Panagiotidis: Twin Castor Bulk Carriers Added to Fleet

Castor Maritime, a Cyprus-based shipping company, has recently finalized the sale of two of its panamax bulk carriers from 2010. The buyers are relatives of the company's chairman and CEO, Petros Panagiotidis.

This Nasdaq-listed enterprise has arranged the sale of the Magic Nova, with a deadweight tonnage (dwt) of 78,800, for $16.1 million, and the Magic Horizon, with a dwt of 76,600, for $15.8 million. These vessels were originally purchased in 2020 for $13.86 million and $12.75 million, respectively.

The transfer of ownership for both ships is expected to be completed by the close of the first quarter of 2024. From this transaction, Castor Maritime anticipates a profit of approximately $9 million.

Ismini Panayotides, the sister of Panagiotidis, heads the shipping company Pavimar, which currently possesses a fleet of 10 bulk carriers. This is not the first business interaction between the two parties; they previously engaged in a transaction involving two container ships, valued at $50.75 million. This deal facilitated Castor Maritime's venture into the container ship sector. Earlier in the year, the company divested the 2010-built kamsarmax vessel Magic Venus to a Panagiotidis family member. This ship, acquired from Pavimar for $15.85 million in January 2021, is part of these ongoing family transactions.

Despite these sales, Castor Maritime maintains ownership of two 2,700 TEU container ships from 2005 and an additional 14 bulk carriers, although four of these are slated for future sale.