Why Castor Maritime Stock Popped Today

Shares of Castor Maritime (NASDAQ: CTRM) climbed on Thursday after the shipping company said it was expanding its fleet. As of 11:22 a.m. EST, its stock price was up more than 8% after rising as much as 18% earlier in the day. 

Castor Maritime struck a deal to acquire a 2010 Kamsarmax dry bulk carrier for $14.8 million. The company expects to take delivery of the ship by the second quarter.

Investors bid up Castor Maritime's stock price on Thursday following its latest vessel purchase. Image source: Getty Images.

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Source Fool.com