Pavimar SA

Ismini Panagiotidis is targeting a Nasdaq initial public offering (IPO) to secure funding for her newly established bulker venture, Icon Energy. Launched in August 2023, Icon Energy has filed for the listing of its common shares on Nasdaq, aiming to raise between $4.6 million and $5.5 million through the offering of 1.25 million shares, plus additional shares. The net proceeds from the IPO are designated for general corporate uses, as stated by Icon Energy. In its initiation phase, Icon Energy will acquire the 2006 Japanese-built panamax bulk carrier, 77K DWT MV Alfa, from Pavimar, a shipowning and operating company controlled by Ismini Panagiotidis based in Athens. The acquisition will be in exchange for shares. Currently, MV Alfa is engaged in a time charter with a commodity trading conglomerate that is set to expire in the fourth quarter of 2025. As outlined in Icon Energy’s IPO prospectus filed with Nasdaq, the company plans to expand, renew, and grow its fleet through the sale and purchase market. Additionally, Icon Energy is considering diversification into other maritime sectors or potentially ordering newbuild vessels. Pavimar, under Ismini Panagiotidis’ control, will manage the commercial and technical operations of Icon Energy’s fleet. This strategic move places Ismini Panagiotidis in line with her brother, Petros, who manages two Nasdaq-listed companies: Castor Maritime (CTRM) and its spin-off entity focusing on tanker and LPG operations, Toro. 15-May-2024


The company Castor Maritime, headquartered in Cyprus and engaged in operating bulk carriers and container ships, has finalized a deal to sell a bulk carrier for an estimated sum of $16 million. The vessel in question is the MV Magic Nebula, a kamsarmax bulk carrier constructed in 2010, now sold to an organization under the beneficial ownership of a relative of Castor Maritime’s executive trio: Chairman, CEO, and CFO Petros Panagiotidis. Within the current year, Castor Maritime has also divested other ships to Panagiotidis family entities, namely the panamax bulk carriers MV Magic Nova and MV Magic Horizon, which were let go for approximate amounts of $16 million and $15.5 million, respectively. These sales reflect a profitable turnover from their purchase prices in 2020, which were around $13.5 million for MV Magic Nova and $12.5 million for MV Magic Horizon. The ships MV Magic Horizon and MV Magic Nebula have been incorporated into the fleet of Pavimar, a shipping management company helmed by Ismini Panayotides, the sister of Petros Panagiotidis. Pavimar’s portfolio boasts a fleet that has now grown to encompass 20 bulk carriers, following the recent acquisition of another kamsarmax bulk carrier from Castor Maritime, the MV Magic Venus. This addition underscores a continuing pattern of transactions between Castor Maritime and Pavimar, including the purchase of two container ships by Castor Maritime in the closing months of 2022 from Pavimar SA. Pavimar SA, steered by Ismini Panayotides, has established itself as a significant player in the maritime industry, with a focus on the dry bulk sector. Under her leadership, Pavimar SA has demonstrated a strategic acumen in fleet expansion and operational efficiency, capitalizing on the extensive maritime knowledge and industry networks within the Panagiotidis family. The company’s acquisition strategy, marked by the recent addition of MV Magic Nebula to its fleet, reflects its commitment to growth and its ability to navigate the complex global shipping markets. The sale agreement for MV Magic Nebula was meticulously negotiated and received the green light from a dedicated committee of independent and impartial directors at Castor Maritime. The transaction is slated for completion in the second quarter of 2024, with MV Magic Nebula’s transition to Pavimar SA. Castor Maritime anticipates this deal will result in a net profit of about $2.5 million during the same period, a figure that does not take into account any expenses related to the transaction. 23-February-2024


