Castor Maritime Inc. Announces the Sale of the M/V Magic Twilight for $17.5 Million and With an Expected Net Gain of $4.0 Million
June 15 2023 - 9:00AM
Castor Maritime Inc. (NASDAQ: CTRM) (“Castor”, or the “Company”), a
diversified global shipping company, announces that on June 2,
2023, the Company entered into an agreement with an unaffiliated
third party for the sale of the M/V Magic Twilight, a 2010-built
Kamsarmax bulk carrier, at a price of $17.5 million. The conclusion
of the sale agreement is subject to the execution of definitive
documentation customary for this type of transaction. The vessel is
expected to be delivered to its new owner during the third quarter
of 2023.
The Company expects to record during the third
quarter of 2023 a net gain on the sale of the M/V Magic Twilight of
approximately $4.0 million, excluding any transaction related
costs.
About Castor Maritime Inc.
Castor Maritime Inc. is an international
provider of shipping transportation services through its ownership
of oceangoing cargo vessels.
Castor owns a fleet of 21 vessels, with an
aggregate capacity of 1.7 million dwt, currently consisting of 1
Capesize, 7 Kamsarmax, 11 Panamax dry bulk vessels, 2 2,700 TEU
containership vessels, which include the M/V Magic Twilight and the
M/V Magic Moon that the Company agreed to sell on June 2, 2023 and
March 23, 2023, respectively.
For more information, please visit the Company’s
website at www.castormaritime.com. Information on our website does
not constitute a part of this press release.
Cautionary Statement Regarding
Forward-Looking Statements
This press release may contain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended.
Forward-looking statements give the Company’s
current expectations and projections about future events, including
business strategy, goals, and future financial condition and
performance, and so actual results to differ materially from what
is expressed or implied by the statements. These statements
sometimes use words such as “believe”, “anticipate”, “intend”,
“estimate”, “forecast”, “project”, “plan”, “potential”, “will”,
“may”, “should”, “expect”, “pending”, “indicates” and other words
of similar meaning (or the negative thereof) and include all
matters that are not historical or current facts.
Forward-looking statements are subject to risks,
uncertainties and other factors because they relate to events and
depend on circumstances that may or may not occur in the future
and/or are beyond our control or precise estimate. Such risks,
uncertainties and other factors include, but are not limited to,
the occurrence of any event, change or other circumstance that
could cause us to record a different net gain on the sale of the
M/V Magic Twilight, including the incurrence of higher than
expected transaction costs, uncertainties related to our and our
counterparty’s ability to consummate the transaction discussed
herein, and those factors discussed under “Risk Factors” in our
Annual Report for the year ended December 31, 2022 and/or our other
filings with the SEC, which can be obtained free of charge on the
SEC’s website at http://www.sec.gov. Except to the extent required
by applicable law, we disclaim any intention or obligation to
update publicly or revise any forward‐looking statements, whether
as a result of new information, future events or otherwise.
CONTACT DETAILS
For further information please contact:
Petros PanagiotidisCastor Maritime Inc. Email:
ir@castormaritime.com
Media Contact: Kevin Karlis Capital LinkEmail:
castormaritime@capitallink.com
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