Castor Maritime Inc. Announces Delivery of the M/V Magic Rainbow and Commercial Update

Castor Maritime Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that, in connection with a previously announced acquisition of a 2007 Chinese-built Panamax dry bulk carrier from an unaffiliated third party seller, it has taken delivery, through one of its wholly-owned subsidiaries, on August 8, 2020, of the M/V Magic Rainbow (the “Magic Rainbow Acquisition”). The Magic Rainbow Acquisition was financed in whole with cash on hand that the Company raised in two equity offerings that it conducted in June and July of this year.

Following its delivery and as previously announced, the M/V Magic Rainbow commenced on August 12, 2020, employment under a charter party contract with an expected term of a minimum of three months that can extend up to a maximum of five months, at a daily gross hire rate of $10,300.

Further, on August 13, 2020, the M/V Magic Sun entered into a new time charter agreement with Ausca Shipping Limited at a daily gross hire rate of $12,500. The charter agreement has an expected term of 3-4 months and is expected to commence on or around August 15, 2020.
Source: Castor Maritime Inc.

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