Castor Maritime Inc. Announces Delivery of the M/V Magic Nova and New Charter Agreement

Limassol, Cyprus - October 20, 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 15, 2020 it took delivery of the 2010 Japan-built Panamax dry bulk vessel it had previously agreed to acquire as announced on October 1, 2020, the M/V Magic Nova (the “Magic Nova Acquisition”).

The Magic Nova Acquisition was financed in whole with cash on hand that the Company raised in the two equity offerings conducted in June and July of this year.

On October 17, 2020, the M/V Magic Nova commenced employment under a time charter agreement with an expected term of between 6 to 9 months that is anticipated to provide the Company with approximately $1.9 million of gross incremental revenues for the minimum scheduled period of the time charter and approximately $2.8 million should employment extend to its maximum period.

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

As of the date of this press release, the Company’s fleet operates at an approximate average gross charter hire rate of $10,800.

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 six Panamax dry bulk vessels.

Castor Maritime press release