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Castor Maritime Inc. announces new charter agreement

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Dry Bulk,

Castor Maritime Inc. has announced the closing and drawdown of a US$55.0 million senior term loan facility with a European bank (the ‘US$55.0 Million Financing’), through, and secured by, five of its dry bulk vessel ship-owning subsidiaries and guaranteed by the Company. The Company intends to use the net proceeds from the US$55.0 Million Financing for general corporate purposes, including supporting the Company’s growth plans.

The US$55.0 Million Financing has a tenor of five years and bears interest at adj. SOFR plus 3.15% per annum.

Mr. Petros Panagiotidis, Chief Executive Officer of Castor commented: “We are happy to announce the closing of this new debt financing, our largest to date, and the commencement of a new relationship with a leading European financial institution. We believe that this new debt financing improves our capital structure and enhances our ability to pursue our strategic goals and growth objectives.”

New charter agreement

The M/V Magic Callisto, a 2012 built Panamax dry bulk carrier, has been fixed on a time charter contract at a gross daily charter rate equal to 101% of the average of the Baltic Panamax Index 4TC routes.

The charter commenced on 12 January 2022, and has a minimum duration of nine months and a maximum duration of approximately 12 months (+/- 15 days) at the charterer’s option.

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