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Limassol, Cyprus - November 8, 2023 Castor Maritime Inc. (NASDAQ: CTRM) ("Castor" or the "Company"), a diversified global shipping company, today announced its results for the three months and nine months ended September 30, 2023. Earnings Highlights of the Third Quarter Ended September 30, 2023: • Total Vessel Revenues from continuing operations: $21.4 million for the three months ended September 30, 2023, as compared to $39.4 million for the three months ended September 30, 2022, or a 45.7% decrease; • Net loss from continuing operations of $5.4 million for the three months ended September 30, 2023, as compared to net income of $18.3 million for the three months ended September 30, 2022, or a 129.5% decrease; • Net loss of $5.4 million for the three months ended September 30, 2023, as compared to net income of $37.1 million for the three months ended September 30, 2022, or a 114.6% decrease; • Earnings / (Loss) (basic and diluted) per common share from continuing operations: $(0.06) per share for the three months ended September 30, 2023, as compared to $0.19 per share for the three months ended September 30, 2022; • EBITDA from continuing operations(1): $2.5 million for the three months ended September 30, 2023, as compared to $24.6 million for the three months ended September 30, 2022; • Adjusted EBITDA from continuing operations(1): $10.9 million for the three months ended September 30, 2023, as compared to $24.6 million for the three months ended September 30, 2022; • Cash and restricted cash of $95.0 million as of September 30, 2023, as compared to $109.9 million as of December 31, 2022. Highlights of the Nine Months Ended September 30, 2023: • Total Vessel Revenues from continuing operations: $71.2 million for the nine months ended September 30, 2023, as compared to $118.9 million for the nine months ended September 30, 2022, or a 40.1% decrease; • Net loss from continuing operations of $3.7 million for the nine months ended September 30, 2023, as compared to net income $58.7 million for the nine months ended September 30, 2022, or a 106.3% decrease; • Net income of $13.6 million for the nine months ended September 30, 2023, as compared to $84.9 million for the nine months ended September 30, 2022, or a 84.0% decrease; • Earnings / (loss) (basic and diluted) per common share from continuing operations: $(0.04) per share for the nine months ended September 30, 2023, as compared to $0.62 per share for the nine months ended September 30, 2022; • EBITDA from continuing operations(1): $20.2 million for the nine months ended September 30, 2023, as compared to $76.8 million for the nine months ended September 30, 2022; • Adjusted EBITDA from continuing operations(1): $33.7 million for the nine months ended September 30, 2023, as compared to $76.8 million for the nine months ended September 30, 2022; • The spin-off (the "Spin-Off") of our Aframax/LR2 and Handysize tanker segments to a new Nasdaq listed company, Toro Corp. ("Toro"), was completed on March 7, 2023; and • Following the Spin-Off, the results of the tanker business are reported as discontinued operations for all periods presented. (1) EBITDA and Adjusted EBITDA are not recognized measures under United States generally accepted accounting principles ("U.S. GAAP"). Please refer to Appendix B for the definition and reconciliation of these measures to Net income / (Loss), the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Management Commentary Third Quarter 2023: Mr. Petros Panagiotidis, Chairman, Chief Executive Officer and Chief Financial Officer of Castor commented: "In the third quarter of 2023 we continued to observe softness in the dry cargo market compared to the third quarter a year ago, which affected our revenues and cash flows. We have disposed a number of our dry cargo vessels in order to improve the profile of our fleet. We enjoy a strong balance sheet and we remain committed to our growth trajectory by seeking further opportunities in the shipping space, including opportunities to modernize our fleet." Full report About Castor Maritime Inc. Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of oceangoing cargo vessels. Castor owns a fleet of 20 vessels, with an aggregate capacity of 1.6 million dwt, currently consisting of one Capesize vessel, six Kamsarmax vessels including the M/V Magic Argo that the Company agreed to sell on September 22, 2023, eleven Panamax dry bulk vessels, which include the two above mentioned vessels, and two 2,700 TEU containership vessels. For more information please visit the Company's website at www.castormaritime.com. Information on our website does not constitute a part of this press release. Castor Maritime press release 
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