Castor Maritime led-by Petros Panagiotidis completed the sale of two ships during October.

The Limassol-based diversified shipping company reported that on October 6 and 16 has sealed two separate deals with unaffiliated third parties for the sale of the vessel Magic Sun, a 2001-built Panamax bulk carrier, for a price of $6.55m and for the Magic Phoenix, a 2008-built Panamax bulk carrier, for a price of $14m.

Both vessels are expected to be delivered to their new owners during the fourth quarter of 2023.

Petros Panagiotidis expects to record during the fourth quarter of 2023 a net gain of about $1m from the sale of the bulk carrier Magic Sun, excluding any transaction-related costs, and a net loss of around $2.6 m from the sale of the ship Magic Phoenix, excluding any transaction-related costs.

The shipowner Castor currently owns a fleet of 20 vessels, with an aggregate capacity of 1.6 million dwt, consisting of one capesize vessel, six kamsarmax vessels including the ship Magic Argo that the company agreed to sell on September 22 this year, eleven panamax dry bulk vessels, which include the two above mentioned vessels, and two 2,700 teu containership vessels.

The company in August unveiled the delivery of the ship Magic Rainbow on April 18 to its new owners.

Castor Maritime 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 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.

The shipping company announced that will record a net gain on the sale of the ship of around $4m, excluding any transaction related costs.