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Limassol, Cyprus, March 20, 2023 Castor Maritime Inc. (NASDAQ: CTRM), ("Castor", or the "Company"), a diversified global shipping company, announces that on March 13, 2023, we entered into an agreement with a third party for the sale of the M/V Magic Rainbow at a price of $12.6 million. The conclusion of the sale agreement is subject to the execution of definitive documentation customary for this type of transaction. The vessel is expected to be delivered to its new owner during the second quarter of 2023. The Company expects to record during the second quarter of 2023 a net gain on the sale of the M/V Magic Rainbow of approximately $4.4 million, excluding any transaction related costs. 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 22 vessels, with an aggregate capacity of 1.7 million dwt, consisting of 1 Capesize, 7 Kamsarmax and 12 Panamax dry bulk vessels, as well as 2 2,700 TEU containership vessels. 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 
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