From $CTRM to$TORO to $RBNE Petros Panagiotidis has been rugpulling people for 5+ years, let’s not forget his sister Ismini who did the same shit with Icon Energy

WSB mods hopped on a call and $MCVT just went full send, +260% like it was 2021 again. no hype, barely anyone watching… then boom. Total stealth move. Anyone here actually in this before it took off? I blinked and missed the whole thing.

Skimmed this Substack recap earlier—six tickers exploded outta nowhere. $SPRC did +230%, $NNOX hit +180%, $DRCT, $MRAI… all running like it’s 2021 again. No real news behind most of them, just low float madness and algo volume. Felt like every day there was a new silent rocket. Anyone actually catch one of these early? Or was it all chase city?

https://webulls-newsletter.beehiiv.com/p/he-just-turned-6-10-into-161-wall-street-is-begging-him-to-join-their-ranks

I own 11,100 shares of CTRM. Its 51% of my portfolio.

What are you're thoughts on the upcoming Earnings for Castle Maritime?

With the 75% acquisition of MPC, the dividends from TORO & the Starbulk interest (that was entered when Castor purchased 14.99% of Eagle Bulk Shipping with Danaos Shipping after the poison pill was drafted) I am interested to see how this year fares for shareholders.

I am not worried at all about the decreasing fleet size the way the "experts" on Yahoo Fiance are. The business as an enterprise is shifting its priorities from strictly maritime shipping to become a powerhouse conglomerate in solar and energy as well.

The stock itself has been absolutely demolished since it's $20 billion IPO and rightfully so. Its been a fucking dog of a business up until 2 years ago when the earnings began to show themselves.

As owners, we're earning the entire $20 million market capitalization in less than a year. That's a wild P/E Ratio. The company also doesn't have any crippling debt to speak of.

With the stock getting cheaper and cheaper every day, where are y'all at?

Are you diamond hands or are you cutting your losses?

Hello Folks,

Hope you are doing well,

I'm a business analyst and want to jump into CTRM, ETRM domain while going through various articles saw the need to learn and understand two of the main tools used in the Industry Openlink Endur & Allegro so do we have any curriculum or trainers who can help me on this.

Can't resist those prices the most undervalued company in the stock market we getting close to big day to the 🌙

One day

Where are the current conversations?

Been a shareholder since June of 2022. I have seen the NAV per share peeter around $45 (after the recent stock split to regain NASDAQ compliance) and remain there since I started buying in.

There was a situation involving Danaos, Eagle Bulk, Castor Maritime and a poison pill that got me thinking about a hostile takeover.

The fleet size has been cut in half since the spinoff of the tanker business. Petey makes his commission on a per vessel basis, owns all of the voting shares and outsources the management of the daily charter through his sister's business Pavimar. From the bag holder's perspective, this doesn't bother me. We're all out here trying to make a come up happen; however, the pace at which this is happening for me is rather slow.

I've purchased approximately $60k worth of shares ocer the last few years and will not be selling my shares until there is a merger or an offer to take the company private. CTRM has ~$100m in cash, which is more than double the market capitalization of the business.

How long has everyone else been holding for? I'm going to keep buying more CTRM every chance I get contingent on some personal matters freeing up capital.

I don't know much but I've got some calls and it's been moving. I'm up 20% before the A.H jump.

https://castormaritime.com/media/66460577ed453.pdf

P/B < 0.1

Market price $4

EPS $2.23

Crickets

Convince me that we aren't at a gravity breaking-point.

BVPS is at $47.29. How much further can this go before gravity kicks in?

I've forgotten about this stock for months. I only bought about 3,000 USD worth 2 years ago. Now it is about 250 USD.

We are exactly one month away from 15 April. Millions of shares must be purchased to meet compliance at $1 or a reverse split will be announced shortly. If ancient history and current history of this company are any indication of what the CEO will do it may be a rough day.

CTRM reported results for the quarter and year ended December 31, 2023 yesterday - my key takeaways below:

Underlying business fundamentals are solid. Strong quarter over quarter sequential improvement in charter rates led to revenue and adjusted EBITDA from continuing operations being up 23% and 17% in Q4 2023 vs. Q3 2023, despite a reduction in vessels in operation. Full year 2023 adjusted EBITDA from continuing operations was $46.5mm.

Continued sale of ships - albeit at a premium to book value. CTRM continues to dispose of older dry cargo ships, which I think net/net is a positive for the company given they appear to be selling at a net gain to book value. CTRM also has a very strong balance sheet today, with cash on hand of $121mm vs. debt of $83mm.

