Panagiotidis Family Buys Two Bulk Carriers from Castor Maritime

Castor Maritime announced it has reached deals to sell two bulk carrier vessels to entities owned by a family member of Castor Maritime's chairman, CEO and CFO, Petros Panagiotidis.

Under separate agreements signed January 19, 2024, the Cyprus-based company sold the 2010-built Panamax bulk carriers Magic Nova and Magic Horizon for $16.1 million and $15.8 million respectively. Both vessels are expected to be delivered to their new owners by the end of the first quarter of 2024.

The deals' terms were negotiated and approved by a committee of Castor Maritime's independent directors, the company said.

Castor Maritime expects to record during the first quarter of 2024 net gains of approximately $4.4 million from the sale of the Magic Nova and $4.6 million from the sale of Magic Horizon, both excluding any transaction related costs.

The 78,833 dwt Magic Nova was built at Sanoyas Holding Corporation, and the 76,619 dwt Magic Horizon was built at Shin Kasado Dockyard Co., both in Japan.