Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”),
a diversified global shipping company, announces the closing and
drawdown of a $55.0 million senior term loan facility with a
European bank (the “$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 $55.0 Million Financing for general corporate
purposes, including supporting the Company’s growth plans.
The $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 routes1. The charter commenced on January 12,
2022, and has a minimum duration of nine months and a maximum
duration of about twelve months (+/- 15 days) at the charterer’s
option.
- The benchmark
vessel used in the calculation of the average of the Baltic Panamax
Index 4TC routes is a non-scrubber fitted 74,000mt dwt vessel
(Panamax) with specific age, speed - consumption, and design
characteristics.
About Castor Maritime Inc.
Castor Maritime Inc. is an international
provider of shipping transportation services through its ownership
of oceangoing cargo vessels.
Castor owns a fleet of 29 vessels, with an
aggregate capacity of 2.5 million dwt, consisting of 1 Capesize, 7
Kamsarmax and 12 Panamax dry bulk vessels, as well as 1 Aframax, 6
Aframax/LR2 and 2 Handysize tankers.
For more information please visit the Company’s
website at www.castormaritime.com. Information on our website does
not constitute a part of this press release.
Cautionary Statement Regarding
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. We intend such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 27A
of the Securities Act of 1933, as amended (the “Securities Act”)
and Section 21E of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements, which
are other than statements of historical facts. We are including
this cautionary statement in connection with this safe harbor
legislation. The words “believe”, “anticipate”, “intend”,
“estimate”, “forecast”, “project”, “plan”, “potential”, “will”,
“may”, “should”, “expect”, “pending” and similar expressions
identify forward-looking statements. The forward-looking statements
in this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including
without limitation, our management’s examination of historical
operating trends, data contained in our records and other data
available from third parties. Although we believe that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you that we will achieve or
accomplish these forward-looking statements, including these
expectations, beliefs or projections. We undertake no obligation to
update any forward-looking statement, whether as a result of new
information, future events or otherwise. In addition to these
important factors, other important factors that, in our view, could
cause actual results to differ materially from those discussed in
the forward‐looking statements include general dry bulk and tanker
shipping market conditions, including fluctuations in charterhire
rates and vessel values, the strength of world economies, our
future financial condition or results of operations and our future
revenues and expenses, our continued ability to enter into time or
voyage charters with existing and new customers, and to re-charter
our vessels upon the expiry of the existing charters, the stability
of Europe and the Euro, fluctuations in interest rates and foreign
exchange rates, changes in demand in the dry bulk and tanker
shipping industries, including the market for our vessels, changes
in our operating expenses, including bunker prices, dry docking and
insurance costs, our ability to fund future capital expenditures
and investments in the acquisition and refurbishment of our
vessels, our business strategy and other plans and objectives for
future operations, our expectations regarding the availability of
vessel acquisitions and our ability to complete acquisition
transactions as planned, our ability to realize the expected
benefits from our vessel acquisitions, potential liability from
pending or future litigation and potential costs due to
environmental damage and vessel collisions, potential exposure or
loss from investment in derivative instruments (if any), changes in
supply and demand in the dry bulk and tanker shipping industry,
including the market for our vessels and the number of newbuildings
under construction, changes in seaborne and other transportation,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political
conditions, potential disruption of shipping routes due to
accidents or political events, our business strategy and other
plans and objectives for future operations, future sales of our
securities in the public market, the impact of adverse weather and
natural disasters, impacts of climate change and greenhouse gas
restrictions, the length and severity of the COVID-19 outbreak, the
impact of public health threats and outbreaks of other highly
communicable diseases, the impact of the expected discontinuance of
LIBOR after 2021 on interest rates of our debt that reference
LIBOR, the availability of financing and refinancing and grow our
business, vessel breakdowns and instances of off‐hire, potential
exposure or loss from investment in derivative instruments,
potential conflicts of interest involving our Chief Executive
Officer, his family and other members of our senior management, and
our ability to complete acquisition transactions as planned. Please
see our filings with the Securities and Exchange Commission for a
more complete discussion of these and other risks and
uncertainties. The information set forth herein speaks only as of
the date hereof, and we disclaim any intention or obligation to
update any forward‐looking statements as a result of developments
occurring after the date of this communication.
CONTACT DETAILS
For further information please contact:
Petros PanagiotidisCastor Maritime Inc. Email:
ir@castormaritime.com
Media Contact: Kevin Karlis Capital LinkEmail:
castormaritime@capitallink.com
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