Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a
global shipping company specializing in the ownership of dry bulk
vessels, announced today that, in connection with a previously
announced acquisition of a 2007 Chinese-built Panamax dry bulk
carrier from an unaffiliated third party seller, it has taken
delivery, through one of its wholly-owned subsidiaries, on August
8, 2020, of the M/V Magic Rainbow (the “Magic
Rainbow Acquisition”). The Magic Rainbow Acquisition was
financed in whole with cash on hand that the Company raised in two
equity offerings that it conducted in June and July of this year.
Following its delivery and as previously announced, the M/V
Magic Rainbow commenced on August 12, 2020, employment under a
charter party contract with an expected term of a minimum of three
months that can extend up to a maximum of five months, at a daily
gross hire rate of $10,300.
Further, on August 13, 2020, the M/V Magic Sun entered into a
new time charter agreement with Ausca Shipping Limited at a daily
gross hire rate of $12,500. The charter agreement has an expected
term of 3-4 months and is expected to commence on or around August
15, 2020.
Following these commercial developments, 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) |
Magic P |
76,453 |
2004 |
Japan |
$9,000 |
December 2020 |
March 2021 |
Magic Sun |
75,311 |
2001 |
Korea |
$12,500 |
November 2020 |
December 2020 |
Magic Moon |
76,602 |
2005 |
Japan |
$9,000 |
September 2020 |
October 2020 |
Magic Rainbow |
73,593 |
2007 |
China |
$10,300 |
November 2020 |
January 2021 |
Petros Panagiotidis, Chief Executive
Officer and Chief Financial Officer of Castor
commented:
“We are extremely pleased that, despite the
various challenges presented by the ongoing COVID-19 pandemic, we
have successfully completed the Magic Rainbow Acquisition, just a
few weeks after the conclusion of two capital raising transactions
that significantly bolstered our capital structure. The acquisition
of the M/V Magic Rainbow together with our previously announced
acquisition of our fifth vessel is a testament of our determination
to rapidly grow our fleet and create value for our shareholders. We
are equally satisfied to have been able to contract, in this
volatile market environment, two out of our four vessels at
competitive and above breakeven charter hire rates, providing us
with further stability and visibility of cash flows.”
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 four
Panamax dry bulk carriers and, upon completion of the previously
announced acquisition of a 2010 Japan-built Panamax dry bulk
carrier, the Company’s fleet will consist of five 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 length and severity of the
COVID-19 pandemic, the impact of public health threats and
outbreaks of other highly communicable disease, 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, 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 Feb 2024 to Mar 2024
Castor Maritime (NASDAQ:CTRM)
Historical Stock Chart
From Mar 2023 to Mar 2024