Cyprus-based shipowner Castor Maritime has signed a sale and leaseback agreement for a bulk carrier vessel with a Japanese counterparty.

The vessel involved is the Magic Perseus, a kamsarmax bulk carrier vessel built in 2013.

The transaction is set to be completed in January 2026.

The Nasdaq-listed company said the bareboat financing amounts to $15.6m, has a duration of eleven years, including a put option for the counterparty at the end of year eight.

There is also a purchase option for the company beginning at the end of the second year of the bareboat charter period.

Castor Maritime’s fleet comprises nine vessels, with an aggregate capacity of 0.6 million dwt. Castor is also the majority shareholder of the Frankfurt-listed asset manager MPC Münchmeyer Petersen Capital AG.