Castor seals $14.6m leaseback for kamsarmax bulker
Castor Maritime Concludes $14.6M Sale-Leaseback Deal
Cyprus-based shipping company Castor Maritime has successfully completed a sale and leaseback agreement for its kamsarmax vessel, the Magic Thunder. The transaction, valued at approximately $14.6 million, involves a Japanese partner and allows Castor to retain commercial control of the vessel via a five-year bareboat charter. This deal marks the third sale by the company this year, following the sale of two panamax bulkers.
Details of the Transaction
The Magic Thunder, a bulk carrier built in 2011 and weighing 83,400 deadweight tons (dwt), will continue to operate under Castor Maritime’s management despite the sale. The terms of the agreement include a purchase option that becomes available after the second year of the lease, providing Castor with flexibility regarding the future of the vessel. This strategic move is part of Castor Maritime’s ongoing efforts to optimize its fleet and financial position.
With this recent transaction, Castor Maritime has now completed three sales in 2023, having previously divested two panamax bulkers to Pavimar for a total of $28 million. Currently, the company operates a fleet of nine vessels, which includes four kamsarmax units. This focused approach to fleet management and partnership expansion reflects Castor’s intent to strengthen its market position in the global shipping industry.
