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 Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Carnival Sails to Profit

The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28.   That

Ukraine Arrests Turkish Ship for Visiting Crimean Port

Turkey owned merchant ship flying the flag of Tuvalu was arrested by Ukrainian authorities over a visit it made to a port in Crimea, reports Reuters. The ship's captain detained.

USCG Flush Ice down River Systems to Facilitate Shipping

The Coast Guard cutter fleet is flushing ice through the Great Lakes river systems to prevent ice jams and facilitate commercial shipping as the shipping season

Finance

JV Wins $2bln Freeport LNG Contract in US

A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural

Puerto Rico Readies for Largest Cruise Ships

Thanks to a pier expansion and enhancement, Puerto Rico will welcome the two largest cruise ships in the world, Royal Caribbean International’s Oasis of the Seas and Allure of the Seas, in 2016.

Carnival Sails to Profit

The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28.   That

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Ship Electronics 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: 0.3234 sec (3 req/sec)