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Castor Maritime Inc. Announces Vessel Acquisition and New Charter Agreement

Castor Maritime Inc., a diversified global shipping company, announces that it entered, through a separate wholly-owned subsidiary, into an agreement to acquire a 2012 Japanese-built Panamax dry bulk carrier from a third-party in which a family member of Castor’s Chairman, Chief Executive Officer and Chief Financial Officer has a minority interest, for a purchase price of $23.55 million. The terms of the transaction were negotiated and approved by a special committee of disinterested and independent directors of the Company.

The acquisition is expected to be concluded by taking delivery of the vessel after the completion of its ongoing dry docking and special survey that also includes the installation of a ballast water treatment system, and is subject to the satisfaction of certain customary closing conditions.

New Charter Agreement

The M/V Magic Mars, a 2014 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 commenced on December 6, 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 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.
Source: Castor Maritime Inc.

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