Castor Maritime Inc. Announces the Sales of the M/V Magic Nova and the M/V Magic Horizon for an Aggregate Price of $31.9 Million with an Aggregate Expected Net Gain of $9.0 Million
January 29 2024 - 9:00AM
Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a
diversified global shipping company, announces that on January 19,
2024, the Company entered into separate agreements with entities
beneficially owned by a family member of our Chairman, Chief
Executive Officer and Chief Financial Officer for the sale of (i)
the M/V Magic Nova, a 2010-built Panamax bulk carrier vessel, for a
price of $16.1 million and (ii) the M/V Magic Horizon, a 2010-built
Panamax bulk carrier vessel, for a price of $15.8 million. The
terms of the transactions were negotiated and approved by a special
committee of our disinterested and independent directors. Both
vessels are expected to be delivered to their new owners by the end
of the first quarter of 2024.
The Company expects to record during the first
quarter of 2024 (i) a net gain of approximately $4.4 million from
the sale of the M/V Magic Nova, excluding any transaction-related
costs and (ii) a net gain of $4.6 million from the sale of M/V
Magic Horizon, 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 16 vessels, with an
aggregate capacity of 1.3 million dwt, currently consisting of the
Capesize vessel M/V Magic Orion which the company agreed to sell on
December 7, 2023, five Kamsarmax vessels including the M/V Magic
Venus which the Company agreed to sell on December 21, 2023, eight
Panamax dry bulk vessels, including the M/V Magic Nova and the M/V
Magic Horizon, 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 transactions 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 sales of
the M/V Magic Orion, the M/V Magic Venus, the M/V Magic Nova and
the M/V Magic Horizon, 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 containership
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
prior 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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