<SEC-DOCUMENT>0000919574-21-002790.txt : 20210407
<SEC-HEADER>0000919574-21-002790.hdr.sgml : 20210407
<ACCEPTANCE-DATETIME>20210407092647
ACCESSION NUMBER:		0000919574-21-002790
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210407
DATE AS OF CHANGE:		20210407

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Castor Maritime Inc.
		CENTRAL INDEX KEY:			0001720161
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-254977
		FILM NUMBER:		21810916

	BUSINESS ADDRESS:	
		STREET 1:		CHRISTODOULOU CHATZIPAVLOU 223
		STREET 2:		HAWAII ROYAL GARDENS, APART. 16
		CITY:			LIMASSOL
		STATE:			G4
		ZIP:			3036
		BUSINESS PHONE:		357 25357767

	MAIL ADDRESS:	
		STREET 1:		CHRISTODOULOU CHATZIPAVLOU 223
		STREET 2:		HAWAII ROYAL GARDENS, APART. 16
		CITY:			LIMASSOL
		STATE:			G4
		ZIP:			3036
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>d8835625_424b5.htm
<TEXT>
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  <div style="text-align: right; margin-bottom: 12pt; font-weight: bold;">Filed Pursuant to Rule 424(b)(5)<br>
    Registration No. 333-254977</div>
  <div style="text-align: justify; font-weight: normal;">
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">CALCULATION OF REGISTRATION FEE</div>
    <div>
      <div><br>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" id="za3758b5e5eac46ee8b938c3cf04796ac" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td style="vertical-align: bottom; text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Title of Each Class of<br>
              Securities to be Registered (1)</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: center;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Amount<br>
              to be<br>
              Registered</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: center;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Proposed Maximum Aggregate Price Per Share</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: center;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Proposed Maximum<br>
              Aggregate<br>
              Offering Price (3)</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: center;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif;"> <font style="font-weight: bold;">Amount of</font><br>
              <font style="font-weight: bold;">Registration Fee (3)</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">
            <div style="text-align: justify;">Common shares, par value $0.001 per share, including related preferred share purchase rights (2)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>192,307,700</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>0.65</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>125,000,005</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>13,637.50</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: justify;">Warrants to purchase common shares (4)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">
            <div style="text-align: justify;">Common shares, par value $0.001 per share, underlying warrants</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>192,307,700</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>0.65</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>125,000,005</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div>13,637.50</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%;">
            <div style="text-align: justify;">Total</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>250,000,010</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div>27,275</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>

    </table>
    <div>
      <div><br>
      </div>
    </div>
  </div>
  <div style="text-align: justify; font-weight: normal;">
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z04158eef57704bdb8070d491e5f03b62">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The securities registered herein are offered pursuant to an automatic shelf registration statement on Form F-3 (Registration No. 333-254977) filed by Castor Maritime Inc., effective April 1, 2021.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc3277c8fc1e5482f800325a187cd5b75">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Preferred share purchase rights are not currently separable from the common shares and are not currently exercisable. The value attributable to the preferred share purchase rights, if any, will be reflected in the market price of the
              common shares.&#160; For more information please see "Item 10. Additional Information-B. Memorandum and Articles of Association-Stockholders Rights Agreement" in our Annual Report which is incorporated by reference herein.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdcb644642c7f4270bd76a29285374805">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Calculated in accordance with Rule 457(r) and is made in accordance with Rule 456(b) under the Securities Act of 1933, as amended.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0c272991563941e39c2a4942859b7cc9">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>No fee pursuant to Rule 457(g) of the Securities Act.</div>
          </td>
        </tr>

    </table>
  </div>
  <div style="text-align: justify; font-weight: normal;"> <br>
  </div>
  <div style="text-align: justify; font-weight: normal;"> <br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after: always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: justify; font-weight: normal;"> <br>
  </div>
  <div style="text-align: justify; font-weight: bold;">PROSPECTUS SUPPLEMENT</div>
  <div style="text-align: justify; margin-bottom: 12pt;">(To Prospectus dated April 1, 2021)</div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">192,307,700 Common Shares and<br>
    Warrants to Purchase Up to 192,307,700 Common Shares</div>
  <div>
    <div style="text-align: center;"><img src="image00001.jpg"></div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">Castor Maritime Inc.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We are offering 192,307,700 of our common shares, par value $0.001 per share, directly to a number of institutional investors, or the Investors, pursuant to this prospectus
    supplement and the accompanying base prospectus. The offering price of the shares is $0.65 per share. We are also selling to the Investors warrants to purchase an aggregate of up to 192,307,700 of our common shares at an exercise price of $0.65 per
    share (the &#8220;Warrants&#8221;). The Warrants will be exercisable for a period of five years commencing on the date of issuance.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our common shares are listed on The Nasdaq Capital Market, or Nasdaq, under the symbol "CTRM".&#160;There is no established trading market for any of the Warrants, and we do not expect
    a market to develop. We do not intend to apply for a listing for any of the Warrants on any securities exchange or other nationally recognized trading system. Without an active trading market, the liquidity of the Warrants will be limited.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-weight: bold;">Investing in our common shares involves a high degree of risk and uncertainty. See "Risk Factors" beginning on page S-9 of this prospectus supplement, and page 3
    of the accompanying base prospectus, and in our annual report on Form 20-F for the fiscal year ended on December 31, 2020, filed with the U.S. Securities and Exchange Commission, or the Commission, on March 30, 2021, or our "Annual Report" which is
    incorporated by reference herein, to read about the risks you should consider before purchasing our common shares.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We have retained Maxim Group LLC (whom we refer to herein as the Placement Agent) as our exclusive Placement Agent to use its reasonable best efforts to solicit offers to purchase
    our common shares in this offering. The Placement Agent is not selling any of our common shares pursuant to this prospectus supplement or the accompanying base prospectus. We expect that delivery of our common shares being offered pursuant to this
    prospectus supplement will be made to the Investors in the offering on or about April 7, 2021, subject to customary closing conditions.</div>
  <table cellspacing="0" cellpadding="0" id="z67fec75a6f8d4602b256313772003e02" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

      <tr>
        <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: bottom;">
          <div style="text-align: center; font-weight: bold;">Per Share and</div>
          <div style="text-align: center; font-weight: bold;">Accompanying Warrant</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: bottom;">
          <div style="text-align: center; font-weight: bold;">Total</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
          <div style="text-align: justify;">Public offering price</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>0.65</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>125,000,005</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 76%;">
          <div style="text-align: justify;">Placement agent fees</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div>0.0423</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div>8,125,000</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
          <div style="text-align: justify;">Proceeds to the Company before expenses</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>0.6077</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>116,875,005</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
      </tr>

  </table>
  <div>
    <div><br>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">None of the Commission, any state securities commission, or any other regulatory body has approved or disapproved of these securities or passed on the adequacy or accuracy of this
    prospectus supplement or the accompanying base prospectus. Any representation to the contrary is a criminal offense. </div>
  <div style="text-align: center; text-indent: 36pt; margin-bottom: 12pt; font-weight: bold;">Maxim Group LLC</div>
  <div style="text-align: center; margin-bottom: 12pt;">The date of this prospectus supplement is April 5, 2021.</div>
  <br>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
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  </div>
  <!--PROfilePageNumberReset%Num%1%S-%%-->
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">TABLE OF CONTENTS</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">PROSPECTUS SUMMARY</div>
  <div style="text-align: right; margin-bottom: 12pt; font-weight: bold;">Page</div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z09e3b39055084c04993cbd5dc92d00a8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 92.43%; vertical-align: top;">
            <div>ABOUT THIS PROSPECTUS SUPPLEMENT</div>
          </td>
          <td style="width: 7.57%; vertical-align: top;">
            <div style="text-align: right;">S-1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 92.43%; vertical-align: top;">
            <div>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
          </td>
          <td style="width: 7.57%; vertical-align: top;">
            <div style="text-align: right;">S-2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 92.43%; vertical-align: top;">
            <div>ENFORCEABILITY OF CIVIL LIABILITIES</div>
          </td>
          <td style="width: 7.57%; vertical-align: top;">
            <div style="text-align: right;">S-4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 92.43%; vertical-align: top;">
            <div>PROSPECTUS SUPPLEMENT SUMMARY</div>
          </td>
          <td style="width: 7.57%; vertical-align: top;">
            <div style="text-align: right;">S-5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 92.43%; vertical-align: top;">
            <div>THE OFFERING</div>
          </td>
          <td style="width: 7.57%; vertical-align: top;">
            <div style="text-align: right;">S-8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 92.43%; vertical-align: top;">
            <div>RISK FACTORS</div>
          </td>
          <td style="width: 7.57%; vertical-align: top;">
            <div style="text-align: right;">S-9</div>
          </td>
        </tr>
        <tr>
          <td style="width: 92.43%; vertical-align: top;">
            <div>USE OF PROCEEDS</div>
          </td>
          <td style="width: 7.57%; vertical-align: top;">
            <div style="text-align: right;">S-16</div>
          </td>
        </tr>
        <tr>
          <td style="width: 92.43%; vertical-align: top;">
            <div>CAPITALIZATION</div>
          </td>
          <td style="width: 7.57%; vertical-align: top;">
            <div style="text-align: right;">S-17</div>
          </td>
        </tr>
        <tr>
          <td style="width: 92.43%; vertical-align: top;">
            <div>DILUTION</div>
          </td>
          <td style="width: 7.57%; vertical-align: top;">
            <div style="text-align: right;">S-19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 92.43%; vertical-align: top;">
            <div>DESCRIPTION OF SECURITIES WE ARE OFFERING</div>
          </td>
          <td style="width: 7.57%; vertical-align: top;">
            <div style="text-align: right;">S-20</div>
          </td>
        </tr>
        <tr>
          <td style="width: 92.43%; vertical-align: top;">
            <div>TAX CONSIDERATIONS</div>
          </td>
          <td style="width: 7.57%; vertical-align: top;">
            <div style="text-align: right;">S-21</div>
          </td>
        </tr>
        <tr>
          <td style="width: 92.43%; vertical-align: top;">
            <div>SHARE OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</div>
          </td>
          <td style="width: 7.57%; vertical-align: top;">
            <div style="text-align: right;">S-22</div>
          </td>
        </tr>
        <tr>
          <td style="width: 92.43%; vertical-align: top;">
            <div>PLAN OF DISTRIBUTION</div>
          </td>
          <td style="width: 7.57%; vertical-align: top;">
            <div style="text-align: right;">S-23</div>
          </td>
        </tr>
        <tr>
          <td style="width: 92.43%; vertical-align: top;">
            <div>EXPENSES</div>
          </td>
          <td style="width: 7.57%; vertical-align: top;">
            <div style="text-align: right;">S-26</div>
          </td>
        </tr>
        <tr>
          <td style="width: 92.43%; vertical-align: top;">
            <div>LEGAL MATTERS</div>
          </td>
          <td style="width: 7.57%; vertical-align: top;">
            <div style="text-align: right;">S-26</div>
          </td>
        </tr>
        <tr>
          <td style="width: 92.43%; vertical-align: top;">
            <div>WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
          </td>
          <td style="width: 7.57%; vertical-align: top;">
            <div style="text-align: right;">S-27</div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div>
    <div style="font-weight: bold;">BASE PROSPECTUS</div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="font-weight: bold;">
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 91.28%; vertical-align: top;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">SUMMARY</div>
            </td>
            <td style="width: 8.72%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.28%; vertical-align: top;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">RISK FACTORS</div>
            </td>
            <td style="width: 8.72%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.28%; vertical-align: top;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
            </td>
            <td style="width: 8.72%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">9</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.28%; vertical-align: top;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">USE OF PROCEEDS</div>
            </td>
            <td style="width: 8.72%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">11</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.28%; vertical-align: top;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">ENFORCEMENT OF CIVIL LIABILITIES</div>
            </td>
            <td style="width: 8.72%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">12</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.28%; vertical-align: top;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">CAPITALIZATION</div>
            </td>
            <td style="width: 8.72%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">13</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.28%; vertical-align: top;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">PLAN OF DISTRIBUTION</div>
            </td>
            <td style="width: 8.72%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">14</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.28%; vertical-align: top;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF SHARE CAPITAL</div>
            </td>
            <td style="width: 8.72%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">16</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.28%; vertical-align: top;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF DEBT SECURITIES</div>
            </td>
            <td style="width: 8.72%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">18</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.28%; vertical-align: top;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF WARRANTS</div>
            </td>
            <td style="width: 8.72%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">25</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.28%; vertical-align: top;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF PURCHASE CONTRACTS</div>
            </td>
            <td style="width: 8.72%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">26</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.28%; vertical-align: top;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF RIGHTS</div>
            </td>
            <td style="width: 8.72%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">27</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.28%; vertical-align: top;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF UNITS</div>
            </td>
            <td style="width: 8.72%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">28</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.28%; vertical-align: top;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">TAX CONSIDERATIONS</div>
            </td>
            <td style="width: 8.72%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">29</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.28%; vertical-align: top;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">EXPENSES</div>
            </td>
            <td style="width: 8.72%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">30</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.28%; vertical-align: top;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">LEGAL MATTERS</div>
            </td>
            <td style="width: 8.72%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">30</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.28%; vertical-align: top;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">EXPERTS</div>
            </td>
            <td style="width: 8.72%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">30</div>
            </td>
          </tr>
          <tr>
            <td style="width: 91.28%; vertical-align: top;">
              <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
            </td>
            <td style="width: 8.72%; vertical-align: top;">
              <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">30</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="font-weight: bold;"> <br>
    </div>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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  <!--PROfilePageNumberReset%Num%1%S-%%-->
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ABOUT THIS PROSPECTUS SUPPLEMENT</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This prospectus supplement and the accompanying base prospectus are part of a registration statement that we filed with the Commission, utilizing a "shelf" registration process.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This document is in two parts. The first part is this prospectus supplement, which describes the specific terms of this offering described herein and the securities offered hereby,
    and also adds to and updates information contained in the accompanying base prospectus and the documents incorporated by reference into this prospectus supplement and the base prospectus.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The second part, the base prospectus, gives more general information about securities we may offer from time to time, some of which does not apply to this offering. Generally, when
    we refer only to the prospectus, we are referring to both parts combined, and when we refer to the accompanying base prospectus, we are referring to the base prospectus.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If the description of this offering varies between this prospectus supplement and the accompanying base prospectus, you should rely on the information contained in this prospectus
    supplement. This prospectus supplement, the accompanying base prospectus and the documents incorporated into each by reference include important information about us, our common shares being offered and other information you should know before
    investing. You should read this prospectus supplement and the accompanying base prospectus together with the additional information described under the heading "Where You Can Find Additional Information" before investing in our common shares.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We have authorized only the information contained or incorporated by reference in this prospectus supplement, the accompanying base prospectus, and any free writing prospectus
    prepared by or on behalf of us or to which we have referred you. We have not, and the Placement Agent has not, authorized anyone to provide you with information that is different.&#160;We and the Placement Agent take no responsibility for, and can provide
    no assurance as to the reliability of, any information that others may give you. If anyone provides you with different or inconsistent information, you should not rely on it.&#160;We are offering to sell our common shares only in jurisdictions where offers
    and sales are permitted. The information contained in or incorporated by reference in the prospectus is accurate only as of the date such information was issued, regardless of the time of delivery of the prospectus or the date of any sale of our common
    shares.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless otherwise indicated, all references to "dollars" and "$" in this prospectus supplement are to, and amounts presented in, United States dollars and financial information
    presented in this prospectus supplement that is derived from financial statements incorporated by reference is prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-1</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
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  </div>
  <div><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Matters discussed in this prospectus supplement may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995, or the PSLRA, provides safe harbor
    protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or
    performance, and underlying assumptions and other statements, which are statements other than statements of historical facts.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Castor Maritime Inc. desires to take advantage of the safe harbor provisions of the PSLRA and is including this cautionary statement in connection with this safe harbor
    legislation. This prospectus supplement and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance, and are not
    intended to give any assurance as to future results. When used in this prospectus supplement, statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "anticipate", "believe",
    "expect", "intend", "estimate", &#8220;target&#8221;, "forecast", "project", "plan", "potential", "continue", "possible", "likely", "may", "could", "should", and similar expressions, terms, or phrases mayidentify forward-looking statements.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The forward-looking statements in this prospectus supplement are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without
    limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are
    inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake
    no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">In addition to these assumptions and matters discussed elsewhere herein and in the documents incorporated by reference herein, important factors that, in our view, could cause
    actual results to differ materially from those discussed in the forward-looking statements include the following:</div>
  <table cellspacing="0" cellpadding="0" id="z75af5ccd938f4aafb720a14df3cb40b0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>dry bulk and tanker market trends, including fluctuations in charter rates, factors affecting supply and demand, and opportunities for the profitable operations of dry bulk and tanker carriers;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z6c2a8a1eaaa548178294a2973f0a0817" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>our future financial condition or results of operations and our future revenues and expenses;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z08028f44bf7a44bfa6aff6cbae8c78d3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>our continued borrowing availability under our debt agreements and compliance with the covenants contained therein;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zd97f2ec0513d46a3a1c3d410b9fdb236" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>our ability to procure or have access to financing, our liquidity and the adequacy of cash flows for our operations;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="za4cc4830af0148d9b89659ceb8b25c9d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>our continued ability to enter into time or voyage charters with existing and new customers, and to re-charter our vessels upon the expiry of the existing charters;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z2d22c445f405489381bbacc73f1f0d49" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>changes in our operating expenses, including bunker prices, dry-docking and insurance costs;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="ze2edc9c3fe2646a09034fbbc4a59347c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations
            dates, expected downtime and lost revenue);</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
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      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>planned, pending or recent acquisitions, business strategy and expected capital spending or operating expenses, including dry-docking, surveys, upgrades and insurance costs;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z6407928ea70f4deca5ac06a711b3bdf2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>our expectations regarding the availability of vessel acquisitions and our ability to complete acquisition transactions as planned;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z7b5e1b958acf4038b7f9099f674f18f6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>our ability to realize the expected benefits from our vessel acquisitions;</div>
        </td>
      </tr>

