Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”), a diversified global shipping company, announces that it entered, through a separate wholly-owned subsidiary, into an agreement to acquire a 2013 Japanese-built Kamsarmax dry bulk carrier from an unaffiliated third-party for a purchase price of $21.0 million.

The acquisition is expected to be consummated by taking delivery of the vessel within the second quarter or beginning of the third quarter of this year and is subject to the satisfaction of certain customary closing conditions.

Petros Panagiotidis, Chief Executive Officer of Castor, commented:

“We continue to steadily execute our expansion plan with the addition of another Kamsarmax dry bulk vessel, to Castor’s fleet. Upon completion of all our announced acquisitions, our fleet will consist of 24 vessels across the dry bulk and tanker segments.”