Cypriot shipowner Castor Maritime has continued to expand its fleet through a deal to buy a panamax bulker.
The Nasdaq-listed company has now doubled its fleet since the summer, adding three vessels following share issues that have raised $38m.
Castor said it is paying $13.86m for an unnamed ship built in Japan in 2010.
Delivery is expected by the middle of this month.
Chief executive Petros Panagiotidis said: "We are very pleased to announce the expansion of our fleet to six vessels, which signifies the doubling of our fleet size within a quarter’s time."
Moving quickly
Panagiotidis, who is also chairman and chief financial officer, added: "We believe that with this acquisition we have, once again, demonstrated our ability to quickly utilise the capital raised in our recent offerings in a productive and accretive manner.
"We remain committed to continuing the assessment of the various market opportunities presented to us, and we remain focused on our goal of growing our fleet further while at the same time aiming to maximise shareholder value."
In July, Castor spent $12.8m on another 2010-built panamax, following a deal in June to add a 2007-built ship of the same size for $7.85m. The latter turned out to be Diana Shipping's 73,593-dwt Arethusa.
The company sold two share issues in those months.
Castor posted a loss in the second quarter, but has since benefited from strengthening charter markets.
The shipowner said the net deficit to 30 June was $140,000, against a profit of $270,000 a year ago.
