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Castor Maritime acquires new panamax vessel

Published by , Assistant Editor
Dry Bulk,

Castor Maritime Inc., (Castor), a global shipping company specialising in the ownership of dry-bulk vessels, on 25 July 2019 entered into an agreement, through a separate wholly-owned subsidiary, to purchase a 2001 Korean-built panamax dry bulk carrier from an unaffiliated third party for a purchase price of US$6.7 million. The acquisition is expected to be consummated late third quarter / early fourth quarter of 2019 and is subject to the satisfaction of certain customary closing conditions.

Petros Panagiotidis, Chairman, CEO and Chief Financial Officer of Castor, commented: "We are pleased to announce the acquisition of our second dry bulk carrier, which, in a very short period, doubles the size of our fleet. We believe that the addition of this vessel to our fleet will be immediately accretive to our cash generating ability and is consistent with our growth-oriented strategy and our goal of increasing shareholder value.”

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