Castor Maritime Inc. Announces the Deliveries of Two Containership Vessels and New $22.5 Million Debt Financing
December 01 2022 - 9:10AM
Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”),
a diversified global shipping company, announces the deliveries of
two vessels.
On November 23, and on November 30, 2022, Castor
took delivery of M/V Ariana A and M/V Gabriela A, respectively,
both of which are 2005 German-built 2700 TEU containership vessels.
We had agreed to acquire these vessels as previously announced at
the time of the earnings release for the results of the third
quarter of 2022.
The M/V Ariana A is currently employed under a
time charter contract with minimum remaining duration of about four
months at a minimum gross daily hire of $23,250.
The M/V Gabriela A is currently employed under a
time charter contract with minimum duration of about sixteen months
at a minimum gross daily hire of $26,350.
Both vessel acquisitions were financed with cash
on hand and the net proceeds from a new senior term loan facility,
further discussed below.
New $22.5 million Debt
Financing
The Company also announces the closing of a
$22.5 million senior term loan facility by two of its container
vessel ship-owning subsidiaries, with an Asian financial
institution (the “$22.5 Million Financing”) secured by its two
containership vessels. The net proceeds from the $22.5 Million
Financing were used to fund part of the acquisition price of the
M/V Ariana A and M/V Gabriela A. The $22.5 Million Financing has a
tenor of five years and bears interest at SOFR plus margin.
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 30 vessels, with an
aggregate capacity of 2.5 million dwt, consisting of 1 Capesize, 7
Kamsarmax and 12 Panamax dry bulk vessels, 1 Aframax, 5 Aframax/LR2
and 2 Handysize tankers as well as 2 2700 TEU containership
vessels.
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 the effects of the proposed
Spin-Off, our business strategy, dry bulk and tanker market
conditions and trends, the rapid growth of our fleet, our
relationships with our current and future service providers and
customers, our ability to borrow under existing or future debt
agreements or to refinance our debt on favorable terms and our
ability to comply with the covenants contained therein, 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, changes in our operating and
capitalized expenses, our ability to fund future capital
expenditures and investments in the acquisition and refurbishment
of our vessels, instances of off-hire, future sales of our
securities in the public market and our ability to maintain
compliance with applicable listing standards, volatility in our
share price, potential conflicts of interest involving members of
our board of directors, senior management and certain of our
service providers that are related parties, general domestic and
international political conditions or events (including “trade
wars”, global public health threats and major outbreaks of
disease), changes in seaborne and other transportation, changes in
governmental rules and regulations or actions taken by regulatory
authorities, and the impact of adverse weather and natural
disasters. 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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