Petros Panagiotidis-led Castor Maritime has completed the acquisition of 2001-built Korean panamax bulker Nirefs from Diana Shipping for $6.7m, doubling the size of the company’s fleet.
The vessel has been renamed Magic Sun, and has been fixed to Germany’s Oldendorff Carriers at a daily rate of $12,000. The charter is set to commence on September 7, and is for a period of eight to twelve months. It will generate revenues of $2.9m based on the minimum charter period, and up to $4.4m.
“We are pleased to announce the delivery of our second vessel. Consistent with our growth-oriented strategy, in a short period of time, we have doubled the size of our fleet with the target of increasing annual cash flows and shareholder value,” Panagiotidis said, commenting on the deal.
Castor Maritime funded the vessel acquisition, first revealed in July, with cash on hand as well as a $5m loan from an entity controlled by Panagiotidis. The loan bears an annual fixed interest rate of 6%.