Business
Castor Maritime Inc. Announces the Sales of the M/V Magic Nova and the M/V Magic Horizon for an Aggregate Price of $31.9 Million with an Aggregate Expected Net Gain of $9.0 Million
LIMASSOL, Cyprus, Jan. 29, 2024 (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, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company, announces that on January 19, 2024, the Company entered into separate agreements with entities beneficially owned by a family member of our Chairman, Chief Executive Officer and Chief Financial Officer for the sale of (i) the M/V Magic Nova, a 2010-built Panamax bulk carrier vessel, for a price of $16.1 million and (ii) the M/V Magic Horizon, a 2010-built Panamax bulk carrier vessel, for a price of $15.8 million. The terms of the transactions were negotiated and approved by a special committee of our disinterested and independent directors. Both vessels are expected to be delivered to their new owners by the end of the first quarter of 2024. The Company expects to record during the first quarter of 2024 (i) a net gain of approximately $4.4 million from the sale of the M/V Magic Nova, excluding any transaction-related costs and (ii) a net gain of $4.6 million from the sale of M/V Magic Horizon, 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 16 vessels, with an aggregate capacity of 1.3 million dwt, currently consisting of the Capesize vessel M/V Magic Orion which the company agreed to sell on December 7, 2023, five Kamsarmax vessels including the M/V Magic Venus which the Company agreed to sell on December 21, 2023, eight Panamax dry bulk vessels, including the M/V Magic Nova and the M/V Magic Horizon, 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, object...