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

The carriers include M/V Magic Twilight, a 2010 Korean-built Kamsarmax dry bulk carrier, and M/V Magic Thunder, a 2011 Japanese-built Kamsarmax dry bulk carrier.

Castor Maritime stated that the purchase of the two vessels was completely funded with cash on hand.

Under a time-charter contract, the M/V Magic Twilight has commenced operations at a daily gross charter rate of $19,000 for an expected term of about 20 days.

Similarly, the M/V Magic Thunder is expected to commence operations on 17 April at a daily gross charter rate of $18,900 with an expected term of around 60 days.

When completely delivered, the company will have a fleet of 15 vessels with a combined capacity of 1.4 million dry weight tonnage (dwt).

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

Earlier this month, through a separate wholly-owned subsidiary, Castor Maritime signed an agreement to buy a 2011 Japanese-built Panamax dry bulk carrier from an unaffiliated third party for $18.48m.

Subject to the satisfaction of certain customary closing conditions, this transaction is expected to conclude within the second quarter of this year.

In March, Castor Maritime took delivery of a 2005 Korean-built Aframax LR2 tanker, named M/T Wonder Sirius.

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

This deal was also completely financed with cash on hand.