Star Bulk takes delivery of its first post ‐ panamax bulk carrier
Star Bulk Carriers Corp., a global shipping company focusing on the trans portation of dry bulk cargo es, today ann ounced that it has taken delivery of M/ V Star Vega the “Vessel”) a Post ‐ Panamax bulk carrier of approximately 98,000 deadweight tons carrying capacity, the company said in its press release.
The Vessel has commenced a time charter with the sellers of the Vessel for a period between 30 months to 34 months, at a gross daily hire rate of $15,000 minus a 1.25% address commission on gross revenues. The vessel is expected to generat e approximately $13.4 million in charter revenue over the minimum contracted period.
The Star Vega is the first of the two modern Post ‐ Panamax bulk carriers to be delivered to the Company, pursuan to the relevant binding agreements announced on Janu ary 29, 2014. The second Post ‐ Panamax bulk carrier, M/V Star Sirius, is expected to be delivered to the Company in early Ma rch of 2014.
Upon the completion of the acquisit ion of the M/V Star Sirius, Star Bulk will own seventeen dry bulk vessels, consisting of five Capesize, two Post‐Panamax, two Ultramax and eight Supramax vessels with average age of approximately 8.8 years.
In addition, Star Bulk has entered into definitive contracts for the constructio n of addition ally nine vessels at high quality shipyards in Japan and China, including three Newcastlemax, two Capesize and four Ultramax vessels with fuel‐efficient specifications with expected deliveries in 2015 and early 2016.
The Company has financed the purchase of the Vessel using cash on hand and expects to finance part of its purchase price, as well as part of the purchase price of the M/V Star Sirius, under the previously announced 7‐ year senior secured credit facility of up to $39.0 million with Deutsche Bank AG. The drawdown of the D B facility is expected to take place in March 2014.
About St ar Bulk
Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, coal and grain and minor bulks which include auxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece. Following the delivery of the two newly acquired vessels, Star Bulk will own a fleet of seventeen dry bulk carriers consisting of five Capesize, two Post Panamax, two Ultramax and eight Supramax dry bulk vessels with a combined cargo carrying capacity of approximately 1,609,519 deadweight tons (dwt ) and an average age of aproximately 8.8 years. In addition, Star Bulk provides vessel management services to eleven third‐party dry bulk vessels, including five Capesize, one Post – Panamax, two Panama and three Supramax vessels. Star Bulk has also entered into agreements for the construction of nine fuel efficient dry bulk vessels, including three New castlemax vessels, two Capesize vessels and four Ultramax vessels, with a combined cargo carrying capacity of 1,227,000 deadweight tons. All of the newbuilding vessels are expected to be delivered during 2015 and 2016.
