Castor Maritime Inc. Announces The Sale Of The M/V Magic Sun And M/V Magic Phoenix For An Aggregate $20.55M
Portfolio Pulse from Benzinga Newsdesk
Castor Maritime Inc. (NASDAQ:CTRM) has announced the sale of two of its Panamax bulk carrier vessels, the M/V Magic Sun and M/V Magic Phoenix, for a total of $20.55 million. The company expects to record a net gain of $1.0 million from the sale of the M/V Magic Sun and a net loss of $2.6 million from the sale of the M/V Magic Phoenix in Q4 2023.
October 23, 2023 | 1:13 pm
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NEUTRAL IMPACT
The sale of the two vessels could potentially impact Castor Maritime's financial performance. The company expects a net gain from the sale of one vessel and a net loss from the other.
The sale of assets can have a significant impact on a company's financial performance. In this case, Castor Maritime expects to see a net gain from the sale of the M/V Magic Sun, but a net loss from the sale of the M/V Magic Phoenix. This could potentially balance out the impact on the company's overall financial performance, hence the neutral score.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100