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Castor Maritime stock surges after big revenue jump in its first earnings report on Nasdaq

Last updated: 10:30 04 Jun 2019 EDT, First published: 10:09 04 Jun 2019 EDT

Cargo ship in port
Castor operates a dry bulk shipping vessel that transports coal, grain and other materials along global shipping routes

Castor Maritime Inc (NASDAQ:CTRM), an international shipper of dry goods, saw its shares nearly double after reporting its first round of Nasdaq results for the six months ended March 31.

The Cyprus-based shipper saw revenue increase 20% to $2 million year over year. Net income more than doubled to $332,411, and its loss per share widened to $0.40 from $0.21.

It’s daily time charter equivalent rate, a measure of daily revenue performance, increased to $10,843 from $10,761.

Shares made waves, more than doubling in pre-market trading Tuesday morning but have since eased, rising about 52% to $6.48.

“We are very pleased with our performance for the six months ended March 31, 2019, the first period we report results as a Nasdaq-listed entity,” CEO and Chairman Petros Panagiotidis said. “We believe that the dry bulk market will be rewarding in the years to come despite the normal shorter-term volatility exhibited. In this context, we are focused on taking advantage of market opportunities in order to maximize our profitability and opportunistically enlarge our fleet.”

Castor operates a dry bulk shipping vessel that transports coal, grain and other materials along global shipping routes.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

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