Castor Maritime Inc (NASDAQ:CTRM) shares were trading lower Thursday following a company press release.
Castor announced that the M/V Magic Rainbow, a 2007-built Panamax dry bulk carrier, following completion of its scheduled drydocking, has been fixed on a time charter contract earning a daily gross charter rate of $25,000 commencing Thursday with a term of between seven and nine months.
The press release goes on to say Castor took delivery of the M/T Wonder Musica, a 2004 Korean-built Aframax/LR2 on June. Castor says the M/T Wonder Musica acquisition was financed in its entirety with cash on hand.
Castor Maritime is a provider of seaborne transportation services for dry bulk cargo, including iron ore, coal, grain, steel products, fertilizers, cement, bauxite, sugar, scrap metal, among others. The company’s revenues are derived from time charter, bareboat charter and spot charter contracts.
