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Castor Maritime buys 2006-built Japanese capsize bulker

Castor Maritime buys 2006-built Japanese capsize bulker

Nasdaq-listed dry bulk owner Castor Maritime announced the purchase of a $17.5 m Japanese capsize bulker built in 2006.

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The vessel appears to be the Ocean Compass of Imabari Senpaku, which brokers identified as being acquired by Pavimar earlier this week. Ismini Panagiotidi, the sister of Petros Panagiotidis, Castor's boss, runs Pavimar.

Around the end of this quarter or early next quarter, Castor will take delivery of the vessel.

“We are very pleased that we have been able to quickly utilize our recently raised capital by agreeing to the acquisition of our seventh vessel. We believe it is currently an opportune time to move to larger dry bulk sizes, as we are of the view that these also will attract benefit in the current improving market," stated Castor CEO Panagiotidis.

First, the vessel will complete its expected drydocking and special survey, including the installation of a ballast water treatment system that describes the price of the contract. 

Castor Maritime owned only panamax bulkers until this point. The business currently has a fleet of six panamaxes after having listed with only one bulker in 2019.

Maritime Business World 

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