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Castor Maritime adds new funds to support growth plans

Nasdaq-listed Greek owner Castor Maritime has raised more funds to continue its rapid fleet expansion, which has seen the acquisition of twenty vessels this year.

The Cyprus-based firm said it has closed and drawn down on a $40.75m senior term loan facility with a European bank, through four of its dry bulk vessels. It intends to use the proceeds for general corporate purposes, including supporting the company’s growth plans.

Castor Maritime has grown its fleet to 26 vessels, having started the year with just six panamax bulkers. It now owns one capesize, seven kamsarmaxes, ten panamaxes and eight tankers.

“We believe that by increasing our low leverage position, we are improving our capital structure and enhancing our ability to fund our growth plans,” said Petros Panagiotidis, CEO of Castor.

The financing has been secured through the bulkers Magic Thunder, Magic Nebula, Magic Eclipse and Magic Twilight.

The company has also raised $9.7m to date by selling around 3.56m shares under its common stock offering program, with no sales having taken place in July.

Adis Ajdin

Adis is an experienced news reporter with a backgroud in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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