  </table>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-2</font></div>
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      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zf0ef097db50e479c98b18ce17347a93c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>vessel breakdowns and instances of off-hire;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z09b0374569424f4ba01998d908b4a850" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>potential conflicts of interest involving members of our Board of Directors, or Board, and senior management;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z99f6095f63414c4887b641c0fea97021" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zb66c63fe2fb84814bcb6e03593e1a078" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>potential exposure or loss from investment in derivative instruments (if any);</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z2c77dda56383403385412b28ccac87d9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>changes in supply and demand in the dry bulk and tanker shipping industries, including the market for our vessels and the number of newbuildings under construction;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z7dda1cedd0b141d5b488cbac8d2c7744" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>the length and severity of epidemics and pandemics, including the ongoing global outbreak of the novel coronavirus ("COVID-19") and its impact on the demand for seaborne transportation in the dry bulk and tanker sectors;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z390ea79f720b40d687aed39091216ca9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>the strength of world economies;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z51a94701af3b494c9beeb21a6fe47dee" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>stability of Europe and the Euro;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z8529d733847f48c0b91c5cfda7a9167d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>fluctuations in interest rates and foreign exchange rates;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z5f9754c036f04719ba75b3a3b4c2def8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>changes in seaborne and other transportation;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="za25f390ce4cb49dab20cb8a76035f4b9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>changes in governmental rules and regulations or actions taken by regulatory authorities;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z7de321a0bf9e4c40a642e6512429bb99" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>general domestic and international political conditions or events, including "trade wars";</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z8bf81a5bf78244059469be1403485c65" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>potential disruption of shipping routes due to accidents, political events, international hostilities and instability, piracy or acts by terrorists;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zb204b4589aea44a8baf10f93fbf2c303" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>our business strategy and other plans and objectives for future operations;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zf2edea073d9b49258671f1d69c85aba5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>future sales of our securities in the public market;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z87bfd82729e24af0bd0ebea0ad6950a8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>the impact of the discontinuance of LIBOR after 2021 on interest rates of our debt that reference LIBOR;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z2db942c213414926b599beecd0736a97" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>the impact of adverse weather and natural disasters;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z72c4653edb704206883535df21e6f31e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>the impact of public health threats and outbreaks of other highly communicable diseases; and</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z502514c408624f73ae78e2d73f01ce82" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 18pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top;">
          <div>other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the Commission, including our most recent Annual Report, which is incorporated by reference into this
            prospectus.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">You should not place undue reliance on forward-looking statements contained in this prospectus supplement because they are statements about events that are not certain to occur as
    described or at all. All forward-looking statements in this prospectus supplement are qualified in their entirety by the cautionary statements contained in this prospectus supplement.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Any forward-looking statements contained herein are made only as of the date of this prospectus supplement, and except to the extent required by applicable law or regulation we
    undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time,
    and it is not possible for us to predict all or any of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially
    different from those contained in any forward-looking statement.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"> <br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-3</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <br>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">ENFORCEABILITY OF CIVIL LIABILITIES</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We are a Republic of the Marshall Islands corporation and our principal executive offices are located outside the United States. All of the directors, officers and our independent
    registered public accounting firm reside outside the United States. In addition, substantially all of our assets and the assets of certain of our directors, officers and our independent registered public accounting firm are located outside the United
    States. As a result, it may not be possible for you to serve legal process within the United States upon us or any of these persons. It may also not be possible for you to enforce, both in and outside the United States, judgments you may obtain in
    United States courts against us or these persons in any action, including actions based upon the civil liability provisions of U.S. federal or state securities laws.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Furthermore, there is substantial doubt that courts of such jurisdictions would enforce judgments of U.S. courts obtained in actions against us, our directors or officers and such
    experts based upon the civil liability provisions of applicable U.S federal and state securities laws or would enforce, in original actions, liabilities against us, our directors or officers and such experts based on those laws.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"> <br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-4</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">PROSPECTUS SUPPLEMENT SUMMARY</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This summary highlights information that appears elsewhere in this prospectus or in the documents incorporated by reference herein and is qualified in its entirety by the more
    detailed information, including the financial statements that appear in the documents incorporated by reference. This summary may not contain all of the information that may be important to you. As an investor or prospective investor, you should review
    carefully the entire prospectus supplement, including the risk factors, and the more detailed information that is included herein and in the documents incorporated by reference herein.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Unless the context otherwise requires, as used in this prospectus supplement, the terms "Company", "we", "us", and "our" refer to Castor Maritime Inc. and all of its subsidiaries.
    We use the term deadweight ton, or dwt, in describing the size of vessels. Dwt, expressed in metric tons each of which is equivalent to 1,000 kilograms, refers to the maximum weight of cargo and supplies that a vessel can carry. Our reporting currency
    is the U.S. dollar and all references in this prospectus supplement to "$" or "dollars" are to U.S. dollars.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Business Overview</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We are Castor Maritime Inc., a growth-oriented global shipping company that was incorporated in the Republic of the Marshall Islands in September 2017 for the purpose of acquiring,
    owning, chartering and operating oceangoing cargo vessels. We are a provider of worldwide seaborne transportation services for dry bulk cargo as well as crude oil and refined petroleum products. As of April 2, 2021, we had 707,250,793 issued and
    outstanding common shares. We also have outstanding 480,000 Series A Preferred Shares and 12,000 Series B Preferred Shares.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We currently operate a fleet of 9 dry bulk carriers and 2 tankers, and, as of the date of this prospectus supplement, we have agreed to acquire 3 Kamsarmax dry bulk vessels from
    unaffiliated third-party sellers. We intend to continue to explore the market in order to identify potential acquisition targets which will help us grow our fleet and business. Our acquisition strategy has so far focused on secondhand Panamax,
    Kamsarmax and Capesize dry bulk vessels and Aframax LR2 tanker vessels, although we may acquire vessels in other sizes, age and/or sectors which we believe offer attractive investment opportunities.&#160; </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our commercial strategy primarily focuses on deploying our Fleet under a mix of period time charters and trip time charters according to our assessment of market conditions,
    adjusting the mix of these charters to take advantage of the relatively stable cash flows and high utilization rates associated with period time charters or to profit from attractive trip charter rates during periods of strong charter market
    conditions.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"> <br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-5</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Our Fleet</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">As of the date of this prospectus supplement, we own a fleet which consists of 9 dry bulk carriers and 2 tankers with an aggregate cargo carrying capacity of 1.0 million dwt and an
    average age of 14.3 years, which we refer to collectively as our &#8220;Fleet&#8221;. Upon the successful consummation of our recent vessel acquisitions, our Fleet will consist of 14 vessels, with an aggregate capacity of 1.3 million dwt, consisting of 1 Capesize,
    5 Kamsarmax and 6 Panamax dry bulk vessels and 2 Aframax LR2 tankers and an average age of 13.5 years. For additional information about our Fleet and our recent acquisitions, see &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Our Fleet" of
    our Annual Report.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We intend to further expand our Fleet by actively seeking additional vessel acquisition opportunities across all vessel sizes and segments, including those outside of the dry bulk
    and tanker segments.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following table summarizes key information about our Fleet (delivered only vessels) as of the date of this prospectus:</div>
  <table cellspacing="0" cellpadding="0" id="z3edd43747b8b42b6b4d3a9bde828e3df" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 12.76%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: justify; font-weight: bold;">Vessel Name</div>
        </td>
        <td style="width: 5.48%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-weight: bold;">Year Built</div>
        </td>
        <td style="width: 15.78%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-weight: bold;">Type of<br>
            Charter</div>
        </td>
        <td style="width: 7.1%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-weight: bold;">Capacity<br>
            (dwt)</div>
        </td>
        <td style="width: 12.06%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-weight: bold;">Delivered to<br>
            Castor</div>
        </td>
        <td style="width: 14.16%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-weight: bold;">Gross Charter Rate ($/day)</div>
        </td>
        <td style="width: 16%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-weight: bold;">Estimated Earliest Charter Expiration</div>
        </td>
        <td style="width: 16.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-weight: bold;">Estimated Latest Charter Expiration</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.76%; vertical-align: bottom;">
          <div style="text-align: justify; font-style: italic; font-weight: bold;">Dry bulk vessels</div>
        </td>
        <td style="width: 5.48%; vertical-align: bottom;">&#160;</td>
        <td style="width: 15.78%; vertical-align: bottom;">&#160;</td>
        <td style="width: 7.1%; vertical-align: bottom;">&#160;</td>
        <td style="width: 12.06%; vertical-align: bottom;">&#160;</td>
        <td style="width: 14.16%; vertical-align: top;">&#160;</td>
        <td style="width: 16%; vertical-align: bottom;">&#160;</td>
        <td style="width: 16.66%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 12.76%; vertical-align: bottom;">
          <div style="text-align: justify; font-style: italic; font-weight: bold;">Panamax</div>
        </td>
        <td style="width: 5.48%; vertical-align: bottom;">&#160;</td>
        <td style="width: 15.78%; vertical-align: bottom;">&#160;</td>
        <td style="width: 7.1%; vertical-align: bottom;">&#160;</td>
        <td style="width: 12.06%; vertical-align: bottom;">&#160;</td>
        <td style="width: 14.16%; vertical-align: top;">&#160;</td>
        <td style="width: 16%; vertical-align: bottom;">&#160;</td>
        <td style="width: 16.66%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 12.76%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify; font-style: italic;">Magic P</div>
        </td>
        <td style="width: 5.48%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">2004</div>
        </td>
        <td style="width: 15.78%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">Period Time Charter</div>
        </td>
        <td style="width: 7.1%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">76,453</div>
        </td>
        <td style="width: 12.06%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">February 2017</div>
        </td>
        <td style="width: 14.16%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">$12,750</div>
        </td>
        <td style="width: 16%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">August 2021</div>
        </td>
        <td style="width: 16.66%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">November 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.76%; vertical-align: bottom;">
          <div style="text-align: justify; font-style: italic;">Magic Sun</div>
        </td>
        <td style="width: 5.48%; vertical-align: bottom;">
          <div style="text-align: center;">2001</div>
        </td>
        <td style="width: 15.78%; vertical-align: bottom;">
          <div style="text-align: center;">Period Time Charter</div>
        </td>
        <td style="width: 7.1%; vertical-align: bottom;">
          <div style="text-align: center;">75,311</div>
        </td>
        <td style="width: 12.06%; vertical-align: bottom;">
          <div style="text-align: center;">September 2019</div>
        </td>
        <td style="width: 14.16%; vertical-align: bottom;">
          <div style="text-align: center;">$10,200</div>
        </td>
        <td style="width: 16%; vertical-align: bottom;">
          <div style="text-align: center;">August 2021</div>
        </td>
        <td style="width: 16.66%; vertical-align: bottom;">
          <div style="text-align: center;">October 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.76%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify; font-style: italic;">Magic Moon</div>
        </td>
        <td style="width: 5.48%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">2005</div>
        </td>
        <td style="width: 15.78%; vertical-align: middle; background-color: #CCEEFF;">
          <div style="text-align: center;">Period Time Charter</div>
        </td>
        <td style="width: 7.1%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">76,602</div>
        </td>
        <td style="width: 12.06%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">October 2019</div>
        </td>
        <td style="width: 14.16%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">$10,500</div>
        </td>
        <td style="width: 16%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">July 2021</div>
        </td>
        <td style="width: 16.66%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">September 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.76%; vertical-align: bottom;">
          <div style="text-align: justify; font-style: italic;">Magic Rainbow</div>
        </td>
        <td style="width: 5.48%; vertical-align: bottom;">
          <div style="text-align: center;">2007</div>
        </td>
        <td style="width: 15.78%; vertical-align: middle;">
          <div style="text-align: center;">Trip Time Charter</div>
        </td>
        <td style="width: 7.1%; vertical-align: bottom;">
          <div style="text-align: center;">73,593</div>
        </td>
        <td style="width: 12.06%; vertical-align: bottom;">
          <div style="text-align: center;">August 2020</div>
        </td>
        <td style="width: 14.16%; vertical-align: bottom;">
          <div style="text-align: center;">$18,500</div>
        </td>
        <td style="width: 16%; vertical-align: bottom;">
          <div style="text-align: center;">April&#160; 2021</div>
        </td>
        <td style="width: 16.66%; vertical-align: bottom;">
          <div style="text-align: center;">May 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.76%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify; font-style: italic;">Magic Horizon</div>
        </td>
        <td style="width: 5.48%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">2010</div>
        </td>
        <td style="width: 15.78%; vertical-align: middle; background-color: #CCEEFF;">
          <div style="text-align: center;">Period Time Charter</div>
        </td>
        <td style="width: 7.1%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">76,619</div>
        </td>
        <td style="width: 12.06%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">October 2020</div>
        </td>
        <td style="width: 14.16%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">$11,000</div>
        </td>
        <td style="width: 16%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">August 2021</div>
        </td>
        <td style="width: 16.66%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">December 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.76%; vertical-align: bottom;">
          <div style="text-align: justify; font-style: italic;">Magic Nova</div>
        </td>
        <td style="width: 5.48%; vertical-align: bottom;">
          <div style="text-align: center;">2010</div>
        </td>
        <td style="width: 15.78%; vertical-align: middle;">
          <div style="text-align: center;">Period Time Charter</div>
        </td>
        <td style="width: 7.1%; vertical-align: bottom;">
          <div style="text-align: center;">78,833</div>
        </td>
        <td style="width: 12.06%; vertical-align: bottom;">
          <div style="text-align: center;">October 2020</div>
        </td>
        <td style="width: 14.16%; vertical-align: bottom;">
          <div style="text-align: center;">$10,400</div>
        </td>
        <td style="width: 16%; vertical-align: bottom;">
          <div style="text-align: center;">April 2021</div>
        </td>
        <td style="width: 16.66%; vertical-align: bottom;">
          <div style="text-align: center;">August 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.76%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify; font-style: italic; font-weight: bold;">Kamsarmax</div>
        </td>
        <td style="width: 5.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 15.78%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 7.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 12.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 14.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 16.66%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
      </tr>
      <tr>
        <td style="width: 12.76%; vertical-align: bottom;">
          <div style="text-align: justify; font-style: italic;">Magic Venus</div>
        </td>
        <td style="width: 5.48%; vertical-align: bottom;">
          <div style="text-align: center;">2010</div>
        </td>
        <td style="width: 15.78%; vertical-align: bottom;">
          <div style="text-align: center;">Period Time Charter</div>
        </td>
        <td style="width: 7.1%; vertical-align: bottom;">
          <div style="text-align: center;">83,416</div>
        </td>
        <td style="width: 12.06%; vertical-align: bottom;">
          <div style="text-align: center;">March 2021</div>
        </td>
        <td style="width: 14.16%; vertical-align: bottom;">
          <div style="text-align: center;">$18,500</div>
        </td>
        <td style="width: 16%; vertical-align: bottom;">
          <div style="text-align: center;">August 2021</div>
        </td>
        <td style="width: 16.66%; vertical-align: bottom;">
          <div style="text-align: center;">October 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.76%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify; font-style: italic;">Magic Argo</div>
        </td>
        <td style="width: 5.48%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">2009</div>
        </td>
        <td style="width: 15.78%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">Trip Time Charter</div>
        </td>
        <td style="width: 7.1%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">82,338</div>
        </td>
        <td style="width: 12.06%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">March 2021</div>
        </td>
        <td style="width: 14.16%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">$25,100</div>
        </td>
        <td style="width: 16%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">June 2021</div>
        </td>
        <td style="width: 16.66%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">July 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.76%; vertical-align: bottom;">
          <div style="text-align: justify; font-style: italic; font-weight: bold;">Capesize</div>
        </td>
        <td style="width: 5.48%; vertical-align: bottom;">&#160;</td>
        <td style="width: 15.78%; vertical-align: bottom;">&#160;</td>
        <td style="width: 7.1%; vertical-align: bottom;">&#160;</td>
        <td style="width: 12.06%; vertical-align: bottom;">&#160;</td>
        <td style="width: 14.16%; vertical-align: bottom;">&#160;</td>
        <td style="width: 16%; vertical-align: bottom;">&#160;</td>
        <td style="width: 16.66%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 12.76%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify; font-style: italic;">Magic Orion</div>
        </td>
        <td style="width: 5.48%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">2006</div>
        </td>
        <td style="width: 15.78%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">Trip Time Charter</div>
        </td>
        <td style="width: 7.1%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">180,200</div>
        </td>
        <td style="width: 12.06%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">March 2021</div>
        </td>
        <td style="width: 14.16%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">$21,000</div>
        </td>
        <td style="width: 16%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">April 2021</div>
        </td>
        <td style="width: 16.66%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">April 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.76%; vertical-align: bottom;">
          <div style="text-align: justify; font-style: italic; font-weight: bold;">Tanker vessels</div>
        </td>
        <td style="width: 5.48%; vertical-align: bottom;">&#160;</td>
        <td style="width: 15.78%; vertical-align: bottom;">&#160;</td>
        <td style="width: 7.1%; vertical-align: bottom;">&#160;</td>
        <td style="width: 12.06%; vertical-align: bottom;">&#160;</td>
        <td style="width: 14.16%; vertical-align: bottom;">&#160;</td>
        <td style="width: 16%; vertical-align: bottom;">&#160;</td>
        <td style="width: 16.66%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 12.76%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify; font-style: italic; font-weight: bold;">Aframax/LR2</div>
        </td>
        <td style="width: 5.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 15.78%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 7.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 12.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 14.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 16.66%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
      </tr>
      <tr>
        <td style="width: 12.76%; vertical-align: bottom;">
          <div style="text-align: justify; font-style: italic;">Wonder Polaris</div>
        </td>
        <td style="width: 5.48%; vertical-align: bottom;">
          <div style="text-align: center;">2005</div>
        </td>
        <td style="width: 15.78%; vertical-align: bottom;">
          <div style="text-align: center;">Period Time Charter</div>
        </td>
        <td style="width: 7.1%; vertical-align: bottom;">
          <div style="text-align: center;">115,341</div>
        </td>
        <td style="width: 12.06%; vertical-align: bottom;">
          <div style="text-align: center;">March 2021</div>
        </td>
        <td style="width: 14.16%; vertical-align: top;">
          <div style="text-align: center;">$15,000 + profit sharing</div>
        </td>
        <td style="width: 16%; vertical-align: bottom;">
          <div style="text-align: center;">February 2022</div>
        </td>
        <td style="width: 16.66%; vertical-align: bottom;">
          <div style="text-align: center;">February 2023</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.76%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify; font-style: italic;">Wonder Sirius</div>
        </td>
        <td style="width: 5.48%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">2005</div>
        </td>
        <td style="width: 15.78%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">Period Time Charter</div>
        </td>
        <td style="width: 7.1%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">115,340</div>
        </td>
        <td style="width: 12.06%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">March 2021</div>
        </td>
        <td style="width: 14.16%; vertical-align: top; background-color: #CCEEFF;">
          <div style="text-align: center;">$15,000 + profit sharing</div>
        </td>
        <td style="width: 16%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">February 2022</div>
        </td>
        <td style="width: 16.66%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">February 2023</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Fleet Expansion</div>
  <div>
    <div style="text-align: justify; text-indent: 36pt;">As of the date of this prospectus supplement and as part of our business strategy, we have agreed to acquire three Kamsarmax dry bulk vessels from unaffiliated third-party sellers.<font style="font-weight: bold;">&#160;</font>For additional information about our Fleet and our recent acquisitions, see &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Our Fleet" of our Annual Report.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-6</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The following table summarizes key information about our recent vessel acquisitions that are pending completion as of the date of this prospectus supplement:</div>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z43b86a45538f4f6db414becac27707e4" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 19.48%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: justify; font-weight: bold;">Vessel Name <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
        </td>
        <td style="width: 8.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-weight: bold;">Year Built</div>
        </td>
        <td style="width: 24.12%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-weight: bold;">Type of<br>
            Vessel</div>
        </td>
        <td style="width: 11.26%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-weight: bold;">Capacity<br>
            (dwt)</div>
        </td>
        <td style="width: 18.38%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-weight: bold;">Country Built</div>
        </td>
        <td style="width: 18.34%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-weight: bold;">Expected Delivery to Company</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19.48%; vertical-align: bottom;">
          <div style="text-align: justify; font-style: italic; font-weight: bold;">Dry bulk vessels</div>
        </td>
        <td style="width: 8.42%; vertical-align: bottom;">&#160;</td>
        <td style="width: 24.12%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.26%; vertical-align: bottom;">&#160;</td>
        <td style="width: 18.38%; vertical-align: top;">&#160;</td>
        <td style="width: 18.34%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.48%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify; font-style: italic;">TBR Magic Twilight</div>
        </td>
        <td style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">2010</div>
        </td>
        <td style="width: 24.12%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">Kamsarmax</div>
        </td>
        <td style="width: 11.26%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">80,283</div>
        </td>
        <td style="width: 18.38%; vertical-align: top; background-color: #CCEEFF;">
          <div style="text-align: center;">South Korea</div>
        </td>
        <td style="width: 18.34%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">April 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19.48%; vertical-align: bottom;">
          <div style="text-align: justify; font-style: italic;">TBR Magic Nebula</div>
        </td>
        <td style="width: 8.42%; vertical-align: bottom;">
          <div style="text-align: center;">2010</div>
        </td>
        <td style="width: 24.12%; vertical-align: bottom;">
          <div style="text-align: center;">Kamsarmax</div>
        </td>
        <td style="width: 11.26%; vertical-align: bottom;">
          <div style="text-align: center;">80,282</div>
        </td>
        <td style="width: 18.38%; vertical-align: top;">
          <div style="text-align: center;">South Korea</div>
        </td>
        <td style="width: 18.34%; vertical-align: bottom;">
          <div style="text-align: center;">2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> Quarter 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19.48%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify; font-style: italic;">TBR Magic Thunder</div>
        </td>
        <td style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">2011</div>
        </td>
        <td style="width: 24.12%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">Kamsarmax</div>
        </td>
        <td style="width: 11.26%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">83,375</div>
        </td>
        <td style="width: 18.38%; vertical-align: top; background-color: #CCEEFF;">
          <div style="text-align: center;">Japan</div>
        </td>
        <td style="width: 18.34%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center;">April 2021</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">&#160;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>To be re-named upon delivery of the vessels to the Company (&#8220;TBR&#8221;).</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Management of our Business</div>
  <div style="text-align: justify; text-indent: 27pt; margin-bottom: 12pt;">Our vessels are technically managed by Pavimar S.A., or Pavimar, a company controlled by Ismini Panagiotidis, the sister of our Chairman, Chief Executive Officer and Chief
    Financial Officer, Petros Panagiotidis. Under the technical management agreements, our ship-owning subsidiaries pay a $600 daily fee to Pavimar for the provision of a wide range of shipping services such as crew management, technical management,
    operational employment management, insurance arrangements, provisioning, bunkering, accounting and audit support services, which it may choose to subcontract to other parties at its discretion.</div>
  <div style="text-align: justify; text-indent: 27pt; margin-bottom: 12pt;">Our vessels are commercially managed by Castor Ships S.A., or Castor Ships, a company controlled by our Chairman, Chief Executive Officer and Chief Financial Officer. Castor Ships
    manages our business overall and provides us with commercial, chartering and administrative services, including, but not limited to, securing employment for our Fleet, arranging and supervising the vessels' commercial operations, handling all of the
    Company's vessel sale and purchase transactions, undertaking related shipping project and management advisory and support services, as well as other associated services requested from time to time by us and our ship-owning subsidiaries. In exchange for
    these services, we and our subsidiaries pay Castor Ships (i) a flat quarterly management fee in the amount of $0.3 million for the management and administration of our business, (ii) a daily fee of $250 per vessel for the provision of commercial
    services, (iii) a commission rate of 1.25% on all charter agreements and (iv) a commission of 1% on each sale and purchase transaction.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The 3 Kamsarmax vessels that we have agreed to purchase and which we expect to take delivery of in the near term, will be technically and commercially managed by Pavimar and Castor
    Ships upon their delivery to us.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Corporate Information</div>
  <div>
    <div style="text-align: justify; text-indent: 36pt;">We were incorporated under the laws of the Republic of the Marshall Islands in September 2017. Our registered office in the Marshall Islands is located at Trust Company Complex, Ajeltake Road,
      Ajeltake Island, Majuro, Marshall Islands MH96960. Our registered agent in the Republic of the Marshall Islands at such address is The Trust Company of the Marshall Islands, Inc. Our principal executive office is located at 223 Christodoulou
      Chatzipavlou Street, Hawaii Royal Gardens, 3036 Limassol, Cyprus. Our principal executive office telephone number is + 357 25 357 767. Our corporate website address is&#160;www.castormaritime.com. The information contained on our website does not
      constitute part of this prospectus supplement. The Commission maintains a website that contains reports, proxy and information statements, and other information that we file electronically at&#160;www.sec.gov.</div>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-7</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: center; font-weight: bold;">THE OFFERING</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zc9df92277eb44c0389063fa17c06e111" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 30.42%; vertical-align: top;">
          <div>Issuer</div>
        </td>
        <td style="width: 2.54%; vertical-align: top;">&#160;</td>
        <td style="width: 67.04%; vertical-align: top;">
          <div style="text-align: justify;">Castor Maritime Inc., a Marshall Islands corporation</div>
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.42%; vertical-align: top;">&#160;</td>
        <td style="width: 2.54%; vertical-align: top;">&#160;</td>
        <td style="width: 67.04%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30.42%; vertical-align: top;">
          <div>Common shares outstanding as of April 2, 2021</div>
        </td>
        <td style="width: 2.54%; vertical-align: top;">&#160;</td>
        <td style="width: 67.04%; vertical-align: top;">
          <div style="text-align: justify;">707,250,793&#160;common shares</div>
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.42%; vertical-align: top;">&#160;</td>
        <td style="width: 2.54%; vertical-align: top;">&#160;</td>
        <td style="width: 67.04%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30.42%; vertical-align: top;">
          <div>Common Shares offered by us</div>
        </td>
        <td style="width: 2.54%; vertical-align: top;">&#160;</td>
        <td style="width: 67.04%; vertical-align: top;">
          <div style="text-align: justify;">192,307,700 common shares</div>
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.42%; vertical-align: top;">&#160;</td>
        <td style="width: 2.54%; vertical-align: top;">&#160;</td>
        <td style="width: 67.04%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30.42%; vertical-align: top;">
          <div>Common shares outstanding immediately after the offering</div>
        </td>
        <td style="width: 2.54%; vertical-align: top;">&#160;</td>
        <td style="width: 67.04%; vertical-align: top;">
          <div style="text-align: justify;">899,558,493 common shares</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.42%; vertical-align: top;">&#160;</td>
        <td style="width: 2.54%; vertical-align: top;">&#160;</td>
        <td style="width: 67.04%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30.42%; vertical-align: top;">
          <div>Warrants offered by us</div>
        </td>
        <td style="width: 2.54%; vertical-align: top;">&#160;</td>
        <td style="width: 67.04%; vertical-align: top;">
          <div style="text-align: justify;">We are also offering Warrants to purchase up to 192,307,700 common shares. The exercise price of each Warrant is $0.65 per share. Each Warrant will be immediately exercisable for a 5-year period after the date of
            issuance. This prospectus supplement also relates to the offering of the common shares issuable upon exercise of such Warrants. See &#8220;Description of Securities We Are Offering&#8221; for a discussion on the terms of the Warrants.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.42%; vertical-align: top;">&#160;</td>
        <td style="width: 2.54%; vertical-align: top;">&#160;</td>
        <td style="width: 67.04%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30.42%; vertical-align: top;">
          <div>Use of proceeds</div>
        </td>
        <td style="width: 2.54%; vertical-align: top;">&#160;</td>
        <td style="width: 67.04%; vertical-align: top;">
          <div style="text-align: justify;">We intend to use the net proceeds from the sale of the securities offered by this prospectus supplement for capital expenditures, working capital, to make vessel, other asset or share acquisitions or for other
            general corporate purposes, or a combination thereof. Asset acquisitions may be structured as individual assets purchases, the acquisition of the equity interests of vessel owning entities or the acquisition of the equity interests of the
            direct or indirect owner of one or more vessels or shipping assets. None of the proceeds from this offering will be used to repay related party debt. We expect that the net proceeds of this offering will be approximately $116.6 million, net of
            the Placement Agent's fees and other estimated offering expenses. The expected net proceeds of the offering reflected above does not give effect to the exercise of any Warrants issued in this offering. See "Use of Proceeds".</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.42%; vertical-align: top;">&#160;</td>
        <td style="width: 2.54%; vertical-align: top;">&#160;</td>
        <td style="width: 67.04%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30.42%; vertical-align: top;">
          <div>Risk factors</div>
        </td>
        <td style="width: 2.54%; vertical-align: top;">&#160;</td>
        <td style="width: 67.04%; vertical-align: top;">
          <div style="text-align: justify;">Investing in our common shares&#160;is highly speculative and involves&#160;a high degree of risk. See "Risk Factors" beginning on page S-9 of this prospectus supplement and page 3 of the accompanying base prospectus and
            in our Annual Report, starting on page 3 thereof, which is incorporated by reference herein, to read about the risks you should consider before purchasing our common shares.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.42%; vertical-align: top;">&#160;</td>
        <td style="width: 2.54%; vertical-align: top;">&#160;</td>
        <td style="width: 67.04%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30.42%; vertical-align: top;">
          <div>Listing</div>
        </td>
        <td style="width: 2.54%; vertical-align: top;">&#160;</td>
        <td style="width: 67.04%; vertical-align: top;">
          <div style="text-align: justify;">Our common shares currently trade on the Nasdaq under the symbol "CTRM" and on the Norwegian OTC, or the NOTC, under the symbol "CASTOR". There is no established public trading market for the Warrants, and we do
            not expect a market to develop. We do not intend to apply for listing of the Warrants on any securities exchange or other nationally recognized trading system. Without an active trading market, the liquidity of the Warrants will be limited.</div>
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 30.42%; vertical-align: top;">&#160;</td>
        <td style="width: 2.54%; vertical-align: top;">&#160;</td>
        <td style="width: 67.04%; vertical-align: top;">&#160;</td>
      </tr>

