Star Bulk Acquires Vessel

Thursday, December 06, 2007
Star Bulk Carriers Corp. agreed to acquire the vessel E Duckling (to be renamed Star Kappa), for $72 million from a company affiliated with our Co-Chairman, Nobu Su. The Star Kappa, a Supramax vessel of 52,055 dwt built in 2001 in Japan, will have a three-year Time Charter employment contract attached at a gross daily rate of USD 47,800 with earliest and latest redelivery of September 23, 2010 and November 23, 2010, respectively. Akis Tsirigakis, President and CEO of Star Maritime sid: "We are pleased to announce our first vessel acquisition since the completion of the redomiciliation merger which will expand the fleet to nine vessels. Our low leverage affords us the flexibility to continue to seek growth opportunities in the dry bulk sector as they may arise."
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