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

Bulk Carrier Trends

Egypt Buys 175,000mt of Russian Wheat

Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said on Wednesday it had bought 175,000 metric tons of Russian wheat for shipment Sept.

Rio Tinto Pulls Plug on Mozambique Coal Venture

Rio Tinto has agreed to sell coal assets it bought through a $4 billion acquisition of Riversdale in 2011 for just $50 million to an Indian joint venture, ending

MOL Ship Management Earns Energy/Enviromental Certifications

First company to receive ISO50001 certification from Nihon Kaiji Kyokai.   MOL Ship Management Co., Ltd. (MOLSHIP), a core ship management company in the corporate group headed by Mitsui O.

News

There’s Still Time for SHIPPINGInsight Award Entries

Entry submissions for the first SHIPPINGInsight Award are due Friday, Aug. 1, but organizers said they will continue to accept nominations through following week to provide some extra time.

BOEM Extends O&G Lease Comment Period

The Bureau of Ocean Energy Management (BOEM) is extending the public comment period for the Request for Information (RFI) and Comments on the Preparation of the

China Evacuates Workers in Libya to Malta

China has evacuated several hundred workers from Libya and is taking them by ship to Malta, the head of the Malta Civil Service, Mario Cutajar, said on Wednesday.

Vessels

Burger Boat to Build New Passenger Vessel

Burger Boat Company announced that it has received a contract for the construction of an 89-foot (27-meter) steel passenger vessel for Wendella Sightseeing Company, Chicago, Ill.

MOL Ship Management Earns Energy/Enviromental Certifications

First company to receive ISO50001 certification from Nihon Kaiji Kyokai.   MOL Ship Management Co., Ltd. (MOLSHIP), a core ship management company in the corporate group headed by Mitsui O.

New AVEVA ISM Bridges the Gap

AVEVA launches a new application for governing asset information using a standards-based methodology. AVEVA announced the launch of AVEVA Information Standards Manager (AVEVA ISM),

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction 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: 0.1378 sec (7 req/sec)