Castor Maritime Inc. Announces Delivery of the M/T Wonder Sirius

Limassol, Cyprus - March 23, 2021

Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company, announces that, on March 22, 2021, it took delivery of the M/T Wonder Sirius, the 2005 Korean-built Aframax LR2 tanker it had agreed to acquire as previously announced on February 11, 2021.

The M/T Wonder Sirius 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 Sirius acquisition was financed in its entirety with cash on hand.

Petros Panagiotidis, Chief Executive Officer of Castor, commented:

"We are pleased to announce the successful delivery of the M/T Wonder Sirius, the second of our two Aframax LR2 tankers. These timely acquisitions into the tanker sector diversify our revenue sources while the attached charters provide us with cashflow security throughout 2021.

Our two tankers are projected to generate in aggregate, assuming no off-hire days, approximately $10 million of gross revenues for the minimum scheduled period of the charters, or approximately $21 million should the charterer exercise their options to extend both charters by an additional one-year term. These figures do not take into account any profit sharing that may apply above the minimum daily hire of $15,000."

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 LR2 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