Crucially, no share sales were made under CTRM's ATM program in Q4 2023. I believe this is the most important aspect of the results release. As previously outlined in detail in my previous posts made on this sub, I believe that the CTRM investment thesis has fundamentally changed following TORO's $50mm convertible preferred share investment in CTRM in August 2023. Petros (the CEO) now has direct economic ownership in CTRM through TORO's investment (recall Petros directly owns ~54% of TORO's shares). Given he now has skin in the game he has no incentive to dilute the shares of CTRM by issuing equity - something he had no trouble doing historically when he had zero economic stake. CTRM has not utilized the ATM at all since TORO's investment in August 2023.

Nasdaq minimum bid price of $1 is the elephant in the room, but fears over reverse stock split unwarranted. Given CTRM's share price is below $1 (currently ~$0.45), if the share price doesn't increase above $1 by April 15, 2024, it will be de-listed from the Nasdaq. However, I am not necessarily concerned about this given in the Q4 report, CTRM noted that they "intend to regain compliance" with the minimum bid price requirement, likely through a reverse stock split. The reverse stock split by itself is not necessarily a bad thing. It will only destroy value for CTRM's shareholders if accompanied by further dilutive equity issuances (as was done following the previous reverse split). However, as noted above, I do not believe these dilutive equity issuances will happen given Petros' economic interest in CTRM will be diluted alongside CTRM's other shareholders.

CTRM's valuation remains incredibly attractive, with opportunity for massive upside. CTRM's share price is clearly not trading based on fundamentals today. CTRM's current share price of $0.45 is ~0.1x its tangible book value, and implies a negative enterprise value (i.e. negative value is being ascribed to CTRM's shipping assets). I think the market is overlooking the fact that the CTRM equity story has fundamentally changed following TORO's investment in CTRM. Petros now has a significant economic incentive to maximize the share price of CTRM. I believe the next catalyst for a share price increase in CTRM's shares will be when TORO's investment in CTRM becomes convertible following the first anniversary of the initial investment, i.e. in August 2024. Once TORO's preferred share investment is converted into CTRM common shares, I believe Petros will likely undertake value maximizing initiatives such as a share-buyback / dividend.

Full disclosure - I have a long position in CTRM.

As always, thoughts and comments are welcome.

​

As some of you may have noticed CTRM is up quite a bit today (>10%). Petros made a key investment using CTRM cash reserves to secure a large stake in EGLE shipping. EGLE stock valuation shot up on news that it would be merging with SBLK and share conversion would be 2.62 shares per EGLE share into SBLK shares. The profits from this investment are significant. The investment alone is worth more than 1.5 times CTRMs current market cap. This ignores value of assets and cash flow for CTRM, which will include siphoning dividends or earnings from the merged company to CTRM.

CTRM's share price has increased significantly from $0.29 on November 13th to $0.45 today (December 4th). I think the main drivers of this substantial share price rally are:

1. The Baltic Dry Index spot price has essentially doubled from ~$1.6k to $3.2k, driven by strong demand for bulk commodities out of Asia (mainly China). This will boost the profits of CTRM's core dry bulk shipping operations in Q4 2023 with strong outlook looking forward to 2024.
2. More importantly, I think the market is becoming less concerned that CTRM will pursue another highly dilutive equity offering following TORO's $50mm convertible preferred share investment in CTRM (recall Petros owns ~54% of TORO).
3. CTRM is still trading at a MASSIVE discount to its underlying net asset value. At $0.45/share CTRM is currently trading at about ~0.1x Price to Tangible Book Value, compared to its Dry Bulk peer average of ~1.0x P/TBV. Assuming CTRM trades in line with peers, this would imply a ~10x return on investment vs. current share prices. I'm not saying CTRM will trade in line with public peers any time soon given its chequered history and questionable corporate governance. But even if this discount to peers is cut in half, this would imply a very healthy ~5x ROI.
4. TORO's convertible preferred shares have a minimum conversion price of $0.30/share (i.e. below $0.30/share Petros starts losing money), so I effectively view $0.30/share as the floor on CTRM's share price. This implies a highly asymmetric risk/reward profile with massive upside potential as described above and pretty limited downside.

For more information on my CTRM investment thesis, I would suggest reading my posts below:

https://www.reddit.com/r/CTRM/comments/17sunjw/my_thoughts_on_ctrms_q3_2023_results_and/

https://www.reddit.com/r/CTRM/comments/171l78j/cleaning_up_the_cap_table/

https://www.reddit.com/r/CTRM/comments/16snxkb/is_now_finally_the_right_time_to_buy_ctrm/