Balticindex
$CTRM Turning $6.50 Resistance into Support Heads towards $8.50$3.96 Mil in Revenues $980K In Net Income $9.6 Mil in total assets for 2018 with only 149K in total liabilities for 2018
O/S: 2,400,000
Float: 500,000
1. New contract recently for 11k a day in revenue for 8 months
2. 50% of the O/S is locked
3. Restrictions on owning more than 14% of the O/S implemented by management to protect shareholders.
4. Low float 500,000 O/S 2.4 mil
5. Freshly brought on to the NASDAQ Feb 11th.
6. The huge pop from $4.89 to $18.99 on the 11th of March was more than likely due to the recent contract news. Then flippers sold it back down to bottom at $4.00 where it’s steadily increased back up.
7. Filings go all the way back to April 11th of last year even though the actual ticker hasn’t been made public until last month. So I’m assuming maybe some news on the one year anniversary of when filings dropped.
Petros Panagiotidis 27, is the founder of Castor Maritime Inc. He has also served as the Chairman of the Board and has served as our Chief Executive Officer and Chief Financial Officer since our inception in September 2017. Mr. Panagiotidis has been involved in shipping and investment banking for more than 5 years, during which he has held various positions in finance, operations and management. He has graduated with a Bachelor's degree from Fordham University in International Studies and Mathematics and he earned a Master of Science degree from New York University on Management and Systems with a concentration on Risk Management.
Dionysios Makris, Secretary and Class B Director
Dionysios Makris, 37, is a lawyer and a member of the Athens Bar Association since September 2005. Mr. Makris is based in Piraeus, Greece and is licensed to practice law before the Supreme Court of Greece. He practices mainly shipping, commercial, real estate and company law and has substantial involvement both in litigation as well as in transactional work with the Macris Law Office, where he has worked since September 2011. He holds a bachelor of laws degree from the University of Athens and a Master of Arts Degree in International Relations from the University of Warwick, United Kingdom.
Georgios Daskalakis, Class A Director
Georgios Daskalakis, 28, has been a non-executive member of our Board since our establishment in September 2017. He has spent all of his professional life in the shipping industry. From May 2013 to January 2015, he was an insurance officer at Minerva Marine Inc. From January 2015 to March 2017, he served as a tanker operator at Trafigura Maritime Logistics PTE Ltd. He is currently a Commercial officer of M/Maritime Corp. in Athens, Greece. He holds a Bachelor's degree from Babson College with a concentration on Economics and Finance and Master of Science degree in Shipping, Trade and Finance from the Costas Grammenos Centre for Shipping, Trade and Finance, Cass Business School, City University of London.
Castor Maritime Inc. Announces Time Charter Contract for MV Magic P with Oldendorff Carriers Limassol, Cyprus, March 14, 2019 – Castor Maritime Inc. (NASDAQ: CTRM), (the “Company”), an international shipping company specializing in the ownership of dry-bulk vessels, today announced that, through a wholly-owned subsidiary, it has entered into a time charter contract with Oldendorff Carriers GMBH & Co KG Luebeck for its Panamax vessel Magic P.
The gross charter rate is US$ 11,250 per day, for a period of a minimum of five (5) months up to a maximum of about eight (8) months (for the first 30 days period the daily gross rate is US$ 9,000). The charter commenced on March 12, 2019.
The “Magic P” is a 76,453 dwt Panamax bulk carrier built in 2004 in Japan. All things being equal, this employment is anticipated to generate approximately US$ 1.60 million of gross revenue for the minimum scheduled period of the time charter and could reach US$ 2.60 million should employment be extended to its maximum period. We cannot guarantee that any such extension will occur.
BALTIC DRY INDEX:
As can be seen by the below image the Baltic Dry Index has crossed over on the MACD for the first time in almost a year. The PARSAR is also about to flip and it has been on a steady uptrend since February. I predict a slow and steady uptrend in it back to 1,500 by Summer and a possible break to 2,000 by EOY, which should enable Shipping stocks to 5x-10x their current PPS
