Castor Maritime Inc. Announces the Sales of the M/V Magic Nova and the M/V Magic Horizon

for an Aggregate Price of $31.9 Million with an Aggregate Expected Net Gain of $9.0 Million

Limassol, Cyprus, January 29, 2024 – Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company, announces that on January 19, 2024, the Company entered into separate agreements with entities beneficially owned by a family member of our Chairman, Chief Executive Officer and Chief Financial Officer for the sale of (i) the M/V Magic Nova, a 2010-built Panamax bulk carrier vessel, for a price of $16.1 million and (ii) the M/V Magic Horizon, a 2010-built Panamax bulk carrier vessel, for a price of $15.8 million. The terms of the transactions were negotiated and approved by a special committee of our disinterested and independent directors. Both vessels are expected to be delivered to their new owners by the end of the first quarter of 2024.

The Company expects to record during the first quarter of 2024 (i) a net gain of approximately $4.4 million from the sale of the M/V Magic Nova, excluding any transaction-related costs and (ii) a net gain of $4.6 million from the sale of M/V Magic Horizon, excluding any transaction related costs.

About Castor Maritime Inc.

Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of oceangoing cargo vessels.

Castor owns a fleet of 16 vessels, with an aggregate capacity of 1.3 million dwt, currently consisting of the Capesize vessel M/V Magic Orion which the company agreed to sell on December 7, 2023, five Kamsarmax vessels including the M/V Magic Venus which the Company agreed to sell on December 21, 2023, eight Panamax dry bulk vessels, including the M/V Magic Nova and the M/V Magic Horizon, and two 2,700 TEU containership vessels.