Star Bulk Takes Delivery of First Capesize from JMU

By George Backwell
Friday, July 25, 2014
Star Bulk ship: Photo credit Star Bulk

Athens, Greece-headquartered Star Bulk Carriers says it has taken delivery of 'M/V Peloreus' a 182,000 dwt Capesize built by Japan Marine United (“JMU”) and the first of six similar vessels ordered at JMU, with expected deliveries until the 3rd quarter of 2015.

The new ship will be employed in the spot market in order to take advantage of its modern design and fuel efficient specifications.

Following the delivery of M/V Peloreus and inclusive of the two Kamsarmax vessels to be acquired from Heron Ventures Ltd., Star Bulk will own thirty three dry bulk vessels on the water, consisting of eleven Capesize, four Post‐Panamax, six Kamsarmax, two Ultramax and ten Supramax vessels with average age of approximately 7.3 years.

Further newbuilding contracts
In addition, Star Bulk has entered into definitive contracts for the construction of additionally thirty six vessels at high quality shipyards in Japan and China, including thirteen Newcastlemax, nine Capesize and fourteen Ultramax vessels with fuel‐efficient specifications with expected deliveries in 2014, 2015 and early 2016.

The Company has partially financed the $34.63 million final delivery installment for the Vessel, using $32.5 million proceeds from the previously committed 5 year senior secured credit facility by Deutsche Bank AG, while the remaining amount was financed using cash on hand. The vessel was fitted with additional and higher specification equipment of approximately $0.54 million.

Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece.
 

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

MN 100: Gencorp Insurance Group

The Company: Gencorp Insurance Group provides the Insurance and Surety needs of Marine Contractors, Vessel Operators and Shipyards throughout the country and Caribbean.

MN 100: Bordelon Marine

The Company: Founded in 1979, Bordelon Marine is a leading provider of Marine Transportation services operating in the Gulf of Mexico and around the world. The

MN 100: Bouchard Transportation

The Company: Bouchard Transportation’s history dates back to its incorporation in 1918 by founder, Capt. Fred Bouchard, the youngest tugboat captain in the Port of New York.

Contracts

Three More Workboats for Jordan

Sanmar Shipyards delivered three more vessels to the Aqaba Port Marine Services Company (APMSCO) for the Sheikh Subah Al Ahmad Al Subah LNG terminal at Aqaba, Jordan.

ASL Shipyard Secures S$140mln Build Contracts

ASL Shipyard Pte Ltd. a wholly-owned subsidiary of ASL Marine Holdings Ltd., has secured new shipbuilding contracts worth approximately S$140 million for the construction

Oil Steadies as Equities Rally

Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year

Shipbuilding

MN 100: ContainerTug B.V.

The Company: ContainerTug B.V. is a specialized Dutch naval design engineering and construction company with a strong focus on developing workboats and the evaluation

Oman Drydock Company Expands Rapidly

Oman Drydock Company (ODC) is growing fast. In January, the yard hit an important milestone - its 300th drydocking. Harnessing the power of its new $1.8 billion, 1.

NASSCO Invests in Facilities, Equipment and People

General Dynamics NASSCO has invested several hundred million in capital projects as part of its efforts to increase efficiencies via  modular shipbuilding, including:

Bulk Carrier Trends

MES Delivers Bulk Carrier STH Athens

Mitsui Engineering & Shipbuilding Co., Ltd. (MES) completed and delivered a 60,000 dwt type bulk carrier M.V. STH Athens (MES Hull No. 1898) at its Chiba Works on August 27,

Break Bulk in Rotterdam on the Way Up

The opening of a new break bulk terminal is one of the many developments and investments in the break bulk sector in the port of Rotterdam; a sector that has

Collaboration Helps Save 2 from Sinking Yacht

The U.S. Coast Guard, the Alpena Sheriff's Department and several good Samaritans are assisting two men aboard a 42-foot sailboat that began taking on water early

Finance

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

Oil Plunge Deepens High-yield Gloom

US crude fell to a more than six-year low this week, clouding the picture for a high-yield energy sector that already faces a significant cull when credit lines are reevaluated in autumn.

NASSCO Invests in Facilities, Equipment and People

General Dynamics NASSCO has invested several hundred million in capital projects as part of its efforts to increase efficiencies via  modular shipbuilding, including:

Environmental

Panama Canal Suspends Draft Restriction

The Panama Canal Authority (ACP) has lifted scheduled vessel draft restrictions brought on by lingering draught conditions in the region.   The ACP had previously set restrictions of 11.

Exhaust Gas Scrubber Guide Updated

An updated version of the “Exhaust Gas Cleaning Systems Selection Guide” is now available, the U.S. Maritime Administration (MARAD) announced today.   Developed

Tropical Storm Erika Heads for Florida

Tropical Storm Erika lashed Puerto Rico and the Virgin Islands with heavy rain and fierce winds on Friday, moving across the Caribbean and apparently heading for the Dominican Republic,

 
 
Maritime Standards Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.5999 sec (2 req/sec)