Star Bulk Takes Delivery of Star Sirius

MarineLink.com
Friday, March 07, 2014

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargos, has announced that it has taken delivery of M/V Star Sirius a Post - Panamax bulk carrier of approximately 98,000 deadweight tons carrying capacity.

The Star Sirius is the second of the two modern Post-Panamax bulk carriers to be delivered to the company, pursuant to the relevant binding agreements announced on January 29, 2014.

The vessel has commenced a time charter with the sellers of the vessel, Glocal Maritime Ltd., for a period between 28-32 months, at a gross daily hire rate of $15,000 less a 1.25% address commission on gross revenues.

The vessel is expected to generate approximately $12.4 million in charter revenues over the minimum contracted period.

Inclusive of the acquisition of M/V Star Sirius, Star Bulk owns seventeen dry bulk vessels, consisting of five Capesize, two Post - Panamax, two Ultramax and eight Supramax vessels with average age of approximately 8.9 years. In addition, Star Bulk has entered into definitive contracts for the construction of eleven, fuel efficient, dry bulk vessels, at high quality shipyards in Japan and China, including five Newcastlemax, two Capesize and four Ultramax vessels, with expected deliveries in 2015 and early 2016.

The company has financed the purchase of the Vessel using cash on hand and expects to refinance 65% of the aggregate purchase price of the Vessel and of M/V Star Vega under the previously announced seven-year senior secured credit facility of up to $39 million with Deutsche Bank AG. The drawdown of the DB facility is expected to take place in March 2014.

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

People & Company News

Statoil Invests $1.5b in US Offshore Project

Statoil together with co-owners in the Stampede development in the Gulf of Mexicohas sanctioned the Stampede project in the U.S. Gulf of Mexico. Statoil said it will invest $1.

CMA CGM to Retrofit 10 More Bulbous Bows

The CMA CGM Group said it will retrofit 10 of its vessels’ bulbous bows to achieve improved energy efficiency for slow steaming. The modifications are in addition

AVEVA E3D Takes Center Stage

Customer case studies combine with advances in asset visualization and cloud technologies to showcase a new era in the creation and management of complex Digital Assets.

Shipbuilding

AVEVA E3D Takes Center Stage

Customer case studies combine with advances in asset visualization and cloud technologies to showcase a new era in the creation and management of complex Digital Assets.

Braemar Hosts Insurance Experts

Braemar (incorporating The Salvage Association) welcomed an invited group of marine insurance professionals onto its specialist port and shipyard familiarization

Hyundai Heavy Plummets to Worse Loss Ever

South Korea's Hyundai Heavy Industries Co Ltd, the world's biggest shipbuilder, slid to a record quarterly loss of $1.8 billion and warned it's heading for its

News

Confidence High in UK Logistics Sector

The latest U.K. Logistics Confidence Index commissioned by Barclays and Moore Stephens reveals that confidence in the U.K. logistics sector remains high but more

Two Great Lakes Toxic Hotspots Restored

EPA announces removal of two toxic hotspots on Lake Superior and Lake Michigan from binational list The U.S. Environmental Protection Agency today announced that two U.

Statoil Invests $1.5b in US Offshore Project

Statoil together with co-owners in the Stampede development in the Gulf of Mexicohas sanctioned the Stampede project in the U.S. Gulf of Mexico. Statoil said it will invest $1.

Vessels

Confidence High in UK Logistics Sector

The latest U.K. Logistics Confidence Index commissioned by Barclays and Moore Stephens reveals that confidence in the U.K. logistics sector remains high but more

CMA CGM to Retrofit 10 More Bulbous Bows

The CMA CGM Group said it will retrofit 10 of its vessels’ bulbous bows to achieve improved energy efficiency for slow steaming. The modifications are in addition

Maersk Interceptor Named in Norway

In a ceremony held at GMC Marine Partners yard in Mekjarvik in Norway, Mrs. Anita Utseth, Senior Vice President in Det norske oljeselskab ASA (Det norske) had

Mergers & Acquisitions

Vale CEO: Coal Deal Soon

Brazilian mining company Vale SA is close to making a "strategic" announcement concerning its coal unit, the company's chief executive Murilio Ferreira said on

Fincantieri & Vittoria Shipyard Join Forces

During the 24th edition of Euronaval, the most prestigious event in the world for naval defense, Fincantieri, one of the major shipbuilding groups worldwide, and Vittoria Shipyard,

Hurtigruten Shares at 6-yr High After Bid

Norway's Hurtigruten, which operates scenic cruise lines along the country's fjords and into the Arctic, has agreed to a takeover offer from a group led by several board members,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.3888 sec (3 req/sec)