Castor Maritime Inc. Announces the Completion of the Sale of the M/V Magic Rainbow

Rhea-AI Summary

Castor Maritime Inc. (NASDAQ: CTRM) announced the completion of the sale of the M/V Magic Rainbow on April 18, 2023, for $12.6 million. This transaction is expected to yield a net gain of approximately $4.4 million in the second quarter of 2023, excluding related transaction costs. The sale reflects the company's ongoing strategy to manage its fleet efficiently. Castor Maritime currently owns a diverse fleet of 21 vessels with a total capacity of 1.7 million dwt.

Castor’s vessel sales align with its objectives to optimize operations and enhance shareholder value. Investors are encouraged to monitor the company's performance as it continues to carry out its strategic initiatives.

Positive

• Completion of the sale of M/V Magic Rainbow for $12.6 million.
• Expected net gain of approximately $4.4 million from the sale in Q2 2023.

Negative

• None.

LIMASSOL, Cyprus, April 19, 2023 (GLOBE NEWSWIRE) -- 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 Panagiotidis
Castor Maritime Inc.
Email: ir@castormaritime.com

Media Contact:
Kevin Karlis
Capital Link
Email: castormaritime@capitallink.com

FAQ

What vessel did Castor Maritime sell in April 2023?

Castor Maritime sold the M/V Magic Rainbow on April 18, 2023.

What was the sale price of the <em>M/V Magic Rainbow</em>?

The sale price of the M/V Magic Rainbow was $12.6 million.

How much net gain is expected from the sale of the <em>M/V Magic Rainbow</em>?

Castor Maritime expects a net gain of approximately $4.4 million from the sale.

When will the net gain from the <em>M/V Magic Rainbow</em> sale be recorded?

The net gain from the sale will be recorded during the second quarter of 2023.