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.