Castor Maritime Inc. Announces New Charter Agreement
Limassol, Cyprus,
July 9, 2020 – Castor Maritime Inc. (NASDAQ: CTRM), (
“Castor” or the
“Company”), a global shipping company specializing in the
ownership of dry bulk vessels, announced that it entered today into a new time charter agreement with Oldendorff Carriers GMBH & Co KG in connection with its previously announced acquisition of a Panamax dry-bulk carrier at a daily gross
hire rate of $10,300. The charter agreement has an expected term of a minimum of three (3) months and up to a maximum of five (5) months and is expected to commence after the vessel’s delivery to
the Company, sometime between the 5
th
and the 25
th of August 2020. As a result of this charter agreement,
the Company’s gross revenue is expected to increase by $0.9 million based on the minimum scheduled period of the time charter and could reach approximately $1.6
million should employment be extended to its maximum period.
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. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of
1995 and is including this cautionary statement in connection with this safe harbor legislation. The words
“believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “pending”
and similar expressions identify forward-looking statements. The forward-looking statements in this
press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our
management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no
obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. In addition to these important factors, other important factors that, in
the Company’s view, could cause actual results to
differ materially from those discussed in the forward‐looking statements include general dry bulk shipping market conditions, including fluctuations in charterhire rates and vessel values, the strength of world economies the stability of Europe
and the Euro, fluctuations in interest rates and foreign exchange rates, changes in demand in the dry bulk shipping industry, including the market for our vessels, changes in our operating expenses, including bunker prices, dry docking and
insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of
shipping routes due to accidents or political events, the availability of financing and refinancing and grow our business, vessel breakdowns and instances of off‐hire, risks associated with vessel construction, potential exposure or loss from
investment in derivative instruments, potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management, and our ability to complete acquisition transactions as planned. Please see our
filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and
the Company disclaims any intention or
obligation to update any forward‐looking statements as a result of developments occurring after the date of this communication.
Castor Maritime Inc.