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Castor Maritime Inc. Announces New Charter Agreements

Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”), a diversified global shipping company, announces that:

The M/V Magic Nova, a 2010 built Panamax dry bulk carrier, has been fixed on a time charter contract at a gross daily charter rate equal to 92% of the average of the Baltic Panamax Index 5TC routes1. The charter commenced on November 17, 2021, and has a minimum duration of eleven months and a maximum duration of about fourteen months (+/- 15 days) at the charterer’s option.

The M/V Magic Orion, a 2006 built Capesize dry bulk carrier, has been fixed on a time charter contract at a gross daily charter rate equal to 101% of the average of the Baltic Capesize Index 5TC routes2. The charter is expected to commence on or around November 21, 2021, and will have a minimum duration of eleven months and a maximum duration of fourteen months at the charterer’s option.

The M/V Magic Vela, a 2011 built Panamax dry bulk carrier, has been fixed on a time charter contract at a gross daily charter rate of $19,000 plus a one-time gross ballast bonus of $550,000. The charter is expected to commence on or around November 29, 2021, and will have a duration of about 45 days.

The M/V Magic Pluto, a 2013 built Panamax dry bulk carrier, has been fixed on a time charter contract at a gross daily charter rate equal to 91% of the average of the Baltic Panamax Index 5TC routes1. The charter is expected to commence on December 7, 2021, and will have a minimum duration of eleven months and a maximum duration of about fourteen months (+/- 15 days) at the charterer’s option.

The benchmark vessel used in the calculation of the average of the Baltic Panamax Index 5TC routes is a non-scrubber fitted 82,500mt dwt vessel (Kamsarmax) with specific age, speed – consumption, and design characteristics.

The benchmark vessel used in the calculation of the average of the Baltic Capesize Index 5TC routes is a non-scrubber fitted 180,000mt dwt vessel with specific age, speed – consumption, and design characteristics.
Source: Castor Maritime

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