessel.
Castor Maritime also points out that the deal needs to complete customary closing conditions before it can get the vessel. So long as there are no problems along the way, it’s set to close during the second quarter of the year.
Petros Panagiotidis, CEO of Castor Maritime, said this about the deal bumping CTRM stock up today.
“We are pleased to announce our ninth vessel acquisition in 2021 with the addition of another Panamax dry bulk vessel to Castor’s fleet. Our focus remains on deploying our capital and growing our fleet through timely acquisitions of vessels across shipping segments.”
CTRM stock is seeing a decent amount of trading today following news of the vessel acquisition. As of this writing, more than 98 million shares of the company’s stock have changed hands. For some additional perspective, the stock’s daily average trading volume is about 192 million shares.
Castor Maritime is an international shipping company that handles deliveries through its ocean-faring ships. When its recent deliveries are complete, the company will own a total of 15 ships.
CTRM stock was up 1% as of noon Friday and is up 174.4% since the start of the year.
Castor Maritime isn’t the only company catching the eyes of investors on Friday.
Several other stocks are also performing well and gaining interest from investors. A few examples of these include TherapeuticsMD (NASDAQ:TXMD), fuboTV (NYSE:FUBO), and Santo Mining (OTCMKTS:SANP). Investors that are eager to learn more about why these stocks are up today can check out the links below.
More Friday Stocks News
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- FUBO Stock Alert: The Exclusive Rights Deal That Has FuboTV Shares on Fire Friday
- SANP Stock: 13 Things to Know About the New Skullys NFT Website as Penny Stock Santo Mining Soars
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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