Castor Maritime has entered into a time charter contract with Germany’s Oldendorff Carriers for a Panamax-sized vessel.
The charter period will begin on March 12, 2019.
Castor Maritime said the employment will give the opportunity 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.
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.