Castor Maritime Inc. Announces New Charter Agreement For Its Recently Acquired Vessel & Fleet Commercial Update

Limassol, Cyprus - October 7, 2020

Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping company specializing in the ownership of drybulk vessels, announcedtodaythat in connection with itspreviously announced acquisition of a 2010 Japan-built Panamax dry bulk carrier vessel (to be renamed Magic Horizon), the Company has secured employment for the subject vessel by entering into a new charter party contract with an expected term of between ten (10) tofourteen (14) months at a daily gross hire rate of $11,000.

The new charter party is expected to commence a few days following the delivery of the vessel to the Company, which is expected to take place by mid-October 2020.

Following this commercial development, the Company’s fleet employment profile as of today is as follows:

About Castor Maritime Inc.

Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium-term charters and transport a range of dry bulk cargoes, including such commodities as coal, grain and other materials along worldwide shipping routes.

Upon completion by mid-October 2020 of thetwo previously announced acquisitions of two 2010 Japan-built Panamax dry bulk carriers, the Company's fleet will consist of sixPanamax dry bulk carriers.

For more information please visit the company’s website at

Castor Maritime press release