CTRM - Castor Maritime Inc. Announces the Sale of the M/V Magic Venus for $17.5 Million with an Expected Net Gain of $3.5 Million | Benzinga
LIMASSOL, Cyprus, Jan. 05, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ:CTRM), ("Castor" or the "Company"), a diversified global shipping company, announces that on December 21, 2023, the Company entered into an agreement with an entity beneficially owned by a family member of our Chairman, Chief Executive Officer and Chief Financial Officer for the sale of the M/V Magic Venus, a 2010-built Kamsarmax bulk carrier vessel, for a price of $17.5 million. The terms of the transaction were negotiated and approved by a special committee of our disinterested and independent directors. 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 $3.5 million from the sale of the M/V Magic Venus, 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 1.4 million dwt, currently consisting of one Capesize vessel, the M/V Magic Orion which the company agreed to sell on December 7, 2023, five Kamsarmax vessels including the M/V Magic Venus, 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.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements ...