Castor Maritime has expanded its fleet with the acquisition of an 18-year-old panamax bulker, the shipowner has confirmed.

It said it has agreed to pay a purchase price of $6.7m for the 2001-built vessel, which was constructed in South Korea. The identity of the ship was not disclosed.

The most recent 2001-built panamax bulker to be sold was Diana Shipping's Nirefs, which was sold for $6.71m.