Why Castor Maritime Stock Surged Today
Shares of Castor Maritime (NASDAQ: CTRM) jumped 12.5% on Monday after the shipping transportation company announced the acquisition of two vessels.
Castor Maritime agreed to acquire two Panamax dry bulk carriers from undisclosed third parties for prices of $19.06 million and $21 million. One of the vessels -- a 2013 Japanese-built dry bulk carrier -- will come with a time-charter contract attached. The daily gross charter rate of $11,650 will have roughly three months remaining.
Castor Maritime expects to take delivery of the ships by the fourth quarter.
Source Fool.com