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Limassol, Cyprus, February 13, 2023 Castor Maritime Inc. (NASDAQ: CTRM), ("Castor" or the "Company"), a diversified global shipping company, announced today that the distribution date for the previously announced spin-off of its wholly owned subsidiary, Toro Corp., will be March 7, 2023. Additional information regarding Toro Corp. and the proposed spin-off transaction and distribution may be found in Toro Corp.'s amended registration statement on Form 20-F (the "Registration Statement") filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. The proposed distribution and spin-off remain subject to the conditions described in the Registration Statement. There can be no assurance that the spin-off or the distribution will occur or regarding their timing. A copy of the Registration Statement is available at www.sec.gov. About Castor Maritime Inc. Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of oceangoing cargo vessels. Castor owns a fleet of 30 vessels, with an aggregate capacity of 2.5 million dwt, consisting of 1 Capesize, 7 Kamsarmax and 12 Panamax dry bulk vessels, 1 Aframax, 5 Aframax/LR2, 2 Handysize tankers and 2 2,700 TEU containership vessels. For more information please visit the Company's website at www.castormaritime.com. Castor Maritime press release 
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