Castor Maritime Inc. Announces Record Date for the Proposed Spin-Off of its Tanker Fleet

Castor Maritime Inc., a diversified global shipping company, announced that, in relation to the previously announced spin-off of its wholly owned subsidiary, Toro Corp., the record date has been revised to February 22, 2023, and the Company now expects to complete the distribution of Toro Corp. common shares in March 2023.

Additional information regarding Toro Corp. and the proposed spin-off transaction may be found in Toro Corp.’s amended registration statement on Form 20-F filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. The proposed distribution and spin-off remain subject to, among other things, the registration statement on Form 20-F being declared effective and the approval of the listing of Toro’s common shares on the Nasdaq Capital Market, which has not yet occurred. There can be no assurance that the distribution or the spin-off will occur or, if they do occur, of their terms or timing. A copy of the registration statement on Form 20-F is available at www.sec.gov. The information in the filed registration statement on Form 20-F is not final and remains subject to change.

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

Castor owns a fleet of 30 vessels, with an aggregate capacity of 2.5 million dwt, consisting of 1 Capesize, 7 Kamsarmax and 12 Panamax dry bulk vessels, 1 Aframax, 5 Aframax/LR2, 2 Handysize tankers and 2 2,700 TEU containership vessels.