Castor Maritime Inc. Announces Vessel Acquisition

LIMASSOL, Cyprus, June 30, 2020 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (a??Castora?? or the a??Companya??), a global shipping company specializing in the ownership of dry bulk vessels, announced that it entered today, through a separate wholly-owned subsidiary, into an agreement to purchase a 2007 Chinese-built Panamax dry bulk carrier for a purchase price of $7.85 million from an unaffiliated third party seller.
The acquisition is expected to be consummated by taking delivery of the vessel by the end of August 2020 and is subject to the satisfaction of certain customary closing conditions.Petros Panagiotidis, Chairman, Chief Executive Officer and Chief Financial Officer of Castor, commented:a??We are pleased that we have been able, in a very prompt manner,A to put some of the recently raised capital to use by agreeing to the acquisition of the fourth vessel in our fleet. We believe that the current market should provide us with further opportunities to grow our Company in a way that will maximize long-term shareholder value.a??About Castor Maritime Inc.
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