Cyprus-based shipping company Castor Maritime, through a separate wholly-owned subsidiary, has signed an agreement to buy a 2005 Korean-built Aframax tanker from an unaffiliated third party.

The vessel was acquired for $14.8m.

Subject to the satisfaction of certain customary closing conditions, the acquisition is expected to conclude in the second quarter of this year.

Castor Maritime CEO Petros Panagiotidis said: “We are pleased to announce our tenth vessel acquisition in 2021 with the addition of an Aframax tanker to Castor’s fleet. Upon completion of all our recently announced acquisitions, our fleet will consist of sixteen vessels.

“We constantly monitor the market for attractive acquisition opportunities across vessel sizes and segments.”

Upon completion of delivery, the company will own a fleet of 16 vessels with a combined capacity of 1.5 million dry weight tonnage (dwt).

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The fleet will consist of seven Panamax dry bulk vessels, five Kamsarmax dry bulk vessels, two Aframax/LR2 tankers, one Aframax and one Capesize dry bulk vessel.

Recently, Castor Maritime took delivery of M/V Magic Twilight, a 2010 Korean-built Kamsarmax dry bulk carrier, and M/V Magic Thunder, a 2011 Japanese-built Kamsarmax dry bulk carrier.

The purchase of these two vessels was completely funded with cash on hand.

The M/V Magic Twilight has been commissioned under a time charter contract on 13 April, at a daily gross charter rate of $19,000 with an expected term of about 20 days.

The M/V Magic Thunder commenced operations under a time charter contract on 17 April, at a daily gross charter rate of $18,900 with an expected term of around 60 days.