Star Bulk Acquires Two Ultramax Bulk Carriers

MarineLink.com
Monday, November 18, 2013

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargos, announced that it has entered into definitive agreements to acquire two modern Ultramax bulk carriers, the M/V Supra Challenger I and M/V Supra Challenger II, from an unaffiliated third party for an aggregate total consideration of $58.1 million.

The vessels have a carrying capacity of 61, 462 deadweight tons each and were built in Japan by Imabari Shipbuilding Group, in November of 2012 and September of 2013 respectively. The vessels, to be renamed Star Challenger and Star Fighter, are expected to be delivered to Star Bulk in early December 2013 and by January 15, 2014 respectively.

Upon completion of the acquis ition, Star Bulk will own 15 dry bulk vessels, consisting of five Capesize vessels, two Ultramax and eight Supramax vessels with average age of 9.5 years. The company also has a total of nine vessels under order at high quality shipyards in Japan and China, consisting of three Newcastlemax, two Capesize and four Ultramax vessels with fuel-efficient specifications, with expected deliveries in 2015 and early 2016.

The company plans to finance this acquisition in part through cash on hand and in part through commercial bank debt financing. The company is currently in discussions with several major lending institutions to secure commercial bank debt financing for the two vessels.

Spyros Capralos, President and CEO of Star Bulk commented, “It is with great pleasure to announce one more step of the continuing transformation of Star Bulk, started in last July. The two vessels we acquired are considered among the top vessels in their class, as they are built by one of the best shipyards in the world, have average age below one year, high specifications and increased cargo capacity compared to the standard Supramax vessels. Upon full delivery of our nien newbuildings we will have a total of 24 owned vessels in the water, representing more than 100% growth on deadweight tonnage basis. We remain committed in executing our growth strategy, and we believe that this accretive acquisition will immediately enhance our cash flow generation capacity and contribute to the long-term value creation for our shareholders.”

starbulk.com
 

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Sales

Norwegian Buys Ship from Princess Cruises

Norwegian Cruise Line Holdings Ltd. announces fleet expansion for Oceania Cruises in 2016; Sirena to join sister ships Insignia, Regatta and Nautica   Norwegian Cruise Line Holdings Ltd.

Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create

BMT-Designed Flex Ferries Delivered in Singapore

A trio of 38-metre Flex Ferries, built by Singapore’s Penguin Shipyard International and designed by Southampton-based BMT Nigel Gee, have been delivered to their new owner,

News

Russian Assets Sink on Oil price Collapse

  Russia's rouble and shares hit new lows on Friday as oil prices collapsed after OPEC decided to leave its output unchanged despite heavy oversupply. At 1000 GMT, the rouble was around 2.

BIMCO wants IMO to Cut Red Tape

BIMCO has today announced its support for a report identifying ways to reduce red tape for shipping which will be presented to the International Maritime Organization (IMO) next week in London.

Shipping Industry Highlights Progress on CO2 Reduction

The global shipping industry, which transports around 90% of world trade, only produced about 2.2% of the world’s total Green House Gas emissions during 2012 compared to 2.

Vessels

Shipping Industry Highlights Progress on CO2 Reduction

The global shipping industry, which transports around 90% of world trade, only produced about 2.2% of the world’s total Green House Gas emissions during 2012 compared to 2.

Concordia Maritime Charters 2 P-MAX Tankers

Concordia Maritime signed time-charter contract for two P-MAX tankers and launched a pool with four vessels. The time-charter contracts are with Stena Bulk and

Royal IHC Launches Subsea 7’s Seven Rio

Royal IHC (IHC) has today successfully launched Subsea 7's 550t pipelaying vessel, Seven Rio, at its shipyard in Krimpen aan den IJssel, The Netherlands. The naming

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Pipelines Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1382 sec (7 req/sec)