Business
Castor Maritime Inc. Announces the Sale of the M/V Magic Sun and M/V Magic Phoenix for an Aggregate $20.55 Million
LIMASSOL, Cyprus, Oct. 23, 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, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company, announces that on October 6, 2023 and October 16, 2023, respectively, the Company entered into two separate agreements with two unaffiliated third parties for the sale of the (i) M/V Magic Sun, a 2001-built Panamax bulk carrier vessel, for a price of $6.55 million and (ii) M/V Magic Phoenix, a 2008-built Panamax bulk carrier vessel, for a price of $14.0 million. Both vessels are expected to be delivered to their new owners during the fourth quarter of 2023. The Company expects to record during the fourth quarter of 2023 (i) a net gain of approximately $1.0 million from the sale of the M/V Magic Sun, excluding any transaction-related costs, and (ii) 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 20 vessels, with an aggregate capacity of 1.6 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, eleven Panamax dry bulk vessels, which include the two above mentioned vessels, 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 statements of historical facts. We are including this cautionary statement in connection with this safe harbor legislation. ...