Cyprus-based diversified owner Castor Maritime has secured $22.5m in funding from an Asian lender to partly finance its expansion into the container shipping sector.
The Nasdaq-listed company recently took delivery of its first two containerships, Ariana A and Gabriela A, from shipowning outfit Pavimar, controlled by Ismini Panayotides, sister of Castor’s chairman and CEO, Petros Panagiotidis.
The loan, secured by the 2005 German-built 2,700 teu vessels, will have a tenor of five years and bear interest at SOFR plus margin.
Castor paid $50.75m for the pair, which came with charters attached. The Ariana A has at least four months remaining on its contract at $23,250 per day, while the Gabriela A will be earning $26,350 per day for a minimum duration of about 16 months.
The company currently owns a fleet of 30 vessels, of which a fleet of eight tankers will be spun off under a newly formed subsidiary, Toro.
