LIMASSOL, Cyprus, June 03, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ:CTRM) ("Castor" or the "Company"), a diversified global shipping company, announces today the final results of its tender offer (the "Offer") to purchase all of its outstanding Common Share Purchase Warrants issued on April 7, 2021 (the "Warrants"), which expired at 5:00 P.M. Eastern time on May 31, 2024. Based on the final count by the Company, 10,080,770 Warrants, exercisable in the aggregate into 1,008,077 Common Shares, wer ...

As we move into June, I've pinpointed three top penny stocks that could be excellent long-term investments. While many investors, myself included, have been watching the cryptocurrency market, especially Bitcoin (BTC-USD) as it aims for another new all-time high, there are also some compelling penny stocks that I believe offer great value. Regardless of risk tolerance or investment horizon, it's worth considering allocating a small portion of your portfolio to promising penny stocks for long-term growth. Th ...

Core Viewpoint - Castor Maritime Inc. has successfully completed the sale of the M/V Magic Horizon for $15.8 million, expecting a net gain of approximately $4.6 million from this transaction in Q2 2024 [1][2]. Company Overview - Castor Maritime Inc. is a diversified global shipping company that provides shipping transportation services through its ownership of oceangoing cargo vessels [3]. - The company owns a fleet of 10 vessels with a total capacity of 0.7 million deadweight tons (dwt), which includes three Kamsarmax vessels, five Panamax dry bulk vessels, and two 2,700 TEU containership vessels [3].

Core Viewpoint - Castor Maritime Inc. has successfully completed the sale of the M/V Magic Horizon for $15.8 million, expecting a net gain of approximately $4.6 million from this transaction in Q2 2024 [1][2]. Company Overview - Castor Maritime Inc. is a diversified global shipping company that provides shipping transportation services through its ownership of oceangoing cargo vessels [3]. - The company owns a fleet of 10 vessels with a total capacity of 0.7 million deadweight tons (dwt), which includes three Kamsarmax vessels, five Panamax dry bulk vessels, and two 2,700 TEU containership vessels [3].

Core Viewpoint - Castor Maritime Inc. has successfully completed the sale of the M/V Magic Vela for $16.4 million, expecting a net gain of approximately $2.7 million from this transaction in Q2 2024 [1][2]. Company Overview - Castor Maritime Inc. is a diversified global shipping company that provides shipping transportation services through its ownership of oceangoing cargo vessels [3]. - The company owns a fleet of 11 vessels with a total capacity of 0.8 million deadweight tons (dwt), including three Kamsarmax vessels, six Panamax dry bulk vessels, and two 2,700 TEU containership vessels [3].

LIMASSOL, Cyprus, May 23, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), ("Castor" or the "Company"), a diversified global shipping company, announces that on May 23, 2024, it completed the previously announced sale of the M/V Magic Vela, a 2011-built Panamax bulk carrier vessel, for a price of $16.4 million, by delivering the vessel to its new owner. The Company expects to record a net gain of approximately $2.7 million from the above-mentioned sale, excluding any transaction-related costs, ...

LIMASSOL, Cyprus, May 16, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ:CTRM), ("Castor" or the "Company"), a diversified global shipping company, announces today that it has extended the expiration date of its previously announced tender offer (the "Offer") to purchase all of its outstanding Common Share Purchase Warrants issued on April 7, 2021 (the "Warrants"). The Offer is now scheduled to expire at 5:00 P.M. Eastern Time on May 31, 2024, unless further extended. The Offer was previously schedul ...

Core Viewpoint - Castor Maritime Inc. reported a significant recovery in its financial performance for the first quarter of 2024, driven by improved cash flows from vessel sales and a recovery in the dry cargo market, despite a decrease in total vessel revenues due to reduced available days [4][6]. Financial Performance Summary - Total vessel revenues decreased to $20.4 million in Q1 2024 from $24.5 million in Q1 2023, representing a 16.7% decline [6][8]. - Net income from continuing operations increased to $22.3 million in Q1 2024, compared to a net loss of $(6.5) million in Q1 2023, marking a 443.1% improvement [8]. - Earnings per common share from continuing operations rose to $2.23 in Q1 2024, compared to $(0.69) in Q1 2023 [8]. - EBITDA from continuing operations was $26.8 million in Q1 2024, up from $1.6 million in Q1 2023 [8]. Operational Highlights - The number of available days decreased from 1,980 in Q1 2023 to 1,441 in Q1 2024 due to the sale of three dry bulk vessels [6][9]. - Daily Time Charter Equivalent (TCE) rate increased to $13,411 in Q1 2024 from $11,713 in Q1 2023 [39]. - Vessel operating expenses decreased to $8.1 million in Q1 2024 from $11.3 million in Q1 2023, reflecting a reduction in ownership days [9][12]. Cash Flow and Liquidity - Cash and restricted cash from continuing operations increased to $165.2 million as of March 31, 2024, from $120.9 million as of December 31, 2023 [17]. - The increase in cash position was attributed to $11.3 million in net operating cash flows and $43.8 million from vessel sales [18]. Recent Business Developments - The company launched a tender offer for outstanding warrants to enhance clarity regarding its capital structure [5][16]. - Compliance with Nasdaq listing standards was regained following a 1-for-10 reverse stock split [20]. Vessel Sales - The company recognized gains from the sale of several vessels, including $2.4 million from the M/V Magic Moon and $1.4 million from the M/V Magic Orion [13][22][23]. - Additional vessel sales are expected to contribute to future gains, including anticipated gains from the M/V Magic Venus and M/V Magic Horizon [24][25].

LIMASSOL, Cyprus, April 22, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ:CTRM), ("Castor" or the "Company"), a diversified global shipping company, announces that it has commenced today a tender offer (the "Offer") to purchase all of its 10,330,770 outstanding Common Share Purchase Warrants issued on April 7, 2021 (the "Warrants") at a price of $0.105 per Warrant, net to the seller in cash, without interest. Payments made pursuant to the Offer will be rounded down to the nearest whole cent. The War ...

LIMASSOL, Cyprus, April 18, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ:CTRM), ("Castor" or the "Company"), a diversified global shipping company, announces that on April 18, 2024, it completed the previously announced sale of the M/V Magic Nebula, a 2010-built Kamsarmax bulk carrier vessel, for a price of $16.2 million, by delivering the vessel to its new owner, an entity affiliated with a family member of our Chairman, Chief Executive Officer and Chief Financial Officer. The Company expects to r ...