  </table>
  <br>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-8</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
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  </div>
  <div><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">RISK FACTORS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">An investment in our common shares involves a high degree of risk and uncertainty.&#160;We have identified a number of risk factors which you should consider before investing in our
    common shares. You should consider carefully the risks set forth below, those risk factors set forth under the heading "Risk Factors" in our Annual Report incorporated by reference in this prospectus supplement, and in any other documents we have
    incorporated by reference in this prospectus supplement, as well as those under the heading "Risk Factors" in the accompanying base prospectus before investing in our common shares. The occurrence of one or more of these risk factors could adversely
    affect our results of operations or financial condition.</div>
  <div>
    <div>
      <div style="text-align: justify; font-style: italic; font-weight: bold;">Our share price has recently been volatile and may continue to be volatile in the future, and as a result, investors in our common shares could incur substantial losses.</div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt;">Our stock price has recently been volatile and may continue be volatile in the future. For example, the reported closing sale price of our common shares on the Nasdaq Capital Market was $0.12 per
        share on November 2, 2020 and $1.73 per share on February 11, 2021, and closed at $0.58 on April 5, 2021. In addition, on January 28, 2021, the intra-day sale price of our common shares reported on the Nasdaq Capital Market fluctuated between a low
        of $0.50 per share and a high of $0.90 per share. The stock market in general, and the market for shipping companies in particular, have experienced extreme volatility that has often been unrelated or disproportionate to the operating performance
        of particular companies. In addition, the ongoing COVID-19 pandemic has caused broad stock market and industry fluctuations. Further, we believe that we have a large number of retail investors holding our common shares, which could increase
        volatility in the price of our common shares. As a result of this volatility, investors may experience substantial losses on their investment in our common shares. The market price for our common shares may be influenced by many factors, including
        the following:</div>
    </div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>investor reaction to our business strategy;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z459ed50f9ec54c888bb4a46802351f06">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>sentiment of retail investors (including as may be expressed on financial trading and other social media sites and online forums), the direct access by retail investors to broadly available trading platforms, the amount and status of short
              interest in our common shares, access to margin debt, trading in options and other derivatives on our common shares and any related hedging and other trading factors;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z697ffaae10af4d57890c915e81ade06a">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>our continued compliance with the listing standards of the Nasdaq Capital Market;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb3ed1203976c444b93be3c5352691e65">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>regulatory or legal developments in the United States and other countries, especially changes in laws or regulations applicable to our industry;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z168c659089404093a074df257bf91ea1">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>variations in our financial results or those of companies that are perceived to be similar to us;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>our ability or inability to raise additional capital and the terms on which we raise it;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>declines in the market prices of stocks generally;</div>
          </td>
        </tr>

    </table>
    <br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-9</font></div>
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            <div>trading volume of our common shares;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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            <div>sales of our common shares by us or our shareholders;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>speculation in the press or investment community about our Company or industry;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 18pt;"><br>
          </td>
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          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>general economic, industry and market conditions; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z510d432a4a184344b050e0620979740a">

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          <td style="width: 18pt;"><br>
          </td>
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            <div>other events or factors, including those resulting from such events, or the prospect of such events, including war, terrorism and other international conflicts, public health issues including health epidemics or pandemics, such as the
              ongoing COVID-19 pandemic, and natural disasters such as fire, hurricanes, earthquakes, tornados or other adverse weather and climate conditions, whether occurring in the United States or elsewhere, could disrupt our operations or result in
              political or economic instability.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">These factors, many of which are outside of our control, may negatively impact the market price of our common shares, regardless of our operating performance. For example, recent
      increases are significantly inconsistent with any improvements in actual or expected business prospects, operating performance, financial condition or other traditional measures of value, including our loss per share of $0.03 for the year ended
      December 31, 2020. Since the price of our common shares has recently been volatile and may continue to be volatile in the future, investors in our common shares could incur substantial losses.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Further, investors may purchase our common shares to hedge existing exposure or to speculate on the price of our common shares. Speculation on the price of our common shares may
      involve long and short exposures. To the extent an aggregate short exposure in our common shares becomes significant, investors with short exposure may have to pay a premium to purchase shares for delivery to share lenders at times if and when the
      price of our common shares increases significantly, particularly over a short period of time. Those purchases may in turn, dramatically increase the price of our common shares. This is often referred to as a "short squeeze". A short squeeze could
      lead to volatile price movements in our common shares that are not directly correlated to our business prospects, operating performance, financial condition or other traditional measures of value for the Company or our common shares.</div>
    <div style="text-align: justify;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>In addition, some companies that have experienced volatility in the market price of
      their common shares have been subject to securities class-action litigation. If instituted against us, such litigation could result in substantial costs and diversion of management's attention and resources, which could materially and adversely
      affect our business, financial condition, results of operations and growth prospects. There can be no guarantee that the price of our common shares will remain at its current level or that future sales of our common shares will not be at prices lower
      than those sold to investors.</div>
  </div>
  <div><br>
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  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-10</font></div>
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      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div><br>
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  <div style="text-align: justify; margin-bottom: 12pt; font-style: italic; font-weight: bold;">We have broad discretion in the use of the net proceeds from this offering and may use the net proceeds in ways with which you disagree.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our management will have broad discretion in the application of the net proceeds from this offering and could spend the proceeds in ways that do not improve our results of
    operations or enhance the value of our securities. You will be relying on the judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the net
    proceeds are being used appropriately. The failure by our management to apply these funds effectively could result in financial losses that could have a material adverse effect on our business, results of operations and cash flows, and cause the price
    of our securities to decline. Pending the application of these funds, we may invest the net proceeds from this offering in a manner that does not produce income or that loses value.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-style: italic; font-weight: bold;">We issued 918,112, 127,894,264 and 576,038,417 common shares during 2019, 2020 and 2021, respectively, through various transactions. Shareholders may experience
    significant dilution as a result of our offerings.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We are selling 192,307,700 common shares which is approximately 27.2% of our issued and outstanding common shares through this offering pursuant to this prospectus supplement to
    the Investors. Additionally, we are offering Warrants to purchase 192,307,700 common shares in this offering which is also approximately 27.2% of our issued and outstanding common shares. We have already issued and sold large quantities of our common
    shares pursuant to previous public and private offerings of our equity and equity-linked securities. We also have 480,000 Series A Preferred Shares outstanding and 12,000 Series B Preferred Shares outstanding. In addition, we may sell some or all of
    our remaining authorized common shares and other securities pursuant to the registration statement of which this prospectus supplement is a part of. We have additional outstanding warrants that may obligate us to issue up to an additional 1,302,083
    common shares, in aggregate, upon the exercise of these warrants in full.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Purchasers of the common shares we sell, as well as our existing shareholders, will experience significant dilution if we sell shares at prices significantly below the price at
    which they invested. In addition, we may issue additional common shares or other equity securities of equal or senior rank in the future in connection with, among other things, debt prepayments, future vessel acquisitions, redemptions of our Series A
    Preferred Shares, without shareholder approval, in a number of circumstances. Our existing shareholders may experience significant dilution if we issue shares in the future at prices below the price at which previous shareholders invested.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our issuance of additional common shares or other equity securities of equal or senior rank would have the following effects:</div>
  <table cellspacing="0" cellpadding="0" id="z580e6ca578dc4bb5a80d2fa50e4bdee2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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          <div>our existing shareholders' proportionate ownership interest in us will decrease;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="zd0c2c28deabe4c60a9aefe1663f24d4c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>the per share amount of cash available for dividends on our common shares (as and if declared) could decrease;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="ze6abd797bf5c485f84491a010a6a7286" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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          <div>the relative voting strength of each previously outstanding common share could be diminished; and</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="zf74e2b3407cd4b328ed4bc97cccca25c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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          <div>the market price of our common shares could decline.</div>
        </td>
      </tr>

  </table>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-11</font></div>
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  </div>
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  </div>
  <div style="text-align: justify; margin-bottom: 12pt; font-style: italic; font-weight: bold;">Future issuances or sales, or the potential for future issuances or sales, of our common shares may cause the trading price of our securities to decline and
    could impair our ability to raise capital through subsequent equity offerings.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We have issued a significant number of our common shares and we may do so in the future. Shares to be issued in future equity offerings could cause the market price of our common
    shares to decline, and could have an adverse effect on our earnings per share. In addition, future sales of our common shares or other securities in the public markets, or the perception that these sales may occur, could cause the market price of our
    common shares to decline, and could materially impair our ability to raise capital through the sale of additional securities.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The market price of our common shares could decline due to sales, or the announcements of proposed sales, of a large number of common shares in the market, including sales of
    common shares by our large shareholders, or the perception that these sales could occur. These sales or the perception that these sales could occur could also depress the market price of our common shares and impair our ability to raise capital through
    the sale of additional equity securities or make it more difficult or impossible for us to sell equity securities in the future at a time and price that we deem appropriate. We cannot predict the effect that future sales of common shares or other
    equity-related securities would have on the market price of our common shares.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our Articles of Incorporation authorizes our Board, to, among other things, issue additional shares of common or preferred shares or securities convertible or exchangeable into
    equity securities, without shareholder approval. We may issue such additional equity or convertible securities to raise additional capital. The issuance of any additional shares of common or preferred shares or convertible securities could be
    substantially dilutive to our shareholders. Moreover, to the extent that we issue restricted stock units, stock appreciation rights, options or warrants to purchase our common shares in the future and those stock appreciation rights, options or
    warrants are exercised or as the restricted stock units vest, our shareholders may experience further dilution. Holders of shares of our common shares have no preemptive rights that entitle such holders to purchase their pro rata share of any offering
    of shares of any class or series and, therefore, such sales or offerings could result in increased dilution to our shareholders.</div>
  <div style="text-align: justify; font-style: italic; font-weight: bold;">Nasdaq may delist our common shares from its exchange which could limit your ability to make transactions in our securities and subject us to additional trading restrictions.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">We received written notification from Nasdaq, dated April 14, 2020, indicating that because the closing bid price of the Company's common shares for 30 consecutive business days, from February 27, 2020
    to April 13, 2020, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company is not in compliance with the minimum bid price requirement of Nasdaq Listing Rule 5550(a)(2). The Company
    was also informed by Nasdaq that due to the COVID-19 crisis, temporary relief has been granted related to the minimum bid price requirement and the Company's compliance period would be suspended until June 30, 2020. Pursuant to the Nasdaq Listing Rule
    5810(c)(3)(A), the applicable grace period to regain compliance is 180 days, or December 28, 2020, which included the temporary COVID-19 relief period.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">On December 30, 2020, we announced that we received a notification letter from Nasdaq granting us an additional 180-day extension, or until June 28, 2021 (the &#8220;Second Compliance Period&#8221;), to regain
    compliance with the minimum bid price requirement. We can cure this deficiency if the closing bid price of our common shares is $1.00 per share or higher for the requisite amount of time during the Second Compliance Period. Nasdaq may exercise its
    discretion to extend such requisite amount of time to better evaluate the registrant's ability to sustain long-term compliance with the minimum bid price requirement. We are evaluating all our options to regain compliance with the minimum bid price
    requirement within the Second Compliance Period, including a reverse stock split. During this time, our common shares will continue to be listed and traded on the Nasdaq Capital Market.</div>
  <div style="text-align: justify; text-indent: 36pt;"> <br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#160;If we are unable to regain compliance with the minimum bid price requirement within the Second Compliance Period, our common shares may be suspended or delisted at the discretion
    of Nasdaq. If a suspension or delisting of our common shares were to occur, there would be significantly less liquidity in the suspended or delisted common shares. In addition, our ability to raise additional capital through equity or debt financing
    would be greatly impaired. There can be no assurance that we will regain compliance with the minimum bid price requirement and, if we regain compliance, there can be no assurance that we will maintain compliance in the future.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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  </div>
  <div style="text-align: justify; font-style: italic; font-weight: bold;">Major outbreaks of diseases (such as COVID-19) and governmental responses thereto could adversely affect our business.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">Since the beginning of calendar year 2020, the outbreak of the COVID-19 pandemic around the world has negatively affected economic conditions, the supply chain, the labor market, the demand for
    shipping both regionally and globally, has caused delays and uncertainties relating to newbuildings, dry-dockings and other functions of shipyards, and may continue to impact our operations and the operations of our customers and suppliers. The
    COVID-19 pandemic has resulted in numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread of the virus, including travel bans, quarantines and other emergency public health measures, and a number of
    countries implemented lockdown measures. These measures have resulted in a significant reduction in global economic activity and extreme volatility in the global financial markets. If the COVID-19 pandemic continues on a prolonged basis or becomes more
    severe, the adverse impact on the global economy and the rate environment for dry bulk and tanker vessels may deteriorate further and our operations and cash flows may be negatively impacted. The extent of COVID-19's continuous impact on our financial
    and operational results, which could be material in the long run, will depend on the length of time that the pandemic continues, the ability to effectively vaccinate a large percentage of the population and whether subsequent waves of the infection
    happen globally or in certain geographic regions. Uncertainties regarding the economic impact of the ongoing COVID-19 pandemic are likely to result in sustained market volatility, which could impact our business, financial condition and cash flows to a
    greater extent. Governments are approving large stimulus packages to mitigate the effects of the sudden decline in economic activity caused by the pandemic; however, we cannot predict the extent to which these measures will be sufficient to restore or
    sustain the business and financial condition of companies in the shipping industry. These measures, though contemplated to be temporary in nature, may continue and increase as countries attempt to contain the outbreak or any reoccurrences thereof.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">At this stage, it is difficult to determine the full impact of COVID-19 on our business in the long run. Effects of the current ongoing pandemic have included or may include, among others:</div>
  <div><br>
  </div>
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          <div>deterioration of economic conditions and activity and of demand for shipping;</div>
        </td>
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  <div><br>
  </div>
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          <div>operational disruptions to us or our customers due to worker health risks and the effects of new regulations, directives or practices implemented in response to the pandemic (such as travel restrictions for individuals and vessels and
            quarantining and physical distancing);</div>
        </td>
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  </table>
  <div><br>
  </div>
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          <div>potential delays in (a) the loading and discharging of cargo on or from our vessels, (b) vessel inspections and related certifications by class societies, customers or government agencies and (c) maintenance, modifications or repairs to, or
            dry-docking of, our existing vessels due to worker health or other business disruptions;</div>
        </td>
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  </table>
  <div><br>
  </div>
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          <div>reduced cash flow and financial condition, including potential liquidity constraints;</div>
        </td>
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  </table>
  <div><br>
  </div>
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          <div>credit tightening or declines in global financial markets, including to the prices of our publicly traded securities and the securities of our peers, could make it more difficult for us to access capital;</div>
        </td>
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  </table>
  <div><br>
  </div>
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          <div>potential reduced ability to opportunistically sell any of our vessels on the second-hand market, either as a result of a lack of buyers or a general decline in the value of second-hand vessels;</div>
        </td>
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  <div><br>
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          <div>potential decreases in the market values of our vessels and any related impairment charges or breaches relating to vessel-to-loan financial covenants;</div>
        </td>
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  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z0f56f1a566574169a8e2aad90b4aef22" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <div>potential disruptions, delays or cancellations in the construction of new vessels, which could reduce our future growth opportunities;</div>
        </td>
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  </table>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-13</font></div>
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          <div>difficulty of our crew in embarking and disembarking on our ships due to quarantine restrictions placed on persons and limitations on commercial aviation and other forms of public transportation; although the restrictions have in certain
            cases delayed crew embarking and disembarking on our ships, they have not functionally affected our ability to sufficiently crew our vessels;</div>
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  </table>
  <div><br>
  </div>
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          <div>international transportation of personnel could be limited or otherwise disrupted. In particular, our crews generally work on a rotation basis, relying largely on international air transport for crew changes plan fulfillment. Any such
            disruptions could impact the cost of rotating our crew, and possibly impact our ability to maintain a full crew synthesis on-board all our vessels at any given time. It may also be difficult for our in-house technical teams to travel to
            shipyards to observe vessel maintenance, and we may need to hire local experts, which local experts may vary in skill and are difficult to supervise remotely for work we ordinarily address in-house; and</div>
        </td>
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  <div><br>
  </div>
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          <div>potential non-performance by counterparties relying on force majeure clauses and potential deterioration in the financial condition and prospects of our customers or other business partners.</div>
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  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">The ongoing COVID-19 pandemic and measures to contain its spread have negatively impacted regional and global economies and trade patterns in markets in which we operate, the way we operate our
    business, and the businesses of our charterers and suppliers. These negative impacts could continue or worsen, even after the pandemic itself diminishes or ends. Companies, including our managers, have also taken precautions, such as requiring shore
    employees to work remotely and imposing travel restrictions, while some other businesses have been required to close entirely. Moreover, we face significant risks to our onshore or offshore personnel and operations due to the COVID-19 pandemic. Our
    crews face risk of exposure to COVID-19 as a result of travel to ports in which cases of COVID-19 have been reported. Our shore-based personnel likewise face risk of such exposure, as we maintain offices in areas that have been impacted by the spread
    of COVID-19.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">Measures against COVID-19 in a number of countries have restricted crew rotations on our vessels, which may continue or become more severe. As a result, in 2020, we experienced and may continue to
    experience disruptions to our normal vessel operations caused by deviation time associated with positioning our vessels to countries in which we can undertake a crew rotation in compliance with such measures. Delays in crew rotations have led to issues
    with crew fatigue and may continue to do so, which may result in delays or other operational issues. We have had and expect to continue to have increased expenses due to incremental fuel consumption and days in which our vessels are unable to earn
    revenue in order to deviate to certain ports on which we would ordinarily not call during a typical voyage. Although our vessels' deviations / repositioning and/or delays in ports that are or will be open for crew rotations should be considered as the
    most notable impact, we have incurred and should also continue to expect to incur considerable expenses in relation to health protocols imposed by both departure and arrival countries for the incoming and outgoing of crew members, which should be
    strictly followed (i.e. repeated PCR tests, quarantine periods up to 21 days, governmental special permissions and/or visas, personal protective equipment etc.). Furthermore, reduced flights availability, limitation of selected routes for our flight
    schedule and imposed health measures by air carrier companies, caused us and may continue to cause us significant increases in the average airfare costs.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">The impact of the ongoing COVID-19 pandemic has also resulted in reduced industrial activity in China with temporary closures of factories and other facilities, labor shortages and restrictions on
    travel. We believe these disruptions along with other seasonal factors, including lower demand for some of the cargoes we carry such as iron ore and coal, have contributed to lower dry bulk rates in 2020.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">Organizations across industries, including ours, are rightly focusing on their employees' well-being, whilst making sure that their operations continue undisrupted and at the same time, adapting to the
    new ways of operating. As such employees are encouraged or even required to operate remotely which significantly increases the risk of cyber security attacks.</div>
  <div><br>
  </div>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-14</font></div>
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  </div>
  <div style="text-align: justify; text-indent: 36pt;">While we cannot fully assess the overall impact that the ongoing COVID-19 pandemic will have on our financial condition and results of operations and on the dry bulk and tanker industries in general in
    the long run, we assess that the dry bulk and tanker charter rates have been reduced significantly as a result of the ongoing COVID-19 pandemic and that the shipping industry in general and our Company specifically are likely to continue to be exposed
    to volatility in the near to medium term. Indicatively, vessels in our Fleet which came up for charter renewal in the 2020 were employed at comparably less favorable charter rates than those achieved during 2019 and those expected before the ongoing
    COVID-19 pandemic which had a negative impact on voyage revenues earned in 2020.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">Further, containment measures and quarantine restrictions adopted by many countries worldwide have caused significant impact on our ability to embark and disembark crew members and on our seafarers
    themselves. As a result, since the outbreak of COVID-19 and as of the date of this prospectus, we have encountered certain prolonged delays and surrounding complexities in embarking and disembarking crew onto our ships which further resulted in
    increased operational costs and decreased revenues by reason of off-hires associated with crew rotation and related logistical complications associated with supplying our vessels with spares or other supplies.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">The occurrence or continued occurrence of any of the foregoing events or other epidemics or an increase in the severity or duration of the COVID-19 or other epidemics could have a material adverse
    effect on our business, results of operations, cash flows, financial condition, value of our vessels, and ability to pay dividends (as and if declared).</div>
  <div style="text-align: justify; text-indent: 36pt;"> <br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-15</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">USE OF PROCEEDS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We intend to use the net proceeds from the sale of the securities offered by this prospectus supplement for capital expenditures, working capital, to make vessel, other asset or
    share acquisitions or for other general corporate purposes, or a combination thereof. Asset acquisitions may be structured as individual assets purchases, the acquisition of the equity interests of vessel owning entities or the acquisition of the
    equity interests of the direct or indirect owner of one or more vessels or shipping assets. None of the proceeds from this offering will be used to repay related party debt. We expect that the net proceeds of this offering will be approximately $116.6
    million, net of the Placement Agent's fees and other estimated offering expenses. The expected net proceeds of the offering reflected above does not give effect to the exercise of any Warrants issued in this offering.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-16</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">CAPITALIZATION</div>
  <div style="text-align: justify; margin-bottom: 12pt;">The following table sets forth our capitalization as of December 31, 2020:</div>
  <table cellspacing="0" cellpadding="0" id="zf3afe11b93be4c489eb99fd78d0edfc8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>on an actual basis;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z5c90b733e88349cc9f177c86bcd4c9af" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>on an as adjusted basis, to give effect to events that have occurred between January 1, 2021 and April 2, 2021:</div>
        </td>
      </tr>

  </table>
  <div style="text-align: justify; margin-bottom: 12pt;">
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman',serif;">
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf23e0bea04f244d1934abe89d7636415">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">-<br>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',serif; text-align: justify;">the incurrence of $15.3 million of indebtedness under a credit facility with Hamburg Commercial Bank AG for the post-delivery financing of the Magic Horizon and the Magic
                Nova on January 22, 2021;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd6ee39e192534fd6b2052a36ec34880d">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">-<br>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',serif; text-align: justify;">scheduled principal repayments under our existing credit facilities of $0.6 million;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb716b97f0932462e8274bcb5f432e380">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">-<br>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',serif; text-align: justify;">the issuance and sale of 94,750,000 common shares in the registered direct offering concluded on January 5, 2021, at a public offering price of $0.19 per share resulting
                in net proceeds of $16.5 million, net of estimated fees and expenses of approximately $1.5 million;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6fa70cf610014b5b898bb67da4a3df97">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">-<br>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',serif; text-align: justify;">the issuance and sale of 137,000,000 common shares in the registered direct offering concluded on January 12, 2021, at a public offering price of $0.19 per share
                resulting in net proceeds of $24.1 million, net of estimated fees and expenses of approximately $1.9 million;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf372faccb91c4b3ebe049ddf814ddfba">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">-<br>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',serif; text-align: justify;">the issuance of 231,750,000 common shares as part of the exercise of an equivalent number of registered warrants issued in connection with the abovementioned registered
                direct offerings that resulted in net proceeds of approximately $44.0 million;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z04296496fc5b435ba882c51cdc0bd82e">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">-<br>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman',serif; text-align: justify;">the issuance of 112,538,417 common shares as part of the exercise of an equivalent number of registered warrants issued in connection with the June 2020 underwritten
                public offering and the July 2020 registered direct offering that resulted in net proceeds of approximately $39.4 million;</div>
            </td>
          </tr>

      </table>
    </div>
    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>on an as further adjusted basis to give effect to the issuance and sale of 192,307,700 common shares in this offering at a public offering price of $0.65 per share resulting in net proceeds of approximately $116.6 million, net of estimated
              fees and expenses of approximately $8.4 million.</div>
          </td>
        </tr>

    </table>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-17</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">There have been no significant adjustments to our capitalization since December 31, 2020, other than the adjustments described above. The historical data in the table is derived
    from, and should be read in conjunction with, our historical financial statements included in this prospectus. You should also read this table in conjunction with the information included in our financial results for the year ended December 31, 2020 in
    our Annual Report, which is incorporated by reference herein.</div>
  <table cellspacing="0" cellpadding="0" id="z1436ea6baa8441a3a536a0228f6c3c8b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

