Castor Maritime Entered, Through A Separate Wholly-Owned Subsidiary, Into An Agreement To Acquire A 2009-Built 1,850 TEU Containership Vessel From An Unaffiliated Third-Party For A Purchase Price Of $16.49M; Expects To Finance The Acquisition With Cash On Hand
Portfolio Pulse from Benzinga Newsdesk
Castor Maritime Inc. (NASDAQ:CTRM) has agreed to acquire a 2009-built 1,850 TEU containership for $16.49 million, financed with cash on hand. The acquisition is expected to close by October 2024, with the vessel employed under a four-month time charter at $29,000 per day.

September 10, 2024 | 1:03 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Castor Maritime is acquiring a 2009-built containership for $16.49 million, using cash on hand. The vessel will be delivered by October 2024 and will be employed under a four-month time charter at $29,000 per day.
The acquisition of a new vessel expands Castor Maritime's fleet, potentially increasing revenue through the time charter contract. The use of cash on hand for financing indicates strong liquidity, which is positive for investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100