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

Castor Maritime Inc., 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.

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 have a fleet of 12 vessels, with an aggregate capacity of 1.1 million dwt, consisting of 1 Capesize, 3 Kamsarmax and 6 Panamax dry bulk vessels and 2 Aframax 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 that we have previously announced.
Source: Castor Maritime Inc.

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