Castor Maritime Inc. Announces The Sale Of The M/V Magic Argo For $15.75M With An Expected Net Gain Of $3M And The Termination Of The Sale Of The M/V Magic Moon

Author: Benzinga Newsdesk | September 26, 2023 09:19am

Castor Maritime Inc. (NASDAQ:CTRM), ("Castor" or the "Company"), a diversified global shipping company, announces that on September 22, 2023, the Company entered into an agreement with an unaffiliated third party for the sale of the M/V Magic Argo, a 2009-built Kamsarmax bulk carrier, for a price of $15.75 million. The vessel is expected to be delivered to her new owners during the fourth quarter of 2023.

 

The Company expects to record during the fourth quarter of 2023 a net gain of approximately $3.0 million, excluding any transaction-related costs.

The Company also announces that the previously announced sale of the M/V Magic Moon was terminated following the buyer's failure to take delivery of the vessel. Accordingly, the Company will retain the vessel and not receive its purchase price of $13.95 million, that would have incorporated a net gain before transaction costs of $5.3 million. The Company is seeking appropriate compensation pursuant to the terms of the Memorandum of Agreement for this sale.

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