Star Bulk Takes Delivery of New Bulker, Secures New Credit Line

marinelink.com
Tuesday, January 07, 2014

Star Bulk Takes Delivery of Its Second Ultramax Bulk Carrier, Star Fighter and Reaches Agreement for a New Credit Facility.

Star Bulk Carriers Corporation, a global shipping company focusing on the transportation of dry bulk cargoes, announced that it has taken delivery of M/V Star Fighter (the "vessel" -- formerly "Supra Challenger II"), an Ultramax bulk carrier of 61,462 deadweight tons carrying capacity, built in Japan by Imabari Shipbuilding Group in September of 2013. Pursuant to the Company's flexible commercial strategy, the vessel has been employed on a short-term time charter for a period of minimum 4 months up to maximum 6 months, at a gross hire rate of $13,400 per day. M/V Star Fighter is the second of the two modern Ultramax bulk carriers delivered to the Company, pursuant to the relevant definitive agreement announced on November 18, 2013.

The Company also announced that it has executed a commitment term sheet with a major European lending bank for a seven-year senior secured term loan facility, for an amount equal to 60% of the fair market value of the two Ultramax bulk carriers acquired, Star Challenger and Star Fighter (together the "vessels"). Under the terms of the commitment term sheet, the drawdown of the loan is expected to take place by February 2014, subject to completion of customary definitive documentation. The Company has financed the acquisition of both vessels using cash on hand and intends to partially refinance their purchase price utilizing the proceeds from the secured credit facility.

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

People & Company News

Corvus Energy, GMC Close Financing Agreement

Corvus Energy today announced that it has completed a strategic investment by Green Marine Capital (GMC) previously announced on May 5, 2014. Green Marine Capital,

Evergreen Enhances UK and Ireland Services

Global container carrier Evergreen Line announced enhancements to its services to/from Dublin (Ireland) and Liverpool (Northwest England). From its hub in Rotterdam,

SCI Publishes Shore Leave Survey

With Maritime Labor Convention (MLC), 2006 in force, one might expect to see a reduction in the number of seafarers without visas; yet, recent data collected by

Contracts

New Australian Navy Submarines to be Japan Built?

Australia should discuss building its next-generation fleet of submarines overseas, the Department of Defence said on Monday, a shift that could open the door to

Russian Navy Expansion Gathers Momentum

The Russian Navy celebrates its professional holiday by putting two new submarines into service and expects a new warship in the fall and several additional ships

Three Share in Navy US$96.8-M Twin-Ship Modernization Contract

The U.S. Department of Defense informs that AMSEC LLC; CDI Marine Co. LLC; and Q.E.D. Systems Inc., (all located in Virginia Beach, Virginia) are each being awarded a cost-plus-fixed-fee/cost-only,

Shipbuilding

RS Class New Ships for the Caspian Sea

Russian Maritime Register of Shipping (RS) has signed a contract with Baku Shipyard LLC for the construction of three 38М high speed crewboats (designer - SHIPTECH,

North Sea Atlantic Joins the Technip fleet

On Saturday July 26, 2014, a ceremony was held in Bergen to officially name the latest new subsea construction vessel to join the Technip fleet, the North Sea Atlantic.

New Australian Navy Submarines to be Japan Built?

Australia should discuss building its next-generation fleet of submarines overseas, the Department of Defence said on Monday, a shift that could open the door to

Bulk Carrier Trends

GPA Sets Tonnage Record

The Georgia Ports Authority moved more than 29 million tons of cargo, 3 million twenty-foot equivalent container units (TEUs) and more than 700,000 auto and machinery units in Fiscal Year 2014.

Diana Shipping Invests in Diana Containerships

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, has announced that it has entered into an agreement to purchase

Private Buyers in Iran Look to Boost Grain Market

One sign of change in Iran as it works toward a nuclear deal with world powers is the way it is feeding itself, with private grain firms beginning a slow return

Finance

Corvus Energy, GMC Close Financing Agreement

Corvus Energy today announced that it has completed a strategic investment by Green Marine Capital (GMC) previously announced on May 5, 2014. Green Marine Capital,

Cummins Reports Revenue Jump in Q2 2014

Cummins Inc. reported its results for the second quarter of 2014. According to the report, second quarter revenue of $4.8 billion increased 7 percent from the same quarter in 2013.

GPA Sets Tonnage Record

The Georgia Ports Authority moved more than 29 million tons of cargo, 3 million twenty-foot equivalent container units (TEUs) and more than 700,000 auto and machinery units in Fiscal Year 2014.

News

Webb Institute Ranked a Best Value College

Webb Institute, an undergraduate institute specializing in Naval Architecture and Marine Engineering, ranked number two on Money magazine’s list of Money's Best Colleges,

Corvus Energy, GMC Close Financing Agreement

Corvus Energy today announced that it has completed a strategic investment by Green Marine Capital (GMC) previously announced on May 5, 2014. Green Marine Capital,

Evergreen Enhances UK and Ireland Services

Global container carrier Evergreen Line announced enhancements to its services to/from Dublin (Ireland) and Liverpool (Northwest England). From its hub in Rotterdam,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Ship Electronics Ship Repair Ship Simulators 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: 0.1656 sec (6 req/sec)