Castor Maritime Inc. Announces the Sale of the M/V Gabriela A for a Price of $19.3 Million with an Expected Net Gain of $0.8 Million
Castor Maritime (NASDAQ: CTRM) has announced the sale of its containership vessel M/V Gabriela A for $19.3 million. The agreement was entered on December 4, 2024, with delivery expected in the first half of 2025. The company anticipates recording a net gain of approximately $0.8 million from the sale, excluding transaction costs.
The M/V Gabriela A is a 2005-built 2,700 TEU containership. Following this sale and the previously announced sale of M/V Ariana A, Castor Maritime's fleet will consist of 13 vessels with an aggregate capacity of 0.9 million dwt. The company operates as a diversified global shipping and energy company, maintaining majority ownership in Frankfurt-listed MPC Münchmeyer Petersen Capital AG.
Castor Maritime (NASDAQ: CTRM) ha annunciato la vendita della sua nave portacontainer M/V Gabriela A per 19,3 milioni di dollari. L'accordo è stato stipulato il 4 dicembre 2024, con consegna prevista nella prima metà del 2025. L'azienda prevede di registrare un guadagno netto di circa 0,8 milioni di dollari dalla vendita, escluse le spese di transazione.
La M/V Gabriela A è una portacontainer costruita nel 2005 con una capacità di 2.700 TEU. Dopo questa vendita e la precedente vendita della M/V Ariana A, la flotta di Castor Maritime consisterà in 13 navi con una capacità totale di 0,9 milioni di dwt. L'azienda opera come una società di spedizioni e energia globale diversificata, mantenendo una quota di maggioranza nella MPC Münchmeyer Petersen Capital AG quotata a Francoforte.
Castor Maritime (NASDAQ: CTRM) ha anunciado la venta de su buque portacontenedores M/V Gabriela A por 19,3 millones de dólares. El acuerdo se firmó el 4 de diciembre de 2024, con la entrega esperada en la primera mitad de 2025. La empresa anticipa registrar una ganancia neta de aproximadamente 0,8 millones de dólares por la venta, excluyendo los costos de transacción.
El M/V Gabriela A es un portacontenedores construido en 2005 con una capacidad de 2.700 TEU. Tras esta venta y la venta previamente anunciada del M/V Ariana A, la flota de Castor Maritime constará de 13 buques con una capacidad total de 0,9 millones de dwt. La empresa opera como una compañía global de transporte y energía diversificada, manteniendo la propiedad mayoritaria en MPC Münchmeyer Petersen Capital AG, cotizada en Fráncfort.
캐스터 해양 (NASDAQ: CTRM)이 그들의 컨테이너 선박 M/V 가브리엘라 A를 1930만 달러에 판매한다고 발표했습니다. 이 계약은 2024년 12월 4일에 체결되었으며, 2025년 상반기에 인도가 예상됩니다. 회사는 거래 비용을 제외하고 약 80만 달러의 순이익을 기록할 것으로 예상합니다.
M/V 가브리엘라 A는 2005년에 건조된 2,700 TEU 컨테이너선입니다. 이번 판매와 이전에 발표된 M/V 아리아나 A의 판매 이후, 캐스터 해양의 선대는 총 13척의 선박으로 구성되며, 총 운반 능력은 90만 dwt입니다. 이 회사는 다각화된 글로벌 해운 및 에너지 회사로 운영되며, 프랑크푸르트 상장된 MPC 뮌흐마이어 페테르센 캐피탈 AG의 대주주로 있음.
Castor Maritime (NASDAQ: CTRM) a annoncé la vente de son navire porte-conteneurs M/V Gabriela A pour 19,3 millions de dollars. L'accord a été conclu le 4 décembre 2024, avec une livraison prévue au cours de la première moitié de 2025. L'entreprise prévoit d'enregistrer un gain net d'environ 0,8 million de dollars provenant de la vente, hors frais de transaction.
Le M/V Gabriela A est un porte-conteneurs construit en 2005 avec une capacité de 2 700 TEU. Suite à cette vente et à la vente précédemment annoncée du M/V Ariana A, la flotte de Castor Maritime sera composée de 13 navires avec une capacité totale de 0,9 million de dwt. L'entreprise opère comme une société maritime et énergétique mondiale diversifiée, maintenant la majorité de la propriété dans la MPC Münchmeyer Petersen Capital AG cotée à Francfort.
Castor Maritime (NASDAQ: CTRM) hat den Verkauf ihres Containerschiffs M/V Gabriela A für 19,3 Millionen Dollar bekannt gegeben. Der Vertrag wurde am 4. Dezember 2024 unterzeichnet, mit einer Lieferung, die in der ersten Hälfte von 2025 erwartet wird. Das Unternehmen rechnet mit einem Netto Gewinn von etwa 0,8 Millionen Dollar aus dem Verkauf, ohne Transaktionskosten.
Das M/V Gabriela A ist ein 2005 gebautes Containerschiff mit 2.700 TEU Kapazität. Nach diesem Verkauf und dem zuvor angekündigten Verkauf des M/V Ariana A wird die Flotte von Castor Maritime aus 13 Schiffen mit einer Gesamtkapazität von 0,9 Millionen dwt bestehen. Das Unternehmen operiert als ein diversifiziertes globales Schifffahrts- und Energiewirtschaftsunternehmen und hält die Mehrheitsbeteiligung an der in Frankfurt notierten MPC Münchmeyer Petersen Capital AG.
