Star Bulk Announces Debt Principal Repayments From Q1 2018
December 28 2017 - 4:05PM
Star Bulk Carriers Corp. (the “Company” or “Star Bulk”)
(Nasdaq:SBLK) announced today that, in light of the improved
performance of the Company and the dry bulk market in general, it
is planning to make debt principal repayments that are in total at
least equivalent to the amortization payments scheduled prior to
the commencement of debt amortization holidays, starting from
January 1st 2018, under the “cash sweep” mechanism incorporated in
its loan agreements.
Star Bulk had previously agreed with its Lenders
debt amortization holidays that commenced on June 1st 2016 and were
due to end on June 30th, 2018.
Our CEO Petros Pappas said, "We value our
relationships with our lenders and the flexibility they have
provided us. At this point there is no further need for any
amortization holiday."
About Star BulkStar 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".
On a fully delivered basis, Star Bulk will have a fleet of 74
vessels, with an aggregate capacity of 8.1 million dwt, consisting
of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax,
Ultramax and Supramax vessels with carrying capacities between
52,055 dwt and 209,537 dwt. Our fleet currently includes 71
operating vessels and 3 newbuilding vessels under construction at
shipyards in China.
Forward-Looking StatementsThe
Private Securities 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.
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, 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 OfficersStar Bulk Carriers Corp.c/o
Star Bulk Management Inc. 40 Ag. Konstantinou Av. Maroussi 15124
Athens, GreeceEmail: 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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