Dry CargoEurope

Castor Maritime grows fleet to six with Japanese panamax acquisition

Nasdaq-listed dry bulk owner Castor Maritime has grown its fleet to six with the acquisition of a panamax bulker.

Castor says it has entered into an agreement to purchase a 2010 Japanese-built panamax dry bulk carrier for $13.86m from an unaffiliated third party.

Splash understand’s the vessel is Triton Navigation’s Sanoyas-built (2010) Triton Hawk, which will be renamed Magic Nova upon delivery to Castor later this month.

VesselsValue puts a valuation on the bulker at around $13.1m.

Petros Panagiotidis, chairman and CEO of Castor, commented: “We are very pleased to announce the expansion of our fleet to six vessels, which signifies the doubling of our fleet size within a quarter’s time. We believe that with this acquisition we have, once again, demonstrated our ability to quickly utilize the capital raised in our recent offerings in a productive and accretive manner. We remain committed to continuing the assessment of the various market opportunities presented to us, and we remain focused on our goal of growing our fleet further while at the same time aiming to maximize shareholder value.”

Castor Maritime listed on the Nasdaq early last year with a fleet of one single panamax bulker, the Magic P. It has since added two further panamaxes in 2019 and three more during 2020.

If confirmed, the sale of Triton Hawk will see Triton Navigation exit the panamax sector. The Netherlands-based owner, connected to Japan’s Sumitomo Corp, will be left with 11 bulkers made up of seven ultramaxes and four supramaxes. It also owns a pair of LR1 tankers.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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