- Sale price of $19.3 million for M/V Gabriela A
- Expected net gain of $0.8 million from the vessel sale
- Reduction in fleet size and capacity
Insights
The sale of M/V Gabriela A represents a strategic move in the current challenging container shipping market. The
This transaction follows Castor's recent pattern of fleet optimization, coming after the announced sale of M/V Ariana A. The company's fleet reduction from 15 to 13 vessels suggests a deliberate strategy to streamline operations and capitalize on still-decent asset values before potential further market deterioration. With container freight rates significantly below their pandemic-era peaks, selling older tonnage while still securing profits indicates sound asset management.
For retail investors, this transaction matters as it strengthens Castor's balance sheet and provides additional liquidity. The company's diversification into energy infrastructure and asset management through its stake in MPC Capital AG shows foresight in reducing dependency on pure shipping earnings. The
The vessel divestment aligns with optimal asset lifecycle management principles. Selling an 18-year-old containership before it reaches the typical 25-year economic life maximizes residual value while avoiding increasing maintenance costs and potential regulatory compliance expenses. The
The transaction's timing is particularly strategic given the container shipping sector's current trajectory. With new vessel deliveries expected to increase global fleet capacity significantly in 2024-25, proactively selling older assets helps mitigate potential value erosion. The decision to execute the sale with delivery scheduled for first half 2025 suggests careful consideration of market dynamics and optimal timing for value realization.
This move reinforces Castor's shift toward a more diversified business model, reducing exposure to volatile shipping cycles while maintaining core maritime operations. The company's evolution from pure-play shipping to include energy infrastructure and asset management positions it for more stable, diversified revenue streams - a important consideration for value-focused investors in the maritime sector.
LIMASSOL, Cyprus, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping and energy company, announces that on December 4, 2024, it entered, through a wholly-owned subsidiary, into an agreement with an unaffiliated third party for the sale of the M/V Gabriela A, a 2005-built 2,700 TEU containership vessel, for a price of
The Company expects to record during the first half of 2025 a net gain of approximately
About Castor Maritime Inc.
Castor Maritime Inc. is a diversified global shipping and energy company, with activities directly and indirectly in investment and asset management, vessel ownership, technical and commercial ship management and energy infrastructure projects.
Castor owns a fleet of 13 vessels, with an aggregate capacity of 0.9 million dwt, including the M/V Ariana A that the Company agreed to sell on November 13, 2024, and the M/V Gabriela A. Castor is also the majority shareholder of the Frankfurt-listed investment and asset manager MPC Münchmeyer Petersen Capital AG.
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. 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 generally: the risk that the transaction may not be completed in a timely matter or at all, the occurrence of any event, change or other circumstance that could cause us to record a different net gain than expected on the transaction described herein, the effects of the spin-off of our tanker business, our business strategy, expected capital spending and other plans and objectives for future operations, dry bulk and containership market conditions and trends, including volatility in charter rates (particularly for vessels employed in short-term time charters or index linked period time charters), factors affecting supply and demand, fluctuating vessel values, opportunities for the profitable operations of dry bulk and container vessels and the strength of world economies, changes in the size and composition of our fleet, our ability to realize the expected benefits from our past or future vessel acquisitions, our ability to realize the expected benefits of vessel acquisitions, increased transactions costs and other adverse effects (such as lost profit) due to any failure to consummate any sale of our vessels, our relationships with our current and future service providers and customers, including the ongoing performance of their obligations, dependence on their expertise, compliance with applicable laws, and any impacts on our reputation due to our association with them, 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, in particular due to economic, financial or operational reasons, 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, including bunker prices, dry-docking, insurance costs, costs associated with regulatory compliance, and costs associated with climate change, our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations dates, expected downtime and lost revenue), instances of off-hire, due to vessel upgrades and repairs, fluctuations in interest rates and currencies, including the value of the U.S. dollar relative to other currencies, any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity breach, existing or future disputes, proceedings or litigation, future sales of our securities in the public market and our ability to maintain compliance with applicable listing standards, volatility in our share price, including due to high volume transactions in our shares by retail investors, potential conflicts of interest involving affiliated entities and/or 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, changes in seaborne and other transportation, including due to the maritime incidents in and around the Red Sea, fluctuating demand for dry bulk and container vessels and/or disruption of shipping routes due to accidents, political events, international sanctions, international hostilities and instability, piracy or acts of terrorism, changes in governmental rules and regulations or actions taken by regulatory authorities, including changes to environmental regulations applicable to the shipping industry, accidents, the impact of adverse weather and natural disasters and any other factors described in our filings with the SEC. 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, except to the extent required by applicable law. New factors emerge from time to time, and it is not possible for us to predict all or any of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these foregoing and other risks and uncertainties. These factors and the other risk factors described in this press release are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Given these uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements.
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 is the sale price of CTRM's M/V Gabriela A vessel?
When will CTRM complete the sale of M/V Gabriela A?
How much profit will CTRM make from the M/V Gabriela A sale?
What will be CTRM's fleet size after the M/V Gabriela A sale?
What type of vessel is the M/V Gabriela A being sold by CTRM?
