Castor Maritime enters sale and leaseback deal for kamsarmax
Castor Maritime Secures $15.6M Vessel Deal
Castor Maritime, a shipping company based in Cyprus, has finalized a sale and leaseback agreement for the bulk carrier vessel, Magic Perseus. This transaction, involving a Japanese partner, is expected to conclude in January 2026. The financial terms include a substantial bareboat financing of $15.6 million over an eleven-year period, with options for both parties at various stages.
Details of the Agreement
The Magic Perseus, a kamsarmax bulk carrier built in 2013, is at the center of this significant deal. The agreement stipulates that the financing will last for eleven years, during which the Japanese counterparty has a put option available at the end of year eight. This arrangement provides flexibility for the investor while ensuring that Castor Maritime maintains operational control over the vessel during the lease period.
Castor Maritime has negotiated a purchase option that will be available starting at the end of the second year of the bareboat charter. This means the company could potentially reclaim ownership of the Magic Perseus earlier than initially planned if it chooses to exercise this option. The strategic financial maneuvering reflects Castor Maritime’s commitment to expanding its fleet, which currently consists of nine vessels, collectively boasting an aggregate capacity of approximately 600,000 deadweight tons (dwt).
This sale and leaseback agreement highlights Castor Maritime’s proactive approach in navigating the competitive shipping sector while ensuring the sustainability and growth of its operations. As the maritime industry continues to evolve, such strategic partnerships may play a crucial role in the company’s future endeavors.
