Photo credit: Castor Maritime (image for illustration purposes only)
Limassol-based diversified shipping company Castor Maritime led-by Petros Panagiotidis has sealed a deal to sell one of its Panamax vessels, the Magic Moon, at a “juicy” price of $13.95 million. The company expects a net gain on the sale of about $5.3 million. Petros Panagiotidis didn’t disclose the name of the buyer.
The 2005-built Panamax vessel is expected to be delivered to its new owner during the third quarter of 2023.
The Nasdaq-listed company expects to record during the third quarter of 2023, a net gain on the sale of the “Magic Moon” of approximately $5.3 million, excluding any transaction related costs.
The sale agreement is subject to the execution of definitive documentation customary for this type of transaction.
Shipping Telegraph reported in the previous month that the company has also agreed to sell its 2007-built dry bulk carrier “Magic Rainbow” for $12.6 million to a third party. The company didn’t disclose the name of the buyer, but revealed that the expected net gain of the sale will be $4.4 million. After the sale deal is completed Castor expects to record, during the second quarter of 2023, a net gain on the sale of approximately $4.4 million, excluding any transaction related costs.
Castor Maritime, is an international provider of shipping transportation services through its ownership of oceangoing cargo vessels.
Castor owns a fleet of 22 vessels, with an aggregate capacity of 1.7 million deadweight, currently consisting of one Capesize, seven Kamsarmax, twelve Panamax dry bulk vessels, two 2,700 teu containership vessels, which include the Magic Rainbow and Magic Moon vessels, that it has agreed to sell on March 13, 2023 and March 23, 2023.
