Nasdaq-listed tanker spinoff of Cyprus-based bulker and boxship owner Castor Maritime is making its debut in the LPG arena with the acquisition of four Japanese-built vessels.
The Petros Panagiotidis-led company has picked up a trio of 2015-built 5,000 cu m ships and another 2020-built unit with a similar capacity for an aggregate purchase price of $70.7m.
The deal will be financed with cash on hand and closed in the second and third quarters of this year after delivery of the vessels, which will add to Toro’s eight-tanker strong fleet consisting of one aframax, five aframax/LR2s and a pair of handysize vessels.
“The en bloc acquisition of four LPG vessels will create a diversified fleet of tankers and LPG vessels, strengthening our position in the energy transportation business and building further our exposure in the shipping industry. We believe that the fundamentals of the LPG shipping sector are attractive with positive future prospects.
“We intend to continue looking for further opportunities to renew, grow and diversify our fleet with the addition of high-quality tonnage,” said Toro’s chief executive Panagiotidis.
Excuse me who is the seller of the coasters?