Castor Maritime Inc. Announces the Sales of the M/V Magic Nova and the M/V Magic Horizon for an Aggregate Price of $31.9 Million with an Aggregate Expected Net Gain of $9.0 Million

LIMASSOL, Cyprus, Jan. 29, 2024 (GLOBE NEWSWIRE) — Castor Maritime Inc. (NASDAQ:CTRM), (“Castor” or the “Company”), a diversified global shipping company, announces that on January 19, 2024, the Company entered into separate agreements with entities beneficially owned by a family member of our Chairman, Chief Executive Officer and Chief Financial Officer for the sale of (i) the M/V Magic Nova, a 2010-built Panamax bulk carrier vessel, for a price of $16.1 million and (ii) the M/V Magic Horizon, a 2010-built Panamax bulk carrier vessel, for a price of $15.8 million. The terms of the transactions were negotiated and approved by a special committee of our disinterested and independent directors. Both vessels are expected to be delivered to their new owners by the end of the first quarter of 2024.

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