      <tr>
        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
          <div style="font-style: italic;">(All figures in thousands of U.S. dollars, except for share amounts)</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
          <div style="text-align: center; font-weight: bold;">Actual<br>
          </div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
          <div style="text-align: center; font-weight: bold;">As Adjusted<br>
          </div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
          <div style="text-align: center; font-weight: bold;">As Further<br>
            Adjusted<br>
          </div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom;">
          <div style="font-weight: bold;">Debt:</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
          <div>Long-term debt (including current portion) - Unsecured</div>
        </td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>5,000,000</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>5,000,000</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>5,000,000</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;">
          <div>Long-term debt (including current portion) - Secured</div>
        </td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
          <div>13,185,866</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
          <div>27,925,866</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
          <div>27,925,866</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">Total debt</div>
        </td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">18,185,866</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">32,925,866</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">32,925,866</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
          <div style="font-weight: bold;">Shareholders' equity:</div>
        </td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%;">
          <div>Common shares, $0.001 par value; 1,950,000,000 shares authorized; 131,212,376 shares issued and outstanding on an actual basis, 707,250,793 shares issued and outstanding on an as adjusted basis and 899,558,493 shares issued and outstanding
            on an as further adjusted basis</div>
        </td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div>131,212</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div>707,250</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div>899,558</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
          <div>Series B Preferred Shares; 12,000 shares issued and outstanding on an actual, as adjusted and as further adjusted basis</div>
        </td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>12</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>12</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>12</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%;">
          <div>Series A Preferred Shares, $0.001 par value; 9.75% cumulative redeemable perpetual preferred shares (liquidation preference of $30 per share), 480,000 shares issued and outstanding on an actual, as adjusted and as further adjusted basis</div>
        </td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div>480</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div>480</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div>480</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
          <div>Additional paid-in capital</div>
        </td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>53,568,650</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>177,033,018</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>293,475,715</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%;">
          <div>Accumulated Deficit</div>
        </td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div>(1,316,735</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div>)</div>
        </td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div>(1,316,735</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div>)</div>
        </td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div>(1,316,735</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div>)</div>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">Total Shareholders' Equity</div>
        </td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">52,383,619</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">176,424,025</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">293,059,030</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">Total Capitalization</div>
        </td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">70,569,485</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">209,349,891</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
          <div style="font-weight: bold;">325,984,896</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;"> <br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-18</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: normal;">
    <div style="font-weight: bold;">DILUTION</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',serif;">Dilution or accretion is the amount by which the offering price paid by the purchasers of our common shares in this offering will differ from the net tangible
      book value per common share after the offering. The net tangible book value per common share is equal to the amount of our total tangible assets (total assets less intangible assets) less total liabilities divided by the number of common shares
      outstanding. The historical net tangible book value as of December&#160;31, 2020 was $50.1 million in total and $0.38 per share for the number of shares of the existing shareholders that were outstanding at that date. The as adjusted <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> net
      tangible book value as of December&#160;31, 2020 was $174.1 million in total and $0.25 per share for the as adjusted number of shares of the existing shareholders that were outstanding at that date.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',serif;">The as further adjusted <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> net tangible book value as of December&#160;31, 2020 would have been $299.1 million, or $0.33 per common share after the
      issuance and sale by us of 192,307,700 common shares at $0.65 per share in this offering, before deducting estimated expenses related to this offering. This represents an immediate increase in net tangible book value of $0.08 per share to the
      existing shareholders and an immediate dilution in net tangible book value of $0.32 per share to new investors.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',serif;">The following table illustrates the pro forma per share dilution and increase in net tangible book value as of December&#160;31, 2020:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd7e262bc0b1b45baade5cbe2c47d8f46">

        <tr>
          <td style="width: 89.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Public offering price per common share</div>
          </td>
          <td style="width: 2.72%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">&#8203;</div>
          </td>
          <td style="width: 2.74%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">&#8203;</div>
          </td>
          <td nowrap="nowrap" style="width: 4.84%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">$0.65</div>
          </td>
        </tr>
        <tr>
          <td style="width: 89.7%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">As adjusted<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> net tangible book value per share before this offering</div>
          </td>
          <td style="width: 2.72%; vertical-align: middle;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">&#8203;</div>
          </td>
          <td style="width: 2.74%; vertical-align: middle;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">&#8203;</div>
          </td>
          <td nowrap="nowrap" style="width: 4.84%; vertical-align: bottom;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">$0.25</div>
          </td>
        </tr>
        <tr>
          <td style="width: 89.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Increase in as adjusted net tangible book value attributable to new investors in this offering</div>
          </td>
          <td style="width: 2.72%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">&#8203;</div>
          </td>
          <td style="width: 2.74%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">&#8203;</div>
          </td>
          <td nowrap="nowrap" style="width: 4.84%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">$0.08</div>
          </td>
        </tr>
        <tr>
          <td style="width: 89.7%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">As further adjusted<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> net tangible book value per share after giving effect to this offering</div>
          </td>
          <td style="width: 2.72%; vertical-align: middle;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">&#8203;</div>
          </td>
          <td style="width: 2.74%; vertical-align: middle;">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">&#8203;</div>
          </td>
          <td nowrap="nowrap" style="width: 4.84%; vertical-align: bottom;">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">$0.33</div>
          </td>
        </tr>
        <tr>
          <td style="width: 89.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">Dilution per share to new investors</div>
          </td>
          <td style="width: 2.72%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">&#8203;</div>
          </td>
          <td style="width: 2.74%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">&#8203;</div>
          </td>
          <td nowrap="nowrap" style="width: 4.84%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;">$0.32</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',serif;">The following table summarizes, as of the date of this prospectus, on an as further adjusted basis<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> for this public offering, the difference between
      the number of common shares acquired from us, the total amount paid and the average price per share paid by the existing shareholders and the number of common shares acquired from us, the total amount paid and the average price per share paid by you
      as a new investor in this offering, based upon the public offering price of $0.65 per share.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc300b347df0246b3ac0184cc5a217c0b">

        <tr>
          <td colspan="2" style="width: 45.62%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td colspan="5" style="width: 19.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">As Further Adjusted</div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Shares Outstanding <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td style="width: 1.07%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td colspan="4" style="width: 20.74%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Total Consideration</div>
          </td>
          <td colspan="2" style="width: 1.24%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td rowspan="2" style="width: 1.07%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td rowspan="2" style="width: 7.6%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Average Price</div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Per Share</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 45.62%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td colspan="2" style="width: 10.68%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Number</div>
          </td>
          <td style="width: 0.75%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 7.01%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Percent</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 11.75%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Amount</div>
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">(In USD)</div>
          </td>
          <td style="width: 0.91%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 7.01%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Percent</div>
          </td>
          <td colspan="2" style="width: 1.24%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 45.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Existing shareholders</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td nowrap="nowrap" colspan="2" style="width: 10.68%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">707,250,793</div>
          </td>
          <td style="width: 0.75%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td nowrap="nowrap" style="width: 7.01%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">78.6%</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$174,098,318</div>
          </td>
          <td style="width: 0.91%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td nowrap="nowrap" style="width: 7.01%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">58.2%</div>
          </td>
          <td colspan="2" style="width: 1.24%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td nowrap="nowrap" style="width: 7.6%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">$0.25</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 45.62%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">New investors<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(*)</sup></div>
          </td>
          <td style="width: 1.05%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td nowrap="nowrap" colspan="2" style="width: 10.68%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">192,307,700</div>
          </td>
          <td style="width: 0.75%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td nowrap="nowrap" style="width: 7.01%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">21.4%</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.75%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$125,000,005</div>
          </td>
          <td style="width: 0.91%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td nowrap="nowrap" style="width: 7.01%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">41.8%</div>
          </td>
          <td colspan="2" style="width: 1.24%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td nowrap="nowrap" style="width: 7.6%; vertical-align: bottom;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">$0.65</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 45.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">Total</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td nowrap="nowrap" colspan="2" style="width: 10.68%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">899,558,493</div>
          </td>
          <td style="width: 0.75%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td nowrap="nowrap" style="width: 7.01%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">100.0%</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.75%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$299,098,323</div>
          </td>
          <td style="width: 0.91%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td nowrap="nowrap" style="width: 7.01%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">100.0%</div>
          </td>
          <td colspan="2" style="width: 1.24%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#8203;</div>
          </td>
          <td nowrap="nowrap" style="width: 7.6%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">$0.33</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 45.62%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 1.05%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" colspan="2" style="width: 10.68%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 0.75%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 7.01%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.75%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 0.91%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 7.01%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td colspan="2" style="width: 1.24%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 1.07%; vertical-align: middle;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 7.6%; vertical-align: bottom;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.07%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">(*)</div>
          </td>
          <td colspan="4" style="width: 45.53%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Before deducting estimated expenses of this offering of $8.4&#160;million.</div>
          </td>
          <td style="width: 8.79%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 0.75%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 1.07%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 7.01%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 1.07%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 1.07%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 11.75%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 0.91%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 1.07%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 7.01%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 0.71%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 1.07%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 7.6%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.07%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">(1)</div>
          </td>
          <td colspan="15" style="width: 86.73%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">The &#8220;As adjusted&#8221; amounts include the adjustments described in the second main bullet of the section entitled &#8220;Capitalization&#8221; after excluding deferred finance costs and
              deferred charges related to dry-dock costs as of December 31, 2020.</div>
          </td>
          <td style="width: 0.53%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 1.07%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
          <td style="width: 7.6%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.07%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">(2)</div>
          </td>
          <td colspan="18" style="width: 95.93%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">The &#8220;As further adjusted&#8221; amounts include the adjustments described in (1) above and the adjustment described in the third main bullet of the section entitled
              &#8220;Capitalization&#8221;.</div>
          </td>
        </tr>

    </table>
    <div style="font-family: 'Times New Roman', serif;">&#160;</div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: normal;"> <br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-19</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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  <div style="text-align: center; margin-bottom: 12pt; font-weight: normal;"> <br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">DESCRIPTION OF SECURITIES WE ARE OFFERING</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">For the complete terms of our capital stock, please refer to our Articles of Incorporation and our Bylaws which&#160;are incorporated by reference from our registration statement on
    Form F-4 (Registration No. 333-224242), which was filed with the Commission on April 11, 2018. The Business Corporation Act of the Republic of the Marshall Islands, or the BCA, may also affect the terms of our capital stock.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We are offering 192,307,700 common shares and Warrants to purchase&#160;192,307,700 common shares in this offering pursuant to this prospectus supplement and the accompanying base
    prospectus and a securities purchase agreement dated April 5, 2021,&#160;or the "Securities Purchase Agreement", at a price of $0.65 per share.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Common Shares</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The material terms of our common shares are set forth in the section entitled "Item 10. Additional Information&#8212;B. Memorandum and Articles of Association" of our Annual Report for
    the year ended December 31, 2020 filed on March 30, 2021 and incorporated herein by reference.&#160;Our common shares are listed on the Nasdaq Capital Market under the symbol "CTRM".&#160;The transfer agent and registrar for our common shares is American Stock
    Transfer &amp; Trust Company LLC.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">The Warrants</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Together with the sale of common shares in this offering, we will issue and sell to the Investors in this offering Warrants to purchase up to an aggregate of 192,307,700 common
    shares at an exercise price equal to $0.65 per share.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exercisability</font>. The Warrants are exercisable for a period of five years commencing on the date of issuance. The Warrants will be
    exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice with payment in full in immediately available funds for the number of common shares purchased upon such exercise. No fractional common
    shares will be issued in connection with the exercise of a warrant.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exercise Limitation</font>. A holder will not have the right to exercise any portion of the warrant if the holder (together with its affiliates)
    would beneficially own in excess of 4.99% (or, upon election of the holder, 9.99%) of the number of our common shares outstanding immediately after giving effect to the exercise, as such percentage of beneficial ownership is determined in accordance
    with the terms of the Warrants. However, any holder may increase or decrease such percentage, but not in excess of 9.99%, provided that any increase will not be effective until the 61st day after such election.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exercise Price Adjustment</font>. The exercise price of the Warrants is subject to appropriate adjustment in the event of certain stock dividends
    and distributions, stock splits, stock combinations, reclassifications or similar events affecting our common shares and also upon any distributions of assets, including cash, stock or other property to our shareholders.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Exchange Listing</font>. There is no established trading market for any of the Warrants, and we do not expect a market to develop. We do not
    intend to apply for a listing for any of the Warrants on any securities exchange or other nationally recognized trading system. Without an active trading market, the liquidity of the Warrants will be limited.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Fundamental Transactions</font>. If a fundamental transaction occurs, then the successor entity will succeed to, and be substituted for us, and
    may exercise every right and power that we may exercise and will assume all of our obligations under the Warrants with the same effect as if such successor entity had been named in the warrant itself. If holders of our common shares are given a choice
    as to the securities, cash or property to be received in a fundamental transaction, then the holder shall be given the same choice as to the consideration it receives upon any exercise of the warrant following such fundamental transaction. In addition,
    we or the successor entity, at the request of warrant holders, will be obligated to purchase any unexercised portion of the Warrants in accordance with the terms of such Warrants.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">Rights as a Shareholder</font>. Except as otherwise provided in the Warrants or by virtue of such holder's ownership of our common shares, the
    holder of a warrant will not have the rights or privileges of a holder of our common shares, including any voting rights, until the holder exercises the warrant.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"> <br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-20</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">TAX CONSIDERATIONS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">You should carefully read the discussion of the material Marshall Islands and U.S. federal income tax considerations associated with our operations and the acquisition, ownership
    and disposition of our common&#160;shares&#160;set forth in the section entitled &#8220;Taxation&#8221; of our Annual Report incorporated by reference herein.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-21</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">SHARE OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following table sets forth information regarding the beneficial ownership of our common shares, as of April 2, 2021, held by each of our executive officers and directors and
    each person or entity that has reported the beneficial ownership set forth below.</div>
  <table cellspacing="0" cellpadding="0" id="z60f2ddb27a98466a8d1e6493e7381036" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

      <tr>
        <td valign="bottom" style="vertical-align: bottom;">
          <div style="font-weight: bold;">Name</div>
        </td>
        <td valign="bottom" colspan="3" style="vertical-align: bottom;">
          <div style="text-align: center; font-weight: bold;">Number of Shares</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        <td valign="bottom" colspan="3" style="vertical-align: bottom;">
          <div style="text-align: center; font-weight: bold;">Percentage Owned<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
          <div>All executives, officers and directors as a group <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1) (2)</sup></div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>-</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>-</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div>%</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z005cec664c224794a0f70e7133827307" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>Neither any member of our Board or executive officer individually, nor all of them taken as a group, hold more than 1% of our outstanding common shares.</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="zac4d71eca72a4d409c225b8e8afce573" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>Petros Panagiotidis owns 1,124,094 common shares and 12,000 Series B Preferred Shares (representing all such Series B Preferred Shares outstanding, each Series B Preferred Share having the voting power of one hundred thousand (100,000)
            common shares). Please see "Item 10. Additional Information&#8212;B. Memorandum and Articles of Association" of our Annual Report incorporated by reference herein for a description of the rights of holders of our Series B Preferred Shares relative to
            the rights of holders of shares of our common stock.</div>
        </td>
      </tr>

  </table>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Beneficial ownership is determined in accordance with the Commission&#8217;s rules. All of our shareholders are entitled to one vote for each common share held.</div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;"> <br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-22</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;"> <br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">PLAN OF DISTRIBUTION<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"></sup></div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Pursuant to a placement agency agreement, dated April 5, 2021, or the &#8220;Placement Agency Agreement&#8221;, between us and the Placement Agent, we have engaged the Placement Agent to act
    as the exclusive placement agent in connection with this offering. The Placement Agent is not purchasing or selling any of the securities we are offering by this prospectus supplement, and are not required to arrange the purchase or sale of any
    specific number of shares or dollar amount, but the Placement Agent has agreed to use "reasonable best efforts" to arrange for the sale of the securities offered hereby.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our agreement with the Placement Agent provides that the obligations of the Placement Agent are subject to certain conditions precedent, including, among other things, the absence
    of any material adverse change in our business and the receipt of customary opinions and closing certificates.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Placement Agent shall arrange for the sale of the securities we are offering pursuant to this prospectus supplement to one or more Investors through a Securities Purchase
    Agreement directly between the Investors (acting severally and not jointly) and us.&#160;All of the securities offered hereby will be sold at the same price and, we expect, at a single closing. We established the price following negotiations with
    prospective Investors and with reference to the prevailing market price of our securities, recent trends in such price and other factors. It is possible that not all of the securities we are offering pursuant to this prospectus supplement will be sold
    at the closing, in which case our net proceeds would be reduced. We expect that the sale of the securities will be completed on or around the date indicated on the cover page of this prospectus supplement.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Under the Securities Purchase Agreement, we have agreed not to contract to issue or announce the issuance or proposed issuance of any securities or common share equivalents for 45
    days following the closing of this offering with certain exceptions.</div>
  <br>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-23</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Fees and Expenses</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We will pay the Placement Agent a placement agent fee equal to 6.5% of the aggregate purchase price of our securities sold in this offering.&#160;The following table shows the per share
    and accompanying warrant and total cash Placement Agent's fees we will pay to the Placement Agent in connection with the sale of the securities offered hereby, assuming the purchase of all of the securities we are offering.</div>
  <table cellspacing="0" cellpadding="0" id="za3c35f5e25964a42991a5005902f8b25" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

      <tr>
        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
          <div style="text-align: center; font-weight: bold;">Per Share and</div>
          <div style="text-align: center; font-weight: bold;">Accompanying Warrant</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
          <div style="text-align: center; font-weight: bold;">Total</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
          <div style="text-align: justify;">Public offering price</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>0.65</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>125,000,005</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 76%;">
          <div style="text-align: justify;">Placement agent fees</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div>0.0423</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
          <div>8,125,000</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
          <div style="text-align: justify;">Proceeds to the Company before expenses</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>0.6077</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
          <div>$</div>
        </td>
        <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
          <div>116,875,005</div>
        </td>
        <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
      </tr>

  </table>
  <div>
    <div><br>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Placement Agent may be deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act, and any commissions received by it and any profit realized on
    the resale of the shares sold by it while acting as principal might be deemed to be underwriting discounts or commissions under the Securities Act. As underwriter, the Placement Agent would be required to comply with the requirements of the Securities
    Act and the Securities Exchange Act of 1934, as amended, or the Exchange Act, including, without limitation, Rule 415(a)(4) under the Securities Act and Rule 10b-5 and Regulation M under the Exchange Act. These rules and regulations may limit the
    timing of purchases and sales of shares by the placement agent acting as principal. Under these rules and regulations, the placement agent:</div>
  <table cellspacing="0" cellpadding="0" id="z5678e01d75514e189ee0de40b01af51e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>may not engage in any stabilization activity in connection with our securities; and</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" id="z06ed9703f03f4f05b0dce8b0b78af445" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>may not bid for or purchase any of our securities or attempt to induce any person to purchase any of our securities, other than as permitted under the Exchange Act, until it has completed its participation in the distribution.</div>
        </td>
      </tr>

  </table>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We estimate that the total expenses of the offering payable by us, excluding the Placement Agent&#8217;s fees, will be approximately $240,000, which include up to $50,000 of legal fees
    and expenses that we have agreed to reimburse the Placement Agent in connection with this offering.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This prospectus supplement and the accompanying prospectus may be made available in electronic format on websites or through other online services maintained by the Placement Agent
    or by an affiliate. Other than this prospectus supplement and the accompanying prospectus, the information on the placement agent's website and any information contained in any other website maintained by the Placement Agent is not part of this
    prospectus supplement and the accompanying prospectus or the registration statement of which this prospectus supplement and the accompanying prospectus form a part, has not been approved and/or endorsed by us or the Placement Agent, and should not be
    relied upon by Investors.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The foregoing does not purport to be a complete statement of the terms and conditions of the Placement Agency Agreement and the Securities Purchase Agreement. A copy of the
    Securities Purchase Agreement with the purchasers will be included as an exhibit to our Current Report on Form 6-K filed or to be filed with the SEC and incorporated by reference into the registration statement of which this prospectus supplement and
    the accompanying prospectus form a part. See "Information Incorporated by Reference" and "Where You Can Find More Information".</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-24</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">No action has been or will be taken in any jurisdiction (except in the United States) that would permit a public offering of the securities offered by this prospectus supplement
    and accompanying prospectus, or the possession, circulation or distribution of this prospectus supplement and accompanying prospectus or any other material relating to us or the securities offered hereby in any jurisdiction where action for that
    purpose is required. Accordingly, the securities offered hereby may not be offered or sold, directly or indirectly, and neither of this prospectus supplement and accompanying prospectus nor any other offering material or advertisements in connection
    with the securities offered hereby may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable rules and regulations of any such country or jurisdiction. The Placement Agent may arrange to sell
    securities offered by this prospectus supplement and accompanying prospectus in certain jurisdictions outside the United States, either directly or through affiliates, where they are permitted to do so.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Relationships</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Placement Agent and its affiliates may provide from time to time in the future certain commercial banking, financial advisory, investment banking and other services for us in
    the ordinary course of their business, for which they may receive customary fees and commissions. In addition, from time to time, the Placement Agent and its affiliates may effect transactions for their own account or the account of customers, and hold
    on behalf of themselves or their customers, long or short positions in our debt or equity securities or loans, and may do so in the future. However, except as disclosed in this prospectus supplement, we have no present arrangements with the Placement
    Agent for any further services.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Transfer Agent and Registrar</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The registrar and transfer agent for our securities is American Stock Transfer &amp; Trust Company, LLC.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Listing</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Our securities currently trade on the Nasdaq under the symbol "CTRM" and on the Norwegian OTC, or the NOTC, under the symbol "CASTOR". There is no established public trading market
    for the Warrants, and we do not expect a market to develop. We do not intend to apply for listing of the Warrants on any securities exchange or other nationally recognized trading system. Without an active trading market, the liquidity of the Warrants
    will be limited.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"> <br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">S-25</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <!--PROfilePageNumberReset%Num%23%S-%%-->
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">EXPENSES</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following are the estimated expenses of the issuance and distribution of the securities offered by this prospectus supplement, all of which will be paid by us.</div>
  <table cellspacing="0" cellpadding="0" id="zafa59c5803a2420094b2a56e1bc10210" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 87.3%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify;">SEC Filing Fee</div>
        </td>
        <td style="width: 0.7%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify;">$</div>
        </td>
        <td style="width: 10.92%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: right;">27,275</div>
        </td>
      </tr>
      <tr>
        <td style="width: 87.3%; vertical-align: bottom;">
          <div style="text-align: justify;">FINRA Fee</div>
        </td>
        <td style="width: 0.7%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">
          <div style="text-align: justify;">$</div>
        </td>
        <td style="width: 10.92%; vertical-align: bottom;">
          <div style="text-align: right;">37,500</div>
        </td>
      </tr>
      <tr>
        <td style="width: 87.3%; vertical-align: bottom; background-color: #CCECFF;">
          <div style="text-align: justify;">Legal Fees and Expenses</div>
        </td>
        <td style="width: 0.7%; vertical-align: bottom; background-color: #CCECFF;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CCECFF;">
          <div style="text-align: justify;">$</div>
        </td>
        <td style="width: 10.92%; vertical-align: bottom; background-color: #CCECFF;">
          <div style="text-align: right;">150,000</div>
        </td>
      </tr>
      <tr>
        <td style="width: 87.3%; vertical-align: bottom;">
          <div style="text-align: justify;">Accountants' Fees and Expenses</div>
        </td>
        <td style="width: 0.7%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">
          <div style="text-align: justify;">$</div>
        </td>
        <td style="width: 10.92%; vertical-align: bottom;">
          <div style="text-align: right;">25,000</div>
        </td>
      </tr>
      <tr>
        <td style="width: 87.3%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify;">Miscellaneous Costs</div>
        </td>
        <td style="width: 0.7%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify;">$</div>
        </td>
        <td style="width: 10.92%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: right;">225</div>
        </td>
      </tr>
      <tr>
        <td style="width: 87.3%; vertical-align: bottom;">
          <div style="text-align: justify;">Total *</div>
        </td>
        <td style="width: 0.7%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">
          <div style="text-align: justify;">$</div>
        </td>
        <td style="width: 10.92%; vertical-align: bottom;">
          <div style="text-align: right;">240,000</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;">*All amounts are estimated, except the Commission registration fee of $27,275 and the Financial Industry Regulatory Authority filing of $37,500&#160;covering the securities being offered pursuant to this
    prospectus supplement, which were previously paid. The Company is offsetting the Commission registration fee of $27,275 due in connection with this prospectus supplement by the $76,370 Commission registration fee that was previously paid in connection
    with the filing of a registration statement on Form F-3 (File No. 333-252443), filed with the Commission on January 27, 2021, and which was withdrawn on March 30, 2021.</div>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">LEGAL MATTERS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The validity of the common shares offered hereby and other matters relating to Marshall Islands and United States law will be passed upon for us by Seward &amp; Kissel LLP, One
    Battery Park Plaza, New York, New York 10004. Ellenoff Grossman &amp; Schole LLP, New York, New York, is representing the Placement Agent in this offering.</div>
  <br>
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  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">As required by the Securities Act, we filed a registration statement relating to the securities offered by this prospectus supplement with the Commission. This prospectus
    supplement is a part of that registration statement, which includes additional information.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Government Filings</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We file annual and special reports within the Commission. The Commission maintains a website (http://www.sec.gov) that contains reports, proxy and information statements and other
    information regarding registrants that file electronically with the Commission. Our filings are also available on our website at http:// www.castormaritime.com. The information on our website, however, is not, and should not be deemed to be, a part of
    this prospectus supplement. Further, other than as described below, the information contained in or accessible from the Commission's website is not part of this prospectus supplement.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Information Incorporated by Reference</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Commission allows us to "incorporate by reference" information that we file with it. This means that we can disclose important information to you by referring you to those
    filed documents. The information incorporated by reference is considered to be a part of this prospectus supplement, and information that we file later with the Commission prior to the termination of this offering will also be considered to be part of
    this prospectus supplement and will automatically update and supersede previously filed information, including information contained in this document.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">This prospectus supplement incorporates by reference the following documents:</div>
  <table cellspacing="0" cellpadding="0" id="z1b05e0e37e4b4253bcfbcedebe2dabbd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div>Report on&#160;<a href="https://www.sec.gov/Archives/edgar/data/0001720161/000091957421002682/0000919574-21-002682-index.htm"><u>Form 20-F</u></a>&#160;for the year ended December 31, 2020, filed with the Commission on March 30, 2021, which contains
            our audited consolidated financial statements for the most recent fiscal year for which those statements have been filed.</div>
        </td>
      </tr>

