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Sunday, October 21, 2018

Star Bulk News

Star Bulk Carriers Acquires Songa Bulk Fleet

Photo: Star Bulk Carriers Corp

Greece-based dry bulk shipping firm Star Bulk Carriers has entered into definitive agreements to acquire 18 dry bulk vessels in two all-share transactions. 15 of the vessels will be acquired from Songa Bulk and three of the vessels will be acquired from Oceanbulk Container Carriers. The consideration for the vessels was determined based on average vessel valuations by independent vessel appraisers. The Company has agreed to issue an aggregate of 13.725 million common and pay $145 million in cash for the acquisition of all of Songa’s 15 modern dry bulk vessels .

Star Bulk Carriers Lists on the Oslo Stock Exchange

Photo: Star Bulk Carriers Corp

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.

Star Bulk Carriers Completes Acquisition of 16 Dry Bulk Vessels

Image: Augustea Group

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…

Star Bulk Carriers Acquires 3 Dry Bulkers from Oceanbulk Container Carriers

Image from Oceanbulk Containers video

Star Bulk Carriers announced that it has closed the previously announced acquisition of three  newbuilding Newcastlemax dry bulk vessels in an all-share transaction, from Oceanbulk Container Carriers (OCC). The final consideration for the OCC Vessel Purchase Transaction is 3,304,735 million common shares of the Company. OCC is an entity affiliated with Oaktree Capital Management and with family members of our CEO, Petros Pappas and entities affiliated to them. The three vessels are being constructed at Shanghai Waigaoqiao Shipbuilding (SWS)…

Harley to Lead Britannia's Greek Office

David Harley will head up Britannia's Greek office (Photo: Britannia)

London based P&I club Britannia said it has finalized plans to open its Greek office in Piraeus as part of an ongoing expansion of the club’s regional hub network.The Greek office will be headed by David Harley who recently returned to the London office having established and worked for over five years as head of Britannia, Hong Kong. Harley will be assisted by newly appointed Konstantinos Samaritis, who joins from a Greek shipowner, having previously worked for both Standard and Skuld Clubs’ Greek operations.

Star Bulk Carriers Completes Acquisition of 15 Dry Bulkers from Songa Bulk

Photo: Songa Bulk AS

Global shipping company Star Bulk Carriers, announced  that it has closed the previously announced acquisition of fifteen 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. Following the closing of the Vessel Purchase Transaction, (i) Arne Blystad will be appointed to the Board of Directors of Star Bulk as Class C Director and Herman Billung will join the management team of Star Bulk as Senior Vice President and (ii) Songa is expected to distribute the Consideration Shares to its shareholders.

WFW Advises CMBFL on Sale, Leaseback of 15 Dry Bulker

Image: Watson Farley & Williams

Watson Farley & Williams (WFW) has advised CMB Financial Leasing (CMBFL) on a US$180.4m sale and leaseback transaction with Star Bulk Carriers Corp, a Nasdaq-listed global shipping company providing worldwide seaborne transportation of dry bulk cargoes.The funds obtained by Star Bulk under this new five-year capital lease of US$180.4m entered into with CMBFL were used to part-finance the cash portion of the consideration with regards to Star Bulk’s acquisition of 15 dry bulk vