Nasdaq-listed Greek owner Castor Maritime has continued its secondhand spending spree with the acquisition of an eleventh panamax bulker to take its fleet to 27 ships.
The Cyprus-based firm is adding a 2008 Japanese-built bulker for $18.75m. The vessel acquisition is expected to be financed with cash on hand and cash flows generated from operations. The ship and seller have yet to be identified and the delivery is expected to complete in the fourth quarter of this year.
In addition, Castor Maritime has secured time charters for its kamsarmax pair. The 2013-built Magic Perseus and the 2011-built Magic Thunder have both been recently fixed for about 100 days at $35,000 per day.
“Demand for dry bulk transportation services remains strong, allowing us to generate significant free cash flows and fund our growth plans,” said Petros Panagiotidis, CEO of Castor.
Castor Maritime has grown its fleet to 27 vessels, having started the year with just six panamax bulkers. It now owns one capesize, seven kamsarmaxes, eleven panamaxes and eight tankers.