Castor Maritime (CTRM) stock has been falling for the past month, but up by 6.31% at close yesterday. So, are there some reasons to drive the stock continuing to rebound?
Castor Maritime is an international provider of shipping transportation services through its ownership of oceangoing cargo vessels, and it has a fleet of 15 vessels with an aggregate capacity of 1.4 million dwt. The company said on Wednesday that it recently took deliveries of the dry bulk carriers which were build by Korea and Japan, respectively, and both acquisitions were financed in their entirety with cash on hand. The rising of its stock yesterday that seems to be related to this news, it can help the company to promote its capacity of shipping transportation.
In addition, nearly a month ago, some investors sold off their Castor Maritime shares due to the Baltic Dry Index declined, a shipping and trade index. Recently, the index started to rise, up by 6.66% yesterday, and I expected that the index will continue to rise. If I am correct, it can help and push the company's stock to rebound.
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