Castor Maritime (NASDAQ:CTRM) Stock Rockets 23% in a Week: What’s The Buzz?

It has been a crazy year for the Castor Maritime (NASDAQ:CTRM), the diversified global shipping company. Unlike the other meme stocks CTRM stock did not wane out the interest of the investors. The stock is still surging up making it a hot buy.

This time the surge came as result of the company’s announcement of its charter agreement for three of its ships: The M/V Magic Nebula, The M/V Magic Moon, and the M/V Magic Nova. The first ship, i.e., The M/V Magic Nebula is a bulk dry carrier was built in 2010.

This ship has been fixed at a charter rate of $31750 (gross) on a time charter contract starting from 4th of September, 2021. The minimum duration was announced to be 6-8 months. The M/V Magic Moon was fixed at a charter rate of $30,250 while The M/V Magic Nova was fixed at $32,000 along with one-time bonus of $1,300,000. The former’s charter contact commenced on August 30, 2021 with a duration of around 90 days while the latter will commence from September 17, 2021. A point worth noting is that these rates are way more than those of last year.