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 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

Elandra Yachts Expands, Launches Finishing Department

Elandra Yachts has added another layer of craftsmanship to its boat-building operation with the launch of a new in-house paint department at the Gold Coast plant,

Smulders Appointed CEO of Radio Holland

Paul Smulders has been appointed CEO of Radio Holland, part of the RH Marine Group (formerly Imtech Marine).   Smulders returns to Radio Holland where he started

SENER, ESI Group to Integrate Solutions

The global company ESI Group, a virtual prototyping and testing software developer, has joined efforts with SENER, a company in marine engineering and the development

Shipbuilding

Skandi Paraty Delivered and On-hire

Skandi Paraty, owned by Norskan Offshore Ltda, has been delivered from the yard and went on-hire on a four years contract with Petrobras.   Skandi Paraty is an AHTS,

Elandra Yachts Expands, Launches Finishing Department

Elandra Yachts has added another layer of craftsmanship to its boat-building operation with the launch of a new in-house paint department at the Gold Coast plant,

SENER, ESI Group to Integrate Solutions

The global company ESI Group, a virtual prototyping and testing software developer, has joined efforts with SENER, a company in marine engineering and the development

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar Winch
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: 0.0976 sec (10 req/sec)