Castor Maritime Inc. Announces the En Bloc Acquisition of a Tanker Fleet Consisting of 5 Vessels
Castor Maritime Inc., 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:
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This is due to the company not maintaining a share price of at least $1 for 30 consecutive days.
Castor Maritime Inc. Announces Vessel Acquisition
Castor Maritime Inc., a diversified global shipping company, announces that it entered, through a separate wholly-owned subsidiary, into an agreement to acquire a 2011 Chinese-built Panamax dry bulk carrier from an unaffiliated third-party for a purchase price of $14.5 million.
The acquisition is expected to be consummated by taking delivery of the vessel during May of this year and is subject to the satisfaction of certain customary closing conditions.
Petros Panagiotidis, Chief Executive Officer of Castor, commented:
“We are very pleased to announce the acquisition of one more Panamax dry bulk vessel in 2021, increasing Castor’s dry bulk fleet to 15 vessels. Upon completion of all our recently announced acquisitions, our fleet will consist of 18 vessels, tripling in size since the start of this year.
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Castor Maritime (NASDAQ:CTRM), up 11%
Investors have reason to be optimistic about all five of these companies.
Ocugen s partnership with Bharat Biotech gives it a 45% share of any potential profits that the India-based drug developer s promising COVID-19 vaccine candidate, Covaxin, earns in the U.S. Bionano Genomics Saphyr genome mapping system could give doctors the ability to develop better treatment options for a wide array of diseases. And Zomedica recently initiated commercialization efforts for its Truforma diagnostic platform for cats and dogs.
Meanwhile, Naked Brand Group is in the midst of shifting away from its unprofitable brick-and-mortar stores and toward its higher-margin e-commerce operations. And Castor Maritime is using the coronavirus-induced downturn in the shipping industry to expand its fleet by scooping up discount-priced vessels.