Cyprus-based Castor Maritime has made a decent profit on a bulker bought during its huge fleet expansion.
The Petros Panagiotidis-owned and led company said the 80,000-dwt kamsarmax Magic Twilight (built 2010) has gone to an unnamed third party for $17.5m.
VesselsValue assesses the ship as worth $19.5m, down from $23.5m a year ago.
The kamsarmax was bought as the Inspiration for a reported $14.8m in February 2021, from Aegean Bulk of Greece.
Castor said the ship is expected to be delivered to its new owner during the third quarter of 2023.
This will result in a profit of $4m.
The fleet will then stand at 19 ships comprising a capesize, six other kamsarmaxes, 10 panamaxes and two 2,700-teu container ships.
Between its launch in 2019 and December 2021, the Nasdaq-listed owner spent nearly $400m on secondhand tonnage in deals that catapulted its fleet to 29 ships — 20 bulkers and nine tankers.
The two sub-panamax container ships were added in 2022.
The tanker fleet was spun off into Torp Corp earlier this year.
Castor’s last sale was in March, when it offloaded the 77,000-dwt panamax Magic Moon (built 2005) to an unnamed owner for $13.95m, confirming a disposal first reported by TradeWinds.
Earlier that month, Castor offloaded its first bulker since expanding the fleet.
The owner banked a net gain of $4.4m from the disposal of the 73,600-dwt panamax Magic Rainbow (built 2007) for $12.6m, in line with independent valuations.
