Castor Maritime Inc. Announces Vessel Acquisition

Limassol, Cyprus - February 1, 2021

Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping company specializing in the ownership of drybulk vessels, announces that it entered, through a separate wholly-owned subsidiary, into an agreement to purchase a 2010 Japan-built Kamsarmax dry bulk carrier from an unaffiliated third-party for a purchase price of $15.85 million.

The acquisition is expected to be consummated by taking delivery of the vessel within the first quarter of this year and is subject to the satisfaction of certain customary closing conditions.

Petros Panagiotidis, Chief Executive Officer of Castor, commented: “We are very excited to announce the acquisition of our first Kamsarmax vessel. Once again, we have demonstrated our ability to expand our fleet with the addition of our 8th vessel shortly after the announcement of our previous vessel acquisition.”

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 short to medium-term charters and transport a range of dry bulk cargoes, including such commodities as coal, grain and other materials along worldwide shipping routes.

On a fully delivered basis, Castor will have a fleet of 8 vesselsconsisting of 1 Capesize, 1 Kamsarmax and 6 Panamax vessels.

Where we refer to information on a “fully delivered basis,” we are referring to such information after giving effect to the successful consummation of our recent vessel acquisitions.

For more information please visit the Company’s website at www.castormaritime.com.

Castor Maritime press release