Castor To Aquire Korean-built Aframax Tanker

Castor Maritime Inc. (NASDAQ: CTRM) rose Friday after gaining more than 6% on Thursday. Castor Maritime recently announced deliveries of M/V Magic Twilight and M/V Magic Thunder.

Castor also announced Friday that it entered, through a separate wholly-owned subsidiary, into an agreement to acquire a 2005 Korean-built Aframax tanker from an unaffiliated third-party for a purchase price of $14.8 million.

The acquisition is expected to be consummated by taking delivery of the vessel within the second quarter of this year and is subject to the satisfaction of certain customary closing conditions.

CEO Petros Panagiotidis commented: “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 16 vessels.

Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of oceangoing cargo vessels.

On a fully delivered basis, Castor will own a fleet of 16 vessels, with an aggregate capacity of 1.5 million dwt, consisting of one Capesize, five Kamsarmax, and seven Panamax dry bulk vessels, as well as one Aframax and two Aframax/LR2 tankers.

Where the company refers to information on a "fully delivered basis", it is referring to such information after giving effect to the successful consummation of our recent vessel acquisitions.

CTRM shares were flat at 45 cents.