The Cyprus-based diversified shipping company Castor Maritime led-by Petros Panagiotidis has sealed a deal on March 13th 2023 to sell its 2007-built dry bulk carrier “Magic Rainbow” for $12.6 million to a third party. The company didn’t disclose the name of the buyer, but revealed that the expected net gain of the sale will be $4.4 million.

The Nasdaq-listed company said the conclusion of the sale agreement is subject to the execution of definitive documentation customary for this type of transaction. The 73,593 deadweight vessel is expected to be delivered to its new owner during the second quarter of 2023.

After the sale deal is completed Petros Panagiotidis led-company Castor expects to record, during the second quarter of 2023, a net gain on the sale of approximately $4.4 million, excluding any transaction related costs.

Castor Maritime is an international provider of shipping transportation services through its ownership of oceangoing cargo vessels, and owns a fleet of 22 vessels, with an aggregate capacity of 1.7 million dwt, consisting of 1 Capesize, 7 Kamsarmax and 12 Panamax dry bulk vessels, as well as 2 2,700 teu containership vessels.

Shipping Telegraph reported earlier this month that the Nasdaq-listed company experienced a record 2022 year for the net earnings of Castor aided, mainly, by the higher Aframax/LR2 and Handysize vessel earnings, following the timely acquisitions Castor made in the tanker sector during 2021.

The top management of the company said the Aframax/LR2 and Handysize tanker segments further improved their performance, with combined operating income for the year 2022 of $53.7 million, while the dry bulk segment continued to be robust with operating income in 2022 of $80.1 million.

Founder, Chairman, CEO & CFO Petros Panagiotidis also revealed the completion on 7th of March 2023 of the Spin-Off of the company´s tanker fleet, through the distribution of all of the common shares of Toro Corp. (Toro) to its shareholders. Castor revealed the completion of the Spin-Off of the company´s tanker fleet comprising one Aframax, five Aframax/LR2 and two Handysize tankers. In the Spin-Off distribution, Castor shareholders received one common share of Toro for every ten Castor common shares held at the close of business on February 22, 2023.