Castor Maritime, through two separate wholly-owned subsidiaries, has entered into agreements to purchase two Aframax LR2 tankers from an unaffiliated third party seller.
Both vessels have attached time charter contracts with an undisclosed charterer with an estimated remaining term of about one year. The charterer has the option to extend the duration of each contract for an additional one-year term.
In addition, the vessels have very recently completed their scheduled special surveys and dry-dockings and are equipped with ballast water treatment systems.
The tankers were acquired for an aggregate purchase price of US$27.2 million. Delivery is expected within the first quarter of 2021 and is subject to the satisfaction of certain customary closing conditions.
The vessels were completed in South Korea in 2005.