en.Wedoany.com Reported - On August 7, Cypriot shipping company Castor Maritime disclosed that it had formed a joint venture with third-party investors organized by Fearnley Securities, contributing the 2015-built Kamsarmax bulk carrier "Magic Starlight" to the entity. In return, Castor Maritime received $18.75 million in cash and a 30% equity stake in the joint venture. The vessel delivery and transaction were completed on August 6.

The joint venture will be responsible for acquiring, holding, and operating the "Magic Starlight." Transaction funding is provided by the respective partners, supplemented by a $11.5 million sustainability-linked senior term loan from a European bank. The loan is secured by a first-priority mortgage on the vessel, with a guarantee provided by Castor Maritime.

Castor Maritime expects to recognize a transaction gain of approximately $2.9 million in the third quarter of 2026, with the amount stated before transaction expenses. Following the completion of the transaction, the company's fleet comprises 11 vessels with a total capacity of approximately 900,000 deadweight tons, including the "Magic Starlight," now held by the joint venture.