Business
Castor Maritime Inc. Announces New Charter Agreement for Its Recently Acquired Vessel & Fleet Commercial Update
LIMASSOL, Cyprus, Oct. 07, 2020 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping company specializing
About this update from Castor Maritime Inc.
[{"type":"text","content":"LIMASSOL, Cyprus, Oct. 07, 2020 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, announced today that in connection with its previously announced acquisition of a 2010 Japan-built Panamax dry bulk carrier vessel (to be renamed Magic Horizon), the Company has secured employment for the subject vessel by entering into a new charter party contract with an expected term of between ten (10) to fourteen (14) months at a daily gross hire rate of $11,000. The new charter party is expected to commence a few days following the delivery of the vessel to the Company, which is expected to take place by mid-October 2020.\n Following this commercial development, the Company’s fleet employment profile as of today is as follows: Vessel NameDWTYearBuiltCountry ofConstructionDailyGrossCharterRateEstimated Redelivery Date(Earliest/ Latest)Magic P76,4532004Japan$9,000December 2020March 2021Magic Sun75,3112001Korea$12,500November 2020December 2020Magic Moon 76,6022005Japan$11,500October 2020October 2020Magic Rainbow73,5932007China$10,300November 2020January 2021TBN Magic Horizon76,6192010Japan$11,000August 2021December 2021TBN Magic Nova (1)78,8332010JapanTo be fixed closer to delivery (1) The Magic Nova is expected to be delivered to the Company by mid-October 2020. About Castor Maritime Inc. Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium-term charters and transport a range of dry bulk cargoes, including such commodities as coal, grain and other materials along worldwide shipping routes. Upon completion by mid-October 2020 of the two previously announced acquisitions of two 2010 Japan-built Panamax dry bulk carriers, the Company's fleet will consist of six Panamax dry bulk carriers. For more information please visit the Company’s website at www.castormaritime.com Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business....