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Castor Maritime Inc. (CTRM) stock declines in the pre-market session. Let’s find out why?

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Castor Maritime Inc. (CTRM) stock plunged by 3.02% at the last trading close while the CTRM stock continued to decline by 4.34% in the pre-market trading. The decline in CTRM stock is not followed by any recent news. Castor Maritime is a well-known company that provides shipping transportation services on an international level through its ownership of oceangoing cargo vessels.

Recent Development.

On March 30, 2021, Castor Maritime announced its fourth quarter and full year 2020 financial results which we will discuss below:

Fourth Quarter and Full year 2020 Financial Results;

  • CTRM stock has generated net revenue of $4.4 million for the fourth quarter 2020 and $12.5 million for the full year compared to $2.8 million for the fourth quarter 2019 and $6.0 million for the year 2019. This is an increase of 57% and 108% in the fourth quarter and full year 2020, respectively.
  • Net loss calculated for the fourth quarter 2020 was $0.8 million compared to net income of $0.5 million for the three months ended on December 31, 2019. Whereas the net loss for the full year 2020 was $1.8 million that includes one off non-cash interest expenses of $1.1 million while the net income for the previous year was $1.1 million.
  • The estimated EBITDA of CTRM stock for the three months ended December 31, 2020, was $0.3 million, relative to $1.1 million for the three months ended December 31, 2019, a 73 percent decrease from the previous year. EBITDA was $2.3 million for the year ended December 31, 2020, compared to $2.2 million for the year ended December 31, 2019, a 5% rise from the previous year.

Conclusion

For Castor Maritime and many other companies, the COVID-19 pandemic has caused a lot of hurdles and is still causing havoc in the shipping industry, especially in the tanker and dry bulk industries. Despite signs of progress in the dry bulk charter market from the low rates seen in the first half of 2020 even then the tanker charter market remains depressed. Tanker charter prices are expected to remain unstable in the near term as well.

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