Cypriot owner Castor Maritime has sold two vessels more to a member of boss Petros Panagiotidis’ family at a profit.
The Nasdaq-listed company said the 78,800-dwt Magic Nova has gone for $16.1m and the 76,600-dwt Magic Horizon (both built 2010) for $15.8m.
The Magic Nova was bought in October 2021 from Triton Navigation of the Netherlands for $13.86m, while the Magic Horizon came from the fleet of Greece’s Soloi Inc in July 2020 for $12.75m.
VesselsValue assesses the ships as worth $17m and $16.5m respectively.
The deal was negotiated and approved by a special committee of independent Castor directors.
Both deals represent impressive returns.
Castor said it will book a net gain of $4.4m from the Magic Nova and $4.6m from the Magic Horizon, excluding any transaction-related costs.
The buying Panagiotidis family member has not been named.
Castor will be left with 12 ships after the deals go through, including kamsarmaxes, panamaxes and two feedermax boxships.
Earlier in January, the company struck a deal to offload the 83,400-dwt kamsarmax Magic Venus (built 2010) for $17.5m to another unnamed family member.
The vessel was bought from Pavimar at the beginning of 2021 for $15.85m.
Pavimar is the Athens-based outfit controlled by Panagiotidis’ sister Ismini that manages Castor’s ships.
Petros and Ismini are children of Greek shipowner Gabriel “Villy” Panayotides.
Castor controlled 20 vessels in March 2023, following a huge expansion between 2019 and 2022 when it reached a peak of 31 ships.
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.
