Star Bulk Carriers Corp. (NASDAQ: SBLK) announced that its Board of Directors declared a cash dividend of $0.05 per outstanding share of the company's common stock for the three months ending June 30, 2009. The dividend is payable on or about July 14, 2009 to shareholders of record as of July 7, 2009. The company received written consent from each of its lenders for the declaration and payment of this dividend in respect of the second quarter of 2009.
Under the terms of the company's waiver agreements with its lenders, in effect up to February 2010, any payment of dividends during the applicable waiver period is subject to the lenders' prior written consent. The company will be required to obtain further consent of its lenders in order to pay dividends in respect of the quarters ending September 30 and December 31, 2009.
Akis Tsirigakis, President and CEO of Star Bulk, said "We are pleased to be able to implement our long-standing principle of rewarding our investors through the distribution of dividends. We are also pleased to have our lenders' vote of confidence, evidenced by their consent to the distribution of dividend. Currently, our fleet is contracted for 100% of 2009, 71% of 2010 and 42% of 2011, which provides long-term earnings visibility. We continue to focus on enhancing shareholder value supported by our strong balance sheet and liquidity."