Limassol-based Castor Maritime has reportedly offloaded another of its older bulkers as its successful asset plays continue.
US and European brokers said the 75,000-dwt panamax Magic Vela (built 2011) has gone to unnamed Turkish interests for $16.5m.
The Chinese-built unit is assessed by VesselsValue as worth $17.07m, up from $16.6m a year ago.
The deal would mean a $2m profit for Castor.
The former Brahms was bought from Borealis Finance in April 2021 for $14.5m.
It is listed as being fixed on a one-year time charter to Oldendorff Carriers in Germany for an undisclosed rate in October 2023.
Castor has been contacted for comment.
The deal follows a series of vessel sales to members of chief executive Petros Panagiotidis’ family this year.
The most recent of these was the 80,300-dwt kamsarmax Magic Nebula (built 2010), which went for $16.2m.
The family member was not named.
Panagiotidis is also Castor’s major shareholder, chairman and chief financial officer.
That was the fourth such deal involving a Panagiotidis family member this year.
Castor has sold 10 ships since June overall.
‘Abundant’ resources
In its fourth-quarter results, the owner revealed it has plenty of ammunition for its next move in shipping markets.
The company said its cash position stood at $120.9m on 31 December.
Castor will have a fleet of 10 ships if the Magic Vela sale is confirmed, including kamsarmaxes, panamaxes and two feedermax boxships.
The company controlled 31 ships at its peak, following a huge expansion between 2019 and 2022.
The tanker fleet was later spun off into US-listed affiliate Toro Corp, which has profitably sold some of them since while expanding into small LPG carriers.
