Castor Maritime Inc 6-K, filed Mar 26, 2020
Castor Maritime Inc. (CTRM)
6-K
2020-03-26
For: 2020-03-31
View Original
Added on
April 06, 2026
About this 6-K
Castor Maritime Inc filed this 6-K on March 26, 2020.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2020
Commission File Number: 001-38802
CASTOR MARITIME INC.
(Translation of registrant’s name into English)
223 Christodoulou Chatzipavlou Street, Hawaii Royal Gardens, 3036 Limassol, Cyprus
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ⌧ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Note: Regulation S-T Rule 101(b) (1) only permits the submission in paper of a Form 6-K if submitted solely to provide an
attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or
other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of
the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as Exhibit 99.1
is a copy of the press release issued by Castor Maritime Inc. (the “Company”) on March 26, 2020, announcing a commercial update to its fleet.
Except for the commentary of Petros Panagiotidis, the information contained in this Report on Form 6-K and the exhibit attached hereto are hereby incorporated by reference into
the Company’s registration statements on Form F-3 (File No. 333-232052 and 333-236331) that were filed with the U.S. Securities and Exchange Commission and became effective on June 21, 2019 and February 19, 2020, respectively.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
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CASTOR MARITIME INC.
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Dated: March 26, 2020
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By:
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/s/ Petros Panagiotidis
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Petros Panagiotidis
Chairman, Chief Executive Officer and
Chief Financial Officer
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Exhibit 99.1
CASTOR MARITIME INC. ANNOUNCES FLEET COMMERCIAL UPDATE
Limassol, Cyprus, March 26, 2020 – Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping company specializing in the ownership of
dry bulk vessels, announced today that the Magic P, its 76,453 dwt Panamax dry bulk vessel built in 2004, completed its scheduled dry-docking and special survey on March 21, 2020. On March 22, 2020, the vessel
commenced employment under a new charter contract with an approximate duration of 90 to 105 days at a gross charter hire rate of $7,000 per day.
Following this commercial development, the Company’s fleet employment profile as of today is as follows:
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Vessel Name
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DWT
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Year
Built
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Country of
construction
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Daily Gross
Charter Rate
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Redelivery Date
(Earliest/ Latest)
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Charterer
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Magic P
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76,453
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2004
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Japan
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$7,000
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June 2020
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July 2020
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Comerge
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Magic Sun
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75,311
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2001
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Korea
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$12,000
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May 2020
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September 2020
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Oldendorff
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Magic Moon
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76,602
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2005
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Japan
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$13,000
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June 2020
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September 2020
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United
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Petros Panagiotidis, Chief Executive Officer and Chief Financial Officer of Castor commented:
“The novel COVID-19 virus is causing unprecedented uncertainty, affecting the global economy and the majority of business activities, including the shipping
sector. In this environment, we have been able to continue our operations with minimal disruption. Although it is very difficult to reasonably predict the estimated length or severity of the COVID-19 pandemic on future operating results, we are
working very hard to ensure that we insulate our Company, as much as possible, from the, hopefully, short-term volatility and weakness in rates. In this context, we are pleased that the M/V Magic P has
successfully finished its scheduled dry-dock and has been promptly fixed for trading at a competitive rate in this market. This new fixture, together with the existing fixtures for our other two vessels, allows us to operate in a cash flow positive
basis. In addition, our healthy cash position provides us a further cushion to withstand a weaker market. At the same time, it also provides us with the ability to take advantage of any attractive opportunities presented to us in the current market
conditions. Lastly and most importantly, our first and utmost priority is for all of our seafarers and land-based employees and associates to remain healthy during this trying period of time.”
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 DETAILS
For further information please contact:
Petros Panagiotidis
Castor Maritime Inc.
Email: info@castormaritime.com
Media Contact:
Kevin Karlis
Capital Link
Email: castormaritime@capitallink.com