Castor Maritime Inc. Announces the Completion of the Sale of the M/V Magic Rainbow
April 19 2023 - 9:00AM
Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”),
a diversified global shipping company, announces that on April
18, 2023, the Company completed the previously announced sale at a
price of $12.6 million of the M/V Magic Rainbow, a 2007-built
Panamax, by delivering the vessel to its new owners. 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 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 Moon, that it
has agreed on March 23, 2023 to sell.
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 contains 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 Rainbow, including the incurrence of higher than expected
transaction costs, 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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