Castor Maritime Inc. Announces Vessel Acquisition

Limassol, Cyprus - February 3, 2021

Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, announces that it entered, through a separate wholly-owned subsidiary, into an agreement to purchase a 2009 Japan-built Kamsarmax dry bulk carrier from an unaffiliated third-party for a purchase price of $14.5 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 remain committed to our plan of steadily growing our fleet by announcing the acquisition of our second Kamsarmax vessel, shortly after the acquisition of our first one. Upon completion of our recently announced acquisitions, our fleet will consist of nine vessels, tripling in size since last summer. We are dedicated to further expanding our fleet by deploying our capital in the most productive manner, taking advantage of attractive opportunities presented to us in all vessel sizes and segments."

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 9 vessels consisting of 1 Capesize, 2 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. Information on our website does not constitute a part of this press release.

Castor Maritime press release