Marine fleet operator Beaver Maritime (NASDAQ: CTRM) the stock has been a roller coaster this year as it sinks into a constant tide of dilution. The Cyprus-based company acquired 20 vessels in 2021, mostly funded by raising cash through stock offerings, which helped to dilution. He executed a 1 for 10 stock reverse to meet the Nasdaq’s $ 1 price compliance mandate. The company has been aggressive in acquiring new vessels as it increases its fleet to 26 vessels. The Company currently has nearly 90 million shares outstanding after the split. While bears attack from all angles citing dilution, speculative buyers see this title as a potential squeeze game, especially with the split reversed, as dry bulk shipping rates are booming and the company became profitable. The Company pursues a dilution-based method to raise cash to develop its fleet through an acquisition strategy. Currently, the Company has twice as much cash as debt and fundamentals appear to be improving as the post-pandemic reopening increases dry bulk shipping rates. This is a micro-cap stock that is only suitable for speculators looking for a disproportionate return accompanied by high risk on deep opportunistic withdrawal levels.
Publication of results for the first quarter of fiscal 2021
On June 3, 2021, Castor Maritime released its first quarter 2021 tax results for the quarter ended March 31, 2021. The company reported adjusted earnings per share (EPS) of $ 0.02 or net earnings of $ 1. $ 1 million compared to a net loss of (- $ 0.68) for the same period a year ago. Revenue increased 159% year-on-year to $ 7 million from $ 2.7 million in the first quarter of 2020. The Company generated EBITDA of $ 2.6 million in the first quarter of 2021 from 0.9 million in the first quarter of 2020. Cash and restricted cash stood at $ 64.2 million at the end of the quarter compared to $ 9.4 million at the end of December 2020. At the start of 2021, Castor announced the acquisition of 20 vessels in the dry bulk and tanker segments including: 1 Capesize, 7 Kamsarmax and 4 Panamax bulk carriers as well as 1 Aframax, 5 Aframax / LR2 and 2 MR1 tankers. As of June 2, 2021, the Company has taken delivery of 14 vessels of which 6 are expected to be delivered by the fourth quarter of 2021. On a fully diluted basis, the Company will hold 26 vessels in its fleet with a capacity of 2.2 million. tpl. Castor Maritime CEO Petros Panagiotidis said: “The first five months of 2021 have been a time of transformation for our company as we have been able to raise $ 252.2 million in equity and $ 33.3 million debt and grow our fleet of 6 vessels, by the end of 2020, to 26 vessels on a fully delivered basis and once we have completed all of our announced acquisitions. On a fully delivered basis, our fleet will consist of 18 dry bulk carriers and 8 tankers, which will allow us to benefit from the continued strong demand for dry bulk transport services, as evidenced by recent charters of a number of our dry cargo vessels, as well as a potential future upturn in the tanker market.
Vessel acquisitions during the quarter allowed charter revenues to increase to $ 7 million in the first quarter of 2021. This allowed days available to increase from 214 to 596 in the three months ended 31 March 2021. day to $ 27,500 gross per day, as the company expects 9 of its ships to continue to benefit from the higher prices. The Company ended the quarter with an outstanding amount of $ 33.2 million.
The Company raised $ 125 million in proceeds on April 7, 2021, with a direct offering of 19.230 million shares at a price of $ 6.50 which included one common share and one warrant. No warrants have yet been exercised at the time of publication of the results. The company took delivery of the 2011 Panamax Japanese dry bulk vessel, the M / V Magic Eclipse and began work on June 9, 2021, under a 105-day schedule contract at a daily gross rate of 26,500. $. On June 17, 2021, Castor took delivery of the M / T Wonder Musica and the ink charter agreement for the M / V Magic Rainbow at a gross daily rate of $ 25,000 per day with a lease term of 7 at 9 months.
CTRM opportunistic withdrawal levels
Using rifle cards over weekly and daily time intervals provides an accurate short-term view of the landscape for CTRM stock. The weekly gun chart is in a downtrend with a 5-period moving average (MA) down to $ 3.38. The Weekly Stochastic is extremely oversold at the 2-band level. The daily rifle chart has an inverse puppy distribution with the 5 period MA at $ 3.25 and the 15 period MA falling to $ 3.34 Fibonacci level (fib). The daily selling of the High Market Structure (MSH) triggered on the blackout below $ 5.13. The daily lower Bollinger Bands (BB) are at $ 2.61. The Daily Stochastic took a bearish reverse mini-pup through the 20 band down. The everyday can form a weak market structure (MSL) buy the trigger above $ 4.07, but it will have to go up the daily stochastic save. Speculators can watch Opportunistic withdrawal levels at the daily lower 2.54s / BB smelly $ 2.54 levels, $ 2.14 fib, $ 1.90 fib, $ 1.50 fib, $ 1.17 fib, $ 0.82 fib and $ 0.54 fib. The upward trajectories are from the $ 4.27 level to the $ 6.04 level.
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