Castor Maritime

Last updated
Castor Maritime Inc.
Company type Public
FoundedSeptember 2017;6 years ago (2017-09)
Founders
  • Petros Panagiotidis
  • Dionysios Makris
Headquarters Cyprus
Key people
Georgious Daskalakis
ServicesSeaborne Transportation
RevenueIncrease2.svg US$2.067 billion (2023)
Decrease2.svgUS$−842 million (2023)
Website castormaritime.com
Footnotes /references
Financials as of January 31,2023 [1]

Castor Maritime Inc. is a maritime transport global shipping company that delivers unpackaged goods in large quantities in bulk carriers. [2] The company was founded by Petros Panagiotidis in early September 2017 and it is headquartered in Cyprus. [3] [4]

Contents

Castor Maritime in offers a wide range of commodities such as steel products, cement, raw bauxite, iron ores, coal, scrap metals, sugar, and whole grains. The company owns three types of tanker vessels such as dry bulk, oil tanker vessels (or petroleum tanker) and a LR2 (Long-range 2) type tanker vessels. [5] [6]

History

Castor Maritime was founded in September 2017 [7] in Cyprus, Greece by Petros Panagiotidis [8] incorporated under the laws of Marshall Islands. Panagiotidis founded Castor Maritime Inc. in 2017, he is the Chief Financial Officer and Chief Executive Officer and also holds a position in the Board of Directors since the establishment of his company. [9] Panagiotidis graduated from Fordham University with a degree in International Studies and Mathematics and a master's degree in Risk Management from New York University. Dionysios Makris served in the Hellenic Navy as Officer as the Special operations (or Ops Officer) Navigation Admin in 1983 to 1986. From 1998 to 2005, Makris served in Greek military as the commanding officer for the HS KOS and Division officers and Weapons officer. Makris graduated in 2003 from the Hellenic Naval Academy where he received a Master's degree in Military, Strategic and Management studies. During October 1998 to August 2001, he worked as the Radar and Fire Control Engineer for NATO SeaSparrow Project administered by Greece's Defense and Space Industry. In 2005, Makris served as the National Liaison Officer for the Hellenic Navy General Staff at NATO Undersea Research Centre (NURC) Scientific Committee of National Representatives National Liaison Officers and Observers for Maritime Innovation. NURC conducts maritime research in support of new military capabilities for NATO organized into four research areas. [10] In 2011, Dionysios Markris was promoted to the Deputy Chief of Staff for NATO headquarters stationed in Naples. In April 2021, Castor Maritime announced that they raised $125 million in a public offering for Castor Maritime. [11] [12]

In April 2021, Castor Maritime announced that it had entered an into an agreement through two subsidiaries from an unaffiliated third-party vendor to purchase two 2005 Korean-built Aframax tanker vessels for $27.2 million. [4] [3]

In a statement the Castor Maritime chief executive officer Petros Panagiotidis said, "We are pleased to announce our tenth vessel acquisition in 2021 with the addition of an Aframax tanker to Castor’s fleet. Upon completion of all our recently announced acquisitions, our fleet will consist of sixteen vessels. We constantly monitor the market for attractive acquisition opportunities across vessel sizes and segments." [2]

Castor Maritime Fleet Acquisition

Image of TankerVessel NameOperator NameIMO NumberShip TypeCountryDWTYear Built
Magic ArgoCastor Maritime9340544 [13] Bulk carrier Flag of the Marshall Islands.svg Marshall Islands 823382009
Magic CallistoCastor Maritime9641704 [14] Bulk carrier Flag of the Marshall Islands.svg Marshall Islands 749302012
Magic EclipseCastor Maritime9597331 Bulk carrier Flag of the Marshall Islands.svg Marshall Islands 749402011
Magic HorizonCastor Maritime9553062 Bulk carrier Flag of the Marshall Islands.svg Marshall Islands 766192010
Magic MarsCastor Maritime9691400 Bulk carrier Flag of the Marshall Islands.svg Marshall Islands 768222014
Magic MoonCastor Maritime9336036 [15] Bulk carrier Flag of the Marshall Islands.svg Marshall Islands 766022005
Magic NebulaCastor Maritime9471264 [16] Bulk carrier Flag of the Marshall Islands.svg Marshall Islands 802812010
Magic NovaCastor Maritime9425679 Bulk carrier Flag of the Marshall Islands.svg Marshall Islands 788332010
Magic OrionCastor Maritime9346330 Bulk carrier Flag of the Marshall Islands.svg Marshall Islands 1802002006
Magic PCastor Maritime9288447 [17] Bulk carrier Flag of the Marshall Islands.svg Marshall Islands 764532004
Magic PerseusCastor Maritime9582477 [18] Bulk carrier Flag of the Marshall Islands.svg Marshall Islands 821582013
Magic PlutoCastor Maritime9651280 Bulk carrier Flag of the Marshall Islands.svg Marshall Islands 749402013
Magic Starlight9687710 [19] Bulk carrier Flag of the Marshall Islands.svg Marshall Islands 802832015
Magic ThunderCastor Maritime9442407 [20] Bulk carrier Flag of the Marshall Islands.svg Marshall Islands 833752011
Magic VelaCastor Maritime9473327 [21] Bulk carrier Flag of the Marshall Islands.svg Marshall Islands 750032011
Magic VenusCastor Maritime9442380 [22] Bulk carrier Flag of the Marshall Islands.svg Marshall Islands 834162010

