Castor Maritime Inc. (NASDAQ: CTRM) has agreed to acquire a 2023-built Kamsarmax bulk carrier vessel for $37.5 million, according to a company statement.

The Cyprus-based shipping company said it will purchase the vessel from an unaffiliated third party through a wholly-owned subsidiary. Castor Maritime expects to fund the acquisition using cash on hand.

Delivery of the vessel is expected before the end of the current quarter, subject to customary closing conditions.

Upon completion, the company's fleet will consist of 10 vessels with a combined capacity of approximately 0.7 million deadweight tons.