Castor Maritime Inc. Announces New Charter Agreements and Delivery of the M/V Magic Mars

Limassol, Cyprus - September 22, 2021

Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”), a diversified global shipping company, announces that on September 20, 2021, it took delivery of M/V Magic Mars, the 2014 Korean-built Panamax dry bulk carrier it had agreed to acquire as previously announced on May 17, 2021. The vessel acquisition was financed in its entirety with cash on hand.

M/V Magic Mars has been fixed on a time charter contract at a gross daily charter rate of $34,600. The charter is expected to commence on or around September 24, 2021, and will have a duration of about 75 days.

The Company also announces that M/V Magic Argo, a 2009 built Kamsarmax dry bulk carrier, has been fixed on a time charter contract at a gross daily charter rate of $33,500. The charter commenced on September 14, 2021, and has a duration of about 90 days.

Mr. Petros Panagiotidis, Chief Executive Officer of Castor commented:

"We continue to see strong demand for dry bulk transportation services, as evidenced by our recent employment fixtures at attractive gross daily charter rates.

Our well-timed expansion plans in early 2021 and persistent focus on prompt deliveries of acquired vessels, allow our Company to take advantage of this strong market with a dry bulk fleet consisting of 19 vessels on a fully delivered basis."

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 own a fleet of 27 vessels, with an aggregate capacity of 2.3 million dwt, consisting of 1 Capesize, 7 Kamsarmax and 11 Panamax dry bulk vessels, as well as 1 Aframax, 5 Aframax/LR2 and 2 MR1 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