LIMASSOL, Cyprus, July 28, 2021 (GLOBE NEWSWIRE) – Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”), a diversified global shipping company, announces the closing and raising of a Senior Term Loan Facility with a European Bank (the “$ 40.75 Million Funding”) of $ 40.75, through four of its dry bulk vessel entities. The Company intends to use the net proceeds from the financing of $ 40.75 million for general corporate purposes, including to support the Company’s growth plans.
The $ 40.75 million financing has a term of five years and bears interest at LIBOR plus 3.10% per annum.
Mr. Petros Panagiotidis, Managing Director of Castor said:
“We are pleased to announce the closing of this important new financing, provided by one of our existing lenders and secured by our dry bulk vessels. Magic Thunder M / V, Magic Nebula M / V, Magic Eclipse M / V and Magic Twilight M / V. We believe that by increasing our low leverage, we are improving our capital structure and strengthening our ability to finance our growth plans.
Finally, we announce that as part of our program to offer common shares to the market, we have sold 3,563,407 common shares to date for net proceeds of $ 9.7 million, with no sale having took place in July 2021. “
About Castor Maritime Inc.
Castor Maritime Inc. is an international provider of maritime transportation services through its ownership of ocean freighters.
On a fully delivered basis, Castor will own a fleet of 26 vessels, with a total capacity of 2.2 million dwt, made up of 1 Capesize, 7 Kamsarmax and 10 Panamax, as well as 1 Aframax, 5 Aframax / LR2 and 2 tankers. MR1. When we refer to information on a “fully delivered basis” we are referring to that information after giving effect to the successful consumption of our recent vessel acquisitions.
For more information, please visit the Company’s website at www.castormaritime.com Information on our website does not form a part of this press release.
Caution Regarding Forward-Looking Statements
The matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe havens for forward-looking statements to encourage companies to provide forward-looking information about their activities. Forward-looking statements include statements about future plans, objectives, goals, strategies, events or performance, and underlying assumptions and other statements, which are other than statements of historical fact. We wish to take advantage of the safe harbor provisions of the Private Titles Litigation Reform Act 1995 and include this caveat in connection with this Safe Harbor legislation. The words “believe”, “anticipate”, “intend to”, “estimate”, “foresee”, “plan”, “plan”, “potential”, “will”, “could”, “should”, “Expect”, “pending” and similar expressions identify forward-looking statements. The forward-looking statements contained in this press release are based on various assumptions, many of which, in turn, are based on other assumptions, including, without limitation, our management’s review of historical operating trends. , data contained in our files and other data available from third parties. While we believe 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 ensure that we will achieve or achieve those expectations, beliefs or projections. We assume 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 which, in our opinion, could cause actual results to differ materially from those discussed in the forward-looking statements include general market conditions for the transportation of dry bulk and tankers, including fluctuations in charter rental rates and vessel values, the strength of global economies the stability of Europe and the euro, fluctuations in interest rates and exchange rates, changes in demand in the dry bulk and tanker industry, including the market for our vessels, the evolution of our operating expenses, including bunker prices, dry docking and insurance costs, changes in government rules and regulations or actions taken by regulatory authorities, potential liability for ongoing or future litigation, general national and international political conditions, per potential turbation of shipping routes due to accidents or political events, the duration and severity of the COVID-19 outbreak, the impact of public health issues and outbreaks of other highly communicable diseases, l ” impact of the planned termination of LIBOR after 2021 on the interest rates of our debt which refer to LIBOR, the availability of financing and refinancing and the growth of our business, ship failures and cases of non- rental, exposure or loss of an investment in derivative instruments, potential conflicts of interest involving our CEO, his family and other members of our senior management, and our ability to complete transactions of acquisition 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 contained herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.
For more information, please contact:
Castor Maritime Inc.
Email: [email protected]
Email: [email protected]