Castor moves into ultramax bulker segment

Nasdaq-listed Castor Maritime is moving into the ultramax segment with the acquisition of an unnamed 2015-built vessel in a deal worth $25.5m.

The Petros Panagiotidis-led bulker and boxship owner said it expects the vessel to join the fleet in the third quarter of this year.

Earlier this year, the Cyprus-headquartered outfit completed the sale of the 2011-built panamax Magic Vela. The company will following the latest addition have 11 ships comprising three kamsarmaxes, five panamaxes, one ultramax and a pair of 2,700 teu containerships.

Castor chief executive Panagiotidis said the company’s entry into the ultramax space was part of its efforts to renew and develop the fleet.

“We remain committed to our growth trajectory by seeking further opportunities in the shipping space, including opportunities to modernise our fleet,” he added.