The Cyprus based and Nasdaq-listed shipowner Castor Maritime (Castor) will offload one of its Panamax bulk carriers for $16.4m.

The shipowner closed the deal on May 23 to sell the ship Magic Vela, a 2011-built Panamax bulk carrier vessel, for a price of $16.4m, by delivering the vessel to its new owner.

The company expects now to record a net gain of around $2.7m from the sale, excluding any transaction-related costs, during the second quarter of 2024.

To remind, the owner announced the acquisition of the Chinese-built carrier on April 28, 2021 from an unaffiliated third-party for a purchase price of $14.5m.

A month later, on May 12, 2021, Castor took delivery of the Magic Vela, the 2011 Chinese-built Panamax it had agreed to acquire.

At that time the shipowner said the ship acquisition was financed in its entirety with cash on hand.

Castor currently owns a fleet of 11 vessels, with an aggregate capacity of 0.8 million dwt, consisting of three kamsarmax vessels, six panamax dry bulk vessels, including the ship Magic Horizon, which the company agreed to sell on January 29, 2024, and two 2,700 teu containership vessels.