Castor Maritime raises funds to buy bulkers

Castor Maritime raises funds to buy bulkers

Greek dry bulk owner Castor Maritime has successfully entered into two agreements, a secured term loan financing agreement and a non-brokered private placement of unsecured convertible debentures.

The company has entered into a $4.5m secured term loan facility with a financial institution, and a securities purchase agreement with an institutional investor where the investor will purchase up to three convertible debentures for a maximum aggregate price of $5.0m.

Castor says it intends to use the net proceeds from both financing transactions for working capital and other general corporate purposes, including growing the company’s fleet.

Petros Panagiotidis, CEO and CFO of Castor Maritime, commented: “We are pleased to have successfully completed these two financing agreements. We believe that the inflow of gross proceeds of $9.5m to our working capital reserves, at this point in the dry bulk market cycle, will allow us to take advantage of attractive growth opportunities potentially presented to us in the near future.”

The Nasdaq-listed company currently has three panamax bulker in its fleet.

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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