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Saturday, October 31, 2020

Maritime Logistics Professional

October 20, 2019

Castor Maritime Acquires Third Panamax Bulker

Pic: Castor Maritime

Pic: Castor Maritime

Cyprus-based dry bulk shipping company Castor Maritime has acquired its third Panamax dry bulk carrier for $10.2mln.

The global shipping company specializing in the ownership of dry-bulk vessels informed that through a separate wholly-owned subsidiary, it has entered into an agreement to purchase a 2005 Japan built Panamax dry bulk carrier from a third party  in which a family member of Castor’s Chairman, Chief Executive Officer 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, said: “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.”

Upon completion of this acquisition, the Castor's fleet will consist of three Panamax dry bulk carriers.

dry bulk carrierwholly-owned subsidiary