Castor Maritime Inc. Announces Delivery of the M/V Magic Horizon
Limassol, Cyprus - October 14, 2020
Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, announces today that on October 9, 2020 it took delivery of the 2010 Japan-built Panamax dry bulk vessel it had previously agreed to acquire as announced on July 29, 2020, the M/V Magic Horizon (the “Magic Horizon Acquisition”).
The Magic Horizon Acquisition was financed in whole with cash on hand that the Company raised in the two equity offerings that it conducted in June and July of this year.
On October 13, 2020, a few days following its delivery to the Company, the M/V Magic Horizon commenced employment under a previously announced time charter agreement with an expected term of between 10 to 14 months that is anticipated to provide the Company with approximately $3.3 million of gross incremental revenues for the minimum scheduled period of the time charter and approximately $4.8 million should employment extend to its maximum period.
Petros Panagiotidis, Chairman, Chief Executive Officer and Chief Financial Officer of Castor, commented:
“We are very pleased to announce the prompt and successful delivery of the M/V Magic Horizon, the fifth vessel in our fleet. Since the initiation of our fleet expansion program in September 2019, we have acquired and taken delivery of five dry bulk carrier vessels, while we anticipate to imminently bring the size of our fleet to six vessels by taking delivery of our most recently announced acquisition. We believe that 2020 is a milestone year for us that establishes our presence in the dry bulk market. Our goal is to diligently continue pursuing our growth strategy while also paying close attention to the overall shipping market dynamics.”
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.
The Company's fleet currently consists of five Panamax dry bulk vessels and, upon completion of the second of the previously announced acquisitions of two 2010 Japan-built Panamax dry bulk carrier vessels, our fleet will consist of six Panamax dry bulk vessels.
Castor Maritime press release