Cyprus-based shipping firm Castor Maritime, through a separate wholly-owned subsidiary, has agreed to purchase a 2012 Japanese-built Panamax dry bulk carrier.

This vessel will be acquired from a third-party in a deal valued at $23.55m.

The deal terms were sanctioned by a special committee of disinterested and independent directors of the firm.

Delivery of the ship will take place after the deployment of a ballast water treatment system and completion of the vessel’s ongoing dry docking and special survey.

The deal is subject to customary closing conditions.

Additionally, the company signed a time charter contract for a 2014-built Panamax dry bulk carrier, M/V Magic Mars.

The vessel has been chartered at a gross daily charter rate equal to 91% of the average of the Baltic Panamax Index 5TC routes.

In a statement, Castor Maritime said: “The charter commenced on 6 December 2021, and has a minimum duration of eleven months and a maximum duration of about fourteen months (+/- 15 days) at the charterer’s option.”

After receiving the Panamax dry bulk carrier, the firm will own a fleet of 29 ships, with an average capacity of 2.5 million dwt.

These include one Capesize, seven Kamsarmax and 12 Panamax dry bulk vessels, one Aframax, six Aframax/LR2 and two Handysize tankers.

Earlier this month, Castor Maritime, through a separate wholly-owned subsidiary, agreed to buy a 2006 Korean-built Aframax LR2 tanker from an unaffiliated third-party. This deal was worth $18.15m.

In August this year, Castor Maritime agreed to acquire a 2008 Japanese-built Panamax dry bulk carrier.