Castor Maritime Inc. (NASDAQ: CTRM) has entered into a joint venture with third-party investors arranged by Fearnley Securities AS, contributing its M/V Magic Starlight, a 2015-built Kamsarmax bulk carrier, to the newly formed entity.

In exchange for the vessel, Castor received a 30% equity interest in the joint venture and $18.75 million in cash consideration. The transaction was completed on August 6, 2026.

The joint venture financed the acquisition through partner cash contributions and an $11.5 million sustainability-linked senior term loan provided by a European bank. The loan is secured by a first priority mortgage on the M/V Magic Starlight and is guaranteed by Castor Maritime.

The company said it expects to record a net gain of approximately $2.9 million from the transaction in the third quarter of 2026, excluding transaction-related costs.

Following the transaction, Castor's fleet comprises 11 vessels with an aggregate capacity of 0.9 million deadweight tons, including the M/V Magic Starlight held through the joint venture. The company is also the majority shareholder of Frankfurt-listed asset manager MPC Münchmeyer Petersen Capital AG.