Castor Maritime Inc. Announces Vessel Acquisition and New Charter Agreements

Limassol, Cyprus - August 26, 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 acquire a 2008 Japanese-built Panamax dry bulk carrier from an unaffiliated third-party for a purchase price of $18.75 million. The acquisition is expected to be concluded by taking delivery of the vessel in the fourth quarter of this year and is subject to the satisfaction of certain customary closing conditions.

The Company also announces that:

The M/V Magic Perseus, a 2013 built Kamsarmax dry bulk carrier, following its acquisition by Castor, has been fixed on a time charter contract that commenced on August 20, 2021, at a daily gross charter rate of $35,000 and with a term of about 100 days.

The M/V Magic Thunder, a 2011 built Kamsarmax dry bulk carrier, following completion of its previous employment contract, has been fixed on a time charter contract that commenced on August 3, 2021, at a daily gross charter rate of $35,000 and with a term of about 100 days.

Petros Panagiotidis, Chief Executive Officer of Castor, commented:

“We are happy to announce the acquisition of our 11th Panamax vessel, increasing our dry bulk fleet to 19 vessels. The vessel acquisition is expected to be financed with cash on hand and cash flows generated from operations.

Furthermore, we are pleased to announce two new employment fixtures at daily gross rates of $35,000. Demand for dry bulk transportation services remains strong, allowing us to generate significant free cash flows and fund our growth plans.”

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 own a fleet of 27 vessels, with an aggregate capacity of 2.3 million dwt, consisting of 1 Capesize, 7 Kamsarmax and 11 Panamax dry bulk vessels, as well as 1 Aframax, 5 Aframax/LR2 and 2 MR1 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