Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”),
a diversified global shipping company, announces that it entered,
through a separate wholly-owned subsidiary, into an agreement to
acquire a 2006 Korean-built Aframax LR2 tanker from an unaffiliated
third-party for a purchase price of $18.15 million. The acquisition
is expected to be concluded by taking delivery of the vessel within
December and is subject to the satisfaction of certain customary
closing conditions.
The vessel will be delivered to the Company with
a time charter contract attached, at a daily gross charter rate of
$15,000 plus a 50% profit sharing arrangement over such level based
on a predetermined formula. The charter has a remaining term of
about three months (+/- 15 days).
Closing of Debt Financing
The Company also announces the closing and
drawdown, through two of its dry bulk vessel shipowning entities,
of a $23.15 million term loan facility, that it had entered into as
previously announced on November 8, 2021.
New Charter Agreements
The M/V Magic Twilight, a 2010 built Kamsarmax
dry bulk carrier, has been fixed on a time charter contract at a
gross daily charter rate of $19,000. The charter commenced on
November 29, 2021, and has a duration of about 45 days.
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 $17,500. The charter commenced on December 3,
2021, and has a duration of about 60 days.
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 28 vessels, with an aggregate capacity of 2.4 million dwt,
consisting of 1 Capesize, 7 Kamsarmax and 11 Panamax dry bulk
vessels, as well as 1 Aframax, 6 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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