Castor sells pair of panamax bulkers

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Castor Maritime, a diversified global shipping company, announces that on October 6, 2023 and October 16, 2023, respectively, the Company entered into two separate agreements with two unaffiliated third parties for the sale of the (i) M/V Magic Sun, a 2001-built Panamax bulk carrier vessel, for a price of $6.55 million and (ii) M/V Magic Phoenix, a 2008-built Panamax bulk carrier vessel, for a price of $14.0 million.

Both vessels are expected to be delivered to their new owners during the fourth quarter of 2023.

The Company expects to record during the fourth quarter of 2023 (i) a net gain of approximately $1.0 million from the sale of the M/V Magic Sun, excluding any transaction-related costs, and (ii) a net loss of approximately $2.6 million from the sale of the M/V Magic Phoenix, excluding any transaction-related costs.

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