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Castor Maritime seals $55m financing and new charter

Nasdaq-listed Castor Maritime has closed a $55m senior term loan facility with a European bank and secured a new fixture for one of its bulkers.

The Cyprus-based firm said it intends to use the net proceeds, secured by five of its dry bulk vessels, for general corporate purposes, including supporting its growth plans. The largest Castor’s financing to date has a tenor of five years and bears interest at adjusted secured overnight financing rate (SOFR) plus 3.15% per year.

Meanwhile, the 2012-built panamax bulk carrier Magic Callisto has been fixed on a time charter contract at a daily charter rate equal to 101% of the average of the Baltic Panamax Index 4TC routes. The charter commenced on January 12 and will last between nine and about twelve months.

Castor owns a fleet of 29 ships made up of 20 bulkers and nine tankers.

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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