Why Castor Maritime (CTRM) Shares Are Trading Higher

Castor Maritime Inc CTRM shares are trading higher Wednesday morning after the company reported fourth-quarter financial results.

What Happened: Castor Maritime reported quarterly earnings of 36 cents per share. This is a marked increase over earnings of 18 cents per share from the same period last year. The company also reported $69.30 million in sales this quarter.

This sales figure represents a 15.5% increase over sales of $60.01 million in the same period last year.

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On March 7, Castor Maritime says the company completed the previously announced spin-off of the Aframax/LR2 and Handysize tanker segments through the distribution of all of the common shares of Toro Corp. to CTRM shareholders of record as of February 22.

What Else: Castor Maritime says the spin-off is an important strategic step that will establish Toro as a ‘pure play' tanker business at a time of increased focus on energy supplies and as the tanker shipping market enjoys strong supply demand fundamentals, as demonstrated especially in the second half of 2022.

According to data from Benzinga Pro, CTRM has a 52-week high of $2.45 and a 52-week low of $0.76.