So What's Up With Castor Maritime's Stock Thursday?

Castor Maritime Inc CTRM shares are trading higher by 15% at $2.33 Thursday morning after the company reported second-quarter EPS of 7 cents per share, up from a loss of 12 cents per share year-over-year. Castor Maritime also reported second-quarter sales of $21.80 million, up from $2.59 million year-over-year.

Petros Panagiotidis, Chief Executive Officer of Castor commented:"The first six months of 2021 was a transformational period for our Company, as we were able to raise $262.5 million of equity and $33.3 million of debt and grow our fleet from 6 vessels at the end of 2020 to 26 vessels on a fully delivered basis."

"Strong demand for dry bulk transportation services has resulted in robust freight rates, with the upward momentum expected to be sustained by the tight vessel supply and historically low newbuilding orderbook. Following our timely acquisitions, Castor is well-positioned to take advantage of this strong market with a dry bulk fleet consisting of 18 vessels, on a fully delivered basis. At the same time, most of our newly acquired tanker vessels are in either term or pool employment ensuring a high utilization for that part of our fleet."

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.

Castor Maritime has a 52-week high of $19.50 and a 52-week low of $1.12.