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Castor Maritime has secured a $50M sustainability-linked loan from a European bank, secured by four dry bulk vessels. The 5-year facility bears interest at Term SOFR + margin, adjustable based on Castor's performance on sustainability targets. Proceeds will be used for general corporate purposes. The company also completed the redemption of 60,000 Series E Preferred shares held by Toro Corp.

Castor Maritime Inc. (NASDAQ: CTRM), a diversified global shipping and energy company, has secured a $50 million sustainability-linked loan from a European bank. The five-year facility is secured by four dry bulk vessels and bears interest at Term SOFR plus a margin, which may be adjusted based on the company's performance against certain sustainability-linked targets. The proceeds from the loan will be used for general corporate purposes.

In addition to securing the loan, Castor Maritime has completed the full redemption of 60,000 Series E Preferred shares held by Toro Corp (NASDAQ: TORO). The redemption was executed for a cash consideration equal to the stated amount of the Series E Preferred shares plus 0.523% thereof, including accrued and unpaid distributions. Following the redemption, the Series E Preferred Shares have been cancelled and are no longer outstanding.

Toro shares leadership with Castor, having the same CEO, Chairman, and CFO. The redemption and its terms were approved by the boards of directors of both companies.

The loan and redemption come as part of Castor Maritime's ongoing efforts to enhance its financial position and align with sustainability goals. The company's fleet comprises nine vessels with an aggregate capacity of 0.6 million dwt, and it is also the majority shareholder of the Frankfurt-listed asset manager MPC Münchmeyer Petersen Capital AG.

For more information, please visit the Company’s website.