Forecasters say a record-breaking 29th named storm has formed in the 2020 Atlantic hurricane season.

The U.S. National Hurricane Center in Miami said late Monday night that Subtropical Storm Theta has emerged in the open northeast Atlantic and poses no immediate threat to land.

The hurricane center said in a statement at 10 a.m. EST Monday that Theta had developed about 995 miles (1,600 kilometers) southwest of the Azores and has maximum sustained winds of 50 mph (85 kph).

It said no coastal watches or warnings are in effect as the storm moves to the east near 15 mph (24 kph).

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 center said Theta broke a previous record of 28 named storms set in 2005.