Cyprus-based shipping company Castor Maritime has taken the delivery of two Japanese-built dry bulk carriers.

The carriers comprise a 2006 Japanese-built Capesize dry bulk carrier, named M/V Magic Orion, and a 2009 Japanese-built Kamsarmax dry bulk carrier, named M/V Magic Argo.

The company stated that both the transactions were completely funded with cash on hand.

Under a time-charter contract, M/V Magic Orion has been put to service at a daily gross charter rate of $21,000 for an expected tenure of about 35 days.

Similarly, M/V Magic Argo has been chartered for an expected period of about four months at a daily gross charter rate of $25,100.

Earlier this month, through a separate wholly owned subsidiary, Castor signed an agreement to acquire a 2011 Japanese-built Kamsarmax dry bulk carrier from an unaffiliated third-party.

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The vessel was acquired for $16.85m.

The company is expected to receive the vessel between Q2 and Q3 2021.

During this month, Castor also took the delivery of a 2005 Korean-built Aframax LR2 tanker, named M/T Wonder Polaris.

This acquisition was also completely financed with cash on hand.

Currently, M/T Wonder Polaris has been commissioned under a time-charter contract at a gross daily hire of $15,000, with a minimum period of about 12 months.

When completely delivered, the company will own a fleet of 14 vessels with a combined capacity of 1.3 million dry weight tonnage.

Castor’s fleet comprises six Panamax dry bulk vessels, five Kamsarmax dry bulk vessels, two Aframax LR2 tankers and one Capesize dry bulk vessel.