Star Bulk Carriers Mulls Acquisitions
Jan 8 15
Star Bulk Carriers Corp. (NasdaqGS:SBLK) is looking for acquisitions. Star Bulk Carriers Corp. has filed a follow-on equity Offering in the amount of $200 million and will use the net proceeds for general corporate purposes which may include, among other things, additions to our working capital, capital expenditures (which includes our new building program), research and development, repayment of debt, repurchases of stock or the financing of possible acquisitions and investments.
Star Bulk Carriers Corp. Announces Long Term Strategic Commercial Partnership with Mining Company
Dec 17 14
Star Bulk Carriers Corp. announced the execution of three agreements with a leading publicly-traded mining company, for the voyage employment of three Newcastlemax vessels, HN 1359, HN NE 166 (tbn Gargantua) and HN NE 184, to be delivered with the latest generation fuel-efficient specifications from leading shipyards in China. Each of the Vessels will be employed, upon its delivery to the Charterer, for 45 consecutive round-trip voyages from Australia to China over a period of approximately five years, assuming normal travelling conditions and port waiting times. Under the terms of the agreements, the gross freight rate to be earned by each of the Vessels, on a $/ton basis, will be linked to the Baltic Index C5 route, as published by the Baltic Exchange, less voyage expenses. These agreements mark another step towards the Company's commercial strategy of creating more direct and long-term upstream partnerships with major miners, commodity traders and utility companies, by providing these with the scale required for the transportation of large volumes of commodities. The agreements allow the Company to benefit from specific characteristics of the Vessels, namely by taking full advantage of: the economies of scale created by the larger cargo intake of Newcastlemax vessels (approximately 208,000 mt per Vessel); and the fuel-efficient specifications of the Vessels. The company believes that these agreements embody innovative method of vessel employment under an index-linked voyage charter structure. This structure offers, among others, the following distinct benefits: It will further position the Company as a reliable partner to major charterers, thereby creating opportunities for similar agreements in the future; It will provide for long - term vessel employment with a leading A rated counterparty; It will provide the ability to benefit from a potential increase in freight rates, thus maintaining exposure to the favorable long-term fundamentals of the business; It will lead to increased Vessel utilization due to the steady flow of cargo, and the minimization of ballasting, idle time, and vessel diversions for commercial purposes.
Star Bulk Carriers Corp. Reports Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended September 30, 2014
Dec 2 14
Star Bulk Carriers Corp. reported unaudited consolidated earnings results for third quarter and nine months ended September 30, 2014. For the quarter, the company reported total revenues of $36,812,000 against $17,727,000 a year ago. Operating income was $1,268,000 compared to $1,801,000 a year ago. Net income was $221,000 against net loss of $168,000 a year ago. Basic and diluted earnings per share were $0.003 against loss per share of $0.01 a year ago. EBITDA was $25,526,000 against $23,873,000 a year ago. Adjusted EBITDA was $27,061,000 against $24,944,000 a year ago. Adjusted net loss was $2,164,000 against income of $2,261,000 a year ago. Adjusted diluted loss per share was $0.03 against income of $0.13 a year ago.
For the nine months, the company reported total revenues of $81,737,000 against $53,545,000 a year ago. Operating income was $1,252,000 compared to $7,035,000 a year ago. Net loss was $3,649,000 against net profit of $1,796,000 a year ago. Basic and diluted loss per share was $0.08 against earnings per share of $0.19 a year ago. Net cash provided by operating activities was $7,669,000 compared to $22,431,000 a year ago. EBITDA was $13,433,000 against $6,981,000 a year ago. Adjusted EBITDA was $9,668,000 against $7,809,000 a year ago. Adjusted net income was $2,416,000 against $7,618,000 a year ago. Adjusted diluted earnings per share were $0.05 against $0.82 a year ago.