Castor Maritime Adds New Vessel

Cyprus-based Castor Maritime  announced that on July 25, 2019, it has entered into, through a separate wholly-owned subsidiary, an agreement to purchase Panamax dry bulk carrier from an unaffiliated third party.

The global shipping company specializing in the ownership of dry-bulk vessels, said that the 2001 Korean built vessel was bought for a purchase price of $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, Chief Executive Officer 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."

Petros added: "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.”

Castor Maritime's vessel is employed primarily on medium-term charters and transports a range of dry bulk cargoes, including such commodities as coal, grain and other materials along worldwide shipping routes.

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