Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping and energy company, announces that it has entered into an agreement to establish a joint venture (the "Joint Venture") with third-party investors arranged by Fearnley Securities AS. The Joint Venture was established to acquire, own and operate the M/V Magic Starlight, a 2015-built Kamsarmax bulk carrier vessel owned by the Company (the “Vessel”).
The Company has contributed the Vessel to the Joint Venture in exchange for a 30% equity interest and cash consideration of $18.75 million. The Joint Venture funded the acquisition through a combination of cash contributed by its partners and a $11.5 million sustainability-linked senior term loan under a facility (the “Facility”) provided by a European bank.
The Facility is secured by, among others, a first priority mortgage over the M/V Magic Starlight and is guaranteed by the Company.
The transaction was completed on August 6, 2026, by delivering the Vessel to the Joint Venture. The Company expects to record during the third quarter of 2026, a net gain of approximately $2.9 million from the above-mentioned transaction, excluding any transaction-related costs.
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