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CTRM News
CTRM Events
Castor Maritime Forms Joint Venture to Acquire Magic Starlight
Castor Maritime announced that it has entered into an agreement to establish a joint venture with third-party investors arranged by Fearnley Securities AS. The joint venture was established to acquire, own and operate the M/V Magic Starlight, a 2015-built Kamsarmax bulk carrier vessel owned by the company. The company has contributed the vessel to the joint venture in exchange for a 30% equity interest and cash consideration of $18.75M. The joint venture funded the acquisition through a combination of cash contributed by its partners and a $11.5M sustainability-linked senior term loan under a facility provided by a European bank. The facility is secured by, among others, a first priority mortgage over the M/V Magic Starlight and is guaranteed by the company. The transaction was completed on August 6, by delivering the Vessel to the joint venture. The company expects to record during the third quarter of 2026, a net gain of approximately $2.9M from the above-mentioned transaction, excluding any transaction-related costs.
Castor Maritime Signs Sale and Leaseback Agreement for M/V Magic Perseus, Financing Amount $15.6 Million
Castor Maritime announces the signing of a sale and leaseback agreement for the M/V Magic Perseus, a 2013-built Kamsarmax bulk carrier vessel with a Japanese counterparty. The transaction is expected to conclude during January 2026. The bareboat financing amounts to $15.6 million, has a duration of eleven years, including a put option for the counterparty at the end of year eight, and a purchase option for the Company beginning at the end of the second year of the bareboat charter period.
Castor Reports Q3 Revenue of $20.96M
Reports Q3 revenue $20.96M vs $13.4M last year. Petros Panagiotidis, Chief Executive Officer of Castor, commented: "In Q3 2025, improved rates and stronger charter demand reinforced our conviction in the dry-bulk market's long-term fundamentals. During the quarter, we completed our first sale-and-leaseback transaction, introducing modest leverage to support balance-sheet efficiency and optimize our capital structure. With a disciplined approach to funding and a solid balance sheet, we remain well positioned to capture future opportunities and continue delivering value."
Toro Corp. and Castor Maritime Reach Agreement for Complete Redemption of Series E Shares
Toro Corp. (TORO) announces that on October 13, 2025, the Company and Castor Maritime (CTRM) agreed to the full redemption of 60,000 shares of Castor's 8.75% Series E Cumulative Perpetual Convertible Preferred Shares issued by Castor in September 2025, for a cash consideration equal to the stated amount of the Series E Preferred Shares plus 0.523% thereof, including accrued and unpaid distributions.
Castor Maritime reveals $50 million in debt financing
Castor Maritime (CTRM) announces the signing of a $50M sustainability-linked senior term loan facility with a European bank. The Facility will be secured by, among others, a first priority mortgage over four of the Company's dry bulk vessels and will be guaranteed by the Company. The net proceeds from the Facility will be used for general corporate purposes. The Facility has a tenor of five years and bears interest at a rate of Term SOFR plus a margin, which may be adjusted based on the Company's performance against certain sustainability-linked targets. The Company announces that on October 13, 2025, the Company and Toro Corp. (TORO) agreed to the full redemption of 60,000 shares of the 8.75% Series E Cumulative Perpetual Convertible Preferred Shares or a cash consideration equal to the stated amount of the Series E Preferred Shares plus 0.523% thereof, including accrued and unpaid distributions. Following the full redemption, such Series E Preferred Shares shall be cancelled and will no longer remain outstanding.
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