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Castor Maritime Inc. expands fleet

Published by , Assistant Editor
Dry Bulk,

Castor Maritime Inc., a diversified global shipping company, has announced that it entered, through a separate wholly-owned subsidiary, into an agreement to purchase a 2011 Japanese-built Kamsarmax dry bulk carrier from an unaffiliated third-party for a purchase price of US$16.85 million.

The acquisition is expected to be consummated by taking delivery of the vessel sometime between 2Q21 - 3Q21 and is subject to the satisfaction of certain customary closing conditions.

The company has also announced that, on 11 March 2021, it took delivery of the M/T Wonder Polaris, the 2005 Korean-built Aframax LR2 tanker it had agreed to acquire as previously announced on 11 February 2021. The M/T Wonder Polaris is currently employed under a time charter contract with minimum duration of approximately one year at a minimum gross daily hire of US$15 000. The M/T Wonder Polaris acquisition was financed in its entirety with cash on hand.

Petros Panagiotidis, Chief Executive Officer of Castor, commented:

“We are pleased to announce our eighth vessel acquisition in 2021 with the addition of another Kamsarmax dry bulk vessel, our fifth, to Castor’s fleet. Upon completion of all our recently announced acquisitions, our fleet will consist of fourteen vessels. In addition, we are also happy to announce the successful delivery of our first of two Aframax LR2 tankers, marking our foray into the tanker market.”

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Dry bulk shipping market