Castor Maritime Inc 6-K, filed Aug 14, 2020
Castor Maritime Inc. (CTRM)
6-K
2020-08-14
For: 2020-08-31
View Original
Added on
April 06, 2026
About this 6-K
Castor Maritime Inc filed this 6-K on August 14, 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 August 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 August 14, 2020, announcing
the delivery of the Company’s fourth vessel, the Magic Rainbow, and the Company’s entry into a new time charter contract.
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 statement on Form F-3 (File No. 333-232052) that was filed with the SEC on June 10, 2019 and declared effective on June 21, 2019.
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: August 14, 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 DELIVERY OF THE M/V MAGIC RAINBOW AND COMMERCIAL UPDATE
Limassol, Cyprus, August 14, 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, in connection with a previously announced acquisition of a 2007 Chinese-built Panamax dry bulk carrier from an unaffiliated third party seller, it has taken delivery, through one of its
wholly-owned subsidiaries, on August 8, 2020, of the M/V Magic Rainbow (the “Magic Rainbow Acquisition”). The Magic Rainbow Acquisition was financed in whole with cash on hand that the Company raised in two equity
offerings that it conducted in June and July of this year.
Following its delivery and as previously announced, the M/V
Magic Rainbow commenced on August 12, 2020, employment under a charter party contract with an expected term of a minimum of three months that can extend up to a maximum of five months, at a daily gross hire rate of $10,300.
Further, on August 13, 2020, the M/V Magic Sun
entered into a new time charter agreement with Ausca Shipping Limited at a daily gross hire rate of $12,500. The charter agreement has an expected term of 3-4 months and is expected to commence on or around August 15, 2020.
Following these commercial developments, 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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Magic P
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76,453
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2004
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Japan
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$9,000
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December 2020
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March 2021
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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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$12,500
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November 2020
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December 2020
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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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$9,000
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September 2020
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October 2020
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Magic Rainbow
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73,593
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2007
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China
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$10,300
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November 2020
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January 2021
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Petros Panagiotidis, Chief Executive Officer and Chief Financial Officer of Castor commented:
“We are extremely pleased that, despite the various challenges presented by the ongoing COVID-19 pandemic, we have successfully completed the Magic Rainbow Acquisition, just a few weeks after the conclusion of two capital raising transactions that significantly bolstered our capital structure. The
acquisition of the M/V Magic Rainbow together with our previously announced acquisition of our fifth vessel is a testament of our determination to rapidly
grow our fleet and create value for our shareholders. We are equally satisfied to have been able to contract, in this volatile market environment, two out of our four vessels at competitive and above breakeven charter hire rates, providing us with
further stability and visibility of cash flows.”
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 four Panamax dry bulk carriers and, upon completion of the previously announced acquisition of a 2010
Japan-built Panamax dry bulk carrier, the Company’s fleet will consist of five 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 length and severity of the COVID-19 pandemic, the impact of public health threats and outbreaks of other highly communicable disease, the impact of the expected discontinuance of LIBOR after 2021 on interest rates of our debt
that reference LIBOR, 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