Castor Maritime Buys Third Panamax Bulker

  • Business & Finance

Cyprus-based dry bulk shipping company Castor Maritime has acquired its third Panamax dry bulk carrier under an agreement signed on October 14.

The company said the purchase price of the Japan-built bulker was USD 10.2 million.

It also added that the 2005-built unit is expected to be delivered by the end of the month.

The company did not reveal the name of the vessel or its seller, adding only that it was acquired from a third party in which a family member of Castor’s Chairman Petros Panagiotidis has an interest.

The latest acquisition brings the total number of vessels in the company’s fleet to three, with this being Castor Maritime’s second ship purchase since it listed on NASDAQ in February 2019.

“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,” Petros Panagiotidis, Chairman, Chief Executive Officer and Chief Financial Officer of Castor, commented.

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