Castor Maritime Inc. Announces the Sale of the M/V Magic Moon for $13.95 Million and With an Expected Net Gain of $5.3 Million

Limassol, Cyprus - April 3, 2023

Castor Maritime Inc. (NASDAQ: CTRM), ("Castor", or the "Company"), a diversified global shipping company, announces that on March 23, 2023, we entered into an agreement with a third party for the sale of the M/V Magic Moon, a 2005-built Panamax, at a price of $13.95 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 third quarter of 2023.

The Company expects to record during the third quarter of 2023 a net gain on the sale of the M/V Magic Moon of approximately $5.3 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, currently consisting of 1 Capesize, 7 Kamsarmax, 12 Panamax dry bulk vessels, 2 2,700 TEU containership vessels, which include the M/V Magic Rainbow and M/V Magic Moon that it has agreed to sell on March 13, 2023 and March 23, 2023, respectively.

Castor Maritime press release