Star Bulk Carriers Corp. (Star Bulk) (Nasdaq: SBLK, Oslo: SBLK‐R), a global shipping company focusing on the transportation of dry bulk cargoes announced Tuesday (Oct 09) that it has entered into a $310 million loan agreement, which includes a $70 million tranche (the “Green Loan Tranche”) that will exclusively finance the procurement and retrofitting of scrubbers for up to approx. 50 vessels in Star Bulk’s fleet.  

Star Bulk Carriers announces a pioneering green loan to finance the retrofitting of 50 scrubbers

DNB Bank ASA (DNB), acted as the Mandated Lead Arranger, Facility Agent and Coordinator, along with ABN AMRO Bank N.V (“ABN”), BNP Paribas (“BNP”), Danish Ship Finance A/S (“DSF”) and Skandinaviska Enskilda Banken AB (“SEB”) as Mandated Lead Arrangers.   

The remaining $240 million were drawn on September 28, 2018 and refinanced in full a group of 26 vessels, namely 4 Newcastlemax, 4 Capesize, 2 Post Panamax, 14 Kamsarmax and 2 Supramax vessels.   

The Green Loan Tranche has been certified by DNV GL Business Assurance Services Limited (DNV GL) to be aligned with the Green Loan Principles. The completion of this financing is an important milestone for Star Bulk and its lending partners, who are pioneering sustainable Green Loans for dry bulk shipping investments, which aim to promote maritime emission reductions and compliance with the 2020 IMO regulations. The Green Loan Tranche has a margin of 280 basis points over LIBOR and an amortization profile of 4.5 years.  

Source: Star Bulk