Castor Maritime Inc. Announces Vessel Acquisition and Business Developments

Limassol, Cyprus - December 7, 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 acquire a 2006 Korean-built Aframax LR2 tanker from an unaffiliated third-party for a purchase price of $18.15 million.

The acquisition is expected to be concluded by taking delivery of the vessel within December and is subject to the satisfaction of certain customary closing conditions.

The vessel will be delivered to the Company with a time charter contract attached, at a daily gross charter rate of $15,000 plus a 50% profit sharing arrangement over such level based on a predetermined formula. The charter has a remaining term of about three months (+/- 15 days).

Closing of Debt Financing
The Company also announces the closing and drawdown, through two of its dry bulk vessel shipowning entities, of a $23.15 million term loan facility, that it had entered into as previously announced on November 8, 2021.

New Charter Agreements

The M/V Magic Twilight, a 2010 built Kamsarmax dry bulk carrier, has been fixed on a time charter contract at a gross daily charter rate of $19,000. The charter commenced on November 29, 2021, and has a duration of about 45 days.

The M/V Magic Moon, a 2005 built Panamax dry bulk carrier, has been fixed on a time charter contract at a gross daily charter rate of $17,500. The charter commenced on December 3, 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.

On a fully delivered basis, Castor will own a fleet of 28 vessels, with an aggregate capacity of 2.4 million dwt, consisting of 1 Capesize, 7 Kamsarmax and 11 Panamax dry bulk vessels, as well as 1 Aframax, 6 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.

Castor Maritime press release