Castor Maritime Inc. Announces Vessel Acquisition and New Charter Agreement

Limassol, Cyprus - December 20, 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 2012 Japanese-built Panamax dry bulk carrier from a third-party in which a family member of Castor’s Chairman, Chief Executive Officer and Chief Financial Officer has a minority interest, for a purchase price of $23.55 million.

The terms of the transaction were negotiated and approved by a special committee of disinterested and independent directors of the Company.

The acquisition is expected to be concluded by taking delivery of the vessel after the completion of its ongoing dry docking and special survey that also includes the installation of a ballast water treatment system, and is subject to the satisfaction of certain customary closing conditions.

New Charter Agreement
The M/V Magic Mars, a 2014 built Panamax dry bulk carrier, has been fixed on a time charter contract at a gross daily charter rate equal to 91% of the average of the Baltic Panamax Index 5TC routes.

The charter commenced on December 6, 2021, and has a minimum duration of eleven months and a maximum duration of about fourteen months (+/- 15 days) at the charterer’s option.

The benchmark vessel used in the calculation of the average of the Baltic Panamax Index 5TC routes is a non-scrubber fitted 82,500 mt dwt vessel (Kamsarmax) with specific age, speed - consumption, and design characteristics.

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 29 vessels, with an aggregate capacity of 2.5 million dwt, consisting of 1 Capesize, 7 Kamsarmax and 12 Panamax dry bulk vessels, as well as 1 Aframax, 6 Aframax/LR2 and 2 Handysize 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. Information on our website does not constitute a part of this press release.

Castor Maritime press release