The Cyprus based and Nasdaq-listed shipowner Castor Maritime (Castor) has sold two of its 2010-built panamax bulk carriers to a family member of its chairman, CEO and CFO.
The Panagiotidis-led company is offloading the 78,833 dwt Magic Nova for $16.1m and the 76,619 dwt Magic Horizon for $15.8m.
The shipowner sealed separate agreements with entities beneficially owned by a family member of its chairman, chief executive and chief financial officer for the sale of its panamax bulkers, which are expected to change hands by the end of the first quarter of 2024
Panagiotidis expects to record during the first quarter of 2024 a net gain of around $4.4m from the sale of Magic Nova, excluding any transaction-related costs and a net gain of $4.6m from the sale of Magic Horizon, excluding any transaction related costs.
The terms of the transactions were negotiated and approved by a special committee of the company´s directors.
Castor owns a fleet of 16 vessels, with an aggregate capacity of 1.3 million dwt, currently consisting of the capesize vessel Magic Orion which the company agreed to sell on December 7, 2023, five kamsarmax vessels including the Magic Venus which the company agreed to sell on December 21, 2023, eight panamax dry bulk vessels, including Magic Nova and Magic Horizon, and two 2,700 teu containership vessels.
