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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. Castor also completed the full redemption of 60,000 Series E Preferred shares held by Toro Corp.

Castor Maritime (NASDAQ: CTRM), a diversified global shipping and energy company, has secured a $50M sustainability-linked loan from a European bank. The five-year facility is secured by four dry bulk vessels and bears interest at Term SOFR + margin, with adjustments based on the company's performance against sustainability targets, according to a Seeking Alpha report.

The loan proceeds will be used for general corporate purposes, including potential investments in vessel acquisition and refurbishment, as well as operational expenses. The facility is a significant step for Castor Maritime in its commitment to sustainability and environmental responsibility.

Additionally, 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 cash including accrued distributions, and the redeemed shares are now cancelled and no longer outstanding, according to a Yahoo Finance release. Toro shares leadership with Castor, having the same CEO, Chairman, and CFO.

The redemption of preferred shares and the sustainability-linked loan highlight Castor Maritime's strategic financial moves, demonstrating its commitment to both sustainability and financial stability.