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 May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Costa Concordia Captain's Sentence Upheld

The prison sentence against the former captain of the Costa Concordia cruise liner for his role in the deadly 2012 shipwreck was upheld on Tuesday by an Italian court.

Partners Target Improved Maritime Efficiency

On May 25, 2016, The University of the West Indies Arthur Lok Jack Graduate School of Business (UWI-ALJGSB) together with the Trinidad and Tobago Shipbuilding &

MSHS Group President Recognized for Safety Leadership

Signal Mutual Indemnity Association, a self-insured group provider of Longshore benefits, presented MSHS President Are Friesecke with the Francis R. Sharp Executive

Shipbuilding

Damen Delivers Floating Pump Station to Hamburg

Hamburg Port Authority (HPA) has taken delivery of the Sauger III, a custom floating pump station by Damen Shipyards Group for supporting dredging operations. Situated

Mothballed Vessels SE Asia Reflect Oil Slump Pain

Around 1,300 offshore support vessels lying idle worldwide. Not everyone in shipping is bemoaning the industry's worst crisis in living memory: a cluster of

Strategic Marine Building Luxury Crewboat

Strategic Marine announced the kick-off of its first collaboration with PT. Pelayaran Tanjung Kumawa, expecting to deliver an exclusive luxury crewboat in November this year.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Salvage Ship Simulators 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: 0.0900 sec (11 req/sec)