Star Bulk Takes Delivery of Its Second Ultramax Bulk Carrier, Star Fighter and
Reaches Agreement for a New Credit Facility
ATHENS, GREECE -- (Marketwired) -- 01/07/14 -- Star Bulk Carriers
Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK), a global
shipping company focusing on the transportation of dry bulk cargoes,
today announced that it has taken delivery of M/V Star Fighter (the
"vessel" -- formerly "Supra Challenger II"), an Ultramax bulk carrier
of 61,462 deadweight tons carrying capacity, built in Japan by
Imabari Shipbuilding Group in September of 2013. Pursuant to the
Company's flexible commercial strategy, the vessel has been employed
on a short-term time charter for a period of minimum 4 months up to
maximum 6 months, at a gross hire rate of $13,400 per day. M/V Star
Fighter is the second of the two modern Ultramax bulk carriers
delivered to the Company, pursuant to the relevant definitive
agreement announced on November 18, 2013.
The Company also announced today, that it has executed a commitment
term sheet with a major European lending bank for a seven-year senior
secured term loan facility, for an amount equal to 60% of the fair
market value of the two Ultramax bulk carriers acquired, Star
Challenger and Star Fighter (together the "vessels"). Under the terms
of the commitment term sheet, the drawdown of the loan is expected to
take place by February 2014, subject to completion of customary
definitive documentation. The Company has financed the acquisition of
both vessels using cash on hand and intends to partially refinance
their purchase price utilizing the proceeds from the secured credit
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, Greece.
Its common stock trades on the Nasdaq Global Market under the symbol
"SBLK." Currently, Star Bulk has an operating fleet of fifteen dry
bulk carriers. The total fleet consists of five Capesize, two
Ultramax and eight Supramax dry bulk vessels with
a combined cargo
carrying capacity of 1,413,526 deadweight tons. The average age of
our current operating fleet is approximately 9.5 years. Additionally,
we have nine third party dry bulk vessels under our management, four
Capesize, two Panamax and three Supramax vessels with a combined
cargo carrying capacity of 1,030,720 deadweight tons. We have also
entered into agreements for the construction of nine fuel efficient
dry bulk vessels, three Newcastlemax vessels, two Capesize vessels
and four Ultramax vessels, with a combined cargo carrying capacity of
1,227,000 deadweight tons. All of the newbuilding vessels are
expected to be delivered during 2015 and 2016.
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
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
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 the strength of world economies and currencies, general
market conditions, including fluctuations in charter rates and vessel
values, changes in demand for dry bulk shipping capacity, changes in
the Company's operating expenses, including bunker prices, drydocking
and insurance costs, the market for the Company's vessels,
availability of financing and refinancing, 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, vessels
breakdowns and instances of off-hires and other factors. 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.
Star Bulk Carriers Corp.
c/o Star Bulk Management Inc.
40 Ag. Konstantinou Av.
Investor Relations / Financial Media:
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, NY 10169
Tel. (212) 661-7566
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