Seaborne Transportation Solutions News

Greek shipping company Star Bulk Carriers Corp reported a net loss of $5.3 million, or $0.06 loss per share for the first quarter ended March 31, 2019.Net income for the first quarter of 2018 was $9.9 million, said the global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector."By the end of May 2019 we are on track to have 40 vessels scrubber fitted. We expect to have a fully scrubber fitted fleet by January 2020. Because we expect 2020 to be a more profitable year, we want to maximize the operating days in 2020 and we thus bring forward to 2019 all our drydocks that would otherwise be due in 2020…

Star Bulk Carriers Corp. announced that it has consummated the previously announced acquisition of 16 dry bulk vessels in an all-share transaction, from entities affiliated with Augustea Atlantica SpA and York Capital Management.The final consideration for the Augustea Vessel Purchase is 10.3 million common shares of the Company, equal to approximately 11.3% of Star Bulk’s common shares after the closing of the Augustea Vessel Purchase.As part of the transaction, the Company will assume debt of approximately $309 million.Following the closing of the Augustea Vessel Purchase, Raffaele Zagari will be appointed to the Board of Directors of Star Bulk as a Class C Director.

The global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector Star Bulk Carriers Corp will commence trading on the Oslo Stock Exchange under the ticker “SBLK R” starting on Monday July 16, 2018. The ship manager of seaborne transportation announced on July 6 2018 that it had closed the acquisition of 15 operating dry bulk vessels from Songa Bulk for an aggregate of 13.725 million common shares of Star Bulk and $145.0 million in cash. As announced previously by Songa, the first distribution of the consideration shares by Songa to its eligible shareholders is expected to be effected today, July 13, 2018. Following such distribution, Star Bulk has satisfied all listing obligations.

Star Bulk Carriers Corp announced that it has agreed to acquire 16 vessels from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction. As consideration for the Vessel Acquisition, Star Bulk has agreed to issue approximately 10.5 million common shares to the sellers of the 16 vessels, equal to approximately 14.1% of Star Bulk’s common shares after the closing of the Vessel Acquisition. Under the terms of the agreement with the sellers, the consideration will be determined based on the average vessel valuations by independent vessel appraisers and is subject to adjustments for cash, debt and capex on the closing date. As part of the transaction, the Company will assume debt of $310.0 million.

Star Bulk Carriers announced that, in light of the improved performance of the Company and the dry bulk market in general, it is planning to make debt principal repayments that are in total at least equivalent to the amortization payments scheduled prior to the commencement of debt amortization holidays. The repayment will start from January 1st 2018, under the “cash sweep” mechanism incorporated in its loan agreements. Star Bulk had previously agreed with its Lenders debt amortization holidays that commenced on June 1st 2016 and were due to end on June 30th, 2018. The CEO Petros Pappas said, "We value our relationships with our lenders and the flexibility they have provided us.

Star Bulk Carriers Corp. announced the closing of its previously announced private placement of 6,310,272 common shares, at a price of $8.154 per share. The aggregate proceeds to Star Bulk, net of underwriting fees and offering expenses, were approximately $50.6 million. Star Bulk intends to use the net proceeds for general corporate purposes. Oaktree Capital Management, L.P. and its affiliates and Senator Investment Group LP purchased 6,310,272 common shares in connection to this offering. Giving effect to this offering, Oaktree and Senator are expected to beneficially own 51.4% and 6.5%, respectively, of the Company's outstanding common shares. Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector.

Athens-based Star Bulk Carriers Corp has determined to effect a 1-for-5 reverse stock split of the Company's common shares. The Company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and proceed with the reverse stock split at the Company's annual general meeting on December 21, 2015. When the reverse stock split becomes effective, every five shares of the Company's issued and outstanding common shares will be automatically combined into one issued and outstanding share of common shares without any change in the par value per share or the total number of authorized shares. This will reduce the number of outstanding common shares from approximately 219.8 million shares to approximately 44 million shares.

