Why Castor Maritime Shares Are Gaining Friday

Castor Maritime Inc. (NASDAQ: CTRM) on Friday said it inked a pact to sell M/V Magic Venus, a 2010-built Kamsarmax bulk carrier vessel, for a price of $17.5 million.

The pact was formed by the company with an entity owned by a family member of the company's chairman, CEO and CFO.

The vessel is scheduled to be delivered to its new owner by the end of the first quarter of 2024.

The company expected to record during the first quarter of 2024 a net gain of approximately $3.5 million from the sale of the M/V Magic Venus, excluding any transaction-related costs.

Last month, the company collaborated with an unaffiliated third party to sell the M/V Magic Orion, a 2006-built Capesize bulk carrier vessel, for a price of $17.4 million. The company expected a net gain of approximately $2.0 million from the sale.

On Dec. 14, the company completed the previously announced sale of the M/V Magic Argo, a 2009-built Kamsarmax bulk carrier vessel, for a price of $15.75 million.

CTRM Price Action: Castor Maritime shares are trading higher by 3.10% to $0.62 on the last check Friday. 

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