Cyprus-based Castor Maritime has found another buyer for its panamax bulker Magic Moon two months after a previous sale collapsed.

The Nasdaq-listed owner said the 77,000-dwt ship (built 2005) has gone for $11.8m.

Delivery is expected to the unnamed owner by the end of 2023. Brokers said the buyer is based in China.

Castor expects to book a gain of $3m from the disposal, but this is less than it would have banked from the earlier deal.

In September, the Petros Panagiotidis-led company said a buyer failed to take delivery of the ship.

A sale had been agreed in March for $13.95m. This would have meant a profit before transaction costs of $5.3m.

VesselsValue estimated the ship had a value of $12.1m in September.

The vessel, which has a dry-docking due in January, is now assessed as worth $11.3m.

The Magic Moon was acquired for $10.2m in October 2019 from Pavimar, the Athens-based outfit controlled by Panagiotidis’ sister Ismini that manages Castor’s ships.

Castor had said it was “seeking appropriate compensation pursuant to the terms of the memorandum of agreement” for the March sale.

Fleet being trimmed

Between its launch in 2019 and December 2021, the firm spent nearly $400m on secondhand tonnage in deals that catapulted its fleet to 29 ships — 20 bulkers and nine tankers.

Two sub-panamax container ships were added in 2022.

Castor currently has 18 vessels.

The tanker fleet was spun off into Torp Corp earlier this year.