Nasdaq-listed dry bulk owner Castor Maritime seals a $15.3m senior term loan facility to aid fleet growth, says a press release published on their website.
About the loan
Castor Maritime seals a $15.3m senior term loan facility with a European financial institution, secured by two of its vessels.
According to Castor, the loan is expected to be drawn down by end of this month, and will be used for the company’s growth plans.
Castor’s debut in Cape segment
Recently, Castor acquired a 2006-built Japanese capesize bulker for $17.5m marking its debut in the cape segment and adding to its fleet of six panamax vessels.
Long-term profitability
Petros Panagiotidis, chief executive officer of Castor, commented: “We are very pleased that this financing opportunity came to a successful completion. This new debt financing, our largest to date, with its attractive cost of funds, will provide additional liquidity enabling us to continue pursuing our strategic goals of expanding our fleet and delivering long-term profitability to our shareholders.”
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Source: Castor Maritime