The Limassol-based shipping company, Castor Maritime Inc. (CTRM), led by Chairman and CEO Petros Panagiotidis, has successfully arranged the sale of two of its panamax bulk carriers to parties related to his family. The transactions involve the MV Magic Nova and the MV Magic Horizon, panamax bulk carriers with deadweight tonnages of 78,000 and 76,000, respectively. The MV Magic Nova is being sold for $16.1 million, and the MV Magic Horizon for $15.8 million. These vessels were originally acquired by Castor Maritime in 2020 for $13.86 million and $12.75 million, signifying a profitable investment with an expected combined profit of approximately $9 million from these sales by the end of Q1 2024. The buyer includes Pavimar, the ship management company overseen by Panagiotidis’ sister, Ismini Panayotides, which operates a fleet of 10 bulk carriers. This transaction follows a prior deal between Castor Maritime and Pavimar involving two containerships, valued at $50.75 million, which facilitated Castor Maritime’s foray into the container shipping industry. Furthermore, this year saw the sale of the 2010-built kamsarmax bulk carrier Magic Venus to a member of the Panagiotidis family, a vessel that was acquired from Pavimar in January 2021 for $15.85 million. Despite these divestments, Castor Maritime maintains a versatile fleet, inclusive of a 2005-built container ship with a 2,700 TEU capacity and 14 bulk carriers, with plans to offload four more. This strategic maneuvering highlights Castor Maritime’s proactive and strategic fleet management practices, aiming to optimize its investment and operational portfolio in the shipping industry. 31-January-2024


Based in Limassol, Castor Maritime Inc. (CTRM) has adeptly completed the sale of another senior vessel, turning a profit in a notably brief timeframe. The company, listed on Nasdaq, has parted with its panamax bulk carrier, MV Magic Moon, built in 2005, handing it over to a third party with no prior connection. Acquired from Pavimar SA in 2019 for an estimated $10 million, the 76,600 dwt MV Magic Moon fetched a sale price of $13.9 million. Furthermore, just last month, Castor Maritime Inc. (CTRM) facilitated the sale of another vessel, the panamax bulk carrier MV Magic Rainbow, constructed in 2007, for approximately $12.6 million. This sale resulted in a net profit of $4.4 million. Looking ahead to the third quarter of 2023, the company is projecting a net gain of $5.3 million from the MV Magic Moon transaction. Following these strategic divestitures, the operational fleet of Castor Maritime Inc. (CTRM) will encompass 18 bulk carriers and a duo of containerships, each with a capacity of 2,700 TEU. 1-April-2023.


Castor Maritime, a company listed on Nasdaq and engaged in shipowning and operations, has finalized the acquisition of a capesize bulk carrier built in 2006, the MV Ocean Compass, for an estimated $17.5 million from the Japanese shipowner Imabari Senpaku. This purchase, initially reported to be by Pavimar SA—overseen by Ismini Panagiotidi, the sister to Castor Maritime’s CEO, Petros Panagiotidis—signifies growth for Castor Maritime. The delivery of the MV Ocean Compass is anticipated by the end of Q2 2021. Prior to delivery, the ship will be subjected to drydocking and a special survey (SS), which will include the installation of a ballast water treatment system (BWTS), explaining the transaction’s value. Petros Panagiotidis, the CEO of the Limassol-based Castor Maritime, shared his excitement about this acquisition, emphasizing the effective use of the company’s newly acquired capital to purchase their seventh ship. He pointed out that the current market dynamics are conducive to scaling up to larger dry bulk vessel categories, with the aim of improving the company’s standing in the market and ensuring sustained profitability for its shareholders. Previously, Castor Maritime exclusively owned panamax bulk carriers, but since its initial public offering on Nasdaq in 2019 with just one bulk carrier, it has expanded its fleet to include six panamax bulk carriers. 18-January-2021


Located in Limassol, Castor Maritime (CTRM), a company engaged in ship ownership and operations, has successfully secured an $11 million term loan facility with Alpha Bank, which it anticipates drawing down by the end of this year. Castor Maritime (CTRM) plans to use these funds to clear a $7.5 million loan from shareholders and allocate the remaining amount for its strategic growth ambitions. Petros Panagiotidis, CEO of Castor Maritime (CTRM), expressed enthusiasm about acquiring the company’s first secured term loan with Alpha Bank, highlighting the bank’s top-tier status and the competitive terms of the loan. He emphasized the importance of this new banking relationship as pivotal to the company’s strategy for using its financial assets to drive growth. Since its foundation in September 2017 and its subsequent listing on the Nasdaq Capital Market at the beginning of this year with just one ship, Castor Maritime has expanded its holdings to include three panamax bulk carriers. This expansion includes acquisitions from Diana Shipping and Pavimar SA, the latter being directed by Ismini Panagiotidi, Petros Panagiotidis’ sister. 24-November-2019