  </table>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We are also incorporating by reference all subsequent annual reports on Form 20-F that we file with the Commission and certain reports on Form 6-K that we furnish to the Commission
    after the date of this prospectus supplement (if they state that they are incorporated by reference into the registration statement of which this prospectus supplement is a part) until we file a post-effective amendment indicating that the offering of
    the securities made by this prospectus supplement has been terminated. In all cases, you should rely on the later information over different information included in this prospectus supplement or the accompanying prospectus.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">You should rely only on the information contained or incorporated by reference in this prospectus supplement and the accompanying base prospectus. We have not, and the Placement
    Agent has not, authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We are not, and the Placement Agent is not, making an offer to sell
    these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus supplement and the accompanying base prospectus as well as the information we previously filed with the
    Commission and incorporated by reference, is accurate as of the dates on the front cover of those documents only. Our business, financial condition and results of operations and prospects may have changed since those dates.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">You may request a paper copy of our Commission filings, at no cost, by writing to or telephoning us at the following address:</div>
  <div style="text-align: center; margin-bottom: 12pt;">Castor Maritime Inc.<br>
    223 Christodoulou Chatzipavlou Street<br>
    Hawaii Royal Garden<br>
    3036 Limassol, Cyprus<br>
    (357) 25 357 767 (telephone number)</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">These reports may also be obtained on our website at www.castormaritime.com. None of the information on our website is a part of this prospectus supplement or the accompanying base
    prospectus.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Information Provided by the Company</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">We will furnish holders of our common shares with annual reports containing audited financial statements and a report by our independent registered public accounting firm. The
    audited financial statements will be prepared in accordance with U.S. GAAP. As a "foreign private issuer," we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements to shareholders. While we furnish
    proxy statements to shareholders in accordance with the rules of the Nasdaq, those proxy statements do not conform to Schedule 14A of the proxy rules promulgated under the Exchange Act. In addition, as a "foreign private issuer," our officers and
    directors are exempt from the rules under the Exchange Act relating to short swing profit reporting and liability.</div>
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  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">PROSPECTUS</div>
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    </div>
    <div><br>
    </div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 14pt; font-weight: bold;">Common Shares, Preferred Share Purchase Rights, Preferred Shares,<br>
    Debt Securities, Warrants, Purchase Contracts, Rights and Units</div>
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    </div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt;">
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  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Through this prospectus, we or any selling shareholder may periodically offer:</div>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(1)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our common shares (including preferred share purchase rights),</div>
        </td>
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  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(2)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our preferred shares,</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        </td>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(3)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our debt securities,</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(4)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our warrants,</div>
        </td>
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  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(5)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our purchase contracts,</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(6)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our rights, and</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(7)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our units.</div>
        </td>
      </tr>

  </table>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The prices and other terms of the securities that we or any selling shareholder will offer will be determined at the time of their offering
    and will be described in a supplement to this prospectus. We will not receive any of the proceeds from the sale of our securities by any selling shareholder.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The securities issued under this prospectus may be offered directly or through underwriters, agents or dealers. The names of any
    underwriters, agents or dealers will be included in a supplement to this prospectus.</div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">Our common shares are listed on the Nasdaq Capital Market under the symbol &#8220;CTRM&#8221;. The closing trading price of our common shares has recently been very volatile,
    ranging from a low of $0.12 on November 2, 2020, to a high of $1.73 on February 11, 2021 and closed at $0.76 on March 31, 2021. In addition, on January 28, 2021, the intra-day sale price of our common shares reported on the Nasdaq Capital Market
    fluctuated between a low of $0.50 per share and a high of $0.90 per share. The stock market in general, and the market for shipping companies in particular, have recently experienced extreme price and volume fluctuations that have often been unrelated
    or disproportionate to the operating performance, financial condition or business prospects of those companies. There can be no guarantee that the price of our common shares will not experience similar volatility in the future or that you will be able
    to sell common shares that you buy from us pursuant to this registration statement at a price equal to or greater than the price that you pay for them or at all.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">Investing in our securities involves a high degree of risk. Before you make an investment in our securities, you should carefully consider the section entitled &#8220;<u>Risk












      Factors</u>&#8221; beginning on page 3 of this prospectus, and the other risk factors contained in the applicable prospectus supplement and in the documents incorporated by reference herein and therein.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
    determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">The date of this prospectus is April 1, 2021.</div>
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  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">ABOUT THIS PROSPECTUS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Unless otherwise indicated, all references to &#8220;dollars&#8221; and &#8220;$&#8221; in this prospectus are to United States dollars and financial information
    presented in this prospectus that is derived from financial statements incorporated by reference is prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We are a &#8220;well-known seasoned issuer&#8221; as defined in Rule 405 under the Securities Act of 1933, as amended, or the Securities Act. This
    prospectus is part of an automatic shelf registration statement that we filed with the U.S. Securities and Exchange Commission, or the SEC. By using an automatic shelf registration statement, we or any selling shareholder may, at any time and from time
    to time, offer and sell the securities described in this prospectus in one or more offerings. We may also add, update or change information contained in this prospectus by means of a prospectus supplement or by incorporating by reference information
    that we file or furnish to the SEC.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This prospectus provides you with a general description of the securities we or any selling shareholder may offer. Each time we or a selling
    shareholder offer securities pursuant to this prospectus, we will provide you with a prospectus supplement that will describe the specific types, amounts, prices and terms of the offered securities. The prospectus supplement may also add, update or
    change the information contained in this prospectus. If there is any inconsistency between the information in this prospectus and any prospectus supplement, you should rely on the prospectus supplement.&#160;Before purchasing any securities, you should read
    carefully both this prospectus and any prospectus supplement, together with the additional information described below.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This prospectus and any prospectus supplement are part of an automatic shelf registration statement we filed with the SEC and do not contain
    all of the information in the registration statement.&#160;Documents establishing the terms of the offered securities are filed as exhibits to the registration statement.&#160;Statements in this prospectus or any prospectus supplement about these documents are
    summaries and each statement is qualified in all respects by reference to the document to which it refers.&#160;You should refer to the actual documents for a more complete description of the relevant matters. For further information about us or the
    securities offered hereby, you should refer to the registration statement, which you can obtain from the SEC as described below under &#8220;Where You Can Find Additional Information.&#8221;</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You should rely only on the information contained or incorporated by reference in this prospectus and in any prospectus supplement. We have
    not authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it.&#160;You should assume that the information appearing in this prospectus and the
    applicable supplement to this prospectus is accurate as of the date on its respective cover, and that any information incorporated by reference is accurate only as of the date of the document incorporated by reference, unless we indicate otherwise. Our
    business, financial condition, results of operations and prospects may have changed since those dates.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Other than in the United States, no action has been taken by us or any underwriters that would permit a public offering of the common shares
    offered by this prospectus in any jurisdiction where action for that purpose is required. The common shares offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or
    advertisements in connection with the offer and sale of any such common shares be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction.
    Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a
    solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.</div>
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    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">TABLE OF CONTENTS</div>
    <div><br>
    </div>
  </div>
  <div>
    <div style="text-align: right; margin-top: 3pt; margin-bottom: 3pt; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Page</div>
    <div><br>
    </div>
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      <tr>
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          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">SUMMARY</div>
        </td>
        <td style="width: 8.72%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">1</div>
        </td>
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        <td style="width: 91.28%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">RISK FACTORS</div>
        </td>
        <td style="width: 8.72%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">3</div>
        </td>
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        <td style="width: 91.28%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
        </td>
        <td style="width: 8.72%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">9</div>
        </td>
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        <td style="width: 91.28%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">USE OF PROCEEDS</div>
        </td>
        <td style="width: 8.72%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">11</div>
        </td>
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        <td style="width: 91.28%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">ENFORCEMENT OF CIVIL LIABILITIES</div>
        </td>
        <td style="width: 8.72%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">12</div>
        </td>
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        <td style="width: 91.28%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">CAPITALIZATION</div>
        </td>
        <td style="width: 8.72%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">13</div>
        </td>
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        <td style="width: 91.28%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">PLAN OF DISTRIBUTION</div>
        </td>
        <td style="width: 8.72%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">14</div>
        </td>
      </tr>
      <tr>
        <td style="width: 91.28%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF SHARE CAPITAL</div>
        </td>
        <td style="width: 8.72%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">16</div>
        </td>
      </tr>
      <tr>
        <td style="width: 91.28%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF DEBT SECURITIES</div>
        </td>
        <td style="width: 8.72%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">18</div>
        </td>
      </tr>
      <tr>
        <td style="width: 91.28%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF WARRANTS</div>
        </td>
        <td style="width: 8.72%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">25</div>
        </td>
      </tr>
      <tr>
        <td style="width: 91.28%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF PURCHASE CONTRACTS</div>
        </td>
        <td style="width: 8.72%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">26</div>
        </td>
      </tr>
      <tr>
        <td style="width: 91.28%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF RIGHTS</div>
        </td>
        <td style="width: 8.72%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">27</div>
        </td>
      </tr>
      <tr>
        <td style="width: 91.28%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">DESCRIPTION OF UNITS</div>
        </td>
        <td style="width: 8.72%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">28</div>
        </td>
      </tr>
      <tr>
        <td style="width: 91.28%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">TAX CONSIDERATIONS</div>
        </td>
        <td style="width: 8.72%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">29</div>
        </td>
      </tr>
      <tr>
        <td style="width: 91.28%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">EXPENSES</div>
        </td>
        <td style="width: 8.72%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">30</div>
        </td>
      </tr>
      <tr>
        <td style="width: 91.28%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">LEGAL MATTERS</div>
        </td>
        <td style="width: 8.72%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">30</div>
        </td>
      </tr>
      <tr>
        <td style="width: 91.28%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">EXPERTS</div>
        </td>
        <td style="width: 8.72%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">30</div>
        </td>
      </tr>
      <tr>
        <td style="width: 91.28%; vertical-align: top;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
        </td>
        <td style="width: 8.72%; vertical-align: top;">
          <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif;">30</div>
        </td>
      </tr>

  </table>
  <div>
    <div><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div><br>
    </div>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">i</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div><br>
    </div>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">SUMMARY</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">This section summarizes some of the information that is contained in this prospectus. As an investor or prospective investor, you should
    review carefully the more detailed information that appears later in this prospectus and the information incorporated by reference in this prospectus.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Unless the context otherwise requires, as used in this prospectus, the terms &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; and &#8220;our&#8221; refer to Castor Maritime Inc.
    and all of its subsidiaries, and &#8220;Castor Maritime Inc.&#8221; refers only to Castor Maritime Inc. and not to its subsidiaries. We use the term deadweight ton, or dwt, in describing the size of vessels. Dwt, expressed in metric tons each of which is
    equivalent to 1,000 kilograms, refers to the maximum weight of cargo and supplies that a vessel can carry. Our reporting currency is in the U.S. dollar and all references in this prospectus to &#8220;$&#8221; or &#8220;dollars&#8221; are to U.S. dollars.</div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Our Company</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We are Castor Maritime Inc., a growth-oriented global shipping company that was incorporated in the Republic of the Marshall Islands in
    September 2017 for the purpose of acquiring, owning, chartering and operating oceangoing cargo vessels. We are a provider of worldwide seaborne transportation services for dry bulk cargo as well as crude oil and refined petroleum products. As of March
    29, 2021, we had 707,250,793 issued and outstanding common shares. We also have outstanding 480,000 Series A Preferred Shares and 12,000 Series B Preferred Shares.</div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Our Fleet</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of the date of this prospectus, we own a fleet which consists of nine dry bulk carriers and two tankers with an aggregate cargo carrying
    capacity of 1.0 million dwt and an average age of 14.3 years, which we refer to collectively as our &#8220;Fleet&#8221;. Upon the successful consummation of our recent vessel acquisitions, our Fleet will consist of 14 vessels, with an aggregate capacity of 1.3
    million dwt, consisting of 1 Capesize, 5 Kamsarmax and 6 Panamax dry bulk vessels and 2 Aframax LR2 tankers and an average age of 13.5 years. For additional information about our Fleet and our recent acquisitions, see &#8220;Item 4. Information on the
    Company<font style="color: #000000;">&#8212;B. Business Overview&#8212;Our Fleet" of our Annual Report (as defined below)</font>.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We intend to further expand our Fleet by actively seeking additional vessel acquisition opportunities across all vessel sizes and segments,
    including those outside of the dry bulk and tankers segment.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our commercial strategy primarily focuses on deploying our Fleet under a mix of period time charters and trip time charters according to our
    assessment of market conditions, adjusting the mix of these charters to take advantage of the relatively stable cash flows and high utilization rates associated with period time charters or to profit from attractive trip charter rates during periods of
    strong charter market conditions.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The following table summarizes key information about our Fleet (delivered only vessels) as of the date of this prospectus:</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 12.6%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Vessel Name</div>
        </td>
        <td style="width: 5.32%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Year Built</div>
        </td>
        <td style="width: 15.62%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Type of<br>
            Charter</div>
        </td>
        <td style="width: 8.19%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Capacity<br>
            (dwt)</div>
        </td>
        <td style="width: 11.9%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Delivered to<br>
            Castor</div>
        </td>
        <td style="width: 14.01%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Gross Charter Rate ($/day)</div>
        </td>
        <td style="width: 15.85%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Estimated Earliest Charter Expiration</div>
        </td>
        <td style="width: 16.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Estimated Latest Charter Expiration</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.6%; vertical-align: bottom;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Dry bulk vessels</div>
        </td>
        <td style="width: 5.32%; vertical-align: bottom;">&#160;</td>
        <td style="width: 15.62%; vertical-align: bottom;">&#160;</td>
        <td style="width: 8.19%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.9%; vertical-align: bottom;">&#160;</td>
        <td style="width: 14.01%; vertical-align: top;">&#160;</td>
        <td style="width: 15.85%; vertical-align: bottom;">&#160;</td>
        <td style="width: 16.51%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 12.6%; vertical-align: bottom;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Panamax</div>
        </td>
        <td style="width: 5.32%; vertical-align: bottom;">&#160;</td>
        <td style="width: 15.62%; vertical-align: bottom;">&#160;</td>
        <td style="width: 8.19%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.9%; vertical-align: bottom;">&#160;</td>
        <td style="width: 14.01%; vertical-align: top;">&#160;</td>
        <td style="width: 15.85%; vertical-align: bottom;">&#160;</td>
        <td style="width: 16.51%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 12.6%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Magic P</div>
        </td>
        <td style="width: 5.32%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2004</div>
        </td>
        <td style="width: 15.62%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Period Time Charter</div>
        </td>
        <td style="width: 8.19%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">76,453</div>
        </td>
        <td style="width: 11.9%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">February 2017</div>
        </td>
        <td style="width: 14.01%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$12,750</div>
        </td>
        <td style="width: 15.85%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 2021</div>
        </td>
        <td style="width: 16.51%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">November 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.6%; vertical-align: bottom;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Magic Sun</div>
        </td>
        <td style="width: 5.32%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2001</div>
        </td>
        <td style="width: 15.62%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Period Time Charter</div>
        </td>
        <td style="width: 8.19%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">75,311</div>
        </td>
        <td style="width: 11.9%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">September 2019</div>
        </td>
        <td style="width: 14.01%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$10,200</div>
        </td>
        <td style="width: 15.85%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 2021</div>
        </td>
        <td style="width: 16.51%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">October 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.6%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Magic Moon</div>
        </td>
        <td style="width: 5.32%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2005</div>
        </td>
        <td style="width: 15.62%; vertical-align: middle; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Period Time Charter</div>
        </td>
        <td style="width: 8.19%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">76,602</div>
        </td>
        <td style="width: 11.9%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">October 2019</div>
        </td>
        <td style="width: 14.01%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$10,500</div>
        </td>
        <td style="width: 15.85%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">July 2021</div>
        </td>
        <td style="width: 16.51%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">September 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.6%; vertical-align: bottom;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Magic Rainbow</div>
        </td>
        <td style="width: 5.32%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2007</div>
        </td>
        <td style="width: 15.62%; vertical-align: middle;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Trip Time Charter</div>
        </td>
        <td style="width: 8.19%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">73,593</div>
        </td>
        <td style="width: 11.9%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 2020</div>
        </td>
        <td style="width: 14.01%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$18,500</div>
        </td>
        <td style="width: 15.85%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">April 2021</div>
        </td>
        <td style="width: 16.51%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">April 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.6%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Magic Horizon</div>
        </td>
        <td style="width: 5.32%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2010</div>
        </td>
        <td style="width: 15.62%; vertical-align: middle; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Period Time Charter</div>
        </td>
        <td style="width: 8.19%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">76,619</div>
        </td>
        <td style="width: 11.9%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">October 2020</div>
        </td>
        <td style="width: 14.01%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$11,000</div>
        </td>
        <td style="width: 15.85%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 2021</div>
        </td>
        <td style="width: 16.51%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">December 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.6%; vertical-align: bottom;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Magic Nova</div>
        </td>
        <td style="width: 5.32%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2010</div>
        </td>
        <td style="width: 15.62%; vertical-align: middle;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Period Time Charter</div>
        </td>
        <td style="width: 8.19%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">78,833</div>
        </td>
        <td style="width: 11.9%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">October 2020</div>
        </td>
        <td style="width: 14.01%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$10,400</div>
        </td>
        <td style="width: 15.85%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">April 2021</div>
        </td>
        <td style="width: 16.51%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.6%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Kamsarmax</div>
        </td>
        <td style="width: 5.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 15.62%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 8.19%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 11.9%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 14.01%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 15.85%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 16.51%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 12.6%; vertical-align: bottom;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Magic Venus</div>
        </td>
        <td style="width: 5.32%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2010</div>
        </td>
        <td style="width: 15.62%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Period Time Charter</div>
        </td>
        <td style="width: 8.19%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">83,416</div>
        </td>
        <td style="width: 11.9%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 2021</div>
        </td>
        <td style="width: 14.01%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$18,500</div>
        </td>
        <td style="width: 15.85%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">August 2021</div>
        </td>
        <td style="width: 16.51%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">October 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.6%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Magic Argo</div>
        </td>
        <td style="width: 5.32%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2009</div>
        </td>
        <td style="width: 15.62%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Trip Time Charter</div>
        </td>
        <td style="width: 8.19%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">82,338</div>
        </td>
        <td style="width: 11.9%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 2021</div>
        </td>
        <td style="width: 14.01%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$25,100</div>
        </td>
        <td style="width: 15.85%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">June 2021</div>
        </td>
        <td style="width: 16.51%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">June 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.6%; vertical-align: bottom;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Capesize</div>
        </td>
        <td style="width: 5.32%; vertical-align: bottom;">&#160;</td>
        <td style="width: 15.62%; vertical-align: bottom;">&#160;</td>
        <td style="width: 8.19%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.9%; vertical-align: bottom;">&#160;</td>
        <td style="width: 14.01%; vertical-align: bottom;">&#160;</td>
        <td style="width: 15.85%; vertical-align: bottom;">&#160;</td>
        <td style="width: 16.51%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 12.6%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Magic Orion</div>
        </td>
        <td style="width: 5.32%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2006</div>
        </td>
        <td style="width: 15.62%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Trip Time Charter</div>
        </td>
        <td style="width: 8.19%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">180,200</div>
        </td>
        <td style="width: 11.9%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 2021</div>
        </td>
        <td style="width: 14.01%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$21,000</div>
        </td>
        <td style="width: 15.85%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">April 2021</div>
        </td>
        <td style="width: 16.51%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">April 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.6%; vertical-align: bottom;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Tanker vessels</div>
        </td>
        <td style="width: 5.32%; vertical-align: bottom;">&#160;</td>
        <td style="width: 15.62%; vertical-align: bottom;">&#160;</td>
        <td style="width: 8.19%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.9%; vertical-align: bottom;">&#160;</td>
        <td style="width: 14.01%; vertical-align: bottom;">&#160;</td>
        <td style="width: 15.85%; vertical-align: bottom;">&#160;</td>
        <td style="width: 16.51%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 12.6%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Aframax/LR2</div>
        </td>
        <td style="width: 5.32%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 15.62%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 8.19%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 11.9%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 14.01%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 15.85%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td style="width: 16.51%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 12.6%; vertical-align: bottom;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Wonder Polaris</div>
        </td>
        <td style="width: 5.32%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2005</div>
        </td>
        <td style="width: 15.62%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Period Time Charter</div>
        </td>
        <td style="width: 8.19%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">115,341</div>
        </td>
        <td style="width: 11.9%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 2021</div>
        </td>
        <td style="width: 14.01%; vertical-align: top;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$15,000 + profit sharing</div>
        </td>
        <td style="width: 15.85%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">February 2022</div>
        </td>
        <td style="width: 16.51%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">February 2023</div>
        </td>
      </tr>
      <tr>
        <td style="width: 12.6%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">Wonder Sirius</div>
        </td>
        <td style="width: 5.32%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2005</div>
        </td>
        <td style="width: 15.62%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Period Time Charter</div>
        </td>
        <td style="width: 8.19%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">115,340</div>
        </td>
        <td style="width: 11.9%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">March 2021</div>
        </td>
        <td style="width: 14.01%; vertical-align: top; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">$15,000 + profit sharing</div>
        </td>
        <td style="width: 15.85%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">February 2022</div>
        </td>
        <td style="width: 16.51%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">February 2023</div>
        </td>
      </tr>

