Castor Maritime finalizes sale of bulk carrier for $17.4 million
Investing.com | Editor Emilio Ghigini
Published Mar 22, 2024 09:10AM ET
LIMASSOL, Cyprus - Castor Maritime Inc. (NASDAQ: CTRM), a global shipping company, has completed the sale of the M/V Magic Orion, a Capesize bulk carrier built in 2006. The transaction, finalized on Thursday, saw the vessel transferred to its new owner for a sum of $17.4 million. Castor Maritime anticipates recording a net gain of approximately $2.0 million from the sale, which will be reflected in the company's financial results for the first quarter of 2024.
The M/V Magic Orion sale is part of Castor Maritime's ongoing fleet management strategy. The company, which operates a diverse fleet of cargo vessels, has recently agreed to sell two other vessels: the M/V Magic Nebula and the M/V Magic Venus, on February 15, 2024, and December 21, 2023, respectively. Additionally, the M/V Magic Horizon was agreed to be sold on January 29, 2024.
Castor Maritime's fleet now consists of 14 vessels, including five Kamsarmax vessels, seven Panamax dry bulk vessels, and two 2,700 TEU containerships, totaling an aggregate capacity of 1.0 million dwt. The company's business involves providing international shipping transportation services through its ownership of oceangoing cargo vessels.
This news is based on a press release statement and does not include any speculative or forward-looking assessments beyond those provided by the company. Castor Maritime Inc. has not provided additional information on the transaction's specifics or the vessel's new owner. The company's website offers further details on its fleet and services, although it is stated that the website's content does not form part of the press release.
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