Joint VentureAug 7, 2026, 09:16 AM
Castor Maritime Forms JV, Sells Vessel for $18.75M Cash, 30% Equity
AI Summary
Castor Maritime Inc. announced the establishment of a Joint Venture with third-party investors. The company contributed its M/V Magic Starlight vessel to the JV in exchange for a 30% equity interest and $18.75 million in cash consideration. The Joint Venture secured a $11.5 million sustainability-linked senior term loan to fund the acquisition. Castor Maritime expects to record a net gain of approximately $2.9 million from this transaction in the third quarter of 2026, and its fleet now consists of 11 vessels.
Key Highlights
- Established Joint Venture with third-party investors arranged by Fearnley Securities AS.
- Contributed M/V Magic Starlight vessel to JV for 30% equity interest and $18.75 million cash.
- Joint Venture funded acquisition with partner cash and $11.5 million sustainability-linked loan.
- Transaction completed on August 6, 2026, with vessel delivery to the Joint Venture.
- Company expects to record a net gain of approximately $2.9 million in Q3 2026.
- Company's fleet now comprises 11 vessels with an aggregate capacity of 0.9 million dwt.
Price Impact
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