Castle Placement Named Exclusive Placement Agent for $40 Million Raise for PetroMar Ships, Inc.

Press Release (ePRNews.com) - New York - Jan 24, 2018 - PetroMar Ships Inc. (PetroMar) announced today that it has engaged Castle Placement as its exclusive placement agent to raise $40 million to acquire and operate charter tankers for major oil companies.

PetroMar Ships, Inc. has been established by PetroMar Corp., a leading ship-management services provider for over 20 years in seven countries, to purchase high-quality used medium range oil tankers for charter. The Company plans to use the tankers to provide lower-cost transportation of liquid petroleum products for major oil companies. PetroMar has an exclusive opportunity to purchase two medium range sister ships for $16 million each, which were last sold in 2015 for $26 million apiece, and offer them for turn-key time-charter services.

PetroMar believes that long-term tanker fundamentals are improving and have a favorable outlook, indicating an attractive entry point. The global management team is led by Capt. Alex Koutsakis, who has a distinguished career in maritime services spanning 45 years.

Founded in 2009, Castle Placement raises equity and debt capital for private middle market companies across a broad spectrum of industries. Highly experienced investment bankers and a robust, data-driven, innovative technology platform – including artificial intelligence/machine learning – match great companies with global institutional investors. Castle Placement’s proprietary app, CPGO, connects companies with investors in real time. It has over 64,500 private equity, venture capital and strategic investors, family offices, pension funds, foundations, endowments, sovereign wealth funds, hedge funds and lenders.

Contact: Richard Luftig. (212) 418-1181. rluftig@castleplacement.com.