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Castor Maritime Inc. has taken delivery of a Panamax vessel

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Dry Bulk,

Castor Maritime Inc., a global shipping company specialising in the ownership of dry bulk vessels, has announced that on 9 October 2020 it took delivery of the 2010 Japan-built Panamax dry bulk vessel it had previously agreed to acquire as announced on 29 July 2020, the M/V Magic Horizon (the ‘Magic Horizon Acquisition’). The Magic Horizon Acquisition was financed in whole with cash on hand that the Company raised in the two equity offerings that it conducted in June and July of this year.

On 13 October 2020, a few days following its delivery to the Company, the M/V Magic Horizon commenced employment under a previously announced time charter agreement with an expected term of between 10 to 14 months that is anticipated to provide the Company with approximately US$3.3 million of gross incremental revenues for the minimum scheduled period of the time charter and approximately US$4.8 million should employment extend to its maximum period.

Petros Panagiotidis, Chairman, Chief Executive Officer and Chief Financial Officer of Castor, commented:

“We are very pleased to announce the prompt and successful delivery of the M/V Magic Horizon, the fifth vessel in our fleet. Since the initiation of our fleet expansion programme in September 2019, we have acquired and taken delivery of five dry bulk carrier vessels, while we anticipate to imminently bring the size of our fleet to six vessels by taking delivery of our most recently announced acquisition. We believe that 2020 is a milestone year for us that establishes our presence in the dry bulk market. Our goal is to diligently continue pursuing our growth strategy while also paying close attention to the overall shipping market dynamics.”

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