Castor Maritime Inc (CTRM)

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LIMASSOL, Cyprus, March 03, 2021 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company announces today that on March 2, 2021, it took delivery of the M/V Magic Venus, the 2010 Japanese-built Kamsarmax dry bulk vessel it had agreed to acquire as previously announced on February 1, 2021. The M/V Magic Venus acquisition was financed in its entirety with cash on hand.

The M/V Magic Venus is expected to commence employment under a time charter agreement on or about March 5, 2021, with a daily gross charter rate of $18,500 and an expected term of between minimum five to about seven months. Castor estimates to generate approximately $2.8 million of gross incremental revenues for the minimum scheduled period of the charter and approximately $4.2 million should employment extend to its maximum period, in each case assuming no off-hire days.