Star Bulk Sells Capesize Vessel Star Beta

Wednesday, February 03, 2010

Star Bulk Carriers Corp. (NASDAQ: SBLK), a global shipping company focusing on transportation of dry bulk cargoes, announced it has entered into an agreement to sell the Star Beta, a 174,691 dwt Capesize vessel, built 1993, to a third party for a contracted sale price of $22m. The company expects to deliver the vessel to the buyers in the second quarter of 2010 upon its redelivery from the current time charter. Akis Tsirigakis, President and CEO of Star Bulk, said, "We are pleased having agreed to sell one of our oldest vessels. We look forward to concentrate on renewing and growing our fleet. Our entire fleet is secured by period contracts and following the sale of the Star Beta, 92% of the fleet operating days for 2010 will be contracted and the fleet average age will be 9.4 years."


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