Star Bulk Carriers Corp. (Nasdaq: SBLK) said that the vessel Star Sigma which was time chartered to Pacific Bulk Shipping Ltd.
of Hong Kong until October 2013 at a gross daily rate of $38,000, was redelivered to the Company. Pacific Bulk has agreed to pay the Company a lump sum of $5.734 million in cash for the early redelivery of this vessel. The Company received a cash installment of $3.5 million on January 5, 2012 and the remaining balance of $2.234 million is scheduled to be paid by Pacific Bulk on/or about January 20, 2012. In addition to the lump sum payment, Pacific Bulk supplied Star Sigma with 1,027 metric tons of fuel, valued approximately $0.7 million.
Following its redelivery to the Company, the Star Sigma
was employed in the spot market under a voyage charter, at a gross daily time charter equivalent rate of approximately $29,400, and is expected to complete its voyage in early April 2012.