Castor Maritime Inc. Announces the Sale of the M/V Magic Rainbow for $12.6 Million and With an Expected Net Gain of $4.4 Million
March 20 2023 - 9:06AM
Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”),
a diversified global shipping company, announces that on March
13, 2023, we entered into an agreement with a third party for the
sale of the M/V Magic Rainbow at a price of $12.6 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
second quarter of 2023.
The Company expects to record during the second
quarter of 2023 a net gain on the sale of the M/V Magic Rainbow of
approximately $4.4 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 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.
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 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 our business strategy, dry
bulk and tanker market conditions and trends, the rapid growth of
our fleet, 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 (including limitations
improved by COVID-19 and/or due to vessel upgrades and repairs),
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 “trade wars”, global public health threats and major
outbreaks of disease), 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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