Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”),
a diversified global shipping company, announces that it entered,
through two separate wholly-owned subsidiaries, into agreements to
acquire a 2013 Japanese-built and a 2014 Korean-built Panamax dry
bulk carrier from unaffiliated third-parties for a purchase price
of $19.06 and $21.0 million respectively.
The acquisitions are expected to be consummated
by taking delivery of the vessels within the third and fourth
quarter of this year and are subject to the satisfaction of certain
customary closing conditions.
The 2013 Japanese-built dry bulk carrier will be
delivered to the Company with a time charter contract attached with
a reputable charterer, at a daily gross charter rate of $11,650 and
with an estimated remaining term of about 2 to 4 months.
The agreement for the 2014 Korean-built Panamax
dry bulk carrier contains a final purchase price adjustment
mechanism, pursuant to which, in the event that the delivery of the
vessel is concluded after July 20th, 2021, the purchase price shall
be reduced by $10,500 per day from that day and until the day a
valid notice of readiness for delivery is tendered by the
seller.
The Company also announces that, on May 12,
2021, it took delivery of the M/V Magic Vela, the 2011
Chinese-built Panamax dry bulk carrier it had agreed to acquire as
previously announced on April 28, 2021. The M/V Magic Vela
acquisition was financed in its entirety with cash on hand.
Petros Panagiotidis, Chief Executive
Officer of Castor, commented:
“We are happy to announce the acquisition of two
additional Panamax vessels. Following the delivery of M/V Magic
Vela, our fleet consists of 14 vessels, and after the completion of
all our announced acquisitions, our fleet will consist of 26
vessels across the dry bulk and tanker segments.”
About Castor Maritime Inc.
Castor Maritime Inc. is an international
provider of shipping transportation services through its ownership
of oceangoing cargo vessels.
On a fully delivered basis, Castor will own a
fleet of 26 vessels, with an aggregate capacity of 2.2 million dwt,
consisting of 1 Capesize, 7 Kamsarmax and 10 Panamax dry bulk
vessels, as well as 1 Aframax, 5 Aframax/LR2 and 2 MR1 tankers.
Where we refer to information on a “fully delivered basis”, we are
referring to such information after giving effect to the successful
consummation of our recent vessel acquisitions.
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. 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. We desire to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and 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 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 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 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 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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