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Castor Maritime announces vessel acquisition

Published by , Editorial Assistant
Dry Bulk,

Castor Maritime Inc., a global shipping company specialising in the ownership of dry-bulk vessels, has announced that through a separate wholly-owned subsidiary, it has entered into an agreement to purchase a 2005 Japan built Panamax dry bulk carrier for a purchase price of US$10.2 million from a third party in which a family member of Castor’s Chairman, CEO and Chief Financial Officer has an interest.

The acquisition is expected to be consummated by taking delivery of the vessel by the end of October 2019 and is subject to the satisfaction of certain customary closing conditions.

Petros Panagiotidis, Chairman, Chief Executive Officer and Chief Financial Officer of Castor, commented: “We are very pleased to announce the acquisition of our third dry bulk carrier. This is the second acquisition since our listing on NASDAQ last February. Consistent with our ambitious growth plan, we remain focused on seeking out future opportunities to expand our fleet in a manner that will be accretive to both our earnings and cash flows.”

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Dry bulk shipping market Panamax news