On Thursday last week, Castor Maritime Inc., an international shipping company specialising in the ownership of dry-bulk vessels, 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 gross charter rate is US$11 250/d, for a period of a minimum of 5 months up to a maximum of about 8 months (for the first 30 days period the daily gross rate is US$9000). The charter commenced on 12 March 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$2.6 million should employment be extended to its maximum period. We cannot guarantee that any such extension will occur.