Castor Maritime Inc. Announces the Sale of the M/V Magic Moon for $13.95 Million and With an Expected Net Gain of $5.3 Million

Rhea-AI Summary

Castor Maritime (NASDAQ: CTRM) announced the sale of the M/V Magic Moon, a 2005-built Panamax vessel, for $13.95 million on March 23, 2023. The sale is subject to standard documentation and is expected to close in Q3 2023. The company anticipates a net gain of approximately $5.3 million from this sale, excluding transaction costs. Castor owns a fleet of 22 vessels with a total capacity of 1.7 million dwt, enhancing its operational portfolio in the shipping industry.

Positive

• Sale agreement for M/V Magic Moon at $13.95 million, expected gain of $5.3 million.
• Strengthens financial position and liquidity by disposing of older vessel.

Negative

• None.

LIMASSOL, Cyprus, April 03, 2023 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”), a diversified global shipping company, announces that on March 23, 2023, we entered into an agreement with a third party for the sale of the M/V Magic Moon, a 2005-built Panamax, at a price of $13.95 million. The conclusion of the sale agreement is subject to the execution of definitive documentation customary for this type of transaction. The vessel is expected to be delivered to its new owner during the third quarter of 2023.

The Company expects to record during the third quarter of 2023 a net gain on the sale of the M/V Magic Moon of approximately $5.3 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 22 vessels, with an aggregate capacity of 1.7 million dwt, currently consisting of 1 Capesize, 7 Kamsarmax, 12 Panamax dry bulk vessels, 2 2,700 TEU containership vessels, which include the M/V Magic Rainbow and M/V Magic Moon that it has agreed to sell on March 13, 2023 and March 23, 2023, respectively.

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 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 our business strategy, dry bulk market conditions and trends, the rapid growth of our fleet, 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 (including limitations improved by COVID-19 and/or due to vessel upgrades and repairs), 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 “trade wars”, global public health threats and major outbreaks of disease), 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 Panagiotidis
Castor Maritime Inc.
Email: ir@castormaritime.com 

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

FAQ

What was announced in Castor Maritime's press release on April 3, 2023?

Castor Maritime announced the sale of the M/V Magic Moon for $13.95 million.

When is the expected delivery date for the <em>M/V Magic Moon</em>?

The vessel is expected to be delivered to its new owner during the third quarter of 2023.

What is the anticipated net gain from the sale of the <em>M/V Magic Moon</em>?

The company expects a net gain of approximately $5.3 million from the sale.

How many vessels does Castor Maritime own?

Castor Maritime owns a fleet of 22 vessels.

What is the total deadweight tonnage of Castor's fleet?

The aggregate capacity of Castor's fleet is 1.7 million dwt.