Castor Maritime has fixed a second panamax bulker to Oldendorff Carriers in a move that solidifies its relationship with the German owner.
The US and Oslo-listed bulker owner has fixed the Magic Sun (built 2001) for between eight and 12 months at a daily hire rate of $12,000.
The deal with Oldendorff is expected to net Castor Maritime a minimum of $2.9m in revenue and $4.4m if it runs the full period.
The Petros Panagiotidis-led shipowner recently took delivery of the Magic Sun after announcing its acquisition in late July 2019 when it agreed to pay $6.7m for the ship.
The acquisition was financed by a combination of cash on hand and a $5m unsecured term loan agreement between the company and an entity controlled by Petros Panagiotidis.
The loan facility bears an annual fixed interest rate of 6% and has a bullet repayment at maturity, which is 18 months following the drawdown date.
Castor Maritime’s only other vessel – the 76,455-dwt Magic P (built 2004) – is also fixed to Oldendorff and is part way through a five to eight month charter at $11,250 per day.
“We are pleased to announce the delivery of our second vessel,” Petros Panagiotidis confirmed in a statement.
“Consistent with our growth-oriented strategy, in a short period of time, we have doubled the size of our fleet with the target of increasing annual cash flows and shareholder value.”
