Castor Maritime Inc. (NASDAQ: CTRM), (Castor), a global shipping company specializing in the ownership of dry-bulk vessels, yesterday announced that on October 14, 2019, through a separate wholly-owned subsidiary, it has entered into an agreement to purchase a 2005 Japan built Panamax dry bulk carrier for a purchase price of $10.2 million 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, commented: “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.”
Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s 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.
Upon completion of this acquisition, the Company's fleet will consist of three Panamax dry bulk carriers.
Source: Castor Maritime