  </table>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Fleet Expansion</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of the date of this prospectus and as part of our growth strategy, we have agreed to acquire three Kamsarmax dry bulk vessels from
    unaffiliated third-party sellers.<font style="font-weight: bold;">&#160;</font>For additional information about our Fleet and our recent acquisitions, see &#8220;Item 4. Information on the Company<font style="color: #000000;">&#8212;B. Business Overview&#8212;Our Fleet" of
      our Annual Report (as defined below)</font>.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The following table summarizes key information about our recent vessel acquisitions that are pending completion as of the date of this
    prospectus:</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 19.48%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Vessel Name<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (1)</sup></div>
        </td>
        <td style="width: 8.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Year Built</div>
        </td>
        <td style="width: 24.12%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Type of<br>
            Vessel</div>
        </td>
        <td style="width: 11.26%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Capacity<br>
            (dwt)</div>
        </td>
        <td style="width: 18.38%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Country Built</div>
        </td>
        <td style="width: 18.34%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-weight: bold;">Expected Delivery to Company</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19.48%; vertical-align: bottom;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Dry bulk vessels</div>
        </td>
        <td style="width: 8.42%; vertical-align: bottom;">&#160;</td>
        <td style="width: 24.12%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.26%; vertical-align: bottom;">&#160;</td>
        <td style="width: 18.38%; vertical-align: top;">&#160;</td>
        <td style="width: 18.34%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.48%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">TBR Magic Twilight</div>
        </td>
        <td style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2010</div>
        </td>
        <td style="width: 24.12%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Kamsarmax</div>
        </td>
        <td style="width: 11.26%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">80,283</div>
        </td>
        <td style="width: 18.38%; vertical-align: top; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">South Korea</div>
        </td>
        <td style="width: 18.34%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> Quarter 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19.48%; vertical-align: bottom;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">TBR Magic Nebula</div>
        </td>
        <td style="width: 8.42%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2010</div>
        </td>
        <td style="width: 24.12%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Kamsarmax</div>
        </td>
        <td style="width: 11.26%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">80,282</div>
        </td>
        <td style="width: 18.38%; vertical-align: top;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">South Korea</div>
        </td>
        <td style="width: 18.34%; vertical-align: bottom;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> Quarter 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19.48%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif; font-style: italic;">TBR Magic Thunder</div>
        </td>
        <td style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2011</div>
        </td>
        <td style="width: 24.12%; vertical-align: middle; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Kamsarmax</div>
        </td>
        <td style="width: 11.26%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">83,375</div>
        </td>
        <td style="width: 18.38%; vertical-align: top; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">Japan</div>
        </td>
        <td style="width: 18.34%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif;">2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> &#8211; 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> Quarter 2021</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-family: 'Times New Roman', serif;">To be re-named upon delivery of the
      vessels to the Company</font> (&#8220;TBR&#8221;)<font style="font-family: 'Times New Roman', serif;">.</font></div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Management of our Business</div>
  <div style="text-align: justify; text-indent: 36pt; margin-right: 5.1pt; font-family: 'Times New Roman', serif;">Our vessels are technically managed by Pavimar S.A., or Pavimar, a company controlled by Ismini Panagiotidis, the sister of our Chairman,
    Chief Executive Officer and Chief Financial Officer, Petros Panagiotidis. Under the technical management agreements, our ship-owning subsidiaries pay a $600 daily fee to Pavimar for the provision of a wide range of shipping services such as crew
    management, technical management, operational employment management, insurance arrangements, provisioning, bunkering, accounting and audit support services, which it may choose to subcontract to other parties at its discretion.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our vessels are commercially managed by Castor Ships S.A., or Castor Ships, a company controlled by our Chairman, Chief Executive Officer and
    Chief Financial Officer. Castor Ships manages our business overall and provides us with commercial, chartering and administrative services, including, but not limited to, securing employment for our Fleet, arranging and supervising the vessels'
    commercial operations, handling all of the Company's vessel sale and purchase transactions, undertaking related shipping project and management advisory and support services, as well as other associated services requested from time to time by us and
    our ship-owning subsidiaries. In exchange for these services, we and our subsidiaries pay Castor Ships (i) a flat quarterly management fee in the amount of $0.3 million for the management and administration of our business, (ii) a daily fee of $250 per
    vessel for the provision of commercial services, (iii) a commission rate of 1.25% on all charter agreements and (iv) a commission of 1% on each sale and purchase transaction.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The three Kamsarmax vessels that we have agreed to purchase and which we expect to take delivery of in the near term, will be technically and
    commercially managed by Pavimar and Castor Ships upon their delivery to us.</div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Corporate Information</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We were incorporated under the laws of the Republic of the Marshall Islands in September 2017. Our registered office in the Marshall Islands
    is located at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. Our registered agent in the Republic of the Marshall Islands at such address is The Trust Company of the Marshall Islands, Inc. Our principal
    executive office is located at 223 Christodoulou Chatzipavlou Street, Hawaii Royal Gardens, 3036 Limassol, Cyprus. Our principal executive office telephone number is + 357 25 357 767. Our corporate website address is&#160;<u>www.castormaritime.com</u>. The
    information contained on our website does not constitute part of this prospectus. The SEC maintains a website that contains reports, proxy and information statements, and other information that we file electronically at&#160;<u>www.sec.gov</u>.</div>
  <div>
    <div><br>
    </div>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">RISK FACTORS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">An investment in our securities involves a high degree of risk. Before making an investment in our securities, you should carefully consider
    all of the information included or incorporated by reference into this prospectus and any prospectus supplement, including the risks described under the heading &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8221; in our annual report on Form 20-F for the year
    ended December 31, 2020, filed with the SEC on March 30, 2021,&#160;or our Annual Report,&#160;as updated by annual and other reports and documents we file with the SEC after the date of this prospectus and that are incorporated by reference herein. Please see
    the section of this prospectus entitled &#8220;Where You Can Find Additional Information.&#8221; In addition, you should also consider carefully the risks set forth under the heading &#8220;Risk Factors&#8221; in any prospectus supplement before investing in the securities
    offered by this prospectus. The occurrence of one or more of those risk factors could adversely impact our business, financial condition or results of operations. When we offer and sell any securities pursuant to a prospectus supplement, we may include
    additional risk factors relevant to such securities in the prospectus supplement.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Risks Related to the Ownership of our Common Shares</div>
  <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Our share price has recently been volatile and may continue to be volatile in the future, and as a
    result, investors in our common shares could incur substantial losses.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our stock price has recently been volatile and may continue be volatile in the future. For example, the reported closing sale price of our
    common shares on the Nasdaq Capital Market was $0.12 per share on November 2, 2020 and $1.73 per share on February 11, 2021, and closed at $0.76 on March 31, 2021. In addition, on January 28, 2021, the intra-day sale price of our common shares reported
    on the Nasdaq Capital Market fluctuated between a low of $0.50 per share and a high of $0.90 per share. The stock market in general, and the market for shipping companies in particular, have experienced extreme volatility that has often been unrelated
    or disproportionate to the operating performance of particular companies. In addition, the ongoing COVID-19 pandemic has caused broad stock market and industry fluctuations. Further, we believe that we have a large number of retail investors holding
    our common shares, which could increase volatility in the price of our common shares. As a result of this volatility, investors may experience substantial losses on their investment in our common shares. The market price for our common shares may be
    influenced by many factors, including the following:</div>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">investor reaction to our business strategy;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">sentiment of retail investors (including as may be expressed on financial trading and other social media sites and online forums), the direct access by retail investors to broadly available
            trading platforms, the amount and status of short interest in our common shares, access to margin debt, trading in options and other derivatives on our common shares and any related hedging and other trading factors;</div>
        </td>
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  </table>
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          <div style="font-family: 'Times New Roman', serif;">our continued compliance with the listing standards of the Nasdaq Capital Market;</div>
        </td>
      </tr>

  </table>
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        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">regulatory or legal developments in the United States and other countries, especially changes in laws or regulations applicable to our industry;</div>
        </td>
      </tr>

  </table>
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        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
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          <div style="font-family: 'Times New Roman', serif;">variations in our financial results or those of companies that are perceived to be similar to us;</div>
        </td>
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  </table>
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        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
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          <div style="font-family: 'Times New Roman', serif;">our ability or inability to raise additional capital and the terms on which we raise it;</div>
        </td>
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        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
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          <div style="font-family: 'Times New Roman', serif;">declines in the market prices of stocks generally;</div>
        </td>
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  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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          <div style="font-family: 'Times New Roman', serif;">trading volume of our common shares;</div>
        </td>
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  </table>
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          <div style="font-family: 'Times New Roman', serif;">sales of our common shares by us or our shareholders;</div>
        </td>
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  </table>
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          <div style="font-family: 'Times New Roman', serif;">speculation in the press or investment community about our Company or industry;</div>
        </td>
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  </table>
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          <div style="font-family: 'Times New Roman', serif;">general economic, industry and market conditions; and</div>
        </td>
      </tr>

  </table>
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          <div style="font-family: 'Times New Roman', serif;">other events or factors, including those resulting from such events, or the prospect of such events, including war, terrorism and other international conflicts, public health issues including
            health epidemics or pandemics, such as the ongoing COVID-19 pandemic, and natural disasters such as fire, hurricanes, earthquakes, tornados or other adverse weather and climate conditions, whether occurring in the United States or elsewhere,
            could disrupt our operations or result in political or economic instability.</div>
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  </table>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">These factors, many of which are outside of our control, may negatively impact the market price of our common shares, regardless of our
    operating performance. For example, recent increases are significantly inconsistent with any improvements in actual or expected business prospects, operating performance, financial condition or other traditional measures of value, including our loss
    per share of $0.03 for the year ended December 31, 2020. Since the price of our common shares has recently been volatile and may continue to be volatile in the future, investors in our common shares could incur substantial losses.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Further, investors may purchase our common shares to hedge existing exposure or to speculate on the price of our common shares. Speculation
    on the price of our common shares may involve long and short exposures. To the extent an aggregate short exposure in our common shares becomes significant, investors with short exposure may have to pay a premium to purchase shares for delivery to share
    lenders at times if and when the price of our common shares increases significantly, particularly over a short period of time. Those purchases may in turn, dramatically increase the price of our common shares. This is often referred to as a "short
    squeeze". A short squeeze could lead to volatile price movements in our common shares that are not directly correlated to our business prospects, operating performance, financial condition or other traditional measures of value for the Company or our
    common shares.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In addition, some companies that have experienced volatility in the market price of their common shares have been subject to securities
    class-action litigation. If instituted against us, such litigation could result in substantial costs and diversion of management's attention and resources, which could materially and adversely affect our business, financial condition, results of
    operations and growth prospects<font style="font-weight: bold; font-style: italic;">.</font><font style="font-weight: bold;">&#160;</font>There can be no guarantee that the price of our common shares will remain at its current level or that future sales of
    our common shares will not be at prices lower than those sold to investors.</div>
  <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Nasdaq may delist our common shares from its exchange which could limit your ability to make transactions
    in our securities and subject us to additional trading restrictions.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We received written notification from Nasdaq, dated April 14, 2020, indicating that because the closing bid price of the Company's common
    shares for 30 consecutive business days, from February 27, 2020 to April 13, 2020, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company is not in compliance with the minimum bid
    price requirement of Nasdaq Listing Rule 5550(a)(2). The Company was also informed by Nasdaq that due to the COVID-19 crisis, temporary relief has been granted related to the minimum bid price requirement and the Company's compliance period would be
    suspended until June 30, 2020. Pursuant to the Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance is 180 days, or December 28, 2020, which included the temporary COVID-19 relief period.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On December 30, 2020, we announced that we received a notification letter from Nasdaq granting us an additional 180-day extension, or until
    June 28, 2021, to regain compliance with the minimum bid price requirement. We can cure this deficiency if the closing bid price of our common shares is $1.00 per share or higher for the requisite amount of time during the Second Compliance Period.
    Nasdaq may exercise its discretion to extend such requisite amount of time to better evaluate the registrant's ability to sustain long-term compliance with the minimum bid price requirement. We are evaluating all our options to regain compliance with
    the minimum bid price requirement within the Second Compliance Period, including a reverse stock split. During this time, our common shares will continue to be listed and traded on the Nasdaq Capital Market.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">
    <div style="text-indent: 36pt; margin-bottom: 12pt;">If we are unable to regain compliance with the minimum bid price requirement within the Second Compliance Period, our common shares may be suspended or delisted at the discretion of Nasdaq. If a
      suspension or delisting of our common shares were to occur, there would be significantly less liquidity in the suspended or delisted common shares. In addition, our ability to raise additional capital through equity or debt financing would be greatly
      impaired. There can be no assurance that we will regain compliance with the minimum bid price requirement and, if we regain compliance, there can be no assurance that we will maintain compliance in the future.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;"> <br>
    </div>
  </div>
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  <br>
  <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Recent share issuances and the issuance of additional shares in the future may impact the price of our
    common shares and our ability to regain compliance with Nasdaq's minimum bid price requirement.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company had 707,250,793 issued and outstanding shares as of March 29, 2021, out of an authorized share capital of 1,950,000,000 common
    shares. Upon the exercise of outstanding warrants, the Company may issue up to an additional 1,302,083 common shares. We cannot assure you at what price the offering of our common shares in the future, if any, will be made but they may be offered and
    sold at a price significantly below the current trading price of our common shares and may be at a discount to the trading price of our common shares at the time of such sale. The issuance and sale of any securities in the future may be dilutive to our
    existing shareholders and may cause the price of our common shares to decline. The issuance of additional shares by the Company that has the effect of reducing the price of the trading price of the common shares may also prevent the Company from being
    able to regain compliance with the minimum bid price requirement of Nasdaq Listing Rule 5550(a)(2) prior to June 28, 2021, which may result in our common shares being suspended or delisted from the Nasdaq Capital Market. If a suspension or delisting of
    our common shares were to occur, there would be significantly less liquidity in the suspended or delisted common shares. In addition, our ability to raise additional capital through equity or debt financing would be greatly impaired.</div>
  <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">We issued 918,112, 127,894,264 and 576,038,417 common shares during 2019, 2020 and 2021, respectively,
    through various transactions. Shareholders may experience significant dilution as a result of our offerings.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We have already issued and sold large quantities of our common shares pursuant to previous public and private offerings of our equity and
    equity-linked securities. We also have 480,000 Series A Preferred Shares outstanding and 12,000 Series B Preferred Shares outstanding. In addition, we may sell some or all of our remaining authorized common shares and other securities pursuant to this
    registration statement. We have additional outstanding warrants that may obligate us to issue up to an additional 1,302,083 common shares, in aggregate, upon the exercise of these warrants in full.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Purchasers of the common shares we sell, as well as our existing shareholders, will experience significant dilution if we sell shares at
    prices significantly below the price at which they invested. In addition, we may issue additional common shares or other equity securities of equal or senior rank in the future in connection with, among other things, debt prepayments, future vessel
    acquisitions, redemptions of our Series A Preferred Shares, without shareholder approval, in a number of circumstances. Our existing shareholders may experience significant dilution if we issue shares in the future at prices below the price at which
    previous shareholders invested.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our issuance of additional common shares or other equity securities of equal or senior rank would have the following effects:</div>
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          <div style="font-family: 'Times New Roman', serif;">our existing shareholders' proportionate ownership interest in us will decrease;</div>
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  </table>
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        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
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          <div style="font-family: 'Times New Roman', serif;">the per share amount of cash available for dividends on our common shares (as and if declared) could decrease;</div>
        </td>
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  </table>
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          <div style="font-family: 'Times New Roman', serif;">the relative voting strength of each previously outstanding common share could be diminished; and</div>
        </td>
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  </table>
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          <div style="font-family: 'Times New Roman', serif;">the market price of our common shares could decline.</div>
        </td>
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  </table>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
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  </div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Future issuances or sales, or the potential for future issuances or sales, of our common shares may cause the trading
    price of our securities to decline and could impair our ability to raise capital through subsequent equity offerings.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We have issued a significant number of our common shares and we may do so in the future. Shares to be issued in future equity offerings could
    cause the market price of our common shares to decline, and could have an adverse effect on our earnings per share. In addition, future sales of our common shares or other securities in the public markets, or the perception that these sales may occur,
    could cause the market price of our common shares to decline, and could materially impair our ability to raise capital through the sale of additional securities.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The market price of our common shares could decline due to sales, or the announcements of proposed sales, of a large number of common shares
    in the market, including sales of common shares by our large shareholders, or the perception that these sales could occur. These sales or the perception that these sales could occur could also depress the market price of our common shares and impair
    our ability to raise capital through the sale of additional equity securities or make it more difficult or impossible for us to sell equity securities in the future at a time and price that we deem appropriate. We cannot predict the effect that future
    sales of common shares or other equity-related securities would have on the market price of our common shares.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our Articles of Incorporation authorizes our Board of Directors, or Board, to, among other things, issue additional shares of common or
    preferred shares or securities convertible or exchangeable into equity securities, without shareholder approval. We may issue such additional equity or convertible securities to raise additional capital. The issuance of any additional shares of common
    or preferred shares or convertible securities could be substantially dilutive to our shareholders. Moreover, to the extent that we issue restricted stock units, stock appreciation rights, options or warrants to purchase our common shares in the future
    and those stock appreciation rights, options or warrants are exercised or as the restricted stock units vest, our shareholders may experience further dilution. Holders of shares of our common shares have no preemptive rights that entitle such holders
    to purchase their pro rata share of any offering of shares of any class or series and, therefore, such sales or offerings could result in increased dilution to our shareholders.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">General Risk Factors</div>
  <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Major outbreaks of diseases (such as COVID-19) and governmental responses thereto could adversely affect
    our business.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Since the beginning of calendar year 2020, the outbreak of the COVID-19 pandemic around the world has negatively affected economic
    conditions, the supply chain, the labor market, the demand for shipping both regionally and globally, has caused delays and uncertainties relating to newbuildings, dry-dockings and other functions of shipyards, and may continue to impact our operations
    and the operations of our customers and suppliers. The COVID-19 pandemic has resulted in numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread of the virus, including travel bans, quarantines and other
    emergency public health measures, and a number of countries implemented lockdown measures. These measures have resulted in a significant reduction in global economic activity and extreme volatility in the global financial markets. If the COVID-19
    pandemic continues on a prolonged basis or becomes more severe, the adverse impact on the global economy and the rate environment for dry bulk and tanker vessels may deteriorate further and our operations and cash flows may be negatively impacted. The
    extent of COVID-19's continuous impact on our financial and operational results, which could be material in the long run, will depend on the length of time that the pandemic continues, the ability to effectively vaccinate a large percentage of the
    population and whether subsequent waves of the infection happen globally or in certain geographic regions. Uncertainties regarding the economic impact of the ongoing COVID-19 pandemic are likely to result in sustained market volatility, which could
    impact our business, financial condition and cash flows to a greater extent. Governments are approving large stimulus packages to mitigate the effects of the sudden decline in economic activity caused by the pandemic; however, we cannot predict the
    extent to which these measures will be sufficient to restore or sustain the business and financial condition of companies in the shipping industry. These measures, though contemplated to be temporary in nature, may continue and increase as countries
    attempt to contain the outbreak or any reoccurrences thereof.</div>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
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  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">At this stage, it is difficult to determine the full impact of COVID-19 on our business in the long run. Effects of the current ongoing
    pandemic have included or may include, among others:</div>
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          <div style="font-family: 'Times New Roman', serif;">deterioration of economic conditions and activity and of demand for shipping;</div>
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  </table>
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          <div style="font-family: 'Times New Roman', serif;">operational disruptions to us or our customers due to worker health risks and the effects of new regulations, directives or practices implemented in response to the pandemic (such as travel
            restrictions for individuals and vessels and quarantining and physical distancing);</div>
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          <div style="font-family: 'Times New Roman', serif;">potential delays in (a) the loading and discharging of cargo on or from our vessels, (b) vessel inspections and related certifications by class societies, customers or government agencies and
            (c) maintenance, modifications or repairs to, or dry-docking of, our existing vessels due to worker health or other business disruptions;</div>
        </td>
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  </table>
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          <div style="font-family: 'Times New Roman', serif;">reduced cash flow and financial condition, including potential liquidity constraints;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">credit tightening or declines in global financial markets, including to the prices of our publicly traded securities and the securities of our peers, could make it more difficult for us to
            access capital;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">potential reduced ability to opportunistically sell any of our vessels on the second-hand market, either as a result of a lack of buyers or a general decline in the value of second-hand vessels;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">potential decreases in the market values of our vessels and any related impairment charges or breaches relating to vessel-to-loan financial covenants;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">potential disruptions, delays or cancellations in the construction of new vessels, which could reduce our future growth opportunities;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">difficulty of our crew in embarking and disembarking on our ships due to quarantine restrictions placed on persons and limitations on commercial aviation and other forms of public
            transportation; although the restrictions have in certain cases delayed crew embarking and disembarking on our ships, they have not functionally affected our ability to sufficiently crew our vessels;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">international transportation of personnel could be limited or otherwise disrupted. In particular, our crews generally work on a rotation basis, relying largely on international air transport for
            crew changes plan fulfillment. Any such disruptions could impact the cost of rotating our crew, and possibly impact our ability to maintain a full crew synthesis on-board all our vessels at any given time. It may also be difficult for our
            in-house technical teams to travel to shipyards to observe vessel maintenance, and we may need to hire local experts, which local experts may vary in skill and are difficult to supervise remotely for work we ordinarily address in-house; and</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">potential non-performance by counterparties relying on force majeure clauses and potential deterioration in the financial condition and prospects of our customers or other business partners.</div>
        </td>
      </tr>

  </table>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The ongoing COVID-19 pandemic and measures to contain its spread have negatively impacted regional and global economies and trade patterns in
    markets in which we operate, the way we operate our business, and the businesses of our charterers and suppliers. These negative impacts could continue or worsen, even after the pandemic itself diminishes or ends. Companies, including us, have also
    taken precautions, such as requiring employees to work remotely and imposing travel restrictions, while some other businesses have been required to close entirely. Moreover, we face significant risks to our onshore or offshore personnel and operations
    due to the COVID-19 pandemic. Our crews face risk of exposure to COVID-19 as a result of travel to ports in which cases of COVID-19 have been reported. Our shore-based personnel likewise face risk of such exposure, as we maintain offices in areas that
    have been impacted by the spread of COVID-19.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Measures against COVID-19 in a number of countries have restricted crew rotations on our vessels, which may continue or become more severe.
    As a result, in 2020, we experienced and may continue to experience disruptions to our normal vessel operations caused by deviation time associated with positioning our vessels to countries in which we can undertake a crew rotation in compliance with
    such measures. Delays in crew rotations have led to issues with crew fatigue and may continue to do so, which may result in delays or other operational issues. We have had and expect to continue to have increased expenses due to incremental fuel
    consumption and days in which our vessels are unable to earn revenue in order to deviate to certain ports on which we would ordinarily not call during a typical voyage. Although our vessels' deviations / repositioning and/or delays in ports that are or
    will be open for crew rotations should be considered as the most notable impact, we have incurred and should also continue to expect to incur considerable expenses in relation to health protocols imposed by both departure and arrival countries for the
    incoming and outgoing of crew members, which should be strictly followed (i.e. repeated PCR tests, quarantine periods up to 21 days, governmental special permissions and/or visas, personal protective equipment etc.). Furthermore, reduced flights
    availability, limitation of selected routes for our flight schedule and imposed health measures by air carrier companies, caused us and may continue to cause us significant increases in the average airfare costs.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The impact of the ongoing COVID-19 pandemic has also resulted in reduced industrial activity in China with temporary closures of factories
    and other facilities, labor shortages and restrictions on travel. We believe these disruptions along with other seasonal factors, including lower demand for some of the cargoes we carry such as iron ore and coal, have contributed to lower dry bulk
    rates in 2020.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Organizations across industries, including ours, are rightly focusing on their employees' well-being, whilst making sure that their
    operations continue undisrupted and at the same time, adapting to the new ways of operating. As such employees are encouraged or even required to operate remotely which significantly increases the risk of cyber security attacks.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">While we cannot fully assess the overall impact that the ongoing COVID-19 pandemic will have on our financial condition and results of
    operations and on the dry bulk and tanker industries in general in the long run, we assess that the dry bulk and tanker charter rates have been reduced significantly as a result of the ongoing COVID-19 pandemic and that the shipping industry in general
    and our Company specifically are likely to continue to be exposed to volatility in the near to medium term. Indicatively, vessels in our Fleet which came up for charter renewal in the 2020 were employed at comparably less favorable charter rates than
    those achieved during 2019 and those expected before the ongoing COVID-19 pandemic which had a negative impact on voyage revenues earned in 2020.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Further, containment measures and quarantine restrictions adopted by many countries worldwide have caused significant impact on our ability
    to embark and disembark crew members and on our seafarers themselves. As a result, since the outbreak of COVID-19 and as of the date of this prospectus, we have encountered certain prolonged delays and surrounding complexities in embarking and
    disembarking crew onto our ships which further resulted in increased operational costs and decreased revenues by reason of off-hires associated with crew rotation and related logistical complications associated with supplying our vessels with spares or
    other supplies.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The occurrence or continued occurrence of any of the foregoing events or other epidemics or an increase in the severity or duration of the
    COVID-19 or other epidemics could have a material adverse effect on our business, results of operations, cash flows, financial condition, value of our vessels, and ability to pay dividends (as and if declared).</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Certain matters discussed herein may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides
    safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events
    or performance, and underlying assumptions and other statements, which are other than statements of historical facts.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including
    this cautionary statement in connection with this safe harbor legislation. This prospectus and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to
    future events and financial performance, and are not intended to give any assurance as to future results. When used in this document, the words &#8220;believe&#8221;, &#8220;expect&#8221;, &#8220;anticipate&#8221;, &#8220;estimate&#8221;, &#8220;intend&#8221;, &#8220;plan&#8221;, &#8220;target&#8221;, &#8220;project&#8221;, &#8220;likely&#8221;, &#8220;may&#8221;,
    &#8220;could&#8221; and similar expressions, terms, or phrases may identify forward-looking statements.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The forward-looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including
    without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions
    are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We
    undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In addition to these assumptions and matters discussed elsewhere herein and in the documents incorporated by reference herein, important
    factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the following:</div>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">dry bulk and tanker market trends, including fluctuations in charter rates, factors affecting supply and demand, and opportunities for the profitable operations of dry bulk and tanker carriers;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our future financial condition or results of operations and our future revenues and expenses;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our continued borrowing availability under our debt agreements and compliance with the covenants contained therein;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our ability to procure or have access to financing, our liquidity and the adequacy of cash flows for our operations;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our continued ability to enter into time or voyage charters with existing and new customers, and to re-charter our vessels upon the expiry of the existing charters;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">changes in our operating expenses, including bunker prices, dry-docking and insurance costs;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof,
            the delivery and commencement of operations dates, expected downtime and lost revenue);</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">planned, pending or recent acquisitions, business strategy and expected capital spending or operating expenses, including dry-docking, surveys, upgrades and insurance costs;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our expectations regarding the availability of vessel acquisitions and our ability to complete acquisition transactions as planned;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our ability to realize the expected benefits from our vessel acquisitions;</div>
        </td>
      </tr>

