Castor Maritime Acquires Vessel For $18.7M; Enters New Charter Agreements

Castor Maritime Inc CTRM has agreed, through a subsidiary, to acquire a 2008 Japanese-built Panamax dry bulk carrier from an unaffiliated third party for a purchase price of $18.75 million.
The delivery of the vessel is expected in 4Q21.
The company expects to fund the vessel acquisition with cash on hand and cash flows generated from operations.
Castor Maritime held cash and equivalents of $42.7 million as of June 30, 2021.
Additionally, the M/V Magic Perseus has been fixed on a time charter contract starting August 20, 2021, at a daily gross charter rate of $35,000 and with a term of about 100 days.
The M/V Magic Thunder has been fixed on a time charter contract starting August 3, 2021, at a daily gross charter rate of $35,000 and with a term of about 100 days.
Price Action: CTRM shares are trading higher by 2.85% at $2.16 on the last check Thursday.