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.

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Source Fool.com