Cyprus Castor Maritime

Cyprus-based shipowner and operator Castor Maritime has agreed a $11 million secured term loan facility with Greece’s Alpha Bank. $11 million secured term loan would be used to retire Castor Maritime’s $7.5 million existing shareholder bridge loan and to fund ongoing plans for fleet expansion. Recently, Petros Panagiotidis led Castor Maritime increases fleet size with panamax bulk carrier acquisition. $11 million secured term loan was obtained through two of Castor Maritime’s shipowning subsidiaries, is expected to be drawn down before the end of 2019. Limassol based Castor Maritime will bear interest at 3.50% plus LIBOR per annum with a tenor of five (5) years. In October 2019, Castor Maritime acquired 2005 built panama bulk carrier for $10.2 million. Limassol based shipowner and operator Castor Maritime was established in 2017 and listed on Nasdaq in February 2019. After listing on Nasdaq, Castor Maritime acquired 2001 built panamax bulk carrier 75K DWT MV Magic Sun and 2004 built panamax bulk carrier 76K DWT MV Magic P. Both MV Magic P and MV Magic Sun are chartered out to German bulker giant Oldendorff.