Castor Maritime announces dry bulk vessel acquisition

The acquisition is expected to be completed in mid-October

Castor Maritime, a global shipping company specializing in the ownership of dry bulk vessels, announced that on September 28, 2020, it entered into an agreement to purchase a 2010 Japan-built Panamax dry bulk carrier for USD 13.86 million from an unaffiliated third-party seller.

ÔÇ£We believe that with this acquisition we have, once again, demonstrated our ability to quickly utilize the capital raised in our recent offerings in a productive and accretive manner. We remain committed to continuing the assessment of the various market opportunities presented to us, and we remain focused on our goal of growing our fleet further while at the same time aiming to maximize shareholder value.ÔÇØ, added Petros Panagiotidis, Chairman, CEO and CFO of Castor Maritime.

The acquisition is expected to be consummated by taking delivery of the vessel by mid-October 2020.

Upon completion of this acquisition and our previously announced acquisition of a 2010 Japan built Panamax dry bulk carrier, the Company's fleet will consist of six Panamax dry bulk carriers.