Star Bulk Expands Fleet

Star Bulk Carriers Corp. announced that it has entered into a definitive agreement to acquire the M/V Nord Wave, to be renamed the M/V Star Omicron, a Supramax bulk carrier of 53,489 dwt, built in 2005 in , for $72m. The vessel will be financed through a combination of company cash and bank debt.
The M/V Star Omicron, is scheduled to be delivered to Star Bulk within April 2008. It has been acquired charter-free and Star Bulk intents to secure the vessel under time-charter employment prior to its delivery to Star Bulk in April 2008.
Following this acquisition, Star Bulk's fleet will increase to eleven vessels of approximately 981,648 dwt and an average age of approximately 10 years. With the addition of the "Star Omicron" which at present is charter-free, the fleet operating days in 2008 under time charter are 93.5%.