Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, announces that on September 28, 2020, it entered, through a separate, wholly-owned subsidiary, into an agreement to purchase a 2010 Japan-built Panamax dry bulk carrier for a purchase price of $13.86 million from an unaffiliated third party seller.
The acquisition is expected to be consummated by taking delivery of the vessel by mid October 2020 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 expansion of our fleet to six vessels, which signifies the doubling of our fleet size within a quarter’s time. We believe that with this acquisition we have, once again, demonstrated our ability to quickly utilize the capital raised in our recent offerings in a productive and accretive manner. We remain committed to continuing the assessment of the various market opportunities presented to us, and we remain focused on our goal of growing our fleet further while at the same time aiming to maximize shareholder value.”
About Castor Maritime Inc.
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 and our previously announced acquisition of a 2010 Japanbuilt Panamax dry bulk carrier, the Company's fleet will consist of six Panamax dry bulk carriers.