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Panamax dry bulk carrier delivered to Castor Maritime

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Dry Bulk,

Castor Maritime Inc. announces that it entered, through two separate wholly-owned subsidiaries, into agreements to acquire a 2013 Japanese-built and a 2014 Korean-built Panamax dry bulk carrier from unaffiliated third-parties for a purchase price of US$19.06 million and US$21.0 million respectively.

The acquisitions are expected to be consummated by taking delivery of the vessels within the third and fourth quarter of this year and are subject to the satisfaction of certain customary closing conditions.

The 2013 Japanese-built dry bulk carrier will be delivered to the Company with a time charter contract attached with a reputable charterer, at a daily gross charter rate of US$11 650 and with an estimated remaining term of approximately 2 - 4 months.

The agreement for the 2014 Korean-built Panamax dry bulk carrier contains a final purchase price adjustment mechanism, pursuant to which, in the event that the delivery of the vessel is concluded after 20 July 2021, the purchase price shall be reduced by US$10 500/d from that day and until the day a valid notice of readiness for delivery is tendered by the seller.

The Company also announces that, on 12 May 2021, it took delivery of the M/V Magic Vela, the 2011 Chinese-built Panamax dry bulk carrier it had agreed to acquire as previously announced on 28 April 2021. The M/V Magic Vela acquisition was financed in its entirety with cash on hand.

Petros Panagiotidis, Chief Executive Officer of Castor, commented: “We are happy to announce the acquisition of two additional Panamax vessels. Following the delivery of M/V Magic Vela, our fleet consists of 14 vessels, and after the completion of all our announced acquisitions, our fleet will consist of 26 vessels across the dry bulk and tanker segments.”

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