Mergers & Acquisitions ·
Castor Maritime Inc. announced the completion of a joint venture transaction involving the contribution of its M/V…
CTRMCastor Maritime Inc.
Castor Maritime Inc. announced the completion of a joint venture transaction involving the contribution of its M/V Magic Starlight, a 2015-built Kamsarmax bulk carrier. Established with third-party investors arranged by Fearnley Securities AS, the company received $18.75 million in cash consideration and retained a 30% equity interest in the vessel. The joint venture funded the acquisition using partner capital and an $11.5 million sustainability-linked senior term loan secured by a first-priority mortgage on the M/V Magic Starlight, which is guaranteed by Castor Maritime. Completed on August 6, 2026, the transaction is expected to generate a net gain of approximately $2.9 million for the company in the third quarter of 2026. Following this divestiture, Castor's fleet consists of 11 vessels with an aggregate capacity of 0.9 million dwt. The company operates as a diversified global shipping and energy firm engaged in asset management, vessel ownership, and technical ship management.