Limassol, Cyprus - January 22, 2021
Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, announces the closing, through two of its ship-owning subsidiaries, of a $15.3 million senior term loan facility with a reputable European financial institution (“the $15.3 Million Financing”), secured by two of its vessels.
The loan is expected to be drawn down before the end of this month. The Company intends to use the net proceeds from the $15.3 Million Financing to support the Company’s growth plans.
The $15.3 Million Financing will have a tenor of four years from the drawdown date and will bear interest at 3.30% plus LIBOR per annum.
Petros Panagiotidis, Chief Executive Officer of Castor, commented:
"We are very pleased that this financing opportunity came to a successful completion. This new debt financing, our largest to date, with its attractive cost of funds, will provide additional liquidity enabling us to continue pursuing our strategic goals of expanding our fleet and 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.
The Company's fleet currently consists of six Panamax dry bulk carriers and, upon completion of the previously announced acquisition of its first Capesize bulk carrier, 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