Dry CargoEurope

Castor Maritime strikes for its fifth panamax bulker

Fast growing Nasdaq-listed bulker owner Castor Maritime has entered into an agreement to acquire a 2010-built Japanese panamax dry bulk carrier.

Castor paid $12.75m for the vessel, although did not reveal the name of the vessel or seller. Brokers have identified the vessel as the 76,600 dwt Shin Kasado-built Faye, owned by Greece’s Soloi Inc.

The vessel is expected to be delivered in the next few months and takes Castor’s fleet to five panamaxes. This latest addition will be the youngest in its fleet.

Petros Panagiotidis, chairman and CEO of Castor, commented: “We are very pleased that we have been able to utilize further our recently raised capital by agreeing the acquisition of our fifth vessel, in a very short time since the acquisition of our fourth. We are making swift progress on our expansion and renewal plan that we set in place last year and are actively continuing to assess the various opportunities presented to us. Our key goal continues to be the further expansion of our fleet and the deployment of our readily available liquidity in the most prudent and favorable way for our shareholders.”

Castor has been building a substantial war chest for for new ships, having raised $17.3m via a securities purchase agreement earlier this month and $20.7m via an offering last month

The company listed on the Nasdaq early last year with a fleet of a single panamax bulker, the Magic P.

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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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