Castor Maritime announces plans to exit the capesize market

Cyprus-based shipping company Castor Maritime has confirmed that it has exited the capesize segment by selling its 2006-built Magic Orion. The company, which is listed on the Nasdaq and controlled by Petros Panagiotidis, plans to close the sale of the Imabari-built 180,200 dwt ship by the end of the first quarter of 2024. The deal with an undisclosed buyer is worth $17.4m, and Castor Maritime is expected to book a net gain of about $2m, excluding transaction-related costs.

In addition to the sale of the Magic Orion, Castor Maritime has also recently completed the sale of the 2009-built kamsarmax Magic Argo, earning about $3m in the process. The company now owns 13 bulkers on a fully-delivered basis, including five kamsarmaxes and eight panamaxes, as well as two 2,700 teu boxships. This move reflects the company’s strategy to focus on its remaining fleet and potentially invest in other segments of the shipping industry.

The decision to exit the capesize segment comes as part of Castor Maritime’s efforts to streamline its operations and optimize its fleet. By selling off older vessels and focusing on its remaining fleet, the company aims to improve its financial position and potentially explore new opportunities in the maritime industry.

Source .