Star Bulk Takes Delivery of Star Sirius
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 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Captain of Ill-fated El Faro was Known as Trusted Mariner

The captain of the ill-fated cargo ship that sank in a hurricane off the Bahamas with no survivors last week was an experienced and highly trusted mariner who had spent a lifetime on the water,

Cordero Reconfirmed as FMC Commissioner

Mario Cordero was reconfirmed today as a U.S. Federal Maritime Commissioner.   Cordero joined the Federal Maritime Commission (FMC) as a Commissioner on June 3,

Chiarello: TOTE Continues Support to El Faro Families

Anthony Chiarello, President & CEO of TOTE, owner of the cargo ship presumed to have sunk with 33 mariners aboard last week amid Hurricane Joaquin, issued a statement


Tsakos Fixes Three LR2s on Timecharter

Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd (TNP) announced the charter for an average of 36-months per vessel for its three LR2 Aframax

Servowatch IPMS Completes FATs for UK Navy

The fully integrated platform management system Servowatch designed and built for three new offshore patrol vessels for the U.K. Royal Navy has completed BAE Systems’ Factory Acceptance Tests (FAT).

Steel Cut on UK Navy’s Newest Warship

Construction has begun on a new warship for the U.K. Royal Navy as the Minister of State for Defense Procurement, Philip Dunne MP cut the first steel in Glasgow today.


Zim plans Wall Street IPO

Israel’s Zim Integrated Shipping Services has hired two banks to carry out its initial public offering (IPO) in the US, Bloomberg reported.   Zim Integrated

Friendship to Green Ships

Korea and Denmark both have ambitious national plans for a transition to greener and more energy efficient economies.    The Danish-South Korean Green Growth Alliance met for roundtable talks.

EfficienSea2 Rolls out Maritime Cloud

The Danish-led e-navigation project, EfficienSea2, got one step closer to being launched when a core element of the project – Maritime Cloud – was debated by a


Tsakos Fixes Three LR2s on Timecharter

Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd (TNP) announced the charter for an average of 36-months per vessel for its three LR2 Aframax

Container Shipping: Volumes Up, But...

The container shipping market may find comfort in the fact that global volumes were up by 1.1% in the first six months of 2015. Following a disastrous first quarter,

Using Big Data for Engine Preventive Maintenance

Mitsui O.S.K. Lines, Ltd. announced that it has started a demonstration test of a next-generation condition-based engine monitoring system called “CMAXS e-GICSX”

Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage 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: 1.1007 sec (1 req/sec)