Castor Maritime Inc. (CTRM), a shipping and energy company, Monday announced that it has agreed to acquire a 2023-built modern-eco Kamsarmax bulk carrier vessel from an unaffiliated third party for $37.5 million.
The transaction is surmised to be funded with cash.
The deal is expected to close once the delivery of the vessel is taken by the company at the end of the quarter.
After transaction close, the shipping company's fleet will consist of 10 vessels, with an aggregate capacity of 0.7 million dwt.
In pre-market activity, CTRM shares were trading at $2.11, down 1.86% on the Nasdaq.
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