Castor Maritime Inc. Announces Capesize Bulk Carrier Vessel Acquisition

Limassol, Cyprus - January 20, 2021

Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, announces that it entered, through a separate wholly-owned subsidiary, into an agreement to purchase a 2006 Japan-built Capesize dry bulk carrier from an unaffiliated third-party seller for a purchase price of $17.5 million.

The acquisition is expected to be consummated by taking delivery of the vessel sometime in the end of the first quarter or beginning of the second quarter of this year, after the completion of its scheduled dry docking and special survey that also includes the installation of a ballast water treatment system, and is subject to the satisfaction of certain customary closing conditions.

Petros Panagiotidis, Chief Executive Officer of Castor, commented: "We are very pleased that we have been able to quickly utilize our recently raised capital by agreeing to the acquisition of our seventh vessel. We believe it is currently an opportune time to move to larger dry bulk sizes, as we are of the view that these also will attract benefit in the current improving market. We are committed to further expanding our fleet by taking advantage of attractive opportunities presented to us in all vessel sizes and segments, allowing us to achieve our long-term goal of delivering long-term profitability to our shareholders."

About Castor Maritime Inc.
Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on short to medium-term charters and transport a range of dry bulk cargoes, including such commodities as coal, grain and other materials along worldwide shipping routes.

Upon completion of this acquisition, the Company's fleet will consist of seven dry bulk carriers.

For more information please visit the company’s website at www.castormaritime.com

Castor Maritime press release