Castor Maritime (CTRM) said Friday it entered an agreement to form a joint venture with third-party investors that will acquire and operate a Karmsarmax bulk carrier vessel owned by the company.

The company contributed the vessel to the JV in exchange for a 30% equity interest and $18.8 million in cash, according to a statement.

The deal is expected to result in a net gain of $2.9 million to the company during Q3, according to the company.

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