Dry CargoEurope

Castor Maritime bulker fixed to Ausca Shipping

Nasdaq-listed Greek dry bulk outfit Castor Maritime has sealed a new charter contract for one of its panamax vessels,

Last week, Castor entered into a new time charter agreement for 2001-built panamax bulker Magic Sun with Hong Kong’s Ausca Shipping. The charter has already commenced, and is for three to four months at a rate of $12,500 per day.

Magic Sun, formerly named Nirefs, was acquired from Diana Shipping in July last year, and on delivery was fixed to Germany’s Oldendorff Carriers for a period of eight to twelve months at a daily rate of $12,000.

Castor also took delivery of its fourth panamax bulker last week, the 2007-built Arethusa, also acquired from Diana Shipping. The vessel has been renamed Magic Rainbow, and has commenced a new charter with Oldendorff for three to five months at a rate of $10,300 per day.

Petros Panagiotidis, CEO and CFO of Castor, commented: “We are extremely pleased that, despite the various challenges presented by the ongoing COVID-19 pandemic, we have successfully completed the Magic Rainbow Acquisition, just a few weeks after the conclusion of two capital raising transactions that significantly bolstered our capital structure. The acquisition of the M/V Magic Rainbow together with our previously announced acquisition of our fifth vessel is a testament of our determination to rapidly grow our fleet and create value for our shareholders. We are equally satisfied to have been able to contract, in this volatile market environment, two out of our four vessels at competitive and above breakeven charter hire rates, providing us with further stability and visibility of cash flows.”

Castor has a fifth panamax set to deliver, having reached a deal to acquire the 2010-built Faye from Greece’s Soloi Inc.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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