Castor Maritime agrees to one-year conversion delay

Both boards approved the amendments after recommendations from special committees of disinterested and independent directors who negotiated the terms.

Rhea-AI Filing Summary

On October 8, 2026, Castor Maritime Inc. (CTRM) and Toro Corp. agreed to amend the terms of reciprocal preferred shares to extend their earliest conversion dates by one year. Castor’s 5.00% Series D Cumulative Perpetual Convertible Preferred Shares, held by a wholly owned Toro subsidiary, would have an earliest conversion date of January 1, 2028; Toro’s 1.00% Series A Fixed Rate Cumulative Perpetual Preferred Convertible Shares, held by a wholly owned Castor subsidiary, would have an earliest conversion date of March 7, 2028.

Both companies’ boards approved the amendments following recommendations from their respective special committees of disinterested and independent directors, which negotiated the amendments. Petros Panagiotidis is Castor’s Chairman, Chief Executive Officer and Chief Financial Officer, and Toro’s Chairman and Chief Executive Officer.

Filing Explained

The agreed changes defer when the reciprocal preferred shares first become eligible for conversion—Castor’s to January 1, 2028 and Toro’s to March 7, 2028.

Key Figures

Castor Series D stated rate: 5.00% Castor Series D earliest conversion date: January 1, 2028 Toro Series A stated rate: 1.00% +2 more

5 metrics

Castor Series D stated rate 5.00% Castor Series D Cumulative Perpetual Convertible Preferred Shares

Castor Series D earliest conversion date January 1, 2028 Amended term

Toro Series A stated rate 1.00% Toro Series A Fixed Rate Cumulative Perpetual Preferred Convertible Shares

Toro Series A earliest conversion date March 7, 2028 Amended term

Extension period One year Earliest conversion dates for both preferred-share classes

Key Terms

earliest conversion date, Cumulative Perpetual Convertible Preferred Shares, special committees of disinterested and independent directors

3 terms

earliest conversion date financial

"extend the earliest conversion date by one-year"

Cumulative Perpetual Convertible Preferred Shares financial

"5.00% Series D Cumulative Perpetual Convertible Preferred Shares"

A cumulative perpetual convertible preferred share is a hybrid security that pays fixed dividends which accumulate if unpaid, has no set maturity date, and can be converted into common shares under defined conditions. Think of it as a long-running bond-like instrument that can turn into stock; it matters to investors because it creates steady income with higher claim than common equity, can dilute shareholders on conversion, and affects a company’s financial obligations and capital structure.

special committees of disinterested and independent directors regulatory

"their respective special committees of disinterested and independent directors"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What are the amended earliest conversion dates for CTRM and Toro preferred shares?

Castor’s 5.00% Series D Cumulative Perpetual Convertible Preferred Shares have an earliest conversion date of January 1, 2028, and Toro’s 1.00% Series A Fixed Rate Cumulative Perpetual Preferred Convertible Shares have an earliest conversion date of March 7, 2028. Each class is held by a wholly owned subsidiary of the other company.

Who negotiated and approved the CTRM and Toro preferred-share amendments?

Castor’s and Toro’s respective boards approved the amendments after recommendations from special committees of disinterested and independent directors, who negotiated them. Petros Panagiotidis is Castor’s Chairman, Chief Executive Officer and Chief Financial Officer, and Toro’s Chairman and Chief Executive Officer.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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 2026

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

On October 8, 2026, Castor Maritime Inc. (the “Company” or “Castor”) and Toro Corp. (“Toro”) agreed to amend the terms of (1) Castor’s 5.00% Series D Cumulative Perpetual Convertible Preferred Shares (the “Castor Series D Preferred Shares”), held by a wholly owned subsidiary of Toro, and (2) Toro’s 1.00% Series A Fixed Rate Cumulative Perpetual Preferred Convertible Shares (the “Toro Series A Preferred Shares”), held by a wholly owned subsidiary of Castor, in each case to extend the earliest conversion date by one-year, which shall be to January 1, 2028 in the case of the Castor Series D Preferred Shares and March 7, 2028 in the case of the Toro Series A Preferred Shares.

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 amendments to the terms of the Castor Series D Preferred Shares and the Toro Series A Preferred Shares 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 amendments.

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 9, 2026
	By:	/s/ Petros Panagiotidis
		Petros Panagiotidis
		Chairman, Chief Executive Officer and Chief Financial Officer