Castor Maritime Inc. CTRM experienced a notable surge on Friday following the announcement of an agreement to divest M/V Magic Venus, a 2010-built Kamsarmax bulk carrier vessel, for a total consideration of $17.5 million.
This transaction was established with an entity owned by a family member of the company’s chairman, CEO, and CFO.
The delivery of the vessel to its new owner is slated to take place by the end of the first quarter of 2024.
Castor Maritime anticipates a net gain of approximately $3.5 million from the sale of the M/V Magic Venus, excluding any associated costs, which is expected to be recorded during the first quarter of 2024.
In a similar vein, last month saw the company collaborating with an unaffiliated third party to offload the M/V Magic Orion, a 2006-built Capesize bulk carrier vessel, for a price of $17.4 million, with an expected net gain of approximately $2.0 million from the transaction.
Preceding these developments, on December 14, Castor Maritime completed the previously announced sale of the M/V Magic Argo, a 2009-built Kamsarmax bulk carrier vessel, for $15.75 million.
CTRM Price Action: Castor Maritime saw its shares ascend by 3.10% to $0.62 at the close of trading on Friday.
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