Pavimar SA has completed the sale of the 12-year-old supramax bulk carrier, MV Mary. The Greek shipping company Pavimar SA offloaded the 2007-constructed supramax bulk carrier, MV Mary, as part of its strategy to modernize and enlarge its fleet. Under the leadership of Ismini Panayiotides, Pavimar SA orchestrated the sale of the 52,000-dwt, Japanese-made MV Mary Lina (originally built in 2007) to a Vietnamese purchaser for $10.3 million. Pavimar SA acquired the vessel, previously known as Stella Maris and crafted by Tsuneishi Shipbuilding, from Kambara Kisen for $9.6 million in March 2017. Additionally, last month witnessed Pavimar SA divesting itself of the 76,000-dwt panamax bulk carrier MV Magic Moon (formerly MV Double Happiness), built in 2005, to the closely affiliated Greek company Castor Maritime, marking two years since its acquisition. In a similar move in October, Pavimar SA disposed of the 53,000-dwt supramax bulk carrier MV Ribbon, constructed in 2005, to Hai Nam of Vietnam for $9 million. Currently, the Athens-based Pavimar SA is recorded as having a fleet of 13 bulk carriers, averaging nine years of age. 10-November-2019


Castor Maritime has acquired a panamax bulk carrier from Pavimar SA, led by Ismini Panayiotides, as part of its fleet expansion strategy. A 14-year-old panamax bulk carrier has been transferred to the closely associated Greek shipping company Castor Maritime, two years after Pavimar SA originally purchased the vessel. The 76,000-dwt panamax, MV Magic Moon (formerly MV Double Happiness), constructed by Imabari in 2005, was sold for $10.2 million, slightly above the price Pavimar SA paid to a Japanese seller in April 2017. The MV Magic Moon is scheduled for a special survey in August of the following year. Previously, Pavimar SA completed the sale of the 53,000-dwt, 2005-built supramax bulk carrier MV Ribbon to an unnamed buyer for approximately $9 million. This supramax, now recognized as MV Hai Nam 81, has been confirmed sold to Hai Nam of Vietnam. Pavimar SA’s current fleet includes three supramax bulk carriers, nine panamax bulk carriers, and one capesize bulk carrier, with an average age of nine years. This year, Pavimar SA expanded its fleet by purchasing the 78,000-dwt panamax bulk carrier MV Lake Dahlia (built in 2009) from a Japanese entity for $13.8 million in May. On the other hand, Castor Maritime, listed on Nasdaq and headquartered in Limassol, Cyprus, under the leadership of Petros Panagiotidis, has a specialized fleet of three panamax bulk carriers, with MV Magic Moon now being the latest addition. In July, Castor Maritime Inc. (CTRM) announced the purchase of the 75,000-dwt MV Magic Sun (previously MV Nirefs), built in 2001, from Diana Shipping. Although the acquisition price was roughly $10.25 million, the seller’s details were not fully disclosed, other than noting the seller was a company with ties to a family member of CEO Petros Panagiotidis. In a statement, Panagiotidis emphasized Castor Maritime’s continuous ambition to grow its fleet strategically, aiming to enhance both earnings and cash flows. 22-October-2019


Under the leadership of Petros Panagiotidis, Castor Maritime (CTRM), a company engaged in ship ownership and operations, has successfully negotiated the purchase of a panamax bulk carrier built in Japan in 2005 for a sum of $10.2 million. The identity of the vessel and the seller has not been publicly disclosed, but Castor Maritime (CTRM) has mentioned that the transaction involves a third-party entity with ties to Petros Panagiotidis. There is speculation that the vessel is the MV Real Happiness, a panamax bulk carrier built by Imabari and currently under the ownership of Pavimar SA, which is led by Ismini Panagiotidi, Petros Panagiotidis’ sister. VesselsValue estimates the value of the MV Real Happiness at $10.28 million. Petros Panagiotidis, holding the positions of chairman, CEO, and CFO at Castor Maritime (CTRM), shared his enthusiasm about acquiring what is now the company’s third dry bulk carrier, and the second purchase since its NASDAQ debut in the first quarter of 2019. He reiterated the firm’s dedication to aggressive expansion, with a focus on acquiring assets that will positively impact the company’s profitability and cash flow. The acquisition of the MV Real Happiness is expected to be finalized by the end of the current month. 17-October-2019


