Benzinga | Aug 26, 2021 11:30AM EDT

Castor Maritime Acquires Vessel For $18.7M; Enters New Charter Agreements

* Castor Maritime Inc (NASDAQ:CTRM) has agreed, through a subsidiary, to acquire a 2008 Japanese-built Panamax dry bulk carrier from an unaffiliated third party for a purchase price of $18.75 million.

* The delivery of the vessel is expected in 4Q21.

* The company expects to fund the vessel acquisition with cash on hand and cash flows generated from operations.

* Castor Maritime held cash and equivalents of $42.7 million as of June 30, 2021.

* Additionally, the M/V Magic Perseus has been fixed on a time charter contract starting August 20, 2021, at a daily gross charter rate of $35,000 and with a term of about 100 days.

* The M/V Magic Thunder has been fixed on a time charter contract starting August 3, 2021, at a daily gross charter rate of $35,000 and with a term of about 100 days.

* Price Action: CTRM shares are trading higher by 2.85% at $2.16 on the last check Thursday.