Castor Maritime Inc. Announces Vessel Acquisition
Castor Maritime (CTRM) announced the acquisition of a 2007 Chinese-built Panamax dry bulk carrier for $7.85 million, enhancing its fleet as it aims to leverage current market conditions for growth. The acquisition, set for delivery by August 2020, involves a wholly-owned subsidiary and is pending customary closing conditions. CEO Petros Panagiotidis highlighted the strategic importance of utilizing recently raised capital effectively to enhance long-term shareholder value. Post-acquisition, Castor's fleet will consist of four Panamax vessels, focusing on medium-term charters for various cargoes.
- Acquisition of a 2007 Panamax dry bulk carrier for $7.85 million to enhance fleet capabilities.
- Utilization of recently raised capital for strategic growth opportunities.
- Acquisition is subject to customary closing conditions which could delay delivery.
- Potential market fluctuations impacting future vessel values and charterhire rates.
LIMASSOL, Cyprus, June 30, 2020 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, announced that it entered today, through a separate wholly-owned subsidiary, into an agreement to purchase a 2007 Chinese-built Panamax dry bulk carrier for a purchase price of
The acquisition is expected to be consummated by taking delivery of the vessel by the end of August 2020 and is subject to the satisfaction of certain customary closing conditions.
Petros Panagiotidis, Chairman, Chief Executive Officer and Chief Financial Officer of Castor, commented:
“We are pleased that we have been able, in a very prompt manner, to put some of the recently raised capital to use by agreeing to the acquisition of the fourth vessel in our fleet. We believe that the current market should provide us with further opportunities to grow our Company in a way that will maximize long-term shareholder value.”
About Castor Maritime Inc.
Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium-term charters and transport a range of dry bulk cargoes, including such commodities as coal, grain and other materials along worldwide shipping routes.
Upon completion of this acquisition, the Company's fleet will consist of four Panamax dry bulk carriers.
For more information please visit the company’s website at www.castormaritime.com
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward‐looking statements include general dry bulk shipping market conditions, including fluctuations in charterhire rates and vessel values, the strength of world economies the stability of Europe and the Euro, fluctuations in interest rates and foreign exchange rates, changes in demand in the dry bulk shipping industry, including the market for our vessels, changes in our operating expenses, including bunker prices, dry docking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, the availability of financing and refinancing and grow our business, vessel breakdowns and instances of off‐hire, risks associated with vessel construction, potential exposure or loss from investment in derivative instruments, potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management, and our ability to complete acquisition transactions as planned. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward‐looking statements as a result of developments occurring after the date of this communication.
CONTACT DETAILS
For further information please contact:
Petros Panagiotidis
Castor Maritime Inc.
Email: info@castormaritime.com
Media Contact:
Kevin Karlis
Capital Link
Email: castormaritime@capitallink.com
FAQ
What dry bulk carrier has Castor Maritime purchased?
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