Star Bulk Receives Post-Panamax Bulk Carrier

MarineLink.com
Friday, February 14, 2014
Photo: Star Bulk

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

The vessel has commenced a time charter with the sellers of the vessel for a period between 30 months to 34 months, at a gross daily hire rate of $15,000 minus a 1.25% address commission on gross revenues. The vessel is expected to generate approximately $13.4 million in charter revenue over the minimum contracted period.

The Star Vega is the first 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 second Post-Panamax bulk carrier, M/V Star Sirius, is expected to be delivered to the company in early March of 2014.

Upon the completion of the acquisition of the M/V Star Sirius, Star Bulk will own seventeen dry bulk vessels, consisting of five Capesize, two Post-Panamax, two Ultramax and eight Supramax vessels with average age of approximately 8.8 years.

In addition, Star Bulk has entered into definitive contracts for the construction of additionally nine vessels at high quality shipyards in Japan and China, including three Newcastlemax, two Capesize and four Ultramax vessels with fuel-efficient specifications 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 part of its purchase price, as well as part of the purchase price of the M/V Star Sirius, 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.

starbulk.com
 

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

India: Negative Outlook on Shipping Sector

India Ratings and Research (Ind-Ra) has maintained a negative-to-stable outlook for the shipping sector for the current financial year.   The agency expects

USCG’s New Cutter Pulls into Boston

The U.S. Coast Guard’s (USCG) latest 418-foot National Security Cutter James (WSML 754) entered Boston Harbor August 3 ahead of her commissioning scheduled for August 8.

GE Gas Turbines to Power US Navy’s New Destroyers

The U.S. Navy’s new DDG 121 and DDG 122 Arleigh Burke-class destroyers will be powered by eight LM2500 marine gas turbines supplied by GE Marine, who also received

News

Chinese Slowdown Hitting Container Shipping

The slowdown in China’s economy poses some risks for container shipping, according to Drewry Maritime Research.   According to a new report from Drewry Shipping Consultants Ltd,

CMA CGM Strengthens its Presence in Lebanon

The CMA CGM Group upgrades its Lebanese service by adding a call in Beirut on its EPIC line, joining North Europe to Indian sub-continent, and on its MEX line, joining the Mediterranean to Asia.

Pentalver Opens London Container Facility

U.K. inland container service operator Pentalver opened a new five-acre site at the U.K.’s newest deep sea container port, DP World London Gateway, the London Port Authority announced.

Vessels

Chinese Slowdown Hitting Container Shipping

The slowdown in China’s economy poses some risks for container shipping, according to Drewry Maritime Research.   According to a new report from Drewry Shipping Consultants Ltd,

India: Negative Outlook on Shipping Sector

India Ratings and Research (Ind-Ra) has maintained a negative-to-stable outlook for the shipping sector for the current financial year.   The agency expects

Cochin Shipyard Delivers 17th FPV for Indian Coast Guard

Cochin Shipyard launched the seventeenth in a series of tweny Fast Patrol Vessels (BY 517) being built for Indian Coast Guard, the shipbuilding company said in a press release.

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators 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: 0.2656 sec (4 req/sec)