Why Castor Maritime's Stock Is Trading Lower Today

Castor Maritime Inc CTRM shares were trading lower Wednesday after the company priced an $18-million public offering.

Castor Maritime is a provider of worldwide 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 shares were trading down 33.16% at 42 cents at the time of publication Wednesday. The stock has a 52-week high of $5.28 and a 52-week low of 38 cents.