Star Bulk Takes Delivery of Its First Post -- Panamax Bulk Carrier,
Star Vega
ATHENS, GREECE--(Marketwired - Feb 14, 2014) - 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
Vega (the "Vessel") a Post -- Panamax bulk carrier of approximately
98,000 deadweight tons carrying capacity.
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 generate 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, pursuant to the
relevant binding agreements announced on January 29, 2014. The
second Post -- Panamax bulk carrier, M/V Star Sirius, is expected
to be delivered to the Company in early March of 2014.
Upon the completion of the acquisition 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 construction of additionally 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 refinance 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 ("DB Facility"). The
drawdown of the DB facility is expected to take place in March
2014.
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 Select
Market under the symbol "SBLK." 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 approximately 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
Panamax and three Supramax vessels. Star Bulk has also entered into
agreements for the construction of nine fuel efficient dry bulk
vessels, including 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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