Castor Maritime, once a serial buyer of bulkers that has turned into a serial seller, is believed to have offloaded its only capesize amid an improving seller’s market for such ships.
US brokers reported that the Nasdaq-listed company has agreed to divest the 180,200-dwt Magic Orion (built 2006) to unidentified buyers for $17.8m.
Managers at the Petros Panagiotidis-controlled company did not immediately respond to a request for comment.
A sale of the Imabari-built Magic Orion would shrink Castor’s bulker fleet to 13 ships, down from 20 in March this year.
The company has confirmed six panamax and kamsarmax sales since then, which have raised $78.2m in total gross proceeds. All but one of these sales were profitable, yielding Castor an aggregate net gain of $11.4m.
If confirmed, the Magic Orion sale will not add much to the gains. Castor acquired the ship nearly three years ago for $17.5m, just $300,000 below the price it is reportedly fetching now.
Between 2019 and 2022, Castor expanded its fleet from zero to 31 bulkers and tankers in a flurry of secondhand deals. It then spun off its oil tankers into US-listed affiliate Toro Corp, which has profitably sold off some of them since, while expanding into small LPG carriers.
Rising, though volatile bulker freight rates are putting Castor in a good position to benefit from further sales.
Firming prices
The Magic Orion deal already provides evidence of this, given that it was concluded above last-done deals.
Another Greek owner, Kassian Maritime, is said to have sold a Japanese-built capesize that is comparable in age — the 177,500-dwt The Mothership (built 2006) — to Chinese interests for $17.3m.
Managers at Papadakis family-controlled Kassian did not respond to a request for comment.
About two months ago, however, Kassian sold a younger sistership, the 177,500-dwt Satori (renamed SSI Brave, built 2007), to Densay Shipping for about $18.5m.
Another recently reported capesize deal providing evidence of firming prices is the 180,600-dwt Iron Miracle (built 2011). Greek buyers — some believe US-listed Costamare — have reportedly agreed to pay Japan’s Nissen Kaiun between $26m and $27.2m for the Tsuneishi Cebu-built hull.
Two capesizes of the same age built in South Korea changed hands last month for about $25m each.
