Since this Tuesday, when Castor Maritime’s stock was at $1.92, it is constantly rising. Today, it is currently at $2.11 in the pre-market, resulting in a 10% gain. The company recently announced the closing of a $40.75 million senior term loan facility with a European bank, through four of its bulk vessel shipowning facilities.
The company aims to utilize the net proceeds from the $40.75 Million Financing for general corporate purposes, including endorsing the growth plans. The $40.75 Million Financing has a tenor of five years and bears interest at LIBOR plus 3.10% per annum.
Castor Maritime, through its subsidiaries, engages in ocean transportation of dry bulk cargoes worldwide. It provides seaborne transportation services for dry bulk cargo, including iron ore, coal, grains, steel products, fertilizers, cement, bauxite, sugar, and scrap metals. The company operates three Panamax vessels with a carrying capacity of approximately 76,122 deadweight tons. Castor Maritime was founded in 2016 and is based in Limassol, Cyprus.
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