Castor Maritime Inc., a global shipping company specializing in the ownership of dry bulk vessels, announces that yesterday it entered, through a separate wholly-owned subsidiary, into an agreement to purchase a 2010 Japan-built Panamax dry bulk carrier for a purchase price of $12.75 million from an unaffiliated third party seller.

The acquisition is expected to be consummated by taking delivery of the vessel sometime in the end of the third quarter / beginning of the fourth quarter of this year 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 very pleased that we have been able to utilize further our recently raised capital by agreeing the acquisition of our fifth vessel, in a very short time since the acquisition of our fourth. We are making swift progress on our expansion and renewal plan that we set in place last year and are actively continuing to assess the various opportunities presented to us. Our key goal continues to be the further expansion of our fleet and the deployment of our readily available liquidity in the most prudent and favorable way for our shareholders.”