Castor Maritime Inc., a diversified global shipping and energy company, has entered into an agreement to establish a joint venture with third-party investors arranged by Fearnley Securities AS. The Joint Venture was formed to acquire, own, and operate the M/V Magic Starlight, a 2015-built Kamsarmax bulk carrier vessel owned by Castor Maritime Inc.
The transaction closed on August 6, 2026, with the delivery of the M/V Magic Starlight to the Joint Venture. In exchange for contributing the vessel, Castor Maritime received a 30% equity interest and $18.75 million in cash consideration. The joint venture was funded through a combination of cash contributed by its partners and an $11.5 million sustainability-linked senior term loan provided by a European bank.
The Facility is secured by a first priority mortgage over the M/V Magic Starlight and guaranteed by Castor Maritime Inc. The company expects to record a net gain of approximately $2.9 million during the third quarter of 2026, excluding transaction-related costs.
Financial Details
The acquisition was structured to provide immediate cash returns while maintaining minority ownership in the vessel. This move aligns with Castor Maritime’s strategy to diversify its financial portfolio and enhance shareholder value through various capital allocation opportunities.
Castor Maritime has been active in recent months, returning to the secondhand market and acquiring modern Kamsarmaxes for cash. The company also agreed a sale-and-leaseback deal for another older vessel, further optimizing its fleet composition and financials. Following this transaction, Castor’s fleet comprises 11 vessels with an aggregate capacity of about 900,000 dwt, including the jointly owned ship.
The company has expanded beyond direct vessel ownership, acquiring a controlling stake in MPC Capital for €182.8 million in late 2024, setting the stage for future growth and diversification.