Castor Maritime Inc. Announces New Charter Agreement

Castor Maritime Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that it entered 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 5th and the 25th 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.

Petros Panagiotidis, Chairman, Chief Executive Officer and Chief Financial Officer of Castor, commented:

“We are pleased to have been able to take advantage of the recent dry bulk market charter rate improvement by securing an attractive time charter contract for our recent acquisition. We believe that the recent vessel acquisition and the prompt securing of the time charter has further demonstrated our ability to act quickly and decisively in taking advantage of market opportunities presented to us. We are determined to continue taking advantage of such opportunities in the near future for the further growth of our fleet and our profitability.”
Source: Castor Maritime Inc.

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