Castor Maritime led-by Petros Panagiotidis signed a deal with an unaffiliated third party for the sale of the 2009-built Kamsarmax bulk carrier, Magic Argo for a price of $15.75m.

The vessel is expected to be delivered to her new owners during the fourth quarter of 2023.

The deal should bring in a net gain of approximately $3m, excluding any transaction-related costs.

The Limassol-based diversified shipowner didn’t disclose the name of the buyer.

Meanwhile, Castor has seen the $13.95m sale of the 2005-built panamax Magic Moon terminated “following the buyer’s failure to take delivery of the vessel”.

To remind the vessel was expected to be delivered to its new owner during the third quarter of 2023.

The owner will retain the ship and not receive its purchase price of $13.95m, that would have incorporated a net gain before transaction costs of $5.3m.

Castor Maritime is now seeking appropriate compensation pursuant to the terms of the Memorandum of Agreement for this sale.

The shipowner completed the sale of two ships during the second quarter of 2023, as Shipping Telegraph reported in August.

Announcing its financial results, the shipping company reported the delivery of the ship Magic Rainbow on April 18 to its new owners. Castor recorded, during the second quarter of 2023, a net gain on the sale of the 2007-built panamax Magic Rainbow of about $3.1m.

The company has also sold a 2010-built kamsarmax bulk carrier at a “juicy” price of $17.5m. The ship Magic Twilight delivered to its new third-party owners.

Castor currently owns a fleet of 20 vessels, with an aggregate capacity of 1.6 million dwt, consisting of one capesize, six kamsarmax, which includes the ship Magic Argo, eleven panamax dry bulk vessels, and two 2,700 teu containership vessels.