Castor Maritime's Christmas shopping list has just got a bit longer, with the US-listed company announcing its first bulker acquisition in four months that marks a new landmark in its rapid expansion.
The Petros Panagiotidis-led outfit said it agreed to spend $23.55m on a Japanese-built panamax built in 2012.
The company did not identify the vessel other than to say that it was purchased from a third party in which a Panagiotidis family member has a minority interest.
Petros Panagiotidis' sister Ismini is founder of Pavimar Shipping, which provides a series of management and other services to Castor. Both are children of Gabriel "Villy" Panayotides.
"The terms of the transaction were negotiated and approved by a special committee of disinterested and independent directors of the company," Castor said in a statement.
The vessel is currently undergoing dry-docking and a special survey, and will be delivered to Castor thereafter.
Busy in tankers as well
This is the second acquisition unveiled by Castor this month.
On 8 December, the company revealed it spent $18m on a tanker, which it did not identify. But brokers believe it to be the 115,300-dwt Agneta Pallas (built 2006).
That ship was previously known as the Dubai Horizon — purchased by current owner Energifonden Maritime just a few months ago for an undisclosed sum.
Castor may even have yet another tanker deal in the pipeline.
Athens-based brokers are identifying the company as the buyer of the 106,000-dwt Guanabara (built 2007), which Phoenix Tankers — a Singapore-based subsidiary of Mitsui OSK Lines — reportedly offloaded for between $16.5m and $16.8m.
Phoenix representatives were not immediately available to comment.
According to a tanker industry source, Phoenix is parting with the Guanabara because the vessel is about to pass a 15-year-mark that makes it ineligible to trade for some of MOL's oil major clients.
The tanker source added that Phoenix is unlikely to be replacing the Guanabara with any other vessel soon, since there is very little demand for aframax tankers in Japan.
Castor did not respond to a request for comment on whether it is indeed the buyer of the Guanabara.
Buying frenzy
Castor's acquisitions are just the latest moves in a buying frenzy that has seen the company spend $400m since July 2020 in confirmed deals for 26 ships — 17 bulkers for $290m and nine tankers for $109m.
Three of its purchases — all panamax bulkers — were done in 2020 and 23 followed this year.
These transactions have brought the size of its fleet to 29 ships. That includes 20 bulkers, consisting of one capesize, seven kamsarmaxes and 12 panamaxes. Its nine tankers comprise one aframax, six aframax/LR2s and two handysize MRs.
The Guanabara would be the company's 10th tanker.
Castor usually issues massive amounts of equity to fund its staggering growth. However, in July, it added a significant debt facility to its quiver through a $40.75m, five-year term loan with a European lender, possibly Greece's Alpha Bank or Germany's Hamburg Commercial Bank.
Separately to its latest bulker acquisition, Castor announced on Monday the conclusion of an index-linked time charter for the 76,800-dwt Magic Mars (built 2014).
An unidentified charterer fixed the vessel for about a year at a gross daily charter rate equal to 91% of the average of the Baltic Panamax 5TC index.
