Castor Maritime Inc. Announces Joint Venture and Contribution of the M/V Magic Starlight
Castor Maritime Inc., 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 ...
Castor Maritime Inc., a global shipping and energy conglomerate, has announced plans to form a joint venture with investors. The venture, named after the vessel it will operate, aims to acquire, own, and run the 2015-built Kamsarmax bulk carrier M/V Magic Starlight. The Company has relinquished control of the vessel to the joint venture in return for a 30% stake and a cash contribution of $18.75 million.
The venture will finance the acquisition through a mix of partner contributions and an $11.5 million sustainability-linked senior term loan from a European bank. This loan is backed by a first priority mortgage on the vessel and guaranteed by the Company itself. The transaction was finalized on August 6, 2026, with the vessel transferred to the joint venture.
The Company anticipates a net profit of around $2.9 million in the third quarter of 2026, excluding any related costs, from this deal.
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