Dry CargoEurope

Castor Maritime charters out latest panamax buy

Nasdaq-listed Castor Maritime has secured a new time charter contract with an undisclosed client for the newly delivered Japanese-built panamax bulk carrier, Magic Phoenix.

The 2008-built bulker, acquired for $18.75m with cash on hand, has been fixed on a time charter contract at a daily rate equal to 102% of the average of the Baltic Panamax Index 4TC routes. The charter is expected to commence on or around October 28, 2021, and will last between eleven and fourteen months.

In addition, Castor fixed its 2010-built kamsarmax bulker Magic Venus on a time charter contract at a daily rate of $38,000. The charter commenced on October 16, 2021, and has a duration of about 60 days.

Earlier this month, Greek owner secured charters for the 2006-built capesize Magic Orion for 45 days at $73,000 per day and the 2011-built panamax Magic Eclipse for between eight and ten months at $28,500 per day.

The Cyprus-based firm has grown its fleet to 27 vessels, having started the year with just six panamax bulkers.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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