Shipping company Castor Maritime (NASDAQ: CTRM) has had an eventful, if not fruitful, past few months. The stock itself is down almost 60% since the end of April 2021, and the company had to effect a 1-for-10 reverse stock split in late May to remain compliant for listing its shares on the Nasdaq exchange . But the company completed a capital raise this week, helping shares tick back up. As of Friday morning, shares are up about 7.5% for the week.
Much of the ocean shipper's fate lies with the movement of the Baltic Dry Index (BDI), which drives what prices it can charge to move cargo. That index jumped 36% in June , and though it's given back some of those gains in July, it remains near recent highs. But the reversal in the stock this week is more directly related to a debt financing deal Castor Maritime announced on Wednesday that it had completed.
For further details see:
Why Castor Maritime Stock Is Higher This Week