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Castor Maritime takes delivery of Panamax dry bulk vessel

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Dry Bulk,

Castor Maritime Inc., a global shipping company specialising in the ownership of dry bulk vessels, announced today that on 15 October 2020 it took delivery of the 2010 Japan-built Panamax dry bulk vessel it had previously agreed to acquire as announced on 1 October 2020, the M/V Magic Nova (the ‘Magic Nova Acquisition’). The Magic Nova Acquisition was financed in whole with cash on hand that the Company raised in the two equity offerings conducted in June and July of this year.

On 17 October 2020, the M/V Magic Nova commenced employment under a time charter agreement with an expected term of between six to nine months that is anticipated to provide the Company with approximately US$1.9 million of gross incremental revenues for the minimum scheduled period of the time charter and approximately US$2.8 million should employment extend to its maximum period.

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