Star Bulk Second Capesize Newbuild

Monday, April 12, 2010

Star Bulk Carriers Corp. (NASDAQ: SBLK) has signed a contract with ship-builder Hanjin to build a second capesize vessel of 180,000 deadweight tons, a sistership to the first vessel ordered, with expected delivery in November 2011.

The company intends to finance both newbuildings through a combination of company cash and bank debt. Star Bulk has received offers for debt financing at favorable financing cost/terms. The company has not yet decided the ratio of company cash to bank debt that it will utilize.

Akis Tsirigakis, President and CEO of Star Bulk, commented: "We are pleased to continue our organic growth through another most competitive acquisition of a newbuilding capesize vessel from a high quality ship builder. We are also pleased that our senior debt lenders continue to support our acquisition plans via offers of favorable financing terms.

"Currently, our fleet is contracted for 92% of 2010 and 58% of 2011 operating days, amongst the highest contract coverage in the industry, providing future earnings visibility. We continue to focus on enhancing shareholder value, supported by our strong balance sheet and liquidity."

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Damen Responds to Evolving Fishing Practices

Maaskant Shipyards Stellendam meets fishing sector’s growing needs by performing electric pulse fishing conversions   As European fishing policies evolve, so fishing techniques advance.

Maaskant Shipyards Earns ISO 9001:2008 Certificate

Maaskant Shipyards (Stellendam), part of Damen Shipyards Group, has received certification from Bureau Veritas for aligning its quality and management systems with

Duffy Named President of Carnival Cruise Line

Christine Duffy has been named president of Carnival Cruise Line, Carnival Corporation & plc. announced today.   Duffy, currently president and CEO of Cruise Lines International Association (CLIA),

Shipbuilding

Damen Responds to Evolving Fishing Practices

Maaskant Shipyards Stellendam meets fishing sector’s growing needs by performing electric pulse fishing conversions   As European fishing policies evolve, so fishing techniques advance.

Maaskant Shipyards Earns ISO 9001:2008 Certificate

Maaskant Shipyards (Stellendam), part of Damen Shipyards Group, has received certification from Bureau Veritas for aligning its quality and management systems with

PIRIOU Delivers 53-meter FSIV

French boat builder PIRIOU has delivered the 11th of its 53- by 10-meter Fast Supply and Intervention Vessels (FSIV) to Suisse Outremer AG, to be operated by ABC Maritime AG.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Ship Electronics Ship Repair Ship Simulators 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: 0.1731 sec (6 req/sec)