Castor Maritime Inc. Announces New Charter for Dry Bulk Vessel

Castor Maritime Inc. (CTRM), a global shipping company specializing in the ownership of dry bulk vessels, announced that the Magic P, its 76,453 dwt Panamax dry bulk vessel built in 2004, completed its scheduled dry-docking and special survey on March 21, 2020. On March 22, 2020, the vessel commenced employment under a new charter contract with an approximate duration of 90 to 105 days at a gross charter hire rate of $7,000 per day.

“The novel COVID-19 virus is causing unprecedented uncertainty, affecting the global economy and the majority of business activities, including the shipping sector. In this environment, we have been able to continue our operations with minimal disruption. Although it is very difficult to reasonably predict the estimated length or severity of the COVID-19 pandemic on future operating results, we are working very hard to ensure that we insulate our Company, as much as possible, from the, hopefully, short-term volatility and weakness in rates. In this context, we are pleased that the M/V Magic P has successfully finished its scheduled dry-dock and has been promptly fixed for trading at a competitive rate in this market. This new fixture, together with the existing fixtures for our other two vessels, allows us to operate in a cash flow positive basis. In addition, our healthy cash position provides us a further cushion to withstand a weaker market. At the same time, it also provides us with the ability to take advantage of any attractive opportunities presented to us in the current market conditions. Lastly and most importantly, our first and utmost priority is for all of our seafarers and land-based employees and associates to remain healthy during this trying period of time.”
Source: Castor Maritime Inc.