Dry CargoEurope

Castor Maritime seals fixture with Oldendorff for newly acquired panamax

Greek Nasdaq-listed panamax bulker owner Castor Maritime has entered into a new time charter agreement with Oldendorff Carriers for its newly acquired panamax bulker.

Castor swooped for its fourth vessel earlier in the month with the $7.85m acquisition of 2007-built panamax bulker  Arethusa from Diana Shipping. 

It has wasted no time finding work for the bulker, sealing a three-month minimum to five-month maximum charter at a rate of $10,300 per day. The charter will begin after delivery in August, and Castor says the charter will generate in the region of $900k to $1.6m depending on the employment period.

Petros Panagiotidis, Chairman and CEO of Castor, commented: “We are pleased to have been able to take advantage of the recent dry bulk market charter rate improvement by securing an attractive time charter contract for our recent acquisition.  We believe that the recent vessel acquisition and the prompt securing of the time charter has further demonstrated our ability to act quickly and decisively in taking advantage of market opportunities presented to us.”

Castor raised $20.7m last month via an offering, and immediately set about growing its fleet with the Arethusa deal. The company is promising further fleet expansion.

“We are determined to continue taking advantage of such opportunities in the near future for the further growth of our fleet and our profitability,” Panagiotidis said.

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.
Back to top button