Castor Maritime Inc. Announces New Charter Agreement
July 09 2020 - 9:00AM
Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a
global shipping company specializing in the ownership of dry bulk
vessels, announced that it entered today into a new time charter
agreement with Oldendorff Carriers GMBH & Co KG in connection
with its previously announced acquisition of a Panamax dry bulk
carrier at a daily gross hire rate of $10,300. The charter
agreement has an expected term of a minimum of three (3) months and
up to a maximum of five (5) months and is expected to commence
after the vessel’s delivery to the Company, sometime between the
5th and the 25th of August 2020. As a result of this charter
agreement, the Company’s gross revenue is expected to increase by
$0.9 million based on the minimum scheduled period of the time
charter and could reach approximately $1.6 million should
employment be extended to its maximum period.
Petros Panagiotidis, Chairman, Chief
Executive Officer and Chief Financial Officer of Castor,
commented:
“We are pleased to have been able to take
advantage of the recent dry bulk market charter rate improvement by
securing an attractive time charter contract for our recent
acquisition. We believe that the recent vessel acquisition
and the prompt securing of the time charter has further
demonstrated our ability to act quickly and decisively in taking
advantage of market opportunities presented to us. We are
determined to continue taking advantage of such opportunities in
the near future for the further growth of our fleet and our
profitability.”
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.
Upon delivery of the above referenced Panamax
dry bulk carrier, the Company's fleet will consist of four Panamax
dry bulk carriers.
For more information please visit the company’s
website at www.castormaritime.com
Cautionary Statement Regarding
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
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. The Company desires to take
advantage of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and is 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 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 the Company’s view, could cause
actual results to differ materially from those discussed in the
forward‐looking statements include general dry bulk shipping market
conditions, including fluctuations in charterhire rates and vessel
values, the strength of world economies the stability of Europe and
the Euro, fluctuations in interest rates and foreign exchange
rates, changes in demand in the dry bulk shipping industry,
including the market for our vessels, changes in our operating
expenses, including bunker prices, dry docking and insurance costs,
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, the availability of financing and
refinancing and grow our business, vessel breakdowns and instances
of off‐hire, risks associated with vessel construction, 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 the Company disclaims 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:
info@castormaritime.com
Media Contact: Kevin Karlis Capital LinkEmail:
castormaritime@capitallink.com
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