Last week the shipping company Castor Maritime (NASDAQ:CTRM) saw its stock come into focus in the markets but despite being in action it has not performed well.
Over the course of the past week, the stock has gone down by as much as 11% and in this situation it might be a good idea for investors to take a closer look at it. There has been no news about the company in recent days but amidst the selloff in the stock it is important to remember that the stock had rallied strongly earlier on in the month after Castor Maritime announced its financial results for the second fiscal quarter.
In the quarter that ended on June 30, 2021, the company managed to generate profits of as much as $6.5 million and that was a strong follow up from the $1.1 million worth of profits that had been generated by Castor Maritime in the first quarter. On the other hand, the company also received the deliveries of as many as 12 new vessels and that went a long way in taking Castor Maritime closer to the target of acquiring a total of 20 vessels this year. After the completion of all deliveries, Castor Maritime is going to have a total of 26 vessels.