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Castor Maritime enters container sector with double acquisition

Cyprus-based bulker and tanker owner Castor Maritime has made a move into the container shipping sector with a double sub-panamax purchase.

The Nasdaq-listed company is adding two 2005 German-built 2,700 teu ships from entities beneficially owned by family members of Castor’s chairman and CEO, Petros Panagiotidis.

The ships match the description of Ariana A and Gabriela A, which shipowning outfit Pavimar, controlled by Panagiotidis’ sister Ismini Panayotides, acquired last year.

Castor is paying $50.75m for the pair, with charters attached at “attractive levels” and expected to deliver by the end of 2022. The company currently owns 20 bulk carriers and eight tankers. 

Earlier in November, Castor moved to spin off its tanker fleet into a newly formed subsidiary, Toro, and have its common shares listed on Nasdaq. The unit will be led by Panagiotidis and comprise one aframax, five aframax/LR2 and two handysize tankers.

Adis Ajdin

Adis is an experienced news reporter with a background 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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