Subtropical Storm Theta has formed Monday night over the open Atlantic Ocean, the record-breaking 29th named storm this season.
Theta has maximum sustained winds of 50 mph and is located 995 miles southwest of the Azores, according to the National Hurricane Center's latest advisory. The system is moving east at 15 mph.
There are no coastal watches or warnings in effect. Theta currently presents no hazard to land.
The storm is expected to continue in an east-northeast direction over the coming days and forecasters say Theta might slightly strengthen in the next 12 to 24 hours.
The NHC said Theta broke a previous record of 28 named storms set in 2005.
Late Sunday, Tropical Storm Eta made landfall in the Keys and dumped heavy rain in South Florida before it made its way to the Gulf of Mexico. Earlier, the storm struck Nicaragua as a Category 4 hurricane and killed nearly 70 people from Mexico to Panama.