  </table>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">vessel breakdowns and instances of off-hire;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">potential conflicts of interest involving members of our Board, and senior management;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">potential exposure or loss from investment in derivative instruments (if any);</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">changes in supply and demand in the dry bulk and tanker shipping industry, including the market for our vessels and the number of newbuildings under construction;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the length and severity of epidemics and pandemics, including the ongoing global outbreak of the novel coronavirus ("COVID-19") and its impact on the demand for seaborne transportation in the
            dry bulk and tanker sector;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the strength of world economies;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">stability of Europe and the Euro;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">fluctuations in interest rates and foreign exchange rates;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">changes in seaborne and other transportation;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">changes in governmental rules and regulations or actions taken by regulatory authorities;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">general domestic and international political conditions or events, including "trade wars";</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">potential disruption of shipping routes due to accidents, political events, international hostilities and instability, piracy or acts by terrorists;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our business strategy and other plans and objectives for future operations;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">future sales of our securities in the public market;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the impact of the discontinuance of LIBOR after 2021 on interest rates of our debt that reference LIBOR;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the impact of adverse weather and natural disasters;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the impact of public health threats and outbreaks of other highly communicable diseases; and</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the SEC, including our most recent Annual Report, which is
            incorporated by reference into this prospectus.</div>
        </td>
      </tr>

  </table>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You should not place undue reliance on forward-looking statements contained in this prospectus because they are statements about events that
    are not certain to occur as described or at all. All forward-looking statements in this prospectus are qualified in their entirety by the cautionary statements contained in this prospectus.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Any forward-looking statements contained herein are made only as of the date of this prospectus, and&#160;we undertake no obligation to update any
    forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for us to
    predict all or any of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any
    forward-looking statement.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">USE OF PROCEEDS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Unless we specify otherwise in any prospectus supplement, we may use the net proceeds from the sale of securities offered by this prospectus
    for capital expenditures, working capital, to make vessel or other asset acquisitions or for general corporate purposes or a combination thereof.<font style="color: #000000;">&#160;</font>We will not receive any proceeds from sales of our securities by any
    selling shareholder.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"> <br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"> <br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">ENFORCEMENT OF CIVIL LIABILITIES</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We are incorporated under the laws of the Republic of the Marshall Islands, and substantially all of our assets are located outside of the
    United States. Our principal executive office is located in Cyprus. In addition, all of our directors and officers are non-residents of the United States, and substantially all of their assets are located outside the United States. As a result, it may
    be difficult or impossible for you to bring an action against us or against these individuals in the United States if you believe that your rights have been infringed under securities laws or otherwise. Even if you are successful in bringing an action
    of this kind, the laws of the Republic of the Marshall Islands and of other jurisdictions may prevent or restrict you from enforcing a judgment against our assets or our directors and officers. Although you may bring an original action against us or
    our affiliates in the courts of the Marshall Islands, and the courts of the Marshall Islands may impose civil liability, including monetary damages, against us or our affiliates for a cause of action arising under Marshall Islands law, it may be
    impracticable for you to do so.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"> <br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">CAPITALIZATION</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Each prospectus supplement will include information on our consolidated capitalization.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"> <br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;"> <br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">PLAN OF DISTRIBUTION</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We or any selling shareholder may sell or distribute the securities included in this prospectus through underwriters, through agents, to
    dealers, in private transactions, at market prices prevailing at the time of sale, at prices related to the prevailing market prices, or at negotiated prices.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In addition, we or any selling shareholder may sell some or all of the securities included in this prospectus through:</div>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">a block trade in which a broker-dealer may resell a portion of the block, as principal, in order to facilitate the transaction;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">purchases by a broker-dealer, as principal, and resale by the broker-dealer for its account;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">ordinary brokerage transactions and transactions in which a broker solicits purchasers; or</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">trading plans entered into by us pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, that are in place at the time of an offering pursuant to this
            prospectus and any applicable prospectus supplement hereto that provide for periodic sales of our securities on the basis of parameters described in such trading plans.</div>
        </td>
      </tr>

  </table>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In addition, we or any selling shareholder may enter into options or other types of transactions that require us to deliver our securities to
    a broker-dealer, who will then resell or transfer the securities under this prospectus. We or any selling shareholder may enter into hedging transactions with respect to our securities. For example, we or any selling shareholder may:</div>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">enter into transactions involving short sales of our common shares by broker-dealers;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">sell common shares short and deliver the shares to close out short positions;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">enter into option or other types of transactions that require us to deliver common shares to a broker-dealer, who will then resell or transfer the common shares under this prospectus; or</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">loan or pledge the common shares to a broker-dealer, who may sell the loaned shares or, in the event of default, sell the pledged shares.</div>
        </td>
      </tr>

  </table>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We or any selling shareholder may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to
    third parties in privately negotiated transactions. If the applicable prospectus supplement indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement,
    including in short sale transactions. If so, the third party may use securities pledged by us or any selling shareholder, or borrowed from us or any selling shareholder to settle those sales or to close out any related open borrowings of stock, and may
    use securities received from us or any selling shareholder in settlement of those derivatives to close out any related open borrowings of stock. The third party in such sale transactions will be an underwriter and, if not identified in this prospectus,
    will be identified in the applicable prospectus supplement (or a post-effective amendment). In addition, we or any selling shareholder may otherwise loan or pledge securities to a financial institution or other third party that in turn may sell the
    securities short using this prospectus. Such financial institution or other third party may transfer its economic short position to investors in our securities or in connection with a concurrent offering of other securities.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Any selling shareholders and any broker-dealers or other persons acting on our behalf or on the behalf of any selling shareholders that
    participate with us or any selling shareholders in the distribution of the securities, may be deemed to be underwriters, and any commissions received or profit realized by them on the resale of the securities, may be deemed to be underwriting discounts
    and commissions under the Securities Act of 1933, as amended, or the Securities Act.&#160;As a result, we will inform any selling shareholders that Regulation M, promulgated under the Exchange Act, may apply to sales by any selling shareholders in the
    market.&#160;Any selling shareholders may agree to indemnify any broker, dealer or agent that participates in transactions involving the sale of our common shares against certain liabilities, including liabilities arising under the Securities Act.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As of the date of this prospectus, we are not a party to any agreement, arrangement or understanding between any broker or dealer and us with
    respect to the offer or sale of the securities offered pursuant to this prospectus.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">At the time that any particular offering of securities is made, to the extent required by the Securities Act, a prospectus supplement will be
    distributed, setting forth the terms of the offering, including the aggregate number of securities being offered, the purchase price of the securities, the initial offering price of the securities, the names of any underwriters, dealers or agents, any
    discounts, commissions and other items constituting compensation from us and any discounts, commissions or concessions allowed or re-allowed or paid to dealers. Furthermore, we, our executive officers, our directors, major shareholders and any selling
    shareholders may agree, subject to certain exemptions, that for a certain period from the date of the prospectus supplement under which the securities are offered, we and they will not, without the prior written consent of an underwriter, offer, sell,
    contract to sell, pledge or otherwise dispose of any of our common shares or any securities convertible into or exchangeable for our common shares.&#160;However, an underwriter, in its sole discretion, may release any of the securities subject to these
    lock-up agreements at any time without notice. We expect an underwriter to exclude from these lock-up agreements securities exercised and/or sold pursuant to trading plans entered into by any selling shareholder pursuant to Rule 10b5-1 under the
    Exchange Act, that are in place at the time of an offering pursuant to this prospectus and any applicable prospectus supplement hereto that provide for periodic sales of any selling shareholders&#8217; securities on the basis of parameters described in such
    trading plans.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Underwriters or agents could make sales in privately negotiated transactions and/or any other method permitted by law, including sales deemed
    to be an at-the-market offering as defined in Rule 415 promulgated under the Securities Act, which includes sales made directly on or through the Nasdaq, the existing trading market for our common shares, or sales made to or through a market maker
    other than on an exchange.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We will bear costs relating to the securities offered and sold under this registration statement of which this prospectus constitutes a part.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">If more than five percent (5%) of the net proceeds of any offering of our common shares made under this prospectus will be received by a
    Financial Industry Regulatory Authority, or FINRA, member participating in the offering or affiliates or associated persons of such a FINRA member, the offering will be conducted in accordance with FINRA Rule 5121.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">DESCRIPTION OF SHARE CAPITAL</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The description of our Articles of Incorporation is incorporated by reference from our registration statement on Form F-4 (Registration No.
    333-224242), which was filed with the SEC on April 11, 2018 and to which our Articles of Incorporation were filed as Exhibit 3.1 thereto and hereby incorporated by reference into this prospectus. For a full description of the terms and rights of our
    capital stock, please see &#8220;Item 10. Additional Information&#8212;B. Memorandum and Articles of Association&#8221;&#160;of our Annual Report incorporated by reference herein, as updated by annual and other reports and documents we file with the SEC after the date of
    this prospectus and that are incorporated by reference herein.<br>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Purpose</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Our purpose is to engage in any lawful act or activity for which corporations may now or hereafter be organized under the Marshall Islands
    Business Corporations Act, or BCA. Our Articles of Incorporation and Bylaws do not impose any limitations on the ownership rights of our shareholders.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Authorized Capitalization</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Under our Articles of Incorporation, our authorized capital stock consists of 1,950,000,000 common shares, par value $0.001 per share, of
    which 707,250,793 common shares are issued and outstanding as of March 29, 2021, and 50,000,000 preferred shares, par value $0.001 per share, of which 480,000 Series A Preferred Shares and 12,000 Series B Preferred Shares are currently issued and
    outstanding. We have also designated 3,000 shares as Series C Participating Preferred Shares, none of which are outstanding as of the date of this prospectus.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Description of Common Shares</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject&#160;to&#160;preferences that
    may be applicable to any outstanding preferred shares, holders of common shares are entitled to receive ratably all dividends, if any, declared by our Board out of funds legally available for dividends. Upon our dissolution or liquidation or the sale
    of all or substantially all of our assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred shares having liquidation preferences, if any, the holders of our common shares are entitled to receive pro
    rata our remaining assets available for distribution. Holders of common shares do not have conversion, redemption or pre-emptive rights to subscribe to any of our securities. The rights, preferences and privileges of holders of our common shares are
    subject to the rights of the holders of any preferred shares, which we have issued in the past or which we may issue in the future.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Share History</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On September 22, 2017, we entered into an exchange agreement, or the Exchange Agreement, with Spetses Shipping Co., or Spetses, and its
    shareholders. Under the terms of the Exchange Agreement, we issued 2,400,000 common shares, 480,000 Series A Preferred Shares and 12,000 Series B Preferred Shares of the Company in exchange for all of the then issued and outstanding common shares of
    Spetses.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On November 21, 2017, we declared a dividend of one preferred share purchase right for each outstanding common share and adopted a
    stockholder rights plan, as set forth in a Stockholders Rights Agreement dated as of November 20, 2017, by and between us and American Stock Transfer &amp; Trust Company, LLC, as rights agent. For more information, please see "Item 10. Additional
    Information&#8212;B. Memorandum and Articles of Association&#8212;Stockholders Rights Agreement" in our Annual Report. In connection with the Stockholders Rights Agreement, we designated 3,000 shares as Series C Participating Preferred Shares, none of which are
    outstanding as of the date of this prospectus.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On June 28, 2019, we entered into an equity distribution agreement, or the Equity Distribution Agreement, with Maxim acting as a sales agent,
    under which we may, from time to time, offer and sell shares of our common stock through an at-the-market, or ATM, program having an aggregate offering price of up to $10,000,000. As of the date of this prospectus, we have raised gross and net proceeds
    (after deducting sales commissions and other fees and expenses) under the ATM of $2.6 million and $2.3 million, respectively, by issuing and selling 618,112 common shares. The net proceeds received under the ATM were used to partly finance the
    acquisition of the <font style="font-style: italic;">M/V</font>&#160;<font style="font-style: italic;">Magic Moon</font>. We have not incurred any further sales under the ATM program since September 2019.</div>
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  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On October 10, 2019, we reached an agreement with all of the holders of our Series A Preferred Shares to waive until December 31, 2021 all
    due and overdue dividends and to adopt an amended and restated Statement of Designations on our Series A Preferred Shares, or the Series A Preferred Shares Agreement. Pursuant to the Series A Preferred Shares Agreement, on October 17, 2019, we issued
    300,000 common shares to the holders of the Series A Preferred Shares in exchange for the waiver of approximately $4.3 million worth of dividends accumulated on the Series A Preferred Shares, for the period since their original issuance to June 30,
    2019.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On January 27, 2020, we entered into a securities purchase agreement with YAII PN, LTD, or the Investor, pursuant to which we agreed to sell
    and the Investor agreed to purchase up to three convertible debentures for a maximum aggregate price of $5.0 million (the &#8220;Convertible Debentures&#8221;), further discussed under &#8220;Item 5. Operating and Financial Review and Prospects&#8212;B. Liquidity and Capital
    Resources&#8212;Our Borrowing Activities&#8221; of our Annual Report. As of the date of this prospectus, the Investor converted the full $5.0 million principal amount and $0.1 million of interest under the Convertible Debentures for 8,042,078 common shares.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On June 23, 2020, we entered into an agreement with Maxim, acting as underwriter, pursuant to which we offered and sold 59,110,000 units,
    each unit consisting of (i) one common share or a pre-funded warrant to purchase one common share at an exercise price equal to $0.01 per common share (a "Pre-Funded Warrant"), and (ii) one Class A Warrant to purchase one common share (a "Class A
    Warrant"), for $0.35 per unit (or $0.34 per unit including a Pre-Funded Warrant), or the June Equity Offering. The June Equity Offering, which closed on June 26, 2020, resulted in the issuance of 59,082,686 common shares and 59,110,000 Class A
    Warrants, which also included 7,710,000 over-allotment units pursuant to an over-allotment option that was exercised by Maxim on June 24, 2020. In connection with this offering, we raised gross and net cash proceeds of approximately $20.7 million and
    $18.6 million, respectively. Further, as of March 29, 2021, an aggregate of 58,486,557 Class A Warrants have been exercised at an exercise price of $0.35 per warrant, for which we have received total gross proceeds of approximately $20.5 million.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">On July 12, 2020, we entered into agreements with certain unaffiliated institutional investors pursuant to which we offered 57,750,000 common
    shares in a registered offering (the "July Equity Offering"). In a concurrent private placement, we also issued warrants to purchase up to 57,750,000 common shares (the "Private Placement Warrants"). The aggregate purchase price for each common share
    and Private Placement Warrant was $0.30. In connection with the July Equity Offering, which closed on July 15, 2020, we received gross and net cash proceeds of approximately $17.3 million and $15.6 million, respectively. Further, as of March 29, 2021,
    an aggregate of 57,071,360 Private Placement Warrants have been exercised at an exercise price of $0.35 per warrant, for which we have received total gross proceeds of approximately $20.0 million.</div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">On December 30, 2020, we entered into agreements with certain unaffiliated institutional investors pursuant to which we offered 94,750,000 common shares and
    warrants to purchase 94,750,000 common shares (the "January 5 Warrants") in a registered direct offering which closed on January 5, 2021. The aggregate purchase price for each common share and January 5 Warrant was $0.19. In connection with this
    offering, we received gross proceeds of approximately $18.0 million and net proceeds of approximately $16.4 million, net of estimated fees and expenses of approximately $1.6 million. All of the January 5 Warrants have been exercised at an exercise
    price of $0.19 per warrant, for which we have received total gross proceeds of approximately $18.0 million.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif;">On January 8, 2021, we entered into agreements with certain investors pursuant to which we offered 137,000,000 common shares and warrants to purchase 137,000,000
    common shares (the "January 12 Warrants") in a registered direct offering. The aggregate purchase price for each common share and January 12 Warrant was $0.19. In connection with this offering, which closed on January 12, 2021, we received gross
    proceeds of approximately $26.0 million and net proceeds of approximately $24.0 million, net of estimated fees and expenses of approximately $2.0 million. All of the January 12 Warrants have been exercised at an exercise price of $0.19 per warrant, for
    which we have received total gross proceeds of approximately $26.0 million.</div>
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  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">DESCRIPTION OF DEBT SECURITIES</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We may offer and issue debt securities from time to time in one or more series, under one or more indentures, each dated as of a date on or
    prior to the issuance of the debt securities to which it relates, and pursuant to an applicable prospectus supplement. We may issue senior debt securities and subordinated debt securities pursuant to separate indentures, a senior indenture and a
    subordinated indenture, respectively, in each case between us and the trustee named in the indenture. We have filed forms of these documents as exhibits to the registration statement, of which this prospectus forms a part. The senior indenture and the
    subordinated indenture, as amended or supplemented from time to time, are sometimes referred to individually as an &#8220;indenture&#8221; and collectively as the &#8220;indentures.&#8221; Each indenture will be subject to and governed by the Trust Indenture Act and will be
    construed in accordance with and governed by the laws of the State of New York, without giving effect to any principles thereof relating to conflicts of law that would result in the application of the laws of any other jurisdiction, unless otherwise
    stated in the applicable prospectus supplement and indenture (or post-effective amendment hereto). The aggregate principal amount of debt securities which may be issued under each indenture will contain the specific terms of any series of debt
    securities or provide that those terms must be set forth in or determined pursuant to, an authorizing resolution, as defined in the applicable prospectus supplement, and/or a supplemental indenture, if any, relating to such series.&#160; Our debt securities
    may be convertible or exchangeable into any of our equity or other debt securities.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The following description sets forth certain general terms and provisions of the debt securities. The particular terms and provisions of the
    debt securities offered by any prospectus supplement, and the extent to which the general terms and provisions described below may apply to the offered debt securities, will be described in the applicable subsequent filings. We refer to any applicable
    prospectus supplement, amendment to the registration statement of which this prospectus forms a part, and reports we file with the SEC under the Exchange Act as &#8220;subsequent filings.&#8221; The statements below are not complete and are subject to, and are
    qualified in their entirety by reference to, all of the provisions of the applicable indenture. The specific terms of any debt securities that we may offer, including any modifications of, or additions to, the general terms described below as well as
    any applicable material U.S. federal income tax considerations concerning the ownership of such debt securities will be described in the applicable prospectus supplement and indenture and, as applicable, supplemental indenture. Accordingly, for a
    complete description of the terms of a particular issue of debt securities, the general description of the debt securities set forth below should be read in conjunction with the applicable prospectus supplement and indenture, as amended or supplemented
    from time to time.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">General</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We expect that neither indenture will limit the amount of debt securities which may be issued. The debt securities may be issued in one or
    more series.</div>
  <div style="text-align: justify; text-indent: -36pt; margin-left: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You should read the applicable indenture and subsequent filings relating to the particular series of debt securities for
    the following terms of the offered debt securities:</div>
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        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
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          <div style="font-family: 'Times New Roman', serif;">the designation, aggregate principal amount and authorized denominations;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the issue price, expressed as a percentage of the aggregate principal amount;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the maturity date;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the interest rate per annum, if any;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">if the debt securities provide for interest payments, the date from which interest will accrue, the dates on which interest will be payable, the date on which payment of interest will commence
            and the regular record dates for interest payment dates;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">any optional or mandatory sinking fund provisions or exchangeability provisions;</div>
        </td>
      </tr>

  </table>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
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  </div>
  <div style="margin-bottom: 12pt;"><br>
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        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the terms and conditions upon which conversion of any convertible debt securities may be effected, including the conversion price, the conversion period and other conversion provisions;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">whether the debt securities will be our senior or subordinated securities;</div>
        </td>
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  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">whether the debt securities will be our secured or unsecured obligations;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

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        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the applicability and terms of any guarantees;</div>
        </td>
      </tr>

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  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the date, if any, after which and the price or prices at which the debt securities may be optionally redeemed or must be mandatorily redeemed and any other terms and provisions of optional or
            mandatory redemptions;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the debt securities of the series will be issuable;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">if other than the full principal amount, the portion of the principal amount of the debt securities of the series which will be payable upon acceleration or provable in bankruptcy;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">any events of default not set forth in this prospectus;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the currency or currencies, including composite currencies, in which principal, premium and interest will be payable, if other than the currency of the United States of America;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">if principal, premium or interest is payable, at our election or at the election of any holder, in a currency other than that in which the debt securities of the series are stated to be payable,
            the period or periods within which, and the terms and conditions upon which, the election may be made;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">whether interest will be payable in cash or additional securities at our or the holder's option and the terms and conditions upon which the election may be made;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">if denominated in a currency or currencies other than the currency of the United States of America, the equivalent price in the currency of the United States of America for purposes of
            determining the voting rights of holders of those debt securities under the applicable indenture;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">if the amount of payments of principal, premium or interest may be determined with reference to an index, formula or other method based on a coin or currency other than that in which the debt
            securities of the series are stated to be payable, the manner in which the amounts will be determined;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">any restrictive covenants or other material terms relating to the debt securities;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">whether the debt securities will be issued in the form of global securities or certificates in registered form;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">any listing on any securities exchange or quotation system;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">additional provisions, if any, related to defeasance and discharge of the debt securities; and</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">any other special features of the debt securities.</div>
        </td>
      </tr>

  </table>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">19</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Subsequent filings may include additional terms not listed above. Unless otherwise indicated in subsequent filings with the SEC relating to
    the indenture, principal, premium and interest will be payable and the debt securities will be transferable at the corporate trust office of the applicable trustee. Unless other arrangements are made or set forth in subsequent filings or a supplemental
    indenture, principal, premium and interest will be paid by checks mailed to the registered holders at their registered addresses.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Unless otherwise indicated in subsequent filings with the SEC, the debt securities will be issued only in fully registered form without
    coupons, in denominations of $1,000 or any integral multiple thereof. No service charge will be made for any transfer or exchange of the debt securities, but we may require payment of a sum sufficient to cover any tax or other governmental charge
    payable in connection with these debt securities.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Some or all of the debt securities may be issued as discounted debt securities, bearing no interest or interest at a rate which at the time
    of issuance is below market rates, to be sold at a substantial discount below the stated principal amount. United States federal income tax consequences and other special considerations applicable to any discounted securities will be described in
    subsequent filings with the SEC relating to those securities.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Senior Debt</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We may issue senior debt securities, which may be secured or unsecured, under the senior debt indenture. The senior debt securities will rank
    on an equal basis with all our other senior debt except subordinated debt. The senior debt securities will be effectively subordinated, however, to all of our secured debt to the extent of the value of the collateral securing such debt. We will
    disclose the amount of our debt in the prospectus supplement.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Subordinated Debt</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We may issue subordinated debt securities under a subordinated debt indenture. Subordinated debt would rank subordinate and junior in right
    of payment, to the extent set forth in the subordinated debt indenture, to all our senior debt.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Covenants</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Any series of debt securities may have covenants in addition to or differing from those included in the applicable indenture which will be
    described in subsequent filings prepared in connection with the offering of such securities, limiting or restricting, among other things:</div>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our ability to incur either secured or unsecured debt, or both;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our ability to make certain payments, dividends, redemptions or repurchases;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our ability to create dividend and other payment restrictions affecting our subsidiaries;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our ability to make investments;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">mergers and consolidations by us or our subsidiaries;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">sales of assets by us;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our ability to enter into transactions with affiliates;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">our ability to incur liens; and</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">sale and leaseback transactions.</div>
        </td>
      </tr>

