Castor Maritime Inc. Announces New Charter Agreements

Limassol, Cyprus - April 18, 2022

Castor Maritime Inc. (NASDAQ: CTRM), ("Castor', or the "Company"), a diversified global shipping company, announces that:

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 $25,500. The charter commenced on April 7, 2022, and has a duration of about 25 days.

The M/V Magic Rainbow, a 2007 built Panamax dry bulk carrier, has been fixed on a time charter contract at a gross daily charter rate of $16,500. The charter commenced on April 12, 2022, and has a duration of about 60 days.

The M/V Magic Horizon, a 2010 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 April 15, 2022, and has a duration of about 55 days.

Upon completion of the contract, the vessel will commence a time charter contract, as previously announced on April 1, 2022, at a gross daily charter rate equal to 103% of the average of Baltic Panamax Index 4TC routes (1), with a minimum duration of 12 months and a maximum duration of 15 months, at the chartererís option.

(1) The benchmark vessel used in the calculation of the average of the Baltic Panamax Index 5TC routes is a non-scrubber fitted 74,000mt dwt vessel (Panamax) 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.

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.

Castor Maritime press release