Dry CargoEurope

Castor Maritime takes its first capesize

Nasdaq-listed dry bulk owner Castor Maritime has announced the acquisition of a 2006-built Japanese capesize bulker for $17.5m.

The vessel appears to be Imabari Senpaku’s Ocean Compass, which brokers earlier this week had reported as acquired by Pavimar.

Pavimar is run by Ismini Panagiotidi, the sister of Castor boss Petros Panagiotidis.

Castor is taking delivery of the vessel around the end of this quarter or early next quarter. The vessel will first complete its scheduled drydocking and special survey, which includes the installation of a ballast water treatment system explaining the price of the deal. Online pricing portal VesselsValue puts a $13.44m price tag on the ship.

Commenting on the acquisition, Castor CEO Panagiotidis said: “We are very pleased that we have been able to quickly utilize our recently raised capital by agreeing to the acquisition of our seventh vessel. We believe it is currently an opportune time to move to larger dry bulk sizes, as we are of the view that these also will attract benefit in the current improving market. We are committed to further expanding our fleet by taking advantage of attractive opportunities presented to us in all vessel sizes and segments, allowing us to achieve our long-term goal of delivering long-term profitability to our shareholders.”

Up until this point, Castor Maritime has only owned panamax bulkers. Having listed in 2019 with just one bulker, the company currently has a fleet of six panamaxes.

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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