Castor Maritime Secures Acquisition of New Bulk Carrier Vessel
Castor Maritime Inc. Secures New Vessel Acquisition
Castor Maritime Inc. (NASDAQ: CTRM), a noted player in the global shipping industry, has made a significant move by entering into an agreement to acquire a Kamsarmax bulk carrier vessel built in 2020, with a purchase price set at $29.95 million. This acquisition is being executed through a wholly-owned subsidiary of the company, showcasing its strategic commitment to expanding its fleet.
Financing the Acquisition
The company plans to finance this acquisition utilizing its available cash reserves. This approach underscores Castor's disciplined financial management and its dedication to maintaining a solid balance sheet even as it pursues growth opportunities.
Delivery Expectations
The delivery of the new vessel is anticipated to take place in the near future, contingent on the fulfillment of customary closing conditions. Timely delivery of this vessel will enhance Castor's operational capabilities and bolster its position in the shipping market.
About Castor Maritime Inc.
Company Overview
Castor Maritime Inc. operates as a global provider of shipping transportation services. The company holds a diverse fleet of oceangoing cargo vessels, enhancing its ability to respond to market demands effectively. Following the completion of this vessel acquisition, Castor will operate a total fleet of 13 vessels, with a combined carrying capacity of 0.9 million deadweight tons (dwt).
Fleet Composition
The fleet composition following the acquisition will include four Kamsarmax vessels, five Panamax dry bulk vessels, and one Ultramax vessel. Notably, the company has also committed to purchasing another containership, enhancing its capacity and operational versatility. The meticulous management of its fleet allows Castor Maritime to seize opportunities in various segments of the shipping market.
Future Outlook
With the recent acquisition and the ongoing strengthening of its fleet, Castor Maritime Inc. is well-positioned to navigate the evolving shipping landscape. The company’s leadership is focused on executing strategies that will facilitate growth and enhance shareholder value.
Contact Information
For any further inquiries, please reach out to:
Petros Panagiotidis
Castor Maritime Inc.
Email: ir@castormaritime.com
Media Contact:
Kevin Karlis
Capital Link
Email: castormaritime@capitallink.com
Frequently Asked Questions
What type of vessel has Castor Maritime acquired?
Castor Maritime has acquired a Kamsarmax bulk carrier vessel, built in 2020.
How much did the acquisition cost?
The purchase price for the vessel is $29.95 million.
What is the expected delivery date for the new vessel?
The delivery of the vessel is anticipated during October 2024, pending customary closing conditions.
How many vessels will Castor Maritime own after this acquisition?
After the acquisition, Castor Maritime will operate a fleet of 13 vessels.
Who can be contacted for more information regarding Castor Maritime?
For inquiries, reach out to Petros Panagiotidis at Castor Maritime, or Kevin Karlis at Capital Link via the provided emails.
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