Castor Maritime Fixes Magic P with Oldendorff

Maritime Activity Reports, Inc.

March 17, 2019

Pic: Castor Group

Pic: Castor Group

The international shipping company specializing in the ownership of dry-bulk vessels Castor Maritime announced that, through a wholly-owned subsidiary, it has entered into a time charter contract with Oldendorff Carriers GMBH & Co KG Luebeck for its Panamax vessel Magic P.

The owners of a dry bulk vessels said in a press release that the gross charter rate is US$ 11,250 per day, for a period of a minimum of five months up to a maximum of about eight months (for the first 30 days period the daily gross rate is US$ 9,000). The charter commenced on March 12, 2019.

The “Magic P” is a 76,453 dwt Panamax bulk carrier built in 2004 in Japan.

All things being equal, this employment is anticipated to generate approximately US$ 1.60 million of gross revenue for the minimum scheduled period of the time charter and could reach US$ 2.60 million should employment be extended to its maximum period. We cannot guarantee that any such extension will occur.  

Castor Maritime'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.

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