Castor Maritime Inc. Announces Delivery of the M/V Magic Eclipse and New Charter Agreement

Rhea-AI Summary

Castor Maritime Inc. (NASDAQ: CTRM) has successfully taken delivery of the M/V Magic Eclipse on June 7, 2021. This Panamax dry bulk vessel, built in Japan in 2011, was fully financed with cash on hand. The vessel has commenced operations under a time charter agreement at a daily gross rate of $26,500, expected to last about 105 days. Following this acquisition, Castor Maritime's fleet will comprise 26 vessels with a total capacity of 2.2 million dwt.

Positive

• Acquisition of the M/V Magic Eclipse enhances fleet capability.
• The vessel is chartered at a robust daily rate of $26,500, ensuring revenue.

Negative

• None.

LIMASSOL, Cyprus, June 09, 2021 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”), a diversified global shipping company, announces that on June 7, 2021, it took delivery of the M/V Magic Eclipse, the 2011 Japanese-built Panamax dry bulk vessel it had agreed to acquire as previously announced on April 9, 2021. The M/V Magic Eclipse acquisition was financed in its entirety with cash on hand.

The M/V Magic Eclipse commenced employment today under a time charter contract at a daily gross charter rate of $26,500 and with an expected term of about 105 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 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 Panagiotidis
Castor Maritime Inc.
Email: ir@castormaritime.com 

Media Contact:
Kevin Karlis
Capital Link
Email: castormaritime@capitallink.com 

FAQ

What are the details of Castor Maritime's recent acquisition of the M/V Magic Eclipse?

Castor Maritime acquired the M/V Magic Eclipse on June 7, 2021, fully financed with cash, and it will operate under a charter at $26,500 per day.

How many vessels will Castor Maritime own after the acquisition?

After the acquisition of the M/V Magic Eclipse, Castor Maritime will own a total of 26 vessels with a combined capacity of 2.2 million dwt.

What is the charter duration for the M/V Magic Eclipse?

The expected term of the charter for the M/V Magic Eclipse is approximately 105 days.

What type of vessel is the M/V Magic Eclipse?

The M/V Magic Eclipse is a 2011-built Panamax dry bulk vessel.

What is the daily charter rate for the M/V Magic Eclipse?

The M/V Magic Eclipse is chartered at a gross rate of $26,500 per day.