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

Limassol, Cyprus - October 26, 2021

Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”), a diversified global shipping company, announces that on October 26, 2021, it took delivery of M/V Magic Phoenix, the 2008 Japanese-built Panamax dry bulk carrier it had agreed to acquire as previously announced on August 26, 2021. The vessel acquisition was financed in its entirety with cash on hand.

M/V Magic Phoenix has been fixed on a time charter contract at a gross daily charter rate equal to 102% of the average of the Baltic Panamax Index 4TC routes. The charter is expected to commence on or around October 28, 2021, and will have a minimum duration of eleven months and a maximum duration of fourteen months at the charterer’s option.

The Company also announces that the M/V Magic Venus, a 2010 built Kamsarmax dry bulk carrier, has been fixed on a time charter contract at a gross daily charter rate of $38,000. The charter commenced on October 16, 2021, and has a duration of about 60 days.

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

Castor owns 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.

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

Castor Maritime press release