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Castor Maritime joins tanker sector with two aframax buy

Castor Maritime joins tanker sector with two aframax buy

With the purchase of two Korean Aframax tankers built in 2005 for $27.2 million, Nasdaq-listed Greek owner Castor Maritime has joined the tanker industry.

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The company says the vessels are attached to charter contacts with $15,000 a day charter hire remaining for around one year, and a profit sharing agreement. The charterer also has the option of extending it for an additional duration of one year.

The tankers have recently undergone special surveys and are fitted with treatment systems for ballast water.

“As we have communicated previously, we are a Company that aims to take advantage of attractive opportunities presented to us, as the shipping cycles evolve. Therefore, we are very excited to be entering the tanker market, at what we believe is an opportune time for this sector. While the tanker market may face continued headwinds in the short to medium term, the attached time charter contracts provide us with cash flow security while the profit sharing arrangement allows us to benefit further should a rate recovery materialize within their duration," stated Petros Panagiotidis, chief executive officer of Casto.

For the first quarter, completion of the deal is scheduled. Castor Maritime had a fleet of nine bulkers before this latest contract, including recent acquisitions. The company began as a specialist in Panamax, recently expanded into the capesize market and acquired its first kamsarmaxes as well.

Maritime Business World 

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