Limassol, Cyprus, May 10, 2021 – Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”), a diversified global shipping company, announces the closing and drawdown, through two of its ship-owning subsidiaries, of a $18.0 million senior term loan facility with a European bank (the “$18.0 Million Financing”), secured by two of its tanker vessels. The Company intends to use the net proceeds from the $18.0 Million Financing for general corporate purposes, including supporting the Company’s growth plans.

The $18.0 Million Financing has a tenor of four years and bears interest at LIBOR plus 3.20% per annum. 

About Castor Maritime Inc.

Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of oceangoing cargo vessels.

On a fully delivered basis, Castor will own a fleet of 24 vessels, with an aggregate capacity of 2.1 million dwt, consisting of 1 Capesize, 7 Kamsarmax and 8 Panamax dry bulk vessels, as well as 1 Aframax, 5 Aframax/LR2 and 2 MR1 tankers. Where we refer to information on a “fully delivered basis”, we are referring to such information after giving effect to the successful consummation of our recent vessel acquisitions.