Seanergy (SHIP) & Castor (CTRM): Two trending maritime stocks

Highlights

• Seanergy Maritime Holdings Corp (NASDAQ: SHIP), founded in 2006, has a market capitalization of US$212.9 million and a P/E ratio of 139.
• Castor Maritime Inc. (NASDAQ: CTRM) owns a fleet of 27 vessels. Castor’s market capitalization is US$221 million.
• Seanergy stock traded at US$1.4126, and Castor stock traded at US$2.35 at 11:54 am ET.

Stocks of Seanergy Maritime Holdings Corp (NASDAQ: SHIP) and Castor Maritime Inc. (NASDAQ: CTRM) stocks were trending on the internet Tuesday.

SHIP stock was up 0.90%, while CTRM stock fell 3.69% from the previous close at 11:54 am ET. Seanergy and Castor stocks traded at US$1.4126 and US$2.35, respectively, at the time.

Seanergy Maritime Holdings Corp

Seanergy is a holding company headquartered in Athens, Greece. The company launched the IPO in 2007 after its founding a year ago. It provides marine dry bulk transportation services.

The stock saw a large trading volume on Sep 13, with 25,238,080 shares, and closing at US$1.4 apiece. On Sep 13, the company announced its participation at the 20th Annual Week Asia of Marine Money on Sep 15, 2021. It is Asia’s largest ship finance conference. The theme of the panel discussion is about “dry bulk frenzy”, the company said in a release.

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The company’s operating fleet consists of 16 Capesize vessels with an aggregate cargo capacity of nearly 2,829,630 dwt.

The company earned revenue of US$28.9 million in the June quarter of 2021 compared to US$9.3 million in the corresponding period of 2020, reflecting a 209% growth YoY. The net income was US$1.96 million compared to the net loss of US$(11.3) million in Q2 2020.

Its market cap is US$212.9 million, and the P/E ratio is 139. The stock gave a 163.34% return YTD.

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Source – pixabay

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Castor Maritime Inc.

The Limassol, Cyprus-based marine transportation company provides dry bulk cargo services, ferrying cement, iron ore, steel, grain, sugar, etc. It launched its IPO in 2018, about two years after it was founded.

Castor stock also saw a large trading volume on Sep 13, with 10,200,440 shares, more than double the volume recorded the previous day. The stock closed at US$2.44 on the same day.

On Sep 13, Castor Maritime announced the purchase of three dry bulk carriers: 2010-built Kamsarmax, 2005-built Panamax, and 2010-built Panamax.

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The company owns 27 vessels with an aggregate capacity of 2.3 million dwt (deadweight tonnage). The stock had jumped 13% on Monday from the previous close.

For the June quarter of 2021, the revenue was US$21.8 million, and net income was US$6.5 million. The revenue and net loss for the June quarter of 2020 were US$2.6 million and US$0.1 million, respectively.

Castor’s market cap is US$221 million. The stock gained 24.81% YTD.

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Bottomline

These two stocks are listed on NASDAQ-CM. The maritime industry had been negatively impacted due to the Covid-19 pandemic last year and is still to recover to the pre-pandemic levels. The Nasdaq Capital Market Index, which comprises the shipping companies, gave a 3.53% return YTD. However, investors must carefully evaluate the stocks before investing.