Why Castor Maritime Shares Are Rising

Castor Maritime Inc CTRM shares are trading higher by 8.7% at $1.32 Monday morning after the company reported fourth-quarter EPS results up from last year.

Castor Maritime reported EPS of 18 cents per share for the three months ended December 31, 2021, as compared to a loss per share of 6 cents for the three months ended December 31, 2020.

"2021 was a transformational year for Castor. We have grown exponentially ending the year with 29 vessels, on a fully delivered basis, and we have enjoyed strong operating cash flow especially in the second half of the year. We benefit from a healthy liquidity position and low leverage and in January 2022 we signed and drew down a new credit facility," said Petros Panagiotidis, CEO of Castor Maritime.

"We did not sell any common shares under the ATM Program during the fourth quarter and up to the date of this release. We will continue to seek attractive acquisition opportunities to further pursue Castor's growth trajectory," Panagiotidis stated.

Castor Maritime is a provider of seaborne transportation services for dry bulk cargo, including iron ore, coal, grain, steel products, fertilizers, cement, bauxite, sugar and scrap metal.

Castor Maritime has a 52-week high of $19.50 and a 52-week low of $1.00.