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
Portfolio Pulse from Benzinga Newsdesk
Castor Maritime Inc. (NASDAQ:CTRM) has announced the sale of the M/V Magic Argo for $15.75 million, expecting a net gain of $3 million. The vessel is expected to be delivered to the new owners in Q4 2023. The company also announced the termination of the sale of the M/V Magic Moon due to the buyer's failure to take delivery, resulting in the company retaining the vessel and not receiving its purchase price of $13.95 million.
September 26, 2023 | 1:19 pm
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NEUTRAL IMPACT
The sale of the M/V Magic Argo is expected to bring a net gain of $3 million to Castor Maritime, while the termination of the M/V Magic Moon sale could potentially impact the company's financials negatively.
The sale of the M/V Magic Argo is a positive development for Castor Maritime as it is expected to bring a net gain of $3 million. However, the termination of the M/V Magic Moon sale could have a negative impact as the company will not receive the expected purchase price of $13.95 million. The net effect of these two events is uncertain, hence the neutral score.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100