Castor Maritime Inc. Announces Vessel Acquisition

Limassol, Cyprus - February 18, 2021

Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company, announces that it entered, through a separate wholly-owned subsidiary, into an agreement to purchase a 2010 Korean-built Kamsarmax dry bulk carrier from an unaffiliated third-party for a purchase price of $14.8 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 and is subject to the satisfaction of certain customary closing conditions.

Petros Panagiotidis, Chief Executive Officer of Castor, commented:

"We are very happy to announce the acquisition of our third Kamsarmax dry bulk vessel and remain committed to our plan of steadily deploying capital and growing our fleet. Upon completion of all our recently announced acquisitions, our fleet will consist of twelve vessels, doubling in size since the beginning of 2021. We are working diligently in identifying and taking advantage of attractive opportunities presented to us across vessel sizes and segments."

About Castor Maritime Inc.
Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of oceangoing cargo vessels.

On a fully delivered basis, Castor will have a fleet of 12 vessels, with an aggregate capacity of 1.1 million dwt, consisting of 1 Capesize, 3 Kamsarmax and 6 Panamax dry bulk vessels and 2 Aframax tankers. Where we refer to information on a “fully delivered basis,” we are referring to such information after giving effect to the successful consummation of our recent vessel acquisitions.

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

Castor Maritime press release