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Limassol, Cyprus - October 23, 2023 Castor Maritime Inc. (NASDAQ: CTRM), ("Castor" or the "Company"), a diversified global shipping company, announces that on October 6, 2023 and October 16, 2023, respectively, the Company entered into two separate agreements with two unaffiliated third parties for the sale of the (i) M/V Magic Sun, a 2001-built Panamax bulk carrier vessel, for a price of $6.55 million and (ii) M/V Magic Phoenix, a 2008-built Panamax bulk carrier vessel, for a price of $14.0 million. Both vessels are expected to be delivered to their new owners during the fourth quarter of 2023. The Company expects to record during the fourth quarter of 2023 (i) a net gain of approximately $1.0 million from the sale of the M/V Magic Sun, excluding any transaction-related costs, and (ii) a net loss of approximately $2.6 million from the sale of the M/V Magic Phoenix, 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 20 vessels, with an aggregate capacity of 1.6 million dwt, currently consisting of one Capesize vessel, six Kamsarmax vessels including the M/V Magic Argo that the Company agreed to sell on September 22, 2023, eleven Panamax dry bulk vessels, which include the two above mentioned vessels, and two 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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