Liberian-Flag Fleet Doubles in 10 Years
The Liberian-flag fleet posted record growth figures in 2010 and has now doubled in size in the ten years since the management of the Liberian Registry was assumed by the US-based Liberian International Ship & Corporate Registry (LISCR). The Liberian-flag fleet was boosted by 586 new registrations last year. Of these, 149 were newbuildings. Net growth was 338 vessels, aggregating 13.6m gt. The average age of the 586 new registrations was 5.46 years, compared to the 17.32 average age of those vessels removed from the registry. The average age of the Liberian-flag fleet is now just 12 years. Scott Bergeron, Chief Operating officer of LISCR, says, “The phenomenal growth under LISCR management is testament to the quality of service and responsiveness provided by the Liberian Registry.
Star Bulk Carriers Updates Ownership of Insider Holdings
Star Bulk Carriers Corp. announced that F5 Capital, a company affiliated with Mr. Nobu Su, one of the Company's directors, filed a Schedule 13D report with the Securities and Exchange Commission to disclose its disposition of approximately 9.5 million Star Bulk common shares in certain private transactions. According to the Schedule 13D, F5 Capital's beneficial ownership in the Company has been reduced to approximately 3.8 million shares, representing roughly 7% of the Company's issued and outstanding shares.
Nobu Steps Down at Star Bulk
Star Bulk Carriers Corp. said that the company's Co-Chairman Nobu Su has resigned from his position as Co-Chairman of the Board with immediate effect due to his heavy workload and his other business activities. Su will remain as a Director. Co-Chairman Petros Pappas has assumed the role of sole Chairman of the Board.
Star Bulk Acquires Vessel
Star Bulk Carriers Corp. agreed to acquire the vessel E Duckling (to be renamed Star Kappa), for $72 million from a company affiliated with our Co-Chairman, Nobu Su. The Star Kappa, a Supramax vessel of 52,055 dwt built in 2001 in Japan, will have a three-year Time Charter employment contract attached at a gross daily rate of USD 47,800 with earliest and latest redelivery of September 23, 2010 and November 23, 2010, respectively. Akis Tsirigakis, President and CEO of Star Maritime sid: "We are pleased to announce our first vessel acquisition since the completion of the redomiciliation merger which will expand the fleet to nine vessels. Our low leverage affords us the flexibility to continue to seek growth opportunities in the dry bulk sector as they may arise."
