Castor Maritime flips LR2 for $3.8m profit

Nasdaq-listed bulker and tanker owner Castor Maritime has struck a deal with an undisclosed third party to sell its 2002-built aframax LR2 tanker Wonder Arcturus for $13.15m.

The Cyprus-based firm acquired the 106,000 dwt vessel, formerly known as Agathonissos, from Eletson Corp for 9.3m.

The Korean-built vessel is expected to be delivered to its new owner during the second quarter of 2022, earning Castor a net gain on the sale of approximately $3.8m, excluding any transaction-related costs.

Castor said the conclusion of the deal is subject to the execution of definitive documentation customary for this type of transaction. After the sale, the company will have a fleet of 28 vessels consisting of one capesize, seven kamsarmax and 12 panamax bulkers, as well as one aframax, five aframax/LR2 and two handy tankers.

In addition to the sale, Castor revealed it had fixed its 2005-built panamax bulker Magic Moon this month on a time charter contract at $20,500 per day. The charter is expected to commence on or around May 13, 2022, and will last for about 25 days.

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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