Castor Maritime Inc. Announces Delivery of the M/V Magic Moon
24 October 2019 - 12:16AM
Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a
global shipping company specializing in the ownership of dry bulk
vessels, announced today that, in connection with a previously
announced Memorandum of Agreement dated October 14, 2019, it has
taken delivery, through one of its wholly-owned subsidiaries, of
the M/V Magic Moon (the “Magic Moon Acquisition”).
The Magic Moon Acquisition was financed using a
combination of cash on hand and the proceeds from a $7.5 million
interest free unsecured bridge loan, which was provided to the
Company by an entity controlled by Petros Panagiotidis, Castor’s
Chairman, Chief Executive Officer and Chief Financial Officer (the
“$7.5 Million Bridge Financing”). The $7.5 Million Bridge
Financing, maturing on December 31, 2019, allowed the Company to
purchase the vessel immediately while assessing financing options
for its fleet. The Company has received an Offer Letter from a
first class Bank for a 5-year term loan, which is expected to be
entered into by the end of the year, subject to normal closing
conditions.
The Board of Directors of the Company (the
“Board”) and a Special Committee consisting of disinterested and
independent members of the Board approved the $7.5 Million Bridge
Financing.
Petros Panagiotidis, Chief Executive Officer and
Chief Financial Officer of Castor commented:
“We are pleased to have taken delivery of the
M/V Magic Moon, which is the second vessel we acquired since our
listing on NASDAQ last February. We believe that this acquisition
will prove to be accretive to our profitability and increase
shareholder value over time. We are committed to continue
taking advantage of market opportunities for further growing our
fleet.”
About Castor Maritime Inc.
Castor Maritime Inc. is an international
provider of shipping transportation services through its ownership
of dry bulk vessels. The Company’s vessels are employed primarily
on medium-term charters and transport a range of dry bulk cargoes,
including such commodities as coal, grain and other materials along
worldwide shipping routes.
The Company's fleet currently consists of three
Panamax dry bulk carriers.
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 DETAILSFor further information please
contact:
Petros PanagiotidisCastor Maritime Inc.Email:
info@castormaritime.com
Media Contact:Kevin KarlisCapital LinkEmail:
castormaritime@capitallink.com
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