Greek dry bulk owner Castor Maritime has entered into a time charter contract with German owner Oldendorff Carriers for its 2004-built 76,500 dwt panamax vessel Magic P.
The gross charter rate is $11,250 per day, for a minimum of five months up to a maximum of about eight months. The charter commenced on March 12, and is at a lowered daily rate of $9,000 for the first 30 days.
Castor Maritime anticipates the charter contract to generate approximately $1.6m to $2.6m of gross revenue.
Magic P is currently the only vessel owned by Castor Maritime, which was founded in 2017 by Petros Panagiotidis. The company was granted approval to list its common shares on Nasdaq Capital Market last month and it intends to acquire additional vessels to be deployed on a mix of time and spot charters.