Star Bulk New Time Charters, Vessel Mngmt

Friday, May 22, 2009

Star Bulk Carriers Corp. (NasdaqGM: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes announced that the company entered into a new one-year time charter agreement for the Star Theta, a 52,425 dwt 2003-built Supramax vessel, at a gross daily rate of $11,300. On May 18, 2009 the vessel was delivered to its new charterer, Cargill.

The company also entered into a new time charter agreement with the existing charterer for the Star Kappa, a 52,055 dwt 2001-built Supramax vessel, for a minimum of 63 months and a maximum of 65 months at a gross daily charterhire rate of $25,500. The new time charter agreement is effective as of April 7, 2009 and replaces the existing charter. The new time charter agreement includes a 40%-60% index-based profit sharing arrangement under which Star Bulk will be paid by the charterers, in addition to the above charterhire, 40% of the difference by which the Baltic Supramax Index (BSI) rate exceeds $30,500, effective as of April 7, 2011.

The company entered into a new time charter agreement with the existing charterer for the Star Epsilon, a 52,402 dwt 2001-built Supramax vessel, for a minimum of 63 months and a maximum of 65 months at a gross daily rate of $25,500. The new time charter agreement is effective as of April 12, 2009 and replaces the existing charter. The new time charter agreement includes a 40%-60% index-based profit sharing arrangement under which Star Bulk will be paid by the charterers, in addition to the above charterhire, 40% of the difference by which the Baltic Supramax Index (BSI) rate exceeds $30,500, effective as of April 12, 2011.

The company has agreed in principle to extend the existing charter of the Star Sigma, a 184,400 dwt 1991-built Capesize vessel, by approximately 20 months, to a minimum of 56 months and a maximum of 61 months at a gross daily charterhire rate of $38,000. Once executed, the amended time charter agreement will be effective as of May 1, 2009. The amended charter agreement will include a 50%-50% index-based profit sharing arrangement under which Star Bulk will be paid by the charterers, in addition to the above charterhire, 50% of the difference by which the Baltic Capesize Index (BCI) rate exceeds $49,000 effective as of March 1, 2012.

On March 14, 2009 StarBulk SA, a wholly owned subsidiary of the company assumed the technical management the first vessel of Star Bulk's fleet. To date the technical management of four vessels, the Star Alpha, the Star Beta, the Star Ypsilon and the Star Kappa has been undertaken by StarBulk SA from Bernhardt Schulte Shipmanagement Ltd. The Company's wholly owned subsidiary, Star Bulk Management Inc. performs the commercial management of all of the Company's vessels.

Akis Tsirigakis, CEO of Star Bulk said,"We are pleased to have secured further period employment for our fleet, enhancing our revenue visibility with total contracted revenue in excess of $425 million as of May 1, 2009. Significantly, we have introduced profit sharing structures in three of our new time charter agreements in order to benefit from future rate increases once these agreements come into effect. Our contracted operating days are now 100% for 2009, 71% for 2010 and 42% for 2011 and we continue to generate significant positive cash flows. We are confident that the commencement of in-house technical management will be instrumental in reducing management fees, optimizing our cost structure and in the implementation of our quality objectives regarding the operation of our fleet. We are also pleased to have completed successfully a protracted period of aligning the company's financial, commercial and operational matters with the new market environment enhancing our competitive elements and our capability to take advantage of market opportunities that are certain to appear."

(www.capitallink.com)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Maersk Line Names Hahnemann Chief HR Officer

On August 1, 2016, Ulf Hahnemann, current Vice President for Strategic Programs at Mars Inc. will join Maersk Line as Chief Human Resources Officer (CHRO) and be

American Waterways Operators Elects Chairman

The members of the American Waterways Operators, the national trade association representing the tugboat, towboat and barge industry, elected a new slate of leaders

Hanjin Shipping May Get OK for Restructuring

South Korea’s largest container operator by capacity Hanjin Shipping's creditors are expected to approve a corporate rehabilitation program for the struggling container line,

Finance

Pirates Switch to Kidnapping Crew as Oil Fetches Less

Pirate gangs in West Africa are switching to kidnapping sailors and demanding ransom rather than stealing oil cargoes as low oil prices have made crude harder to sell and less profitable,

Baltic Index Down for Third Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday for the third straight session, as demand for bigger vessels weakened.

Kongsberg, DNV GL Partner to Reduce Training Costs

Kongsberg Maritime has entered a partnership with class society DNV GL to issue Product Certificates for Maritime Simulator Systems required by maritime training

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 0.1085 sec (9 req/sec)