Star Bulk Re-assigns Newbuilding Lease, Sells Old-Timer

By Curious

Nasdaq-listed dry bulk specialist Star Bulk Carriers Corp. has reassigned a lease for a recently delivered newbuilding vessel back to its owner for a one‐time payment to Star Bulk of USD 5.8 million.

The 61,258 dwt Ultramax M/V Star Antares was delivered to Star Bulk from China’s Nantong COSCO KHI‐Ship Engineering Co. shipyard on October 9.

Star Bulk re-assigned the lease for Star Antares on October 10, which will result in an additional reduction in vessel lease payments of USD 5.8 million during the first half of 2016.

The company also sold and delivered the 1997-built Panamax M/V Star Nicole to an unnamed buyer on October 15. The selling price for the 73,751 dwt bulker was not disclosed.