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Castor Maritime takes delivery of bulk carrier

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Dry Bulk,

Castor Maritime Inc., a global shipping company specialising in the ownership of dry bulk vessels, has announced that, in connection with a previously announced acquisition of a 2007 Chinese-built Panamax dry bulk carrier from an unaffiliated third party seller, it has taken delivery, through one of its wholly-owned subsidiaries, on 8 August 2020, of the M/V Magic Rainbow (the ‘Magic Rainbow Acquisition’). The Magic Rainbow Acquisition was financed in whole with cash on hand that the Company raised in two equity offerings that it conducted in June and July of this year.

Following its delivery and as previously announced, the M/V Magic Rainbow commenced on 12 August 2020, employment under a charter party contract with an expected term of a minimum of three months that can extend up to a maximum of five months, at a daily gross hire rate of US$10 300.

Further, on 13 August 2020, the M/V Magic Sun entered into a new time charter agreement with Ausca Shipping Limited at a daily gross hire rate of US$12 500. The charter agreement has an expected term of 3 - 4 months and was expected to commence on or around 15 August 2020.

Petros Panagiotidis, Chief Executive Officer and Chief Financial Officer of Castor commented: “We are extremely pleased that, despite the various challenges presented by the ongoing COVID-19 pandemic, we have successfully completed the Magic Rainbow Acquisition, just a few weeks after the conclusion of two capital raising transactions that significantly bolstered our capital structure. The acquisition of the M/V Magic Rainbow together with our previously announced acquisition of our fifth vessel is a testament of our determination to rapidly grow our fleet and create value for our shareholders. We are equally satisfied to have been able to contract, in this volatile market environment, two out of our four vessels at competitive and above breakeven charter hire rates, providing us with further stability and visibility of cash flows.”

About Castor Maritime Inc.

Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium-term charters and transport a range of dry bulk cargoes, including such commodities as coal, grain and other materials along worldwide shipping routes.

The Company's fleet currently consists of four Panamax dry bulk carriers and, upon completion of the previously announced acquisition of a 2010 Japan-built Panamax dry bulk carrier, the Company’s fleet will consist of five dry bulk carriers.

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Dry bulk shipping market