Limassol-based Castor Maritime sealed a deal to establish a joint venture with third-party investors arranged by Fearnley Securities AS.
Petros Panagiotidis-led Castor Maritime said the joint venture was established to acquire, own and operate the kamsarmax bulk carrier Magic Starlight (2015-built) owned by the company.
The Nasdaq-listed company contributed the vessel to the joint venture in exchange for a 30% equity interest and cash consideration of $18.75m.
The joint venture funded the acquisition through a combination of cash contributed by its partners and a $11.5m sustainability-linked senior term loan under a facility provided by a European bank.
The company said the facility is secured by, among others, a first priority mortgage over the Magic Starlight and is guaranteed by the company.
The transaction was completed on August 6, 2026, by delivering the vessel to the joint venture.
Castor Maritime expects to record during the third quarter of 2026 a net gain of around $2.9m from the transaction, excluding any transaction-related costs.
Currently, the company’s fleet consists of 11 vessels with an aggregate capacity of 0.9 million dwt, including the Magic Starlight owned by the joint venture.
