Castor Maritime Inc. Announces Time Charter Contract for MV Magic P with Oldendorff Carriers Nasdaq:CTRM

(MENAFN – GlobeNewsWire – Nasdaq) itemprop=”articleBody”>LIMASSOL, Cyprus, March 14, 2019 (GLOBE NEWSWIRE) — Castor Maritime Inc. (NASDAQ: CTRM), (the ‘Company’), an international shipping company specializing in the ownership of dry-bulk vessels, today announced that, through a wholly-owned subsidiary, it has entered into a time charter contract with Oldendorff Carriers GMBH & Co KG Luebeck for its Panamax vessel Magic P. The gross charter rate is US$ 11,250 per day, for a period of a minimum of five (5) months up to a maximum of about eight (8) months (for the first 30 days period the daily gross rate is US$ 9,000). The charter commenced on March 12, 2019.

The ‘Magic P’ is a 76,453 dwt Panamax bulk carrier built in 2004 in Japan.

All things being equal, this employment is anticipated to generate approximately US$ 1.60 million of gross revenue for the minimum scheduled period of the time charter and could reach US$ 2.60 million should employment be extended to its maximum period. We cannot guarantee that any such extension will occur.

About Castor Maritime Inc.

Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of a dry bulk vessel. The Company’s vessel is employed primarily on medium-term charters and transports a range of dry bulk cargoes, including such commodities as coal, grain and other materials along worldwide shipping routes.

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. 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.

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