Castor Maritime (NASDAQ:CTRM) investors have witnessed the stock plummeting by 50% in less than three months. However, its stocks surged by 23% on August 5, 2021, after the shipping company confirmed second-quarter earnings for the current fiscal and rose by 30% during the day.
Castor Maritime had revenues of $6.5 million for the three months ending in June 2021, ensuring a $1.1 million profit. It also confirmed on delivery of 12 new vessels in the quarter and progress on taking on 20 new ships it promised on acquisition at the beginning of the year. The firm would be having a fleet of 26 ships once all vessels are delivered, 18 being dry bulk.
The Baltic Dry Index is the key driver for the company charges on cargo and the index has surged by 36% in June, being at a five-year high.
Castor CEO PetrosPanagiotidis said that robust demand for dry bulk transportation has ensured incredible freight rates with expectations of upward momentum.
The company’s share volumes were heavier than usual. Castor, which remains a short-squeeze candidate appears to be a favorite amongst many investors as it has moved from $0.11 at lows this past year to over $2.50 per share.
Castor Maritime is a turnaround story and it seems that the numbers are helping its ship move in the correct direction. The revenue surge has ensured that its earnings per share of 7 cents went ahead of last year’s 12-cent loss.