Star Bulk

Star Bulk Acquires Bulk Carrier

Star Bulk Carriers Corp. has entered into a definitive agreement to acquire a Capesize bulk carrier of approx. 180,000 dwt, built in 1991 in Japan, for approximately $83.7 million from Japanese interests. The vessel will be financed through a combination of company cash and bank debt. The vessel to be renamed the M/V Star Sigma, is scheduled to be delivered to Star Bulk within April/May 2008. It comes with a one-year time charter back to its present owners which will commence on the day of its delivery to Star Bulk at a gross rate of $100,000 daily thereby expected to add revenue in excess of $ 35 million during its twelve month employment under the time charter. Following this acquisition Star Bulk's fleet expands to ten vessels of approximately 927,000 dwt in total and an average age of approximately 11 years. The fleet operating days in 2008 are fully contracted under fixed rate time charters. Akis Tsirigakis, President and CEO of Star Maritime commented: "Capitalizing on our industry relations, we consistently implement our strategy of selective fleet expansion through accretive acquisitions, while seeking to secure strong, stable and predictable cash flows. We actively aim to enhance shareholder value and reinforce Star Bulk's competitive strengths in the dry bulk sector In this instance, the accretive acquisition of the M/V Star Sigma at a price nearly 2

Nobu Steps Down at Star Bulk

Star Bulk Carriers Corp. said that the company's Co-Chairman Nobu Su has resigned from his position as Co-Chairman of the Board with immediate effect due to his heavy workload and his other business activities. Su will remain as a Director. Co-Chairman Petros Pappas has assumed the role of sole Chairman of the Board.

Star Bulk Takes Delivery of Vessel

Star Bulk Carriers Corp. announced that it has taken delivery of the Star Sigma, a Japanese built Capesize vessel of 184,400 dwt built in 1991. On delivery, Star Sigma has also commenced her one-year time charter employment at a gross daily rate of $100,000 followed by a three-year time charter employment at an average gross daily rate of $63,000. Star Bulk's fleet consists of eleven dry bulk vessels including three Capesize, one Panamax and seven Supramax vessels

Star Bulk Takes Delivery of Supramax Vessel

Star Bulk Carriers Corp. has taken delivery of the Star Cosmo, a Supramax bulk carrier of approximately 52,247 dwt, built in 2005. The vessel comes with a staggered 3-year charter to Korea Line that commenced on March 17, 2008, at a gross daily rate of $55,900, $41,900 and $27,900 for the first, second and third year respectively. With the delivery of Star Cosmo, Star Bulk's operational fleet currently consists of twelve dry bulk carriers

Star Bulk Carrier: 28% Drop in Freight Rates

Star Bulk Carriers Corp. (Nasdaq: SBLK),a global shipping company focusing on the transportation of drybulk cargoes, announced that its Board of Directors declared a cash dividend of $0.05 per outstanding share of the Company's common stock for the three months ending September 30, 2011. The dividend is payable on or about December 6, 2011 to shareholders of record as of November 29, 2011. The Company also announced today its unaudited financial and operating results for the three and the nine

Star Bulk Ship Off Hire Following Engine Failure

Greece's Star Bulk Carriers Corp. announce a recent incident involving their chartered bulker, 'Star Polaris' Star Bulk Carriers Corp. announce that their Star Polaris sustained main engine failure while sailing from the port of Dangjin, South Korea. The ship is currently docked in South Korea where it is undergoing repairs, which are expected to be completed in approximately four months. As a result, Star Polaris has been declared off hire by its charterers.

Star Bulk Announces Charter

Star Bulk Carriers Corp. announced it has agreed to a further three-year time charter for its capesize vessel Star Sigma. The three-year charter will commence in April 2009 when the current one-year time charter at a gross daily rate of USD 100,000 will expire. The three-year charter has gross daily charter average rate of $63,000 staggered as follows: USD 69,000 for the first year (April 2009-April 2010), USD 63,000 for the second year (April 2010-April 2011) and USD 57

Star Bulk Takes Delivery of Supramax Vessel

Star Bulk Carriers Corp. announced that it has taken delivery of the Star Omicron, a Japanese built Supramax vessel of 53,489 dwt built in 2005. Upon delivery, Star Omicron commenced her three-year time charter employment at a gross daily rate of USD 43,000. The company has now taken delivery of all vessels they agreed to acquire, including the eight initial vessels from TMT and three additional vessels following the Completion of the Redomiciliation Merger.

Star Bulk New Charter for Capesize Star Beta

Star Bulk Carriers Corp. (Nasdaq: SBLK), a global maritime transportation company focusing on dry bulk cargoes announced the Star Beta, a Capesize vessel of 174,691 dwt, built in 1993, has been time chartered for a period of 13 to 15 months at a gross daily rate of $32,500. The vessel is expected to be delivered to its new charterers within February 2009. The company has reached agreements in principle with its lenders to obtain waivers for certain covenants including minimum asset

Star Bulk Takes Delivery of Capesize Ship

Star Bulk Carriers Corp. (NASDAQ: SBLK), has taken delivery of the Star Mega (formerly, the Megalodon), a 1994-built, 170,631 dwt Capesize vessel. The vessel is time-chartered to a multinational mining company for a remaining period of 3 years at a gross daily rate of $24,500.