CTRM adds $50M sustainability-linked debt; cancels Series E shares

Rhea-AI Filing Summary

Castor Maritime Inc. entered a $50.0 million sustainability-linked senior term loan with a European bank, secured by first-priority mortgages on four dry bulk vessels and guaranteed by the company. The five-year Facility bears interest at Term SOFR plus a margin that may adjust based on performance against sustainability targets. Net proceeds will be used for general corporate purposes.

Castor also completed the full redemption of 60,000 of its 8.75% Series E cumulative perpetual convertible preferred shares on October 13, 2025. The redemption price equaled the stated amount plus 0.523%, including accrued and unpaid distributions, and the shares were cancelled. The counterparty, Toro Corp., is Nasdaq-listed; its Chairman and CEO also serves as Castor’s Chairman, CEO and CFO. Both boards approved the terms following recommendations from special committees of disinterested and independent directors.

Insights

Balance Sheet & Corporate Finance Analyst

$50M debt in; preferred fully redeemed and cancelled.

Castor Maritime adds a $50.0 million sustainability-linked senior term loan, secured by four vessels and guaranteed by the company. It carries Term SOFR plus a margin that can adjust with sustainability performance, and a tenor of five years. Proceeds are designated for general corporate purposes.

The company redeemed 60,000 shares of its 8.75% Series E preferred at the stated amount plus 0.523%, including accrued and unpaid distributions, with cancellation of the series. The transaction involved Toro Corp., whose Chairman/CEO also serves in the same roles at Castor; both boards used special committees of disinterested, independent directors to review and approve terms.

Actual financial impact hinges on loan pricing versus preferred distributions and corporate uses of funds. Subsequent disclosures may detail interest margins, sustainability adjustments, and post-redemption capital structure.

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 October 2025

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  ☐

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Entry into Senior Term Loan Facility

Castor Maritime Inc. (“Castor”) announces the signing of a $50.0 million sustainability-linked senior term loan facility (the “Facility”) with a European bank. The Facility will be secured by, among others, a first priority mortgage over four of Castor’s dry bulk vessels and will be guaranteed by Castor. The net proceeds from the Facility will be used for general corporate purposes.

The Facility has a tenor of five years and bears interest at a rate of Term SOFR plus a margin, which may be adjusted based on Castor’s performance against certain sustainability-linked targets.

Full Redemption of Series E Preferred Shares

On September 29, 2025, Castor entered into a share purchase agreement with Toro Corp. (“Toro”), pursuant to which Castor sold to Toro, for an aggregate consideration of $60,000,000 in cash, 60,000 of Castor’s 8.75% Series E cumulative perpetual convertible preferred shares, par value $0.001 per share, with a cumulative preferred distribution accruing at a rate of 8.75% per annum on the stated amount of $1,000 per share (the “Series E Preferred Shares”). Pursuant to the terms of the Series E Preferred Shares, Castor could redeem, at its option, the Series E Preferred Shares in whole or in party, at any time and from time to time on or after the day that is one month after September 30, 2025, at a cash redemption price equal to 100% of the stated amount of the Series E Preferred Shares plus accrued dividend to the redemption date. On October 13, 2025, Castor and Toro agreed to the full redemption of the Series E Preferred Shares by Castor on October 13, 2025 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 full redemption, such Series E Preferred Shares shall be cancelled and will no longer remain outstanding.

Toro is a public company listed on the Nasdaq Capital Market. Toro’s Chairman and Chief Executive Officer, is also Castor’s Chairman, Chief Executive Officer and Chief Financial Officer. The foregoing full redemption of the Series E Preferred Shares and its terms were approved by the board of directors of Castor and Toro at the recommendation of their respective special committees of disinterested and independent directors who negotiated the redemption.

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.

	CASTOR MARITIME INC.
Dated: October 15, 2025
	By:	/s/ Petros Panagiotidis
		Petros Panagiotidis
		Chairman, Chief Executive Officer and Chief Financial Officer

FAQ

What financing did CTRM secure and for how much?

Castor Maritime entered a $50.0 million sustainability-linked senior term loan with a European bank, secured by first-priority mortgages on four vessels.

What are the key terms of CTRM’s new loan?

The Facility has a five-year tenor and bears interest at Term SOFR plus a margin, which may adjust based on sustainability targets.

How will CTRM use the proceeds from the $50M Facility?

The company stated the net proceeds will be used for general corporate purposes.

What action did CTRM take regarding its Series E preferred shares?

On October 13, 2025, Castor fully redeemed 60,000 8.75% Series E preferred shares at the stated amount plus 0.523%, including accrued and unpaid distributions, and cancelled them.

Who was the counterparty in the preferred share transactions?

The counterparty was Toro Corp., a Nasdaq-listed company. Its Chairman and CEO is also Castor’s Chairman, CEO and CFO.

How was the related-party aspect of the redemption approved?

The terms were approved by the boards of both Castor and Toro following recommendations from their special committees of disinterested and independent directors.