Star Bulk Takes Delivery of Its First Ultramax Bulk Carrier, Star Challenger
December 16 2013 - 8:45AM
Marketwired
Star Bulk Takes Delivery of Its First Ultramax Bulk Carrier, Star
Challenger
ATHENS, GREECE--(Marketwired - Dec 16, 2013) - Star Bulk
Carriers Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK), a
global shipping company focusing on the transportation of dry bulk
cargoes, today announced that it has taken delivery of M/V Star
Challenger (formerly M/V "Supra Challenger"), an Ultramax bulk
carrier of 61,462 deadweight tons carrying capacity, built in Japan
by Imabari Shipbuilding Group in November of 2012. The vessel has
been employed on a short - term time charter for a period of 40
days, at a gross hire rate of $13,700 per day. This short - term
fixture is in line with the Company's flexible, spot - oriented
commercial strategy, aiming to capture the benefits of a potential
broader freight rate recovery in the dry bulk market.
The Star Challenger is the first of the two modern Ultramax bulk
carriers to be delivered to the Company, pursuant to the relevant
definitive agreement announced on November 18, 2013. The second
Ultramax bulk carrier, Star Fighter, is expected to be delivered to
the Company by the end of December 2013.
The Company has financed the purchase of Star Challenger using
cash on hand and is currently in advanced discussions with a major
lending institution to secure commercial bank debt financing for
the two Ultramax bulk carriers.
About Star 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 bauxite, fertilizers
and steel products. Star Bulk was incorporated in the Marshall
Islands on December 13, 2006 and maintains executive offices in
Athens, Greece. Its common stock trades on the Nasdaq Global Market
under the symbol "SBLK". Currently, Star Bulk has an operating
fleet of fifteen dry bulk carriers. The total fleet consists of
five Capesize, two Ultramax and eight Supramax dry bulk vessels
with a combined cargo carrying capacity of 1,413,526 deadweight
tons. The average age of our current operating fleet is
approximately 9.5 years. Additionally, we have nine third party dry
bulk vessels under our management, four Capesize, two Panamax and
three Supramax vessels with a combined cargo carrying capacity of
1,030,720 deadweight tons. We have also entered into agreements for
the construction of nine fuel efficient dry bulk vessels, three
Newcastlemax 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.
Forward-Looking Statements Matters discussed in this press
release 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.
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. The words "believe," "anticipate,"
"intends," "estimate," "forecast," "project," "plan," "potential,"
"may," "should," "expect," "pending" and similar expressions
identify forward-looking statements.
The forward-looking statements in this press release are based
upon various assumptions, many of which are based, in turn, upon
further assumptions, including without limitation, examination by
the Company's management of historical operating trends, data
contained in its records and other data available from third
parties. Although the Company believes 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 the Company's
control, the Company cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors
that, in the Company's view, could cause actual results to differ
materially from those discussed in the forward-looking statements
include the strength of world economies and currencies, general
market conditions, including fluctuations in charter rates and
vessel values, changes in demand for dry bulk shipping capacity,
changes in the Company's operating expenses, including bunker
prices, drydocking and insurance costs, the market for the
Company's vessels, availability of financing and refinancing,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political
conditions, potential disruption of shipping routes due to
accidents or political events, vessels breakdowns and instances of
off-hires and other factors. Please see our filings with the
Securities and Exchange Commission for a more complete discussion
of these and other risks and uncertainties. The information set
forth herein speaks only as of the date hereof, and the Company
disclaims any intention or obligation to update any forward-looking
statements as a result of developments occurring after the date of
this communication.
Contacts: Company: Simos Spyrou CFO Star Bulk Carriers Corp. c/o
Star Bulk Management Inc. 40 Ag. Konstantinou Av. Maroussi 15124
Athens, Greece Email: info@starbulk.com www.starbulk.com Investor
Relations / Financial Media: Nicolas Bornozis President Capital
Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel.
(212) 661-7566 E-mail: starbulk@capitallink.com
www.capitallink.com
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