Castor Maritime buys its 5th bulker

Cyprus-based dry bulk vessel owner Castor Maritime has entered into an agreement to purchase a 2010 Japan-built bulker.

Kees Torn/Flickr under CC BY-SA 2.0 license

As informed, the Panamax bulk carrier will be bought for $12.75 million from an unaffiliated third party company.

The ship is expected to be delivered to its new owner in late Q3 or early Q4 2020.

The acquisition is subject to the satisfaction of certain customary closing conditions, according to Castor Maritime.

“We are very pleased that we have been able to utilize further our recently raised capital by agreeing the acquisition of our fifth vessel, in a very short time since the acquisition of our fourth. We are making swift progress on our expansion and renewal plan that we set in place last year and are actively continuing to assess the various opportunities presented to us,” Petros Panagiotidis, Chairman, Chief Executive Officer and Chief Financial Officer of Castor, commented.

“Our key goal continues to be the further expansion of our fleet and the deployment of our readily available liquidity in the most prudent and favorable way for our shareholders.”

In late June 2020, the company also purchased a 2007 Chinese-built Panamax for $7.85 million.

Upon completion of the newest acquisition, Castor Maritime’s fleet will consist of five Panamax dry bulk carriers. The vessels are employed primarily on medium-term charters and transport a range of dry bulk cargoes, including such commodities as coal, grain and other materials along worldwide shipping routes.