Castor Maritime Charters Out Panamax to Oldendorff Carriers

Cyprus-based dry bulk shipping company Castor Maritime has entered into a time charter contract with Germany’s Oldendorff Carriers for Magic P, a Panamax vessel. 

The charter commenced on March 12, 2019.

The gross charter rate is USD 11,250 per day, for a period of a minimum of five up to a maximum of about eight months. For the first 30 days, the daily gross rate is USD 9,000, according to the company.

Castor Maritime said the employment is anticipated to generate approximately USD 1.6 million of gross revenue for the minimum scheduled period of the time charter and could reach USD 2.6 million should employment be extended to its maximum period.

Built in Japan in 2004, Magic P has a deadweight of 76,453 tons. Previously known as  Silver Freedom, Magic P has a market value of USD 9.4 million, VesselsValue’s data shows.

Castor Maritime provides shipping transportation services through its ownership of the dry bulk vessel. The company’s vessel is employed primarily on medium-term charters and transports a range of dry bulk cargoes, including such commodities as coal, grain and other materials along worldwide shipping routes.