Castor Maritime has transferred its kamsarmax bulk carrier Magic Starlight into a joint venture arranged by Fearnley Securities, receiving $18.75m in cash while retaining a 30% stake in the vessel.

The Nasdaq-listed shipowner, led by Petros Panagiotidis, established the investment vehicle with third-party investors brought together by Fearnley Securities. The transaction closed this month with the delivery of the 2015-built bulker to the venture.

The acquisition was funded through cash contributed by the partners and an $11.5m sustainability-linked senior loan from an undisclosed European bank. The facility is secured by a first-priority mortgage over Magic Starlight and guaranteed by Castor. Sustainability-linked loans have become an increasingly common financing tool in shipping as owners face tightening environmental regulations, including the International Maritime Organization's carbon-intensity requirements.

Castor stated that it expects to record a net gain of approximately $2.9m in the third quarter, excluding transaction costs. The structure allows the company to realize an immediate cash return while maintaining minority exposure to the vessel, a financing approach that several listed bulk owners have used to unlock balance-sheet capacity during cyclical asset-value fluctuations.

The deal comes after Castor's return to the secondhand market, spending close to $80m on two modern kamsarmaxes. In June, the company took delivery of the 2023-built Magic Jupiter, acquired for $37.5m, and the 2024-built Magic Saturn, purchased for $41.9m. Both acquisitions were funded with cash on hand. Kamsarmax vessels, typically around 82,000 dwt, are workhorses of the dry bulk trades, serving routes carrying bauxite, grains, coal, and iron ore.

Castor had also agreed to a sale-and-leaseback arrangement in January for the 2013-built kamsarmax Magic Perseus.

Following the Magic Starlight transaction, Castor's fleet comprises 11 vessels with an aggregate capacity of approximately 900,000 dwt, including the jointly owned ship.

Castor has also expanded beyond direct vessel ownership. In late 2024, the company paid €182.8m for a controlling stake in Frankfurt-listed MPC Capital. The investment and operating group, which is set to rebrand as MPC Oceanic, supports around 500 vessels and energy assets and controls Oslo-listed feeder owner MPC Container Ships. The acquisition marked a notable shift for Castor toward broader maritime asset management.

Source: Splash247