Castor Maritime Inc. Announces the Completion of the Sale of the M/V Magic Rainbow

Limassol, Cyprus - April 19, 2023

Castor Maritime Inc. (NASDAQ: CTRM), ("Castor", or the "Company"), a diversified global shipping company, announces that on April 18, 2023, the Company completed the previously announced sale at a price of $12.6 million of the M/V Magic Rainbow, a 2007-built Panamax, by delivering the vessel to its new owners.

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 21 vessels, with an aggregate capacity of 1.7 million dwt, currently consisting of 1 Capesize, 7 Kamsarmax, 11 Panamax dry bulk vessels, 2 2,700 TEU containership vessels, which include the M/V Magic Moon, that it has agreed on March 23, 2023 to sell.

Castor Maritime press release