Castor Maritime Inc., a diversified global shipping company, announces that on February 15, 2024, the Company entered into an agreement with an entity beneficially owned by a family member of our Chairman,Chief Executive Officer and Chief Financial Officer for the sale of the M/V Magic Nebula, a 2010-built Kamsarmax bulk carrier vessel, for a price of $16.2 million.

The terms of the transaction were negotiated and approved by a special committee of our disinterested and independent directors. The vessel is expected to be delivered to its new owner during the second quarter of 2024.

The Company expects to record during the second quarter of 2024 a net gain of approximately $2.5 million from the sale of the M/V Magic Nebula excluding any transaction-related costs.

Castor Maritime press release