US mulls equity stakes in chipmakers receiving CHIPS Act Funds - Reuters
LIMASSOL, Cyprus - Castor Maritime Inc. (NASDAQ:CTRM), a shipping company with a market capitalization of $21.45 million, has completed a sale and leaseback transaction for its M/V Magic Thunder, a 2011-built Kamsarmax bulk carrier vessel, the company announced Wednesday.
The $14.6 million bareboat financing arrangement was finalized on Tuesday with an unnamed Japanese counterparty. The agreement has a five-year duration and includes a purchase option for Castor beginning at the end of the second year of the bareboat charter period. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 3.94, suggesting ample ability to meet its short-term obligations.
Castor Maritime operates as a diversified global shipping and energy company with a fleet of nine vessels having an aggregate capacity of 0.6 million deadweight tons. The company, which generated revenues of $66.24 million in the last twelve months with impressive gross margins of 53.25%, is also the majority shareholder of Frankfurt-listed asset manager MPC Münchmeyer Petersen Capital AG.
The transaction represents part of Castor’s ongoing fleet management strategy as the company navigates current market conditions in the dry bulk shipping sector.
The company made the announcement in a press release statement but did not provide specific details about how the proceeds from the transaction would be utilized or the financial impact on its operations.
In other recent news, Castor Maritime Inc. has announced that its subsidiary, MPCC CSI LTD., has increased its stake in MPC Container Ships ASA. The subsidiary acquired an additional 3.44% of shares, raising the collective ownership of MPC Capital AG and its affiliated entities, including MPCC CSI LTD., from approximately 16.68% to 20.12%. This acquisition brings their total shares to 89,260,056. The transaction was disclosed in a press release filed with the U.S. Securities and Exchange Commission. MPC Capital AG is noted as the founding shareholder of MPC Container Ships ASA. These developments indicate an increased investment by Castor Maritime’s subsidiary in the container shipping company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.