Star Bulk Announces Changes to Its Board of Directors
January 23 2020 - 9:20AM
Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq:
SBLK, Oslo: SBLK), today announced the appointment of Mr. Brian
Laibow to its Board of Directors (“Board”) as Class B Director and
to the Company’s Nomination and Corporate Governance Committee (the
“Committee”). Mr. Laibow fills the seat made vacant by the
resignation of Ms. Emily Stephens who had been a director of the
Company and member of its Committee since November 2018.
Additionally, the Company announced that funds managed by Oaktree
Capital Management, L.P. (“Oaktree”) exercised the right to
designate an additional director to the Company’s Board under the
Oaktree Shareholders Agreement of July 2014. Oaktree nominated Ms.
Dawna Men as its third Board member designee, who will also be a
Class B director. Mr. Laibow and Ms. Men are employed by Oaktree.
The Board of Directors is now comprised of ten directors.
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, Oslo, New York, Cyprus and Geneva. Its common stock trades
on the Nasdaq Global Select Market and on the Oslo Stock Exchange
under the symbol “SBLK”. On a fully delivered basis, Star Bulk will
have a fleet of 116 vessels, with an aggregate capacity of 12.9
million dwt, consisting of 17 Newcastlemax, 19 Capesize, 2 Mini
Capesize, 7 Post Panamax, 35 Kamsarmax, 2 Panamax, 17 Ultramax and
17 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 completion of announced sales and purchases of
vessels.
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.
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.comwww.starbulk.com
Investor Relations / Financial
Media:Nicolas BornozisPresidentCapital Link, Inc.230 Park
Avenue, Suite 1536New York, NY 10169Tel. (212) 661‐7566E‐mail:
starbulk@capitallink.comwww.capitallink.com
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