Star Bulk Carriers Corp. (Nasdaq: SBLK), a global maritime transportation company focusing on dry bulk cargoes announced the Star Beta, a Capesize vessel of 174,691 dwt, built in 1993, has been time chartered for a period of 13 to 15 months at a gross daily rate of $32,500. The vessel is expected to be delivered to its new charterers within February 2009. The company has reached agreements in principle with its lenders to obtain waivers for certain covenants including minimum asset coverage covenants contained in its loan agreements. With respect to the $120m facility, the lender will waive the loan-to-value ratio covenant through January 31, 2010.
