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Castor Maritime raises more cash for ships

Nasdaq-listed Greek dry bulk owner Castor Maritime looks set for an exciting ship acquisition spree after raising $17.3m via a securities purchase agreement with unaffiliated institutional investors.

Castor is issuing around 57.5m shares in the direct offering, and has made no secret of the fact that it is looking to expand its fleet.

The panamax bulker specialist raised $20.7m last month via an offering, and immediately set about adding to its fleet splashing $7.85m to buy Diana Shipping’s 2007-built panamax  Arethusa. Days later, the company sealed a three to five month charter for the ship, to Germany’s Oldendorff at a rate of $10,300 per day.

With three fund raising exercises this year, Castor looks to have an acquisition war chest in the region of $40m and CEO Petros Panagiotidis has continually stated that the weaker dry bulk market is giving the company an opportunity to grow its fleet.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

Comments

  1. Each Panagiotidis family member will manage a diferent ship with diferent company, different flag and diferent charter!!

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