Castor Maritime Inc. is known for providing shipping transportation services and owns a fleet of 13 vessels with a total capacity of 0.9 million dwt. The company recently agreed to sell one of its vessels, the M/V Ariana A, on November 13, 2024. With an EBITDA of $29.47 million in the last twelve months and strong free cash flow yield, InvestingPro data reveals 8 additional key insights about the company's financial performance and growth potential available to subscribers. With an EBITDA of $29.47 million in the last twelve months and strong free cash flow yield, InvestingPro data reveals 8 additional key insights about the company's financial performance and growth potential available to subscribers. Castor Maritime Inc. is known for providing shipping transportation services and owns a fleet of 13 vessels with a total capacity of 0.9 million dwt. The company recently agreed to sell one of its vessels, the M/V Ariana A, on November 13, 2024. With an EBITDA of $29.47 million in the last twelve months and strong free cash flow yield, InvestingPro data reveals 8 additional key insights about the company's financial performance and growth potential available to subscribers.
The acquisition was financed through a combination of a new $100 million senior term loan facility and $50 million from the issuance of additional Series D cumulative convertible preferred shares, both obtained from Toro Corp. (NASDAQ: TORO), controlled by Petros Panagiotidis, who is the Chairman and CEO of Castor Maritime.
The transaction, which is expected to be completed within December 2024, was approved by independent and disinterested members of the Boards of both Toro and Castor, following recommendations from special committees.
Petros Panagiotidis, CEO of Castor Maritime, commented on the acquisition, stating that it demonstrates the company's commitment to growth in the shipping industry and diversification into the energy infrastructure sector. He also noted that Castor, as the new anchor sponsor of MPC Capital, aims to build on its investment management and operational track record within maritime and energy infrastructure sectors.
MPC Capital specializes in infrastructure projects in the maritime and energy sectors, managing assets worth EUR 4.8 billion. It is also the founder and cornerstone shareholder of Oslo-listed MPC Container Ships ASA and MPC Energy Solutions NV.
Castor Maritime Inc. is known for providing shipping transportation services and owns a fleet of 13 vessels with a total capacity of 0.9 million dwt. The company recently agreed to sell one of its vessels, the M/V Ariana A, on November 13, 2024.
The information in this article is based on a press release statement from Castor Maritime Inc.
In other recent news, Castor Maritime Inc. has been actively engaged in fleet expansion and optimization. The global shipping company recently sold one of its container ships, the M/V Ariana A, for $16.5 million, resulting in a net loss of approximately $3.3 million. This sale is part of Castor Maritime's fleet management and capital allocation strategy. Concurrently, the company has been adding more vessels to its fleet, including the acquisition of a Kamsarmax dry bulk carrier for $29.95 million and an Ultramax dry bulk vessel, the M/V Magic Celeste, for $25.5 million. These acquisitions are expected to enhance Castor Maritime's operational capabilities and financial performance. As part of these developments, Castor Maritime also finalized the sale of the M/V Magic Vela, a Panamax bulk carrier, for $16.4 million, which is projected to contribute a net gain of about $2.7 million to the company's financial results for the second quarter of 2024. These are recent developments in Castor Maritime's ongoing efforts to adjust its fleet size and composition in response to market conditions and operational needs.
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