CTRM - Castor Maritime Inc. Announces the Sale of the M/V Magic Orion for $17.4 Million with an Expected Net Gain of $2.0 Million and the Completion of the Sale of the M/V Magic Argo | Benzinga
LIMASSOL, Cyprus, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ:CTRM), ("Castor" or the "Company"), a diversified global shipping company, announces that on December 7, 2023, the Company entered into an agreement with an unaffiliated third party for the sale of the M/V Magic Orion, a 2006-built Capesize bulk carrier vessel, for a price of $17.4 million. The vessel is expected to be delivered to its new owner by the end of the first quarter of 2024.
The Company expects to record during the first quarter of 2024 a net gain of approximately $2.0 million from the sale of the M/V Magic Orion, excluding any transaction related costs.
Furthermore, on December 14, 2023, the Company completed the previously announced sale of the M/V Magic Argo, a 2009-built Kamsarmax bulk carrier vessel, for a price of $15.75 million, by delivering the vessel to its new owner.
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 Argo, 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 17 vessels, with an aggregate capacity of 1.5 million dwt, currently consisting of one Capesize vessel, the M/V Magic Orion, five Kamsarmax vessels, nine Panamax dry bulk vessels, including the M/V Magic Moon which the Company agreed to sell on November 10, 2023, 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.
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