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Cypriot shipping company enters container sector with boxship pair acquisition

Cyprus-based shipping company Castor Maritime has announced the acquisition of two container vessels aiming to enter the container sector.

Two of Castor Maritime's wholly-owned subsidiaries each entered into two separate agreements to acquire a 2005 German-built 2,700 TEU container ship from two separate entities beneficially owned by family members of Petros Panagiotidis, the company's chairman, CEO and CFO.

Several reports point to the container ships Ariana A and Gabriela A, which were acquired last year by Pavimar of Panagiotidis’ sister Ismini Panayotides.

The purchase price for such vessels is US$25.75 million and US$25 million, respectively, according to a statement, while the delivery of the boxships is expected to take place by the end of 2022.

Cyprus' bulker and tanker owner said the terms of these transactions were negotiated and approved by a special committee of its disinterested and independent directors.

Antonis Karamalegkos
Managing Editor

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