Castor Maritime led-by Petros Panagiotidis completed the sale of two ships during the second quarter of 2023.
Announcing its financial results, the Limassol-based diversified shipping company reported 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 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.
Petros Panagiotidis expects to record during the third quarter of 2023 a net gain on the sale of the ship of around $4.0 million, excluding any transaction related costs.
Petros Panagiotidis, Chairman, CEO and CFO of Castor Maritime commented: “In the second quarter of 2023 we continued to observe a softness in the dry cargo market compared to the second quarter a year ago, which affected our revenues and cash flows. We believe that the dry bulk fundamentals remain healthy given the historically low order book and the expected recovery for the Chinese economy.”
Castor Maritime’s chairman also noted that the company has a strong balance sheet and is committed to its growth trajectory by seeking further opportunities in the shipping space.
The shipowner reported a net income of $8.2m for the three months ended June 30, 2023 and net income of $19m for the six months ended June 30, 2023.
It’s worth noting that total vessel revenues from continuing operations for the three months ended June 30, 2023, decreased to $25.3m from $41.7m in the same period last year. This variation was mainly driven by the decrease in prevailing charter rates of dry bulk vessels.
Total vessel revenues from continuing operations for the six months ended June 30, 2023, were $49.7m, as compared to $79.5m for the six months ended June 30, 2022.
During the three months ended June 30, 2023, Castor Maritime operated on average 21.2 vessels earning a daily TCE rate of $12,530, as compared to an average of 20.0 vessels earning a daily TCE rate of $23,137 during the same period in 2022.
