Castor Maritime Inc. Announces New Vessel Acquisition and the Delivery of the M/T Wonder Polaris

Limassol, Cyprus - March 12, 2021

Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company, announces that it entered, through a separate wholly-owned subsidiary, into an agreement to purchase a 2011 Japanese-built Kamsarmax dry bulk carrier from an unaffiliated third-party for a purchase price of $16.85 million.

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

The Company also announces that, on March 11, 2021, it took delivery of the M/T Wonder Polaris, the 2005 Korean-built Aframax LR2 tanker it had agreed to acquire as previously announced on February 11, 2021.

The M/T Wonder Polaris is currently employed under a time charter contract with minimum duration of about one year at a minimum gross daily hire of $15,000. The M/T Wonder Polaris acquisition was financed in its entirety with cash on hand.

Petros Panagiotidis, Chief Executive Officer of Castor, commented:

"We are pleased to announce our eighth vessel acquisition in 2021 with the addition of another Kamsarmax dry bulk vessel, our fifth, to Castor’s fleet. Upon completion of all our recently announced acquisitions, our fleet will consist of fourteen vessels.

In addition, we are also happy to announce the successful delivery of our first of two Aframax LR2 tankers, marking our foray into the tanker market."

About Castor Maritime Inc.
Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of oceangoing cargo vessels.

On a fully delivered basis, Castor will have a fleet of 14 vessels, with an aggregate capacity of 1.3 million dwt, consisting of 1 Capesize, 5 Kamsarmax and 6 Panamax dry bulk vessels and 2 Aframax tankers. 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