Star Bulk Carriers has entered into agreements to sell four newbuilding Capesize vessels to unaffiliated third parties for an aggregate gross price of $148mln. The vessels are currently under construction in China at Shanghai Waigaoqiao Shipbuilding. The Vessels are expected to be delivered to the Buyers during the first and second quarter of 2016. Star Bulk, a global shipping company providing worldwide seaborne transportation solutions in the dry bulk, intends to use a portion of the net proceeds from the sale of the Vessels to pay the remaining delivery installments related to these Vessels and use the remainder for general corporate purposes, including capital expenditures.

Star Bulk Carriers, a global shipping company providing transportation solutions in the dry bulk sector,  has reached agreements to sell four modern vessels, two capesize and two kamsarmax vessels. The vessels were sold for an aggregate gross price of $122m and are expected to be delivered to the new buyers during the first quarter of 2016. "We have entered into agreements to sell two modern Capesize vessels and two modern Kamsarmax vessels to unaffiliated third parties, for an aggregate gross price of $122 million," says a company statement. Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector.

Star Bulk Carriers Corp. announced that on July 15, 2015 it took delivery of M/V Goliath and M/V Maharaj, two 209,000 dwt Newcastlemax bulk carriers built by Nantong COSCO KHI-Ship Engineering Co. In addition, on July 22, 2015 Star Bulk took delivery of M/V Star Aquarius, a 61,000 dwt Ultramax bulk carrier built by Japan Marine United. Following these deliveries, Star Bulk owns seventy-two dry bulk vessels on the water, consisting of three Newcastlemax, eighteen Capesize, four Post-Panamax, twenty Kamsarmax, seven Panamax, nine Ultramax, ten Supramax vessels and one Handymax vessel, with a total carrying capacity of 7.5 million dwt.

Star Bulk Carriers Corp has added M/V Star Jennifer (ex "Ore Hansa), a 82,290 dwt Kamsarmax bulk carrier, built in 2006, to its fleet. The Company completed the acquisition of 34 vessels from Excel Maritime Carriers Ltd under an "en bloc" transaction announced on August 19, 2014. Pursuant to the completion of the Excel Vessel Fleet acquisition, the Company has currently 162,684,541 shares of common stock outstanding. Star Bulk currently owns seventy dry bulk vessels on the water, consisting of one Newcastlemax, nineteen Capesize, four Post-Panamax, twenty Kamsarmax, eight Panamax, seven Ultramax, ten Supramax and one Handymax vessel, with a total carrying capacity of 7.2 million dwt.

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, held its Annual Meeting of Shareholders in Singapore recently. 1.The re-election of Mr. Petros Pappas and Mr. Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk's vessels transport major bulks, which include iron ore, coal and grain and minor bulks such as bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Global Market under the symbol "SBLK". Currently, Star Bulk has an operating fleet of thirteen dry bulk carriers.

Greece's Star Bulk Carriers Corp. announce its unaudited financial & operating results for the 3 & the 12 months ended December 31, 2012. Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Its vessels transport major bulks, which include iron ore, coal and grain and minor bulks including bauxite, fertilizers and steel products. The company reported a net loss of about US$315-million in 2012. On January 2, 2013, Star Bulk announced that the Company had reached an agreement with its lenders for the deferral of a minimum of $20.2 million of its principal repayments and the relaxation of its financial covenants during 2013 and 2014.

Star Bulk Carriers Corp. (NASDAQ:SBLK) announced that the 1993-built Capesize vessel M/V Star Beta has entered into period employment with Brazil's Companhia Vale do Rio Doce (Vale) for a minimum of two and a maximum of four months at the gross daily rate of $15,500 for the first 50 days and $25,000 for the days beyond 50 plus a repositioning ballast bonus of $525,000. Following this employment, Star Bulk's contracted fleet operating days under time charter in 2008, 2009 and 2010 is currently 100%, 80% and 66% respectively. Star Bulk is a global shipping company providing seaborne transportation solutions in the dry bulk sector. Star Bulk's vessels transport major bulks, which include iron ore, coal and grain and minor bulks such as bauxite, fertilizers and steel products.

Star Bulk is a global shipping company providing seaborne transportation solutions in the dry bulk sector. (www.starbulk.com)