Star Bulk Carriers Corp. Acquisition of Own Shares
November 30 2018 - 5:20PM
Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq:
SBLK, Oslo: SBLK R), a global shipping company focusing on the
transportation of dry bulk cargoes, today announced that, pursuant
to the Company’s previously announced share repurchase program, the
Company purchased today 13,900 of its common shares in open market
transactions at an average price of $9.3260 for aggregate
consideration of $130,199. The Company shall cancel all the common
shares it has repurchased.
On November 29, 2018, the Company announced a
share repurchase program to purchase up to an aggregate of $50.0
million of the Company’s common shares. The timing and amount of
any repurchases will be in the sole discretion of the Company’s
management team, and will depend on legal requirements, market
conditions, stock price, alternative uses of capital and other
factors. Repurchases of common shares may take place in privately
negotiated transactions, in open market transactions pursuant to
Rule 10b-18 of the Exchange Act and/or pursuant to a trading plan
adopted in accordance with Rule 10b5-1 of the Exchange Act. The
Company is not obligated under the terms of the program to
repurchase any of its common shares. The repurchase program has no
expiration date and may be suspended or terminated by the Company
at any time without prior notice. Common shares repurchases as part
of this program will be cancelled by the Company.
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” and on the Oslo Stock Exchange under
the ticker “SBLK R”. On a fully delivered basis, Star Bulk will
have a fleet of 112 vessels, with an aggregate capacity of 12.74
million dwt, consisting of 17 Newcastlemax, 20 Capesize, 2 Mini
Capesize, 7 Post Panamax, 35 Kamsarmax, 2 Panamax, 17 Ultramax and
12 Supramax vessels with carrying capacities between 52,055 dwt and
209,537 dwt. Where we refer to information on a “fully delivered
basis,” we are referring to such information after giving
effect to the delivery of three newbuilding vessels and two
secondhand vessels we have agreed to acquire, which we expect
will be delivered to us by the end of the second quarter of 2019.
The Company also holds call options and has sold respective put
options on four Capesize vessels, with exercise dates in early
April 2019.
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 general dry bulk shipping market
conditions, including fluctuations in charterhire rates and vessel
values; the strength of world economies; the stability of Europe
and the Euro; fluctuations in interest rates and foreign exchange
rates; changes in demand in the dry bulk shipping industry,
including the market for our vessels; changes in our operating
expenses, including bunker prices, dry docking and insurance costs;
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; the availability of financing and
refinancing; our ability to meet requirements for additional
capital and financing to complete our newbuilding program and grow
our business; the impact of the level of our indebtedness and the
restrictions in our debt agreements; vessel breakdowns and
instances of off‐hire; risks associated with vessel construction;
potential exposure or loss from investment in derivative
instruments; potential conflicts of interest involving our Chief
Executive Officer, his family and other members of our senior
management and our ability to complete acquisition transactions as
planned. 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, Christos
BeglerisCo ‐ Chief Financial Officers Star Bulk Carriers Corp.c/o
Star Bulk Management Inc.40 Ag. Konstantinou Av.Maroussi
15124Athens, GreeceEmail:
info@starbulk.com www.starbulk.com
Investor Relations / Financial Media:
Nicolas BornozisPresidentCapital Link, Inc.230
Park Avenue, Suite 1536New York, NY 10169Tel. (212) 661‐7566E‐mail:
starbulk@capitallink.com www.capitallink.com
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