On October 19, 2023, Castor Maritime received a 180-day extension to meet the NASDAQ's $1 per share hold minimum bid requirement, with its deadline reset to April 15, 2024. [6]

Related Research Articles

Bulk carrier Ship made to transport unpackaged bulk cargo

A bulk carrier or bulker is a merchant ship specially designed to transport unpackaged bulk cargo—such as grain, coal, ore, steel coils, and cement—in its cargo holds. Since the first specialized bulk carrier was built in 1852, economic forces have led to increased size and sophistication of these ships. Today's bulk carriers are specially designed to maximize capacity, safety, efficiency, and durability.

<span class="mw-page-title-main">Capesize</span> Class of dry cargo ships too large to transit the Panama or Suez Canals

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<span class="mw-page-title-main">Aframax</span> Size class of oil tanker

An Aframax vessel is an oil tanker with a deadweight between 80,000 and 120,000 metric tonnes. The term is based on the Average Freight Rate Assessment (AFRA), a tanker rate system created in 1954 by Shell Oil to standardize shipping contract terms.

<span class="mw-page-title-main">LNG carrier</span> Tank ship transporting liquefied natural gas

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<span class="mw-page-title-main">DryShips</span>

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The Bulk carrier Harbel Tapper was launched on 20 March 1981 from the Koyo Dockyard, Mihara, Japan.Harbel Tapper was operated by L&C Shipping Lines, the dedicated shipping service of Firestone Natural Rubber Company. The ship, along with its sister ship the Harbel Cutlass, provided the only direct shipping service between Liberia and the United States. The ship typically completed six round-trip voyages a year, carrying both bulk liquid and dry cargo. On trips to the U.S., the ship carried liquid latex and block rubber. To Liberia and West Africa, the ship carried rice, medical supplies, vehicles, equipment, fertilizer and all the other supplies needed to support Firestone Liberia operations, as well as third party cargo. Harbel Tapper unloaded directly into terminals in Fall River, Massachusetts; Baltimore; and Savannah, Georgia. In addition, the ship also called at the ports of Norfolk, Virginia, and Lake Charles, Louisiana, where it then loaded rice for West Africa.

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OS35 (bulk carrier) Bulk carrier

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References

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  4. 1 2 "Castor Maritime Inc. Announces Results of its 2023 Annual General Meeting of Shareholders". markets.businessinsider.com. 2023-11-28. Retrieved 2023-12-14.
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  8. "Exchange Agreement". www.sec.gov. Retrieved 2023-12-15.
  9. "Castor Maritime Inc (CTRM) Stock Price & News". Google Finance. Retrieved 2023-12-15.
  10. "NATO Undersea Research Centre Scientific Committee of National Representatives National Liaison Officers and Observers" (PDF). NATO Undersea Research Centre Partnering for Maritime Innovations. 2005. p. 63. Archived (PDF) from the original on December 17, 2023. Retrieved December 17, 2023.
  11. "Castor Maritime Inc. Announces Pricing of $125.0 Million Registered Direct Offering". www.sec.gov. August 27, 2017.
  12. "Check out Castor Maritime's stock price (CTRM) in real time". CNBC. Retrieved 2023-12-15.
  13. "CECI photo, Bulk Carrier – Taken on Jul 6, 2012 – VesselFinder". www.vesselfinder.com. Retrieved 2023-12-21.
  14. "MAGIC CALLISTO, Bulk Carrier – Details and current position – IMO 9641704 – VesselFinder". www.vesselfinder.com. Retrieved 2023-12-21.
  15. "MAGIC MOON, Bulk Carrier – Details and current position – IMO 9336036 – VesselFinder". www.vesselfinder.com. Retrieved 2023-12-21.
  16. "MAGIC NEBULA photo, Bulk Carrier – Taken on Sep 26, 2022 – VesselFinder". www.vesselfinder.com. Retrieved 2023-12-21.
  17. "MAGIC P photo, Bulk Carrier – Taken on Feb 1, 2019 – VesselFinder". www.vesselfinder.com. Retrieved 2023-12-21.
  18. "MAGIC PERSEUS, Bulk Carrier – Details and current position – IMO 9582477 – VesselFinder". www.vesselfinder.com. Retrieved 2023-12-21.
  19. "MAGIC STARLIGHT, Bulk Carrier – Details and current position – IMO 9687710 – VesselFinder". www.vesselfinder.com. Retrieved 2023-12-21.
  20. "MAGIC THUNDER photo, Bulk Carrier – Taken on Oct 19, 2020 – VesselFinder". www.vesselfinder.com. Retrieved 2023-12-21.
  21. "MAGIC VELA, Bulk Carrier – Details and current position – IMO 9473327 – VesselFinder". www.vesselfinder.com. Retrieved 2023-12-21.
  22. "MAGIC VENUS, Bulk Carrier – Details and current position – IMO 9442380 – VesselFinder". www.vesselfinder.com. Retrieved 2023-12-21.