Star Bulk Acquires Two Modern Kamsarmax drybulk carriers And Takes Delivery Of One Newcastlemax

By Vessels

Star Bulk Carriers Corp. (Star Bulk) (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, yesterday announced that it has entered into definitive agreements to acquire two modern Kamsarmax drybulk carriers from an unaffiliated third party for an aggregate total consideration of approximately US$30.3 million.

Each of the Vessels has a carrying capacity of 81,713 deadweight tons and was built with high specifications at Jiangsu New Yangzijiang in 2013.

Star Bulk Acquires Two Modern Kamsarmax drybulk carriers And Takes Delivery Of One Newcastlemax

Newcastlemax bulk carrier Star Poseidon - Image courtesy of Star Bulk (For illustrative purposes only)

The Vessels are expected to be delivered to Star Bulk between March and May 2017.

The Company is currently in advanced discussions with a financial institution to secure financing for up to 50% of the acquisition costs of the Vessels.

The Company, additionally, announced yesterday that it took delivery of the Newcastlemax vessel Star Virgo (ex HN 1371), which is financed under a bareboat charter accounted for as a capital lease, from CSSC (Hong Kong) Shipping Company Limited.

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". On a fully delivered basis, Star Bulk will have a fleet of 74 vessels, with an aggregate capacity of 8.2 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. Star Bulk fleet currently includes 68 operating vessels, 2 vessels acquired and due for delivery and 4 newbuilding vessels under construction at shipyards in China. Additionally, the Company has one chartered-in Supramax vessel, under a time charter expiring in September 2017.

Source: Star Bulk