Athens based shipowner and operator Pavimar SA is selling the oldest supramax bulk carrier in fleet renewal move. Pavimar SA is selling 2005 built supramax dry bulk carrier 53K DWT MV Ribbon for about $9 million. Deal has not yet been concluded. Ismini Panayiotidies led Pavimar will lower the age profile of its fleet. Imabari Shipbuilding constructed MV Ribbon is due for a special survey in 2020. In May 2019, Pavimar SA acquired 2009 built panamax bulk carrier 78K DWT MV May (ex MV Lake Dahlia) from Triton Navigation for $13.8 million. Ismini Panayiotidies established Pavimar in 2014. MV Ribbon was earlier in the fleet of Maryville Maritime which is controlled by Ismini Panayiotidies’ father Villy Panayotides. Pavimar SA has a fleet of four (4) supramax, ten (10) panamax, one (1) capesize bulk carriers. 9-October-2019


The Greek dry bulk company Pavimar SA has completed the purchase of two Sanoyas-built panamax bulk carriers from Triton Navigation, a Netherlands-based company with ties to Japan’s Sumitomo Corp. The Athens-based Pavimar SA invested a total of $27.6 million for the 2009-constructed panamax bulk carriers, MV Lake Dahlia and MV Triton Gannet. This acquisition price surpasses the fair market value estimated at $26.51 million for the duo, but it’s noteworthy that both MV Lake Dahlia and MV Triton Gannet have recently undergone Special Surveys (SS). Established by Ismini Panagiotidi in 2014, Pavimar SA’s fleet now comprises 14 bulk carriers. 15-May-2019


Greek shipowner and operator Pavimar SA increased the fleet to 15 ships after the latest panamax purchase. Ismini Panayotides led Pavimar SA has acquired 2012 Japanese built 74K DWT MV Scorpio (ex MV Eisho) in December 2019 for around $18.5 million from Japanese shipowners Doun Kisen. Greek shipowner and operator Pavimar SA’s two-thirds of its fleet were built in Japan. Greek Ismini Panayotides established Pavimar SA in 2014 with two supramax dry bulk carriers. Currently, Pavimar SA has a fleet of 15 ships in fleet: 6 pana­max, 4 kamsarmax, 4 supramax and 1 capesize dry bulk carriers. Pavimar SA’s 2004 built panamax dry bulk carrier 76K DWT MV Magic P belongs to Castor Maritime which is headed by Ismini Panayotides’ brother Petros Panayotides. 31-March-2019


Pavimar SA has finalized its inaugural bulk carrier acquisition for the year. Led by Ismini Panayiotides, Pavimar SA secured the 78,000-dwt panamax bulk carrier MV Lake Dahlia, built in 2009 and under Japanese control, for an estimated $13.5 million. This addition expands its managed fleet to 16 bulk carriers. The vessel, crafted by Sanoyas Shipbuilding, recently underwent a special survey, justifying what is perceived as a robust purchasing price. Furthermore, Pavimar SA also acquired the sister ship, the panamax bulk carrier MV Triton Gannet, constructed in 2009. With a preference for Japanese-built vessels, two-thirds of Pavimar SA’s fleet originates from Japan. This marks Pavimar SA’s first acquisition since October, during which it purchased the 74,000-dwt MV Scorpio (formerly MV Eisho), built in 2012, for an approximate $18.5 million. The fleet of Pavimar SA includes seven panamax bulk carriers, four kamsarmax bulk carriers, four supramax bulk carriers, and one capesize bulker. Notably, one of Pavimar SA’s panamax bulk carriers, the 76,000-dwt MV Magic P (built in 2004), is part of the Castor Maritime fleet, led by Ismini Panayiotides’s brother, Petros Panayiotides. Ismini Panayiotides founded Pavimar SA in the summer of 2014, starting with just two supramax bulk carriers, and is a descendant of the esteemed Greek shipowner Gabriel “Villy” Panayiotides, alongside her brother Petros Panayiotides. 21-March-2019


Based in Limassol, the shipowning and operating firm Castor Maritime (CTRM) has been authorized for its common shares to be listed on the Nasdaq Capital Market. Trading under the ticker symbol CTRM will commence on Monday, alongside its current listing on the Norwegian OTC market with the symbol CASTOR, established last month. Founded by chairman and CEO Petros Panagiotidis in September 2017, Castor Maritime presently operates with a single asset in its fleet, the 2004-built panamax bulk carrier MV Magic P. Managed by Pavimar SA, a dry bulk shipowning company under the leadership of Ismini Panayotides, Petros Panagiotidis’ sister, Castor Maritime (CTRM) has articulated in a presentation its strategy to augment its fleet through the procurement of additional bulk carriers. These vessels are intended for deployment under a strategic blend of time and spot charters, aiming for growth and diversification. 5-February-2019


