Castor Maritime Inc. Announces the Sale of the M/V Magic Sun and M/V Magic Phoenix for an Aggregate $20.55 Million
October 23 2023 - 9:00AM
Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a
diversified global shipping company, announces that on October 6,
2023 and October 16, 2023, respectively, the Company entered into
two separate agreements with two unaffiliated third parties for the
sale of the (i) M/V Magic Sun, a 2001-built Panamax bulk carrier
vessel, for a price of $6.55 million and (ii) M/V Magic Phoenix, a
2008-built Panamax bulk carrier vessel, for a price of $14.0
million. Both vessels are expected to be delivered to their new
owners during the fourth quarter of 2023.
The Company expects to record during the fourth
quarter of 2023 (i) a net gain of approximately $1.0 million from
the sale of the M/V Magic Sun, excluding any transaction-related
costs, and (ii) a net loss of approximately $2.6 million from the
sale of the M/V Magic Phoenix, 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 20 vessels, with an
aggregate capacity of 1.6 million dwt, currently consisting of one
Capesize vessel, six Kamsarmax vessels including the M/V Magic Argo
that the Company agreed to sell on September 22, 2023, eleven
Panamax dry bulk vessels, which include the two above mentioned
vessels, and two 2,700 TEU containership vessels.
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
Matters discussed in this press release may
constitute forward-looking statements. We intend such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 27A
of the Securities Act of 1933, as amended (the “Securities Act”)
and Section 21E of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements, which
are other than statements of historical facts. We are including
this cautionary statement in connection with this safe harbor
legislation. The words “believe”, “anticipate”, “intend”,
“estimate”, “forecast”, “project”, “plan”, “potential”, “will”,
“may”, “should”, “expect”, “pending” and similar expressions
identify forward-looking statements. The forward-looking statements
in this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including
without limitation, our management’s examination of current or
historical operating trends, data contained in our records and
other data available from third parties. Although we believe that
these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you that we will achieve or
accomplish these forward-looking statements, including these
expectations, beliefs or projections. We undertake no obligation to
update any forward-looking statement, whether as a result of new
information, future events or otherwise. In addition to these
important factors, other important factors that, in our view, could
cause actual results to differ materially from those discussed in
the forward‐looking statements include factors and uncertainties
related to the Company’s and its counterparty’s ability to
consummate the transaction discussed herein or the occurrence of
any event, change or other circumstance that could cause us to
record a different net gain or loss than expected on the sale of
the M/V Magic Sun and the M/V Magic Phoenix, factors and
uncertainties in connection with the effects of the Company’s
spin-off transaction or any similar transaction, our business
strategy, dry bulk and tanker market conditions and trends, the
rapid growth of our fleet, the consummation of any sale of any of
our vessels, our relationships with our current and future service
providers and customers, our ability to borrow under existing or
future debt agreements or to refinance our debt on favorable terms
and our ability to comply with the covenants contained therein, our
continued ability to enter into time or voyage charters with
existing and new customers and to re-charter our vessels upon the
expiry of the existing charters, changes in our operating and
capitalized expenses, our ability to fund future capital
expenditures and investments in the acquisition and refurbishment
of our vessels, instances of off-hire, future sales of our
securities in the public market and our ability to maintain
compliance with applicable listing standards, volatility in our
share price, potential conflicts of interest involving members of
our board of directors, senior management and certain of our
service providers that are related parties, general domestic and
international political conditions or events (including armed
conflicts, “trade wars”, global public health threats and major
outbreaks of disease), existing or future disputes, proceedings or
litigation, including the outcome or costs associated with the
Company’s previously announced efforts to recover compensation and
damages in relation to the terminated sale of the M/V Magic Moon,
changes in seaborne and other transportation, changes in
governmental rules and regulations or actions taken by regulatory
authorities, and the impact of adverse weather and natural
disasters. Please see our filings with the Securities and Exchange
Commission for a more complete discussion of these and other risks
and uncertainties. The information set forth herein speaks only as
of the date hereof, and we disclaim any intention or obligation to
update any forward‐looking statements as a result of developments
occurring after the date of this communication.
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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