Castor Maritime Inc. Announces Joint Venture and Contribution of the M/V Magic Starlight
Castor Maritime Inc. entered into an agreement to establish a joint venture with third-party investors arranged by Fearnley Securities AS to acquire, own and operate the M/V Magic Starlight, a 2015-built Kamsarmax bulk carrier. Castor contributed the vessel to the Joint Venture in exchange for a 30% equity interest and $18.75 million in cash.
Why it matters — A CTRM watcher would care because the company is monetizing one of its vessels for $18.75 million in cash while retaining a 30% stake, which changes its asset base and improves its cash position.