Castor Maritime Deliveries Two Containership Vessels & New $22.5M Debt Financing

Source: www.gulfoilandgas.com 12/1/2022, Location: Europe

Castor Maritime Inc., a diversified global shipping company, announces the deliveries of two vessels.

On November 23, and on November 30, 2022, Castor took delivery of M/V Ariana A and M/V Gabriela A, respectively, both of which are 2005 German-built 2700 TEU containership vessels. We had agreed to acquire these vessels as previously announced at the time of the earnings release for the results of the third quarter of 2022.

The M/V Ariana A is currently employed under a time charter contract with minimum remaining duration of about four months at a minimum gross daily hire of $23,250.

The M/V Gabriela A is currently employed under a time charter contract with minimum duration of about sixteen months at a minimum gross daily hire of $26,350.

Both vessel acquisitions were financed with cash on hand and the net proceeds from a new senior term loan facility, further discussed below.

New $22.5 million Debt Financing
The Company also announces the closing of a $22.5 million senior term loan facility by two of its container vessel ship-owning subsidiaries, with an Asian financial institution (the “$22.5 Million Financing”) secured by its two containership vessels. The net proceeds from the $22.5 Million Financing were used to fund part of the acquisition price of the M/V Ariana A and M/V Gabriela A. The $22.5 Million Financing has a tenor of five years and bears interest at SOFR plus margin.


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