Business
Castor Maritime Inc. Announces the Sale of the M/V Magic Argo for $15.75 Million with an Expected Net Gain of $3.0 Million and the Termination of the Sale of the M/V Magic Moon
LIMASSOL, Cyprus, Sept. 26, 2023 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company,
About this update from Castor Maritime Inc.
[{"type":"text","content":"LIMASSOL, Cyprus, Sept. 26, 2023 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company, announces that on September 22, 2023, the Company entered into an agreement with an unaffiliated third party for the sale of the M/V Magic Argo, a 2009-built Kamsarmax bulk carrier, for a price of $15.75 million. The vessel is expected to be delivered to her new owners during the fourth quarter of 2023. The Company expects to record during the fourth quarter of 2023 a net gain of approximately $3.0 million, excluding any transaction-related costs. The Company also announces that the previously announced sale of the M/V Magic Moon was terminated following the buyer’s failure to take delivery of the vessel. Accordingly, the Company will retain the vessel and not receive its purchase price of $13.95 million, that would have incorporated a net gain before transaction costs of $5.3 million. The Company is seeking appropriate compensation pursuant to the terms of the Memorandum of Agreement for this sale. About Castor Maritime Inc. Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of oceangoing cargo vessels. Castor owns a fleet of 20 vessels, with an aggregate capacity of 1.6 million dwt, currently consisting of 1 Capesize, 6 Kamsarmax, which includes the M/V Magic Argo, 11 Panamax dry bulk vessels, 2 2,700 TEU containership vessels. For more information please visit the Company’s website at www.castormaritime.com. Information on our website does not constitute a part of this press release. Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. We are including this cautionary statement in connection with this safe harbor le...