Castor Maritime Inc. Announces Time Charter Contract for MV Magic P with Oldendorff Carriers
15 March 2019 - 8:13AM
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.
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.
CONTACT DETAILS For further information please
contact:
Petros PanagiotidisCastor Maritime Inc.Email:
info@castormaritime.com
Media Contact:Kevin Karlis Capital Link Email:
castormaritime@capitallink.com
Castor Maritime (NASDAQ:CTRM)
Historical Stock Chart
From Apr 2024 to May 2024
Castor Maritime (NASDAQ:CTRM)
Historical Stock Chart
From May 2023 to May 2024