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April 15, 2021

Castor Maritime takes delivery of two Kamsarmax dry bulk carriers

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

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).

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.

 

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