Castor Maritime Inc. Announces Delivery of the M/V Magic Venus and New Charter Agreement

Limassol, Cyprus - March 3, 2021

Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company announces today that on March 2, 2021, it took delivery of the M/V Magic Venus, the 2010 Japanese-built Kamsarmax dry bulk vessel it had agreed to acquire as previously announced on February 1, 2021.

The M/V Magic Venus acquisition was financed in its entirety with cash on hand.

The M/V Magic Venus is expected to commence employment under a time charter agreement on or about March 5, 2021, with a daily gross charter rate of $18,500 and an expected term of between minimum five to about seven months.

Castor estimates to generate approximately $2.8 million of gross incremental revenues for the minimum scheduled period of the charter and approximately $4.2 million should employment extend to its maximum period, in each case assuming no off-hire days.

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 that we have previously announced.

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