Castor Maritime Sells 2007-built Panamax for $12.6 Million

Shipping company Castor Maritime announced it has sold the 2007-built Panamax bulk carrier Magic Rainbow to an undisclosed buyer for $12.6 million.

The 73,593 dwt vessel is expected to be delivered to its new owner during the second quarter of 2023.

Nasdaq-listed Castor Maritime said it expects to record an approximately $4.4 million net gain on the sale, excluding transaction related costs.

The deal remains subject to the execution of customary definitive documentation, the company added.

Castor owns a fleet of 22 vessels, with an aggregate capacity of 1.7 million dwt, consisting of one Capesize, seven Kamsarmax and 12 Panamax dry bulk vessels, as well as 2 2,700 TEU containership.