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

Limassol, Cyprus - May 23, 2024

Castor Maritime Inc. (NASDAQ: CTRM), ("Castor" or the "Company"), a diversified global shipping company, announces that on May 23, 2024, it completed the previously announced sale of the M/V Magic Vela, a 2011-built Panamax bulk carrier vessel, for a price of $16.4 million, by delivering the vessel to its new owner.

The Company expects to record a net gain of approximately $2.7 million from the above-mentioned sale, excluding any transaction-related costs, during the second quarter of 2024.

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 11 vessels, with an aggregate capacity of 0.8 million dwt, currently consisting of three Kamsarmax vessels, six Panamax dry bulk vessels, including the M/V Magic Horizon, which the Company agreed to sell on January 29, 2024, and two 2,700 TEU containership vessels.

Castor Maritime press release