Castor Maritime Inc. Announces the Sale of the M/V Magic Nebula for a Price of $16.2 Million with an Expected Net Gain of $2.5 Million
February 22 2024 - 9:00AM
Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a
diversified global shipping company, announces that on February 15,
2024, the Company entered into an agreement with an entity
beneficially owned by a family member of our Chairman, Chief
Executive Officer and Chief Financial Officer for the sale of the
M/V Magic Nebula, a 2010-built Kamsarmax bulk carrier vessel, for a
price of $16.2 million. The terms of the transaction were
negotiated and approved by a special committee of our disinterested
and independent directors. The vessel is expected to be delivered
to its new owner during the second quarter of 2024.
The Company expects to record during the second
quarter of 2024 a net gain of approximately $2.5 million from the
sale of the M/V Magic Nebula 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
Nebula and 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 which the Company agreed
to sell on January 29, 2024, 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 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, the M/V Magic
Horizon and the M/V Magic Nebula, factors and uncertainties in
connection with the consummation of any sale of any of our vessels,
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 changes in the size and
composition of our fleet, our ability to realize the expected
benefits of vessel acquisitions, 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, such as the war in Ukraine and the conflict in the
Middle East, acts of piracy or maritime aggression, such as recent
maritime incidents involving vessels in and around the Red Sea,
sanctions, “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 accidents, 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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