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August 27, 2021

Castor Maritime to take over Japanese-built Panamax dry bulk carrier

In addition, the company signed new charter agreements for two Kamsarmax dry bulk carriers.

Cyprus-based shipping company Castor Maritime has agreed to buy a 2008 Japanese-built Panamax dry bulk carrier from an unaffiliated third party.

The company will execute the transaction through a separate wholly-owned subsidiary for a consideration of $18.75m.

Subject to the fulfilment of certain customary closing conditions, the acquisition is slated to close after receiving the ship in Q4 2021.

In addition, the company signed new charter agreements for two Kamsarmax dry bulk carriers.

The M/V Magic Perseus, a 2013-built dry bulk carrier, has been fixed on a time charter contract at a daily gross charter rate of $35,000 and with a term of around 100 days.

After the completion of its previous employment contract, the 2011-built M/V Magic Thunder has also been fixed on a time charter contract.

This vessel has been charted at a daily average charter rate of $35,000 with a term of about 100 days.

Castor Maritime CEO Petros Panagiotidis said: “We are happy to announce the acquisition of our 11th Panamax vessel, increasing our dry bulk fleet to 19 vessels. The vessel acquisition is expected to be financed with cash on hand and cash flows generated from operations.

“Furthermore, we are pleased to announce two new employment fixtures at daily gross rates of $35,000. Demand for dry bulk transportation services remains strong, allowing us to generate significant free cash flows and fund our growth plans.”

With this recently announced deal, the company will own a fleet of 27 vessels, with an average capacity of 2.3 million dwt.

These include seven Kamsarmax, one Capesize, 11 Panamax dry bulk vessels, one Aframax, five Aframax/LR2 and two MR1 tankers.

In May, Castor Maritime agreed to buy two Panamax dry bulk carriers from unaffiliated third parties through two separate, fully-owned subsidiaries.

These include the acquisitions of a 2013 Japanese-built dry bulk carrier for $19.06m and a 2014 Korean-built dry bulk carrier for $21m.

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