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Why Castor Maritime Stock Soared Today

TheMotleyFool

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Shares of Castor Maritime (NASDAQ: CTRM) extended their recent gains on Monday. By the close of trading, the dry bulk shipping company's stock price was up 31%.

Castor Maritime is growing its fleet by acquiring new vessels. On Feb. 1, the shipping specialist announced an agreement to purchase a 2010 Kamsarmax dry bulk carrier for $15.85 million, which it expects to be delivered within the first quarter of 2021. On Feb. 3, the company said it reached a deal to buy a 2009 Kamsarmax dry bulk carrier for $14.5 million, which is also expected to be delivered in the first quarter.

Castor Maritime's stock price rose sharply on Monday. Image source: Getty Images.

Source Fool.com

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