That drop, though, actually came after starting the month with a 19% gain following its first quarter earnings report, showing it turned profitable again after a year of losses. That means for the round trip Castor actually suffered another massive decline of 36%.
The dry bulk shipping company is still going in the opposite direction of the industry's Baltic Dry Index, which rose 36% for the month, and the industry is expected to experience a sharp summer rally with shipping rates rapidly rising.
While investors might be concerned Castor is heading the opposite way of the industry, there are bigger worries they should have.
Castor is a one-person company with Petros Panagiotidis serving as chairman, CEO, CFO, and ultimately its sole employee.
While the shipper nominally operates a fleet of 21 vessels, including 15 dry bulk carriers and six tankers, the ships are technically managed by Pavimar, a company controlled by Panagiotidis' sister, and commercially managed by Castor Ships, a company controlled by Panagiotidis himself.
Castor Maritime then pays Castor Ships a lucrative management fee, a daily fee per vessel, a commission on all charter agreements, and a separate commission for each and every sale or purchase made.
Moreover, despite Castor Maritime having just effected a reverse stock split, it also just filed for a $300 million stock offering.
Investors might just be better off letting this dry bulk shipper sink.