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Limassol, Cyprus - February 7, 2022 Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company, today announced its results for the three months and year ended December 31, 2021. Highlights of the Fourth Quarter Ended December 31, 2021: • Revenues, net: $60.0 million for the three months ended December 31, 2021, as compared to $4.4 million for the three months ended December 31, 2020; • Net income/loss: Net income of $29.2 million for the three months ended December 31, 2021, as compared to net loss of $0.8 million for the three months ended December 31, 2020; • Earnings/Loss per common share(1): $0.18 earnings per share for the three months ended December 31, 2021, as compared to loss per share of $0.06 for the three months ended December 31, 2020; • EBITDA(2): $36.1 million for the three months ended December 31, 2021, as compared to $0.3 million for the three months ended December 31, 2020; • Cash and restricted cash of $43.4 million as of December 31, 2021, as compared to $9.4 million as of December 31, 2020; • On December 8, 2021, we redeemed all of the Series A preferred shares at a cash redemption price of $30 per preferred share as per the Company’s amended and restated statement of designations; and • During the fourth quarter of 2021 and as of the date of this press release, we have taken successful delivery of three vessels consisting of two Panamax dry bulk carriers and one Aframax /LR2 tanker. As a result, Castor currently owns a diversified fleet of 29 vessels with an aggregate capacity of 2.5 million dwt, having more than quadrupled the number of the vessels it owns since December 31, 2020. Earnings Highlights of the Year Ended December 31, 2021: • Revenues, net: $132.0 million for the year ended December 31, 2021, as compared to $12.5 million for the year ended December 31, 2020; • Net income/loss: Net income of $52.3 million for the year ended December 31, 2021, as compared to net loss of $1.8 million for the year ended December 31, 2020; • Earnings/Loss per common share (1): $0.48 earnings per share for the year ended December 31, 2021, as compared to loss per share of $0.26 for the year ended December 31, 2020; and • EBITDA(2): $69.9 million for the year ended December 31, 2021, as compared to $2.3 million for the year ended December 31, 2020. (1) All share and per share amounts disclosed throughout this press release and in the financial information presented in Appendix B have been retroactively updated to reflect the one-for-ten (1-for-10) reverse stock split effected on May 28, 2021, unless otherwise indicated. (2) EBITDA is not a recognized measure under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition and reconciliation of this measure to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP Management Commentary: Mr. Petros Panagiotidis, Chief Executive Officer of Castor commented: "2021 was a transformational year for Castor. We have grown exponentially ending the year with 29 vessels, on a fully delivered basis, and we have enjoyed strong operating cash flow especially in the second half of the year. We benefit from a healthy liquidity position and low leverage and in January 2022 we signed and drew down a new credit facility. We did not sell any common shares under the ATM Program during the fourth quarter and up to the date of this release. We will continue to seek attractive acquisition opportunities to further pursue Castor’s growth trajectory.” Earnings Commentary: Fourth Quarter ended December 31, 2021, and 2020 Results Vessel revenues, net of charterers’ commissions, for the three months ended December 31, 2021, increased to $60.0 million from $4.4 million in the same period of 2020. This increase was largely driven by the increase in our Available Days (defined below) from 449 in the three months ended December 31, 2020, to 2,433 in the three months ended December 31, 2021, following the acquisition and delivery to our fleet of 22 vessels since December 31, 2020. The increase in vessel revenues during the three months ended December 31, 2021, as compared with the same period of 2020 was further underpinned by the healthy dry bulk shipping market resulting in a Daily TCE Rate (1) (as defined below) for the vessels of our fleet of more than double as compared to the same period a year ago. The increase in voyage expenses, from $0.1 million in the three months ended December 31, 2020, to $5.8 million in the same period of 2021, is mainly associated with (i) increased port expenses and bunkers consumption expenses as a result of having certain of our tanker vessels operating under voyage charters in the fourth quarter of 2021, and (ii) increased brokerage commission expenses, commensurate with the increase in vessel revenues discussed above. The increase in vessel operating expenses by $11.7 million, from $3.1 million in the three months ended December 31, 2020 to $14.8 million in the same period of 2021, as well as the increase in vessels’ depreciation and amortization costs by $4.7 million, from $0.8 million in the three months ended December 31, 2020 to 5.5 million in the same period of 2021, mainly reflect the increase in our Ownership Days following the expansion of our fleet. General and administrative expenses in the three months ended December 31, 2021, amounted to $1.2 million, whereas, in the same period of 2020 general and administrative expenses totalled $0.6 million. This increase stemmed from higher corporate fees primarily due to the growth of our company and our shareholder base. Management fees in the three months ended December 31, 2021, amounted to $2.2 million, whereas, in the same period of 2020 management fees totalled $0.5 million. This increase in management fees is due to the substantial increase in our Ownership Days for which our managers charge us with a daily management fee, following the acquisitions discussed above. During the three months ended December 31, 2021, we incurred net interest costs and finance costs amounting to $1.1 million compared to $0.3 million during the same period in 2020. The increase is mainly due to our higher level of weighted average indebtedness during the three months ended December 31, 2021, as compared with the same period of 2020. (1) Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B of this press release for the definition and reconciliation of this measure to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Full report 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 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. For more information please visit the Company’s website at www.castormaritime.com Castor Maritime press release 
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