Castor Maritime enters joint venture, contributes M/V Magic Starlight for USD 18.75 million and 30% stake
CTRM•Expected accounting gain
Castor expects about USD 2.9 million net gain in Q3 2026, excluding transaction-related costs.
Vessel contribution and financing details
Castor contributed the 2015-built Kamsarmax vessel for a 30% equity stake plus USD 18.75 million in cash; the transaction closed Aug. 6, 2026.
The venture was financed with partner equity plus a USD 11.5 million sustainability-linked senior term loan secured by a first-priority vessel mortgage and guaranteed by Castor.
Joint venture formed for M/V Magic Starlight
Castor Maritime formed a joint venture with third-party investors arranged by Fearnley Securities to acquire, own and operate the M/V Magic Starlight.
