Castor Maritime Inc (CTRM)

[Stan Dango]

Q4 earnings are the key if extension is granted.

If they get the extension, I’d expect the Q4 earnings to push it back into the 30’s or beyond if it isn’t already there by then.

TCE’s:
10/7 - 10,800 (4 ships)
10/20 - 10,800 (6 ships)
11/10 - 10,700 (6 ships)

3 of the ships (sun, moon, rainbow) have possible return dates of November at earliest (Sun had December at latest and Moon has November so we may see a new charter announcement soon with the Panamax index soaring).

Q3 earnings the TCE was barely above 8k. Barring any covid related delays we should see an average Q4 TCE 33% higher than Q3.

The real wildcard is what they are doing sitting on all that cash. 38m is totally unnecessary if you’re trying to get back over 1.00 - they should put 10-15m in to buy back half the public float or just erase all outstanding debt (20m or so). Buying more ships isn’t going to cut it when shareholders have already taken a bath to grow the fleet. If the goal is to avoid a R/S then realistically the only option is to do a stock buyback.