Castor Maritime Inc. Announces the En Bloc Acquisition of a Tanker Fleet Consisting of 5 Vessels
30 April 2021 - 11:00PM
Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a
diversified global shipping company, announces that it entered,
through five separate wholly-owned subsidiaries, into agreements to
acquire two 2006 Korean-built MR1 tankers, two 2004 Korean-built
Aframax/LR2 tankers and one 2002 Korean-built Aframax/LR2 tanker.
The five tankers are acquired from an unaffiliated third-party for
an aggregate purchase price of $49.25 million.
The acquisitions are expected to be consummated
by taking delivery of the vessels in the second quarter of this
year and are subject to the satisfaction of certain customary
closing conditions.
Petros Panagiotidis, Chief Executive
Officer of Castor, commented:
“We are excited to announce our largest purchase
transaction thus far, with the en bloc acquisition of five tankers.
Since our entry into the tanker market earlier this year, we have
managed to swiftly grow our tanker fleet to eight vessels.
Upon completion of all our recently announced
acquisitions, our fleet will consist of twenty-three vessels,
establishing our Company with a diverse fleet of fifteen bulkers
and eight tankers. This diversification allows us to pursue
attractive opportunities across different shipping sectors.”
About Castor Maritime Inc.
Castor Maritime Inc. is an international
provider of shipping transportation services through its ownership
of oceangoing cargo vessels.
On a fully delivered basis, Castor will own a
fleet of 23 vessels, with an aggregate capacity of 2.0 million dwt,
consisting of 1 Capesize, 6 Kamsarmax and 8 Panamax dry bulk
vessels, as well as 1 Aframax, 5 Aframax/LR2 and 2 MR1 tankers.
Where we refer to information on a “fully delivered basis”, we are
referring to such information after giving effect to the successful
consummation of our recent vessel acquisitions.
For more information please visit the Company’s
website at www.castormaritime.com
Information on our website does not constitute a
part of this press release.
Cautionary Statement Regarding
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. We desire to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and are including this cautionary statement in
connection with this safe harbor legislation. The words “believe”,
“anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”,
“potential”, “will”, “may”, “should”, “expect”, “pending” and
similar expressions identify forward-looking statements. The
forward-looking statements in this press release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, our management’s
examination of historical operating trends, data contained in our
records and other data available from third parties. Although we
believe that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond our control, we cannot assure you that we
will achieve or accomplish these expectations, beliefs or
projections. We undertake no obligation to update any
forward-looking statement, whether as a result of new information,
future events or otherwise. In addition to these important factors,
other important factors that, in our view, could cause actual
results to differ materially from those discussed in the
forward-looking statements include general dry bulk and tanker
shipping market conditions, including fluctuations in charter hire
rates and vessel values, the strength of world economies the
stability of Europe and the Euro, fluctuations in interest rates
and foreign exchange rates, changes in demand in the dry bulk and
tanker shipping industry, including the market for our vessels,
changes in our operating expenses, including bunker prices, dry
docking and insurance costs, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential
liability from pending or future litigation, general domestic and
international political conditions, potential disruption of
shipping routes due to accidents or political events, the length
and severity of the COVID-19 outbreak, the impact of public health
threats and outbreaks of other highly communicable diseases, the
impact of the expected discontinuance of LIBOR after 2021 on
interest rates of our debt that reference LIBOR, the availability
of financing and refinancing and grow our business, vessel
breakdowns and instances of off-hire, potential exposure or loss
from investment in derivative instruments, potential conflicts of
interest involving our Chief Executive Officer, his family and
other members of our senior management, and our ability to complete
acquisition transactions as planned. Please see our filings with
the Securities and Exchange Commission for a more complete
discussion of these and other risks and uncertainties. The
information set forth herein speaks only as of the date hereof, and
we disclaim any intention or obligation to update any
forward-looking statements as a result of developments occurring
after the date of this communication.
CONTACT DETAILS For further
information please contact:
Petros PanagiotidisCastor Maritime Inc. Email:
ir@castormaritime.com
Media Contact: Kevin Karlis Capital LinkEmail:
castormaritime@capitallink.com
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