  </table>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">20</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Modification of the Indentures</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We expect that each indenture and the rights of the respective holders may be modified by us only with the consent of holders of not less
    than a majority in aggregate principal amount of the outstanding debt securities of all series under the respective indenture affected by the modification, taken together as a class. But we expect that no modification that:</div>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(1)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">changes the amount of securities whose holders must consent to an amendment, supplement or waiver;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(2)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">reduces the rate of or changes the interest payment time on any security or alters its redemption provisions (other than any alteration to any such section which would not materially adversely
            affect the legal rights of any holder under the indenture) or the price at which we are required to offer to purchase the securities;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(3)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">reduces the principal or changes the maturity of any security or reduces the amount of, or postpones the date fixed for, the payment of any sinking fund or analogous obligation;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(4)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">waives a default or event of default in the payment of the principal of or interest, if any, on any security (except a rescission of acceleration of the securities of any series by the holders
            of at least a majority in principal amount of the outstanding securities of that series and a waiver of the payment default that resulted from such acceleration);</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(5)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">makes the principal of or interest, if any, on any security payable in any currency other than that stated in the security;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', serif;">(6)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">makes any change with respect to holders' rights to receive principal and interest, the terms pursuant to which defaults can be waived, certain modifications affecting shareholders or certain
            currency-related issues; or</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(7)</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">waives a redemption payment with respect to any security or changes any of the provisions with respect to the redemption of any securities;</div>
        </td>
      </tr>

  </table>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">will be effective against any holder without his consent.&#160; Other terms as specified in subsequent filings may be modified without the consent of the holders.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Events of Default</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We expect that each indenture will define an event of default for the debt securities of any series as being any one of the following events:</div>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">default in any payment of interest when due which continues for 30 days;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">default in any payment of principal or premium at maturity;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">default in the deposit of any sinking fund payment when due;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">default in the performance of any covenant in the debt securities or the applicable indenture which</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">continues for 60 days after we receive notice of the default;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">default under a bond, debenture, note or other evidence of indebtedness for borrowed money by us or our subsidiaries (to the extent we are directly responsible or liable therefor) having a
            principal amount in excess of a minimum amount set forth in the applicable subsequent filings, whether such indebtedness now exists or is hereafter created, which default shall have resulted in such indebtedness becoming or being declared due
            and payable prior to the date on which it would otherwise have become due and payable, without such acceleration having been rescinded or annulled or cured within 30 days after we receive notice of the default; and</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">events of bankruptcy, insolvency or reorganization.</div>
        </td>
      </tr>

  </table>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">21</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">An event of default of one series of debt securities will not necessarily constitute an event of default with respect to any other series of
    debt securities.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">There may be such other or different events of default as described in an applicable subsequent filing with respect to any class or series of
    debt securities.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We expect that under each indenture, in case an event of default occurs and continues for the debt securities of any series, the applicable
    trustee or the holders of not less than 25% in aggregate principal amount of the debt securities then outstanding of that series may declare the principal and accrued but unpaid interest of the debt securities of that series to be due and payable.&#160;
    Further, any event of default for the debt securities of any series which has been cured is expected to be permitted to be waived by the holders of a majority in aggregate principal amount of the debt securities of that series then outstanding.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We expect that each indenture will require us to file annually after debt securities are issued under that indenture with the applicable
    trustee a written statement signed by two of our officers as to the absence of material defaults under the terms of that indenture.&#160; We also expect that each indenture will provide that the applicable trustee may withhold notice to the holders of any
    default if it considers it in the interest of the holders to do so, except notice of a default in payment of principal, premium or interest.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Subject to the duties of the trustee in case an event of default occurs and continues, we expect that each indenture will provide that the
    trustee is under no obligation to exercise any of its rights or powers under that indenture at the request, order or direction of holders unless the holders have offered to the trustee reasonable indemnity.&#160; Subject to these provisions for
    indemnification and the rights of the trustee, each indenture is expected to provide that the holders of a majority in principal amount of the debt securities of any series then outstanding have the right to direct the time, method and place of
    conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee as long as the exercise of that right does not conflict with any law or the indenture.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Defeasance and Discharge</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The terms of each indenture are expected to provide us with the option to be discharged from any and all obligations in respect of the debt
    securities issued thereunder upon the deposit with the trustee, in trust, of money or U.S. government obligations, or both, which through the payment of interest and principal in accordance with their terms will provide money in an amount sufficient to
    pay any installment of principal, premium and interest on, and any mandatory sinking fund payments in respect of, the debt securities on the stated maturity of the payments in accordance with the terms of the debt securities and the indenture governing
    the debt securities.&#160; We expect that this right may only be exercised if, among other things, we have received from, or there has been published by, the United States Internal Revenue Service a ruling to the effect that such a discharge will not be
    deemed, or result in, a taxable event with respect to holders.&#160; This discharge would not apply to our obligations to register the transfer or exchange of debt securities, to replace stolen, lost or mutilated debt securities, to maintain paying agencies
    and hold moneys for payment in trust.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Defeasance of Certain Covenants</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We expect that the terms of the debt securities provide us with the right not to comply with specified covenants and that specified events of
    default described in a subsequent filing will not apply provided we deposit with the trustee money or U.S. government obligations, or both, which through the payment of interest and principal will provide money in an amount sufficient to pay any
    installment of principal, premium, and interest on, and any mandatory sinking fund payments in respect of, the debt securities on the stated maturity of such payments in accordance with the terms of the debt securities and the indenture governing such
    debt securities. We expect that to exercise this right, we will also be required to deliver to the trustee an opinion of counsel to the effect that the deposit and related covenant defeasance should not cause the holders of such series to recognize
    income, gain or loss for federal income tax purposes.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We refer you to applicable subsequent filings with respect to any deletions or additions or modifications from the description contained in
    this prospectus.</div>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">22</font></div>
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  </div>
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  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Form of Debt Securities</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Each debt security will be represented either by a certificate issued in definitive form to a particular investor or by one or more global
    securities representing the entire issuance of securities. Both certificated securities in definitive form and global securities may be issued either in registered form, where our obligation runs to the holder of the security named on the face of the
    security, or in bearer form, where our obligation runs to the bearer of the security.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Definitive securities name you or your nominee as the owner of the security, other than definitive bearer securities, which name the bearer
    as owner, and in order to transfer or exchange these securities or to receive payments other than interest or other interim payments, you or your nominee must physically deliver the securities to the trustee, registrar, paying agent or other agent, as
    applicable.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Global securities name a depositary or its nominee as the owner of the debt securities represented by these global securities, other than
    global bearer securities, which name the bearer as owner. The depositary maintains a computerized system that will reflect each investor&#8217;s beneficial ownership of the securities through an account maintained by the investor with its broker/dealer,
    bank, trust company or other representative, as we explain more fully below.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Global Securities</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We may issue the debt securities in the form of one or more fully registered global securities that will be deposited with a depositary or
    its nominee identified in the applicable prospectus supplement and registered in the name of that depositary or nominee. In those cases, one or more registered global securities will be issued in a denomination or aggregate denominations equal to the
    portion of the aggregate principal or face amount of the securities to be represented by registered global securities. Unless and until it is exchanged in whole for securities in definitive registered form, a registered global security may not be
    transferred except as a whole by and among the depositary for the registered global security, the nominees of the depositary or any successors of the depositary or those nominees. If not described below, any specific terms of the depositary arrangement
    with respect to any debt securities to be represented by a registered global security will be described in the prospectus supplement relating to those debt securities. We anticipate that the following provisions will apply to all depositary
    arrangements:</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Ownership of beneficial interests in a registered global security will be limited to persons, called participants, that have accounts with
    the depositary or persons that may hold interests through participants. Upon the issuance of a registered global security, the depositary will credit, on its book-entry registration and transfer system, the participants&#8217; accounts with the respective
    principal or face amounts of the securities beneficially owned by the participants. Any dealers, underwriters or selling agents participating in the distribution of the securities will designate the accounts to be credited. Ownership of beneficial
    interests in a registered global security will be shown on, and the transfer of ownership interests will be effected only through, records maintained by the depositary, with respect to interests of participants, and on the records of participants, with
    respect to interests of persons holding through participants. The laws of some jurisdictions may require that some purchasers of securities take physical delivery of these securities in definitive form. These laws may impair your ability to own,
    transfer or pledge beneficial interests in registered global securities. So long as the depositary, or its nominee, is the registered owner of a registered global security, that depositary or its nominee, as the case may be, will be considered the sole
    owner or holder of the securities represented by the registered global security for all purposes under the indenture.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Except as described below, owners of beneficial interests in a registered global security will not be entitled to have the securities
    represented by the registered global security registered in their names, will not receive or be entitled to receive physical delivery of the securities in definitive form and will not be considered the owners or holders of the securities under the
    indenture. Accordingly, each person owning a beneficial interest in a registered global security must rely on the procedures of the depositary for that registered global security and, if that person is not a participant, on the procedures of the
    participant through which the person owns its interest in that registered global security, to exercise any rights of a holder under the indenture. We understand that under existing industry practices, if we request any action of holders of a registered
    global security or if an owner of a beneficial interest in a registered global security desires to give or take any action that a holder is entitled to give or take under the indenture, the depositary for the registered global security would authorize
    the participants holding the relevant beneficial interests to give or take that action, and the participants would authorize beneficial owners owning through them to give or take that action or would otherwise act upon the instructions of beneficial
    owners holding through them.</div>
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    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">23</font></div>
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  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Principal, premium, if any, and interest payments on debt securities represented by a registered global security registered in the name of a
    depositary or its nominee will be made to the depositary or its nominee, as the case may be, as the registered owner of the registered global security. None of us, the trustee or any other agent of us or agent of the trustee will have any
    responsibility or liability to owners of beneficial interests for any aspect of the records relating to payments made on account of beneficial ownership interests in the registered global security or for maintaining, supervising or reviewing any
    records relating to those beneficial ownership interests. We expect that the depositary for any of the securities represented by a registered global security, upon receipt of any payment of principal, premium, interest or other distribution of
    underlying securities or other property to holders on that registered global security, will immediately credit participants&#8217; accounts in amounts proportionate to their respective beneficial interests in that registered global security as shown on the
    records of the depositary. We also expect that payments by participants to owners of beneficial interests in a registered global security held through participants will be governed by standing customer instructions and customary practices, as is now
    the case with the securities held for the accounts of customers in bearer form or registered in &#8220;street name,&#8221; and will be the responsibility of those participants.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We expect that the indenture will provide that if the depositary for any of these securities represented by a registered global security is
    at any time unwilling or unable to continue as depositary or ceases to be a clearing agency registered under the Exchange Act, and a successor depositary registered as a clearing agency under the Exchange Act is not appointed by us within 90 days, we
    will be required to issue securities in definitive form in exchange for the registered global security that had been held by the depositary. In addition, the indenture is expected to allow us to decide, at any time and in our sole discretion, to not
    have any of the securities represented by one or more registered global securities. If we make that decision, we will issue securities in definitive form in exchange for all of the registered global security or securities representing those securities.
    Any securities issued in definitive form in exchange for a registered global security will be registered in the name or names that the depositary gives to the relevant trustee or other relevant agent of ours or theirs. It is expected that the
    depositary&#8217;s instructions will be based upon directions received by the depositary from participants with respect to ownership of beneficial interests in the registered global security that had been held by the depositary.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In the event that the Depository Trust Company, or DTC, acts as depository for the global securities of any series, the global securities
    will be issued as fully registered securities registered in the name of Cede &amp; Co., as DTC's nominee.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">24</font></div>
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  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">DESCRIPTION OF WARRANTS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We may issue warrants to purchase any of our debt or equity securities. Warrants may be issued independently or together with any other
    securities and may be attached to, or separate from, such securities. Each series of warrants will be issued under a separate warrant agreement to be entered into between us and a warrant agent. The terms of any warrants to be issued and a description
    of the material provisions of the applicable warrant agreement will be set forth in the applicable prospectus supplement. We expect that such terms will include, among others:</div>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the title of such warrants;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the aggregate number of such warrants;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the price or prices at which such warrants will be issued;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the number and type of our securities purchasable upon exercise of such warrants;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the price at which our securities purchasable upon exercise of such warrants may be purchased;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the date on which the right to exercise such warrants shall commence and the date on which such right shall expire;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">if applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants issued with each such security;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">if applicable, the date on and after which such warrants and the related securities will be separately transferable;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">information with respect to book-entry procedures, if any;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">if applicable, a discussion of any material U.S. federal income tax considerations; and</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants.</div>
        </td>
      </tr>

  </table>
  <font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>The warrants will be construed in accordance with and governed by the laws of the State of New York, without giving effect to
  any principles thereof relating to conflicts of law that would result in the application of the laws of any other jurisdiction, unless otherwise stated in the applicable prospectus supplement (or a post-effective amendment hereto).
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">25</font></div>
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  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">DESCRIPTION OF PURCHASE CONTRACTS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We may issue purchase contracts for the purchase or sale of any of our debt or equity securities issued by us.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Each purchase contract will entitle the holder thereof to purchase or sell, and obligate us to sell or purchase, on specified dates, such
    securities at a specified purchase price, which may be based on a formula, all as set forth in the applicable prospectus supplement. We may, however, satisfy our obligations, if any, with respect to any purchase contract by delivering the cash value of
    such purchase contract or the cash value of the securities otherwise deliverable, as set forth in the applicable prospectus supplement. The applicable prospectus supplement will also specify the methods by which the holders may purchase or sell such
    securities and any acceleration, cancellation or termination provisions, provisions relating to U.S. federal income tax considerations, if any, or other provisions relating to the settlement of a purchase contract.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The purchase contracts may require us to make periodic payments to the holders thereof or vice versa, which payments may be deferred to the
    extent set forth in the applicable prospectus supplement, and those payments may be unsecured or pre-funded on some basis. The purchase contracts may require the holders thereof to secure their obligations in a specified manner to be described in the
    applicable prospectus supplement. Alternatively, purchase contracts may require holders to satisfy their obligations thereunder when the purchase contracts are issued. Our obligation to settle such pre-paid purchase contracts on the relevant settlement
    date may constitute indebtedness. Accordingly, pre-paid purchase contracts will be issued under either the senior indenture or the subordinated indenture.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">
    <div style="text-align: left; font-family: 'Times New Roman',Times,serif;">The purchase contracts will be construed in accordance with and governed by the laws of the State of New York, without giving effect to any principles thereof relating to
      conflicts of law that would result in the application of the laws of any other jurisdiction, unless otherwise stated in the applicable prospectus supplement (or a post-effective amendment hereto).</div>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">26</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
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  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">DESCRIPTION OF RIGHTS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We may issue rights to purchase our equity securities. These rights may be issued independently or together with any other security offered
    by this prospectus and may or may not be transferable by the shareholder receiving the rights in the rights offering. In connection with any rights offering, we may enter into a standby underwriting agreement with one or more underwriters pursuant to
    which the underwriter will purchase any securities that remain unsubscribed for upon completion of the rights offering.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The applicable prospectus supplement relating to any rights will describe the terms of the offered rights, including, where applicable, the
    following:</div>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the exercise price for the rights;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the number of rights issued to each shareholder;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the extent to which the rights are transferable;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">any other terms of the rights, including terms, procedures and limitations relating to the exchange and exercise of the rights;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the date on which the right to exercise the rights will commence and the date on which the right will expire;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the amount of rights outstanding;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the extent to which the rights include an over-subscription privilege with respect to unsubscribed securities; and</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the material terms of any standby underwriting arrangement entered into by us in connection with the rights offering.</div>
        </td>
      </tr>

  </table>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The description in the applicable prospectus supplement of any rights we offer will not necessarily be complete and will be qualified in its
    entirety by reference to the applicable rights certificate or rights agreement, which will be filed with the SEC if we offer rights. For more information on how you can obtain copies of any rights certificate or rights agreement if we offer rights, see
    the section entitled &#8220;Where You Can Find Additional Information&#8221; of this prospectus. We urge you to read the applicable rights certificate, the applicable rights agreement and any applicable prospectus supplement in their entirety.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">
    <div style="text-align: left; font-family: 'Times New Roman',Times,serif;">The rights will be construed in accordance with and governed by the laws of the State of New York, without giving effect to any principles thereof relating to conflicts of law
      that would result in the application of the laws of any other jurisdiction, unless otherwise stated in the applicable prospectus supplement (or a post-effective amendment hereto).</div>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">27</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">DESCRIPTION OF UNITS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As specified in the applicable prospectus supplement, we may issue units consisting of one or more rights, purchase contracts, warrants, debt
    securities, preferred shares, common shares or any combination of such securities.&#160; The applicable prospectus supplement will describe the terms of the offered units.&#160; We expect that such terms will include, among others:</div>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">the terms of the units and of the rights, purchase contracts, warrants, debt securities, preferred shares and common shares comprising the units, including whether and under what circumstances
            the securities comprising the units may be traded separately;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">a description of the terms of any unit agreement governing the units;</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">if applicable, a discussion of any material U.S. federal income tax considerations; and</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">a description of the provisions for the payment, settlement, transfer or exchange of the units.</div>
        </td>
      </tr>

  </table>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">28</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">TAX CONSIDERATIONS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You should carefully read the discussion of the material Marshall Islands and U.S. federal income tax considerations associated with our
    operations and the acquisition, ownership and disposition of our common&#160;shares&#160;set forth in the section entitled &#8220;Taxation&#8221; of our Annual Report incorporated by reference herein, as updated by annual and other reports and documents we file with the SEC
    after the date of this prospectus and that are incorporated by reference herein. </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">29</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">EXPENSES</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The following are the estimated expenses of the issuance and distribution of the securities being registered under the registration statement
    of which this prospectus forms a part, all of which will be paid by us.</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">SEC registration fee (1)</div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">*</div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 88%;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">FINRA filing fee</div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">*</div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Legal fees and expenses</div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">*</div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 88%;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Accounting fees and expenses</div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">*</div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Miscellaneous</div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">*</div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: bottom; width: 88%;">
          <div style="text-align: justify; color: #000000; font-family: 'Times New Roman', serif;">Total</div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">$</div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
          <div style="color: #000000; font-family: 'Times New Roman', serif;">*</div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
      </tr>

  </table>
  <div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 3pt; margin-top: 3pt;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', serif;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: #000000; font-family: 'Times New Roman', serif;">The registrant is registering an indeterminate amount of securities under the registration statement in accordance with&#160;Rules 456(b) and 457(r), the registrant is deferring
              payment of the registration fee in connection with such securities until the time the securities are sold under the registration statement pursuant to a prospectus supplement.</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
  </div>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-family: 'Times New Roman', serif;">*</font><font style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</font></td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">To be provided by a prospectus supplement or as an exhibit to a report on Form 6-K that is incorporated by reference into this registration statement.</div>
        </td>
      </tr>

  </table>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">LEGAL MATTERS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The validity of the securities offered by this prospectus will be passed upon for us by Seward &amp; Kissel LLP, New York, New York with
    respect to matters of United States, New York and Marshall Islands law.</div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">EXPERTS</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The financial statements incorporated in this prospectus by reference from the Company's Annual Report on Form 20-F for the year ended
    December 31, 2020, have been audited by Deloitte Certified Public Accountants S.A., an independent registered public accounting firm, as stated in their report, which is incorporated herein by reference. Such financial statements have been so
    incorporated in reliance upon the report of such firm given upon their authority as experts in accounting and auditing. The offices of Deloitte Certified Public Accountants S.A. are located at Fragoklissias 3a &amp; Granikou Str., 15125 Maroussi,
    Athens, Greece.</div>
  <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">As required by the Securities Act, we filed an automatic shelf registration statement relating to the securities offered by this prospectus
    with the SEC. This prospectus is a part of that registration statement, which includes additional information.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Government Filings</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We file annual and special reports within the SEC. The SEC maintains a website (http://www.sec.gov) that contains reports, proxy and
    information statements and other information regarding registrants that file electronically with the SEC. Our filings are also available on our website at http:// www.castormaritime.com. The information on our website, however, is not, and should not
    be deemed to be, a part of this prospectus. Further, other than as described below, the information contained in or accessible from the SEC's website is not part of this prospectus.</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">30</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-bottom: 10pt;"><br>
  </div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Information Incorporated by Reference</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The SEC allows us to "incorporate by reference" information that we file with it. This means that we can disclose important information to
    you by referring you to those filed documents. The information incorporated by reference is considered to be a part of this prospectus, and information that we file later with the SEC prior to the termination of this offering will also be considered to
    be part of this prospectus and will automatically update and supersede previously filed information, including information contained in this document.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We incorporate by reference in this prospectus the documents listed below which have been filed with the SEC:</div>
  <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
        <td style="width: auto; vertical-align: top; text-align: justify;">
          <div style="font-family: 'Times New Roman', serif;">Report on&#160;<font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 255); font-family: 'Times New Roman',serif; font-style: normal; font-variant: normal; text-transform: none;"><a href="https://www.sec.gov/Archives/edgar/data/1720161/000091957421002682/0000919574-21-002682-index.htm">Form 20-F</a></font><font style="background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman',serif; font-style: normal; font-variant: normal; text-transform: none;">&#160;</font>for the year ended December 31, 2020, filed with the SEC on March 30, 2021, which contains our audited consolidated financial statements for the most
            recent fiscal year for which those statements have been filed.</div>
        </td>
      </tr>

  </table>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We are also incorporating by reference all subsequent annual reports on Form 20-F that we file with the SEC and certain reports on Form 6-K
    that we furnish to the SEC after the date of the initial filing of the registration statement of which this prospectus forms a part (if they state that they are incorporated by reference into this prospectus) until we file a post-effective amendment
    indicating that the offering of the securities made by this prospectus has been terminated. In all cases, you should rely on the later information over different information included in this prospectus or the prospectus supplement.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You should rely only on the information contained or incorporated by reference in this prospectus and any accompanying prospectus supplement.
    We have not authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We are not making an offer to sell these securities in any jurisdiction
    where the offer or sale is not permitted. You should assume that the information appearing in this prospectus and any accompanying prospectus supplement as well as the information we previously filed with the SEC and incorporated by reference, is
    accurate as of the dates on the front cover of those documents only. Our business, financial condition and results of operations and prospects may have changed since those dates.</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">You may request a free copy of the above-mentioned filing or any subsequent filing we incorporate by reference to this prospectus by writing
    or telephoning us at the following address:</div>
  <div style="text-align: center; font-family: 'Times New Roman', serif;">Castor Maritime Inc.</div>
  <div style="text-align: center; font-family: 'Times New Roman', serif;">Attn: Petros Panagiotidis</div>
  <div style="text-align: center; font-family: 'Times New Roman', serif;">223 Christodoulou Chatzipavlou Street</div>
  <div style="text-align: center; font-family: 'Times New Roman', serif;">Hawaii Royal Gardens,</div>
  <div style="text-align: center; font-family: 'Times New Roman', serif;">3036 Limassol</div>
  <div style="text-align: center; font-family: 'Times New Roman', serif;">Cyprus</div>
  <div style="text-align: center; font-family: 'Times New Roman', serif;">+ 357 25 357 767</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">These reports may also be obtained on our website at www.castormaritime.com. None of the information on our website is a part of this
    prospectus or the accompanying prospectus supplement.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Information Provided by the Company</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">We will furnish holders of our common shares with annual reports containing audited financial statements and a report by our independent
    registered public accounting firm. The audited financial statements will be prepared in accordance with U.S. generally accepted accounting principles. As a &#8220;foreign private issuer,&#8221; we are exempt from the rules under the Exchange Act prescribing the
    furnishing and content of proxy statements to shareholders. While we furnish proxy statements to shareholders in accordance with the rules of the Nasdaq, those proxy statements do not conform to Schedule 14A of the proxy rules promulgated under the
    Exchange Act. In addition, as a &#8220;foreign private issuer,&#8221; our officers and directors are exempt from the rules under the Exchange Act relating to short swing profit reporting and liability.</div>
  <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Disclosure of Commission Position on Indemnification for Securities Act Liabilities</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons
    controlling the registrant pursuant to the foregoing provisions, the registrant has been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</div>
  <div><br>
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  </div>
  <br>
  <br>
  <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">192,307,700 Common Shares and<br>
    Warrants to Purchase Up to 192,307,700 Common Shares</div>
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    <div style="text-align: center;"><img src="image00001.jpg"></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
