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

News

Kleven Shipbuilding Wins IES Pioneer Contract

Norway’s Kleven announced it has signed a shipbuilding contract with Malaysian based joint venture company IES Pioneer Ltd. The vessel is of Norwegian design

Eastern to Build Offshore Vessel for Harvey Gulf

Eastern Shipbuilding announced that on, Wednesday July 16, 2014, Harvey Gulf International Marine, Inc. (HGIM) and Eastern Shipbuilding Group, Inc. (ESG) entered

Suicide Attack Escalates Libya Violence, Oil Output Slips

Crude output slips for first time since port deal; fresh clashes in Tripoli and Benghazi. Brega oil port seen open in few days. A twin suicide bombing at a Libyan

Vessels

Kleven Shipbuilding Wins IES Pioneer Contract

Norway’s Kleven announced it has signed a shipbuilding contract with Malaysian based joint venture company IES Pioneer Ltd. The vessel is of Norwegian design

Eastern to Build Offshore Vessel for Harvey Gulf

Eastern Shipbuilding announced that on, Wednesday July 16, 2014, Harvey Gulf International Marine, Inc. (HGIM) and Eastern Shipbuilding Group, Inc. (ESG) entered

Engine Performs in Roll Over Test

Engines customized for new Dutch search-and-rescue lifeboat vessels keep running after full rotation on axis. In thrashing, unforgiving seas, a capsized rescue vessel used to be a symbol of defeat.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage 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: 0.1163 sec (9 req/sec)