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Castor Maritime: The CEO Feeds The Bears

Apr. 04, 2021 10:54 AM ETCastor Maritime Inc. (CTRM)22 Comments
Tokyo Picker profile picture
Tokyo Picker


  • In a new filing with the SEC, the company confirms that recent stock increases are "significantly inconsistent" with CTRM's performance.
  • CTRM discloses a full-year loss for 2020.
  • CTRM shares outstanding increased by 440% during the first quarter.

Cargo ship rolling in stormy Indian Ocean
Photo by nektofadeev@gmail.com/iStock via Getty Images

Castor Maritime Holdings (NASDAQ:CTRM) is a relatively small Cyprus-managed Marshall Islands shipping company, listed on the Nasdaq.

CTRM has had a very exciting first quarter. The company more than doubled its fleet to

This article was written by

Tokyo Picker profile picture
The opinions expressed herein are the opinions of Teton Record Services Limited Company. Publication of these opinions is not a recommendation for investment, nor is it a solicitation of any kind of business or transaction.The employee authoring this opinion has thirty years in investment banking, specializing in tax arbitrage and asset finance, and has a Masters degree in politics and economics from Oxford University.Teton Record Services Limited Company is a corporation established with limited liability under the laws of the State of Wyoming.

Analyst’s Disclosure: I am/we are short CTRM. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (22)

Tokyo Picker profile picture
If the offering proceeds as announced, and assuming a 50/50 share/warrant split, I expect the share price to move to a range between $0.28 and $0.32 in the near term.
Henrik Alex profile picture
I would like to point out that today's capital raise is actually a great move by the company given the massive upside to NAV realized here.

As a result, Castor Maritime's NAV per share will increase substantially (but still nowhere near the price shares are currently changing hands for).
Tokyo Picker profile picture
In light of today's offering (and assuming it proceeds as announced), I am changing my price target and will post the new one here shortly.
Henrik Alex profile picture
The CEO just took swift action :-) Good article.
@Henrik Alex you been always amazing
When shall I buy
Henrik Alex profile picture

As an investor, you shouldn't touch a stock like CTRM with a ten foot pole.
@Henrik Alex thank you very much for your respond
Is there any chance to go up
Coz I bought some long time ago
Noah Riley profile picture
Great article Tokyo, thanks.
the warrant price is super low.
i guess the only method to fulfill the compliance is need to merge the share.
i bought in high price 0.9. still thinking should i sell now.
@jack_Y well articles appearing here from somebody who's short CTRM doesn't help to SP and doesn't give a neutral insight in CTRM ...
Henrik Alex profile picture
@vince Rocketman

The author is short the company because of the facts stated in the article above and not because of using a random generator and then writing a hit piece without any fundamental basis.

In addition, would you consider an author who is long the stock being also biased?

And what about an author who is neither long nor short the stock? You would likely criticize him for having no skin in the game, I guess.
04 Apr. 2021
Once again the push to Short the stock price. The sector is booming as noted with the additional ships and diversification the company is positioned very well to make big returns in 21.
Henrik Alex profile picture

The author clearly points to more established, far larger companies in the sector which are trading at much lower multiples despite their higher earnings power. There's zero reason to invest in CTRM here when industry peers offer a far superior investment profile.
@Henrik Alex between zim,nmm and dac which one is the best to invest?
Henrik Alex profile picture

Uuh, very different companies.

NMM also has considerable exposure to the dry bulk sector while ZIM doesn't own large parts of its container vessel fleet. DAC is a classic container vessel lessor.

NMM is still cheap from a fundamental perspective but has severe corporate governance issues.

ZIM's earnings are exposed to much higher volatility as compared to DAC.
Great article, thanks for sharing
Tokyo Picker profile picture
I apologize for not thanking my anonymous collaborators on this article. These friends (ranging from wild dogs to fundamental freaks) made major contributions to both the research and the numerical analysis. I very much appreciate it.
05 Apr. 2021
@Tokyo Picker Since when do we thank anonymous collaborators without citing precise sources?
Tokyo Picker profile picture
@igms All sources are precisely cited.
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