Castor Maritime Inc. Announces Delivery of the M/V Magic Horizon
October 14 2020 - 9:00AM
Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a
global shipping company specializing in the ownership of dry bulk
vessels, announces today that on October 9, 2020 it took delivery
of the 2010 Japan-built Panamax dry bulk vessel it had previously
agreed to acquire as announced on July 29, 2020, the M/V Magic
Horizon (the “Magic Horizon Acquisition”). The Magic Horizon
Acquisition was financed in whole with cash on hand that the
Company raised in the two equity offerings that it conducted in
June and July of this year.
On October 13, 2020, a few days following its
delivery to the Company, the M/V Magic Horizon commenced employment
under a previously announced time charter agreement with an
expected term of between 10 to 14 months that is anticipated to
provide the Company with approximately $3.3 million of gross
incremental revenues for the minimum scheduled period of the time
charter and approximately $4.8 million should employment extend to
its maximum period.
Petros Panagiotidis,
Chairman, Chief Executive Officer and Chief Financial
Officer of Castor, commented:
“We are very pleased to announce the prompt and
successful delivery of the M/V Magic Horizon, the fifth vessel in
our fleet. Since the initiation of our fleet expansion program in
September 2019, we have acquired and taken delivery of five dry
bulk carrier vessels, while we anticipate to imminently bring the
size of our fleet to six vessels by taking delivery of our most
recently announced acquisition. We believe that 2020 is a milestone
year for us that establishes our presence in the dry bulk market.
Our goal is to diligently continue pursuing our growth strategy
while also paying close attention to the overall shipping market
dynamics.”
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 five
Panamax dry bulk vessels and, upon completion of the second of the
previously announced acquisitions of two 2010 Japan-built Panamax
dry bulk carrier vessels, our fleet will consist of six Panamax dry
bulk vessels.
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 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, 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:
ir@castormaritime.com
Media Contact: Kevin Karlis Capital LinkEmail:
castormaritime@capitallink.com
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