CASTOR MARITIME INC. ANNOUNCES FLEET COMMERCIAL UPDATE
March 26 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 today that the Magic P, its 76,453 dwt Panamax
dry bulk vessel built in 2004, completed its scheduled dry-docking
and special survey on March 21, 2020. On March 22, 2020, the vessel
commenced employment under a new charter contract with an
approximate duration of 90 to 105 days at a gross charter hire rate
of $7,000 per day.
Following this commercial development, the
Company’s fleet employment profile as of today is as follows:
Vessel Name |
DWT |
Year Built |
Country of construction |
Daily Gross Charter Rate |
Redelivery Date (Earliest/ Latest) |
Charterer |
Magic P |
76,453 |
2004 |
Japan |
$ |
7,000 |
June 2020 |
July 2020 |
Comerge |
Magic Sun |
75,311 |
2001 |
Korea |
$ |
12,000 |
May 2020 |
September 2020 |
Oldendorff |
Magic Moon |
76,602 |
2005 |
Japan |
$ |
13,000 |
June 2020 |
September 2020 |
United |
Petros Panagiotidis, Chief Executive Officer and
Chief Financial Officer of Castor commented:
“The novel COVID-19 virus is causing
unprecedented uncertainty, affecting the global economy and the
majority of business activities, including the shipping sector. In
this environment, we have been able to continue our operations with
minimal disruption. Although it is very difficult to
reasonably predict the estimated length or severity of the COVID-19
pandemic on future operating results, we are working very hard to
ensure that we insulate our Company, as much as possible, from the,
hopefully, short-term volatility and weakness in rates. In
this context, we are pleased that the M/V Magic P has successfully
finished its scheduled dry-dock and has been promptly fixed for
trading at a competitive rate in this market. This new
fixture, together with the existing fixtures for our other two
vessels, allows us to operate in a cash flow positive
basis. In addition, our healthy cash position provides us a
further cushion to withstand a weaker market. At the same time, it
also provides us with the ability to take advantage of any
attractive opportunities presented to us in the current market
conditions. Lastly and most importantly, our first and utmost
priority is for all of our seafarers and land-based employees and
associates to remain healthy during this trying period of
time.”
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.
The Company's fleet currently consists of three
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
Castor Maritime (NASDAQ:CTRM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Castor Maritime (NASDAQ:CTRM)
Historical Stock Chart
From Apr 2023 to Apr 2024