Castor Maritime acquires Japanese panamax to grow fleet to three

Castor Maritime acquires Japanese panamax to grow fleet to three

Petros Panagiotidis-led Castor Maritime has entered into an agreement to acquire a 2005-built Japanese panamax dry bulk vessel for $10.2m.

The name of the vessel and seller was not revealed, but the company says the seller is a third party in which Panagiotidis has an interest. Details suggest the vessel is Pavimar’s Imabari-built panamax Real Happiness. Pavimar is led by Panagiotidis’ sister Ismini Panagiotidi, and the 2005-built vessel is valued at $10.28m by VesselsValue.

Petros Panagiotidis, chairman, CEO and CFO 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.”

The acquisition is expected to be completed by the end of the month.

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.

Related Posts