Complete Maritime Profile & Reviews of Magic-L

In a strategic move, Cyprus-based Castor Maritime has finalized the sale of its bulk carrier, the 'Magic Rainbow', for a substantial $12.6 million. This transaction is set for completion in the second quarter of 2023, allowing Castor to achieve a notable net gain of $4.4 million from the deal. The 'Magic Rainbow' boasts a deadweight tonnage of 73,600 dwt and adds to the dynamic shifts within Castor's fleet, which currently encompasses 22 vessels, primarily comprised of panamax bulk carriers. Earlier this year, Castor Maritime streamlined its operations by spinning off a fleet of eight tankers into a newly established subsidiary named Toro. Notably, the company reported an impressive net profit of $33.7 million in the last quarter of 2022, highlighting its robust performance in the maritime sector.

Diana Shipping, a prominent Greek dry bulk shipping company, has officially announced a new time charter for its 2007-built panamax vessel, Arethusa, with Ausca Shipping based in Hong Kong. This charter, which commenced immediately, has a duration of 12 to 15 months and is set at a daily rate of $9,150. This marks a notable decrease from the previous charter with Glencore, where Arethusa was earning $12,600 per day. The strategic move reflects current market adjustments and Diana Shipping's commitment to optimizing its fleet utilization.

Glencore has announced a new period charter agreement with delivery scheduled from New Mangalore between April 25 and May 8. This charter will have a trading duration ranging from a minimum of 12 months to a maximum of 15 months, allowing for redelivery on a global scale. The financial terms are set at $12,600 per day, marking a strategic move for the commodity giant in the maritime sector.