Castor Maritime Inc. Sold Ships for Net Gain of 5 Million

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  • Castor Maritime Inc., a global shipping company, has sold two vessels, the M/V Magic Orion and the M/V Magic Argo, to an unaffiliated third party.
  • The M/V Magic Orion was sold for $17.4 million, with a net gain of $2.0 million in Q1 2024.
  • The M/V Magic Argo was sold for $15.75 million, with a net gain of $3.0 million in Q4 2023.
  • The company, while announcing successful sales, acknowledges industry uncertainties and provides cautionary statements regarding forward-looking projections.

About Castor Maritime Inc

Castor Maritime Inc. is an international shipping transportation company. It maintains a diversified fleet of 17 vessels, comprising Capesize, Kamsarmax, and Panamax dry bulk vessels, and 2,700 TEU containership vessels. The company’s commitment to providing shipping transportation services underscores its prominent position in the global maritime industry.

M/V Magic Orion sold for 17.4 million

Castor Maritime Inc. has agreed to sell the M/V Magic Orion, a 2006-built Capesize bulk carrier vessel, to an unaffiliated third party for a substantial amount of $17.4 million. The vessel is set to be handed over to its new owner by the first quarter of 2024, anticipating a net gain of approximately $2.0 million, excluding any transaction-related costs.

Successful Completion of M/V Magic Argo Sale

In a parallel development, the company has successfully concluded the sale of the M/V Magic Argo, a 2009-built Kamsarmax bulk carrier vessel, for $15.75 million. This transaction is expected to contribute to a net gain of approximately $3.0 million, to be recorded during the fourth quarter of 2023.

Cautionary Statement from the Company

While celebrating the recent successes, Castor Maritime Inc. acknowledges the inherent uncertainties in the industry. The company’s press release contains forward-looking statements based on assumptions related to the completion of transactions, the impact of spinoffs, business strategy, market conditions for dry bulk and containerships, fleet expansion, relationships with suppliers and customers, borrowing under debt agreements, and the ability to enter into time or voyage charters. The actual results may significantly differ due to uncertainties and contingencies. The official notice also provided contact details to those who may like to enquire about further information.

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Source: Castor Maritime

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