Castor Maritime Inc. Announces the Sale of the M/V Magic Eclipse and of the M/V Magic Callisto for an Aggregate $28.0 Million
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Castor Maritime Inc. has agreed to sell two Panamax bulk carrier vessels, the M/V Magic Eclipse and M/V Magic Callisto, to entities owned by a family member of the company's Chairman and CEO. The sale, totaling $28 million, was approved by an independent directors' committee and is expected to be completed in the first half of 2025.
March 21, 2025 | 8:15 pm
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NEUTRAL IMPACT
The sale of two Panamax vessels represents a potential asset optimization strategy for Castor Maritime, with proceeds potentially used for fleet renewal or debt reduction.
The transaction involves a related-party sale of two vessels, which could be viewed neutrally. The independent committee's approval mitigates potential conflict of interest concerns. The sale might provide liquidity and help optimize the company's fleet composition.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100