Cyprus-based owner Castor Maritime has sold two of its panamax bulk carriers in another family-related transaction.
The Nasdaq-listed company is shipping the 2011-built Magic Eclipse and the 2012-built Magic Callisto to outfits beneficially owned by a family member of chairman and CEO Panagiotidis.
The deal worth $28m will see the ships change ownership in the first half of this year.
Castor currently owns a fleet of 12 vessels, including one containership and the two bulkers agreed for sale.
Panagiotidis’ sister, Ismini, controls the shipowning outfit Pavimar, which is listed on VesselsValue as owning a fleet of 13 bulkers. The duo had, in the past few years, carried out several transactions, including four panamaxes sold to Pavimar last year.
Energy News Beat