Why Castor Maritime Stock Skyrocketed Today

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Shares of Castor Maritime (NASDAQ: CTRM) soared 45% on Thursday after the shipping specialist announced the purchase of new vessels. 

Castor Maritime agreed to buy two 2005 Aframax LR2 tankers from an undisclosed seller for a total of $27.2 million. Both ships are under time charter contracts for approximately one year. Each vessel has a minimum gross daily hire rate of $15,000 and an additional profit-sharing arrangement.

Castor Maritime expects to take delivery of the tankers in the first quarter of 2021.

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