Greek ship-manager and operator Pavimar SA acquired second kamsarmax dry bulk carrier from its bankrupt compatriot owner Toisa Shipping. After these acquisitions Ismini Panayiotides-led Pavimar SA increased fleet to 14 ships. Greek ship-manager and operator Pavimar SA acquired 2016 built kamsarmax dry bulk carrier 82K DWT MV Trade Prosperity. MV Trade Prosperity is one of the dry bulk carriers sold by Clarksons as part of Toisa Shipping’s US bankruptcy. Bankrupted Greek shipowner and operator Toisa Shipping had a fleet of 26 tankers and 6 dry bulk carriers. In June 2018, Greek ship manager and operator Pavimar SA acquired 2012 built 81K DWT MV Trade Will around $15.5 million. In February 2018, Toisa Shipping owner Gregory Callimanopulos filed for Chapter 11 bankruptcy protection in United States over a debt exceeding $1billion. Citibank was one of his several creditors of bankrupted shipowner Toisa Shipping. Toisa Shipping’s 13 tankers and 76 dry bulk carriers would be yielding estimated proceeds of $385 million. 27-July-2018


Just weeks after being identified as the acquirer of one of the six kamsarmax bulk carriers from the bank-led fleet sale of Toisa Shipping, Pavimar SA has completed another transaction, marking its second successful asset flip within the last six months. This time, Pavimar SA sold the Imabari-built 76,600 dwt panamax bulk carrier MV Toro for approximately $15.5 million. The Athens-based shipping company, Pavimar SA, originally purchased the MV Toro for under $8.5 million in September 2016. Earlier this year, Pavimar SA sold another vessel constructed by Imabari, the 51,000 dwt supramax bulk carrier MV Queen P, to its Greek counterpart Aims Shipping for about $12.5 million, after acquiring it for $10 million in March of the previous year. Pavimar SA has demonstrated significant growth as a shipowner in recent years, with the purchase of eight bulk carriers since February 2017. 15-July-2018


The shipowning entity led by Ismini Panagiotidi, Pavimar SA, is expanding its maritime assets with the acquisition of its twelfth bulk carrier. This Athens-based maritime firm is identified as the purchaser of the kamsarmax bulk carrier MV Trade Will, built in 2012, which is being acquired for approximately $16 million. This deal includes a six-month time charter at a daily rate of $7.5k. MV Trade Will is part of a fleet of 26 vessels put on the market by Clarksons after the bankruptcy of Gregory Callimanopulos’ Toisa Shipping the previous year. The collection for sale encompasses seven Chinese-constructed kamsarmax bulk carriers, five suezmax tankers, and eight additional tankers of varied sizes. Since its inception in 2014, Pavimar SA has emerged as one of the most proactive entities in purchasing secondhand panamax and capesize vessels over the past four years. 25-June-2018


Greek shipowner and operator Pavimar SA sold 2009 Japanese built supramax dry bulk carrier 51K DWT MV Queen P for about $12 million. In 2017, Ismini Panayiotides-led Pavimar bought MV Queen P (ex MV Chavin Queen) for about $10 million. Greek shipowner and operator Pavimar SA’s fleet is left with 2011 built capesize dry bulk carrier 181K DWT MV Mairaki. 28-February-2018


The Greek maritime firm Aims Shipping has been identified as the purchaser of the 2009-constructed supramax bulk carrier MV Seven Lady (formerly known as MV Queen P) from Pavimar SA. This transaction, involving the Imabari-manufactured vessel MV Seven Lady, was finalized late last year for an approximate amount of $12.5 million. The Athens-based Aims Shipping, now the new owner, has already taken delivery of the MV Queen P, which has been rechristened as MV Seven Lady. This transaction resulted in a substantial profit for Pavimar SA, totaling around $2.4 million within just seven months of its initial purchase. Pavimar SA acquired the vessel, previously called MV Chavin Queen, from Japan’s NS United Kaiun Kaisha for about $10 million in May 2017. Founded in 2011 by former EastMed executives Stefanos Pesmazoglou and Michael Stasinopoulos, Aims Shipping’s current fleet includes seven vessels, comprising two feeder containerships and five bulk carriers. 22-January-2018