Limassol, Cyprus - July 29, 2020
Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping company specializing in the ownership of drybulk vessels, announces that yesterday 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 $12.75 million from an unaffiliated third party seller.
The acquisition is expected to be consummated by taking delivery of the vessel sometime in the end of the third quarter / beginning of the fourth quarter of this year 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 that we have been able to utilize further our recently raised capital by agreeing the acquisition of our fifth vessel, in a very short time sincethe acquisition of our fourth. We are making swift progress onour expansion and renewal plan that we set in place last year and are actively continuing to assess the various opportunities presented to us. Our key goal continues to be the further expansion ofour fleetandthe deployment ofour readily available liquidity in the most prudent and favorable way for our shareholders."
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, the Company's fleet will consist of five Panamax dry bulk carriers.
For more information please visit the company’s website at www.castormaritime.com
Castor Maritime press release