Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”),
a diversified global shipping company, announces that:
The M/V Magic Moon, a 2005 built Panamax dry
bulk carrier, has been fixed on a time charter contract at a gross
daily charter rate of $25,000. The charter commenced on March 6,
2022, and has a minimum duration of about 30 days.
The M/V Magic Argo, a 2009 built Kamsarmax dry
bulk carrier, has been fixed on a time charter contract at a gross
daily charter rate equal to 103% of the average of the Baltic
Panamax Index 5TC routes1. The charter is expected to commence on
April 4, 2022, and will have a minimum duration of twelve months
and a maximum duration of fifteen months at the charterer’s
option.
The M/V Magic Venus, a 2010 built Kamsarmax dry
bulk carrier, has been fixed on a time charter contract at a gross
daily charter rate equal to 100% of the average of the Baltic
Panamax Index 5TC routes1. The charter is expected to commence on
April 15, 2022, and will have a minimum duration of about thirteen
months and a maximum duration of about fifteen months (+/- 15 days)
at the charterer’s option.
- The benchmark
vessel used in the calculation of the average of the Baltic Panamax
Index 5TC routes is a non-scrubber fitted 82,500mt dwt vessel
(Kamsarmax) 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 charter hire
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 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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