Business
Castor Maritime Inc. Announces the Sale of the M/V Magic Moon for $11.8 Million and the Completion of the Sale of the M/V Magic Phoenix
LIMASSOL, Cyprus, Nov. 28, 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, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company, announces that on November 10, 2023, the Company entered into an agreement with an unaffiliated third party for the sale of the M/V Magic Moon, a 2005-built Panamax bulk carrier vessel, for a price of $11.8 million. The vessel is expected to be delivered to its new owner by the end of the fourth quarter of 2023. The Company expects to record during the fourth quarter of 2023 a net gain of approximately $3.0 million from the sale of the M/V Magic Moon, excluding any transaction related costs. Furthermore, on November 27, 2023, the Company completed the previously announced sale of the M/V Magic Phoenix, a 2008-built Panamax bulk carrier vessel, for a price of $14.0 million, by delivering the vessel to its new owner. The Company expects to record during the fourth quarter of 2023 a net loss of approximately $2.6 million from the sale of the M/V Magic Phoenix, excluding any transaction-related costs. 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 18 vessels, with an aggregate capacity of 1.5 million dwt, currently consisting of one Capesize vessel, six Kamsarmax vessels, including the M/V Magic Argo that the Company agreed to sell on September 22, 2023, nine Panamax dry bulk vessels, including the M/V Magic Moon, and two 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 statement...