Castor Maritime Inc. (NASDAQ: CTRM), (Castor), a global shipping company specializing in the ownership of dry-bulk vessels, yesterday announced that on July 25, 2019, it has entered into, through a separate wholly-owned subsidiary, an agreement to purchase a 2001 Korean built Panamax dry bulk carrier from an unaffiliated third party for a purchase price of $6.7 million. 

Castor Maritime Inc. Announces New Vessel Acquisition
Caption: Bulk carrier Magic P - Image courtesy of Tony Roberts (For illustrative purposes only)

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. 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.” 

Source: Castor Maritime