According to Splash247, Castor Maritime has moved its 2015-built kamsarmax Magic Starlight into a joint venture arranged by Fearnley Securities, taking $18.75m in cash while retaining a 30% interest in the vessel. The Nasdaq-listed owner established the vehicle with third-party investors brought together by the securities house, and the transaction closed this month with delivery of the bulker to the venture.
Deal structure and funding
According to Splash247, the acquisition was funded through cash contributed by the partners and an $11.5m sustainability-linked senior loan from an unnamed European bank. The facility is secured by a first-priority mortgage over Magic Starlight and guaranteed by Castor. The structure gives the Petros Panagiotidis-led company an immediate cash return while keeping minority exposure to the ship. Castor expects to book a net gain of about $2.9m during the third quarter, excluding transaction costs.
Castor expects to book a net gain of about $2.9m during the third quarter, excluding transaction costs.
Fleet repositioning and secondhand spending
The Magic Starlight deal follows Castor's return to the secondhand market with close to $80m of spending on two modern kamsarmaxes, according to Splash247. The company took delivery in June of the 2023-built Magic Jupiter, acquired for $37.5m, and the 2024-built Magic Saturn, bought for $41.9m. Both purchases were funded with cash on hand. Castor also agreed a sale-and-leaseback deal in January for the 2013-built kamsarmax Magic Perseus.
| Vessel | Year Built | Transaction | Value / Cash |
|---|---|---|---|
| Magic Starlight | 2015 | Joint venture sale, 30% retained | $18.75m cash |
| Magic Jupiter | 2023 | Secondhand purchase | $37.5m |
| Magic Saturn | 2024 | Secondhand purchase | $41.9m |
| Magic Perseus | 2013 | Sale-and-leaseback (agreed January) | Not disclosed |
Following the Magic Starlight transaction, Castor's fleet comprises 11 vessels with an aggregate capacity of about 900,000 dwt, including the jointly owned ship.
Beyond direct ownership: MPC Capital stake
Castor has expanded beyond direct vessel ownership, according to Splash247. The company paid €182.8m for a controlling stake in Frankfurt-listed MPC Capital in late 2024. The investment and operating group, which is set to rebrand as MPC Oceanic, supports around 500 vessels and energy assets and controls Oslo-listed feeder owner MPC Container Ships.
Operational implications for dry bulk stakeholders
For freight forwarders and logistics managers tracking dry bulk capacity, this transaction shows a financing structure in which an owner can monetise a vessel while retaining upside, according to Splash247. The 11-vessel fleet, at roughly 900,000 dwt, remains a significant operator in the kamsarmax segment. The use of a sustainability-linked loan and a joint venture structure could influence how other owners of midsize bulkers approach fleet renewal and capital release in the current market.
Watch list
- Castor's third-quarter earnings, which will show the expected net gain of approximately $2.9m.
- Further fleet moves from Castor following its $80m secondhand spending and the Magic Perseus sale-and-leaseback.
- Timing of the MPC Capital rebranding to MPC Oceanic and any resulting changes in the 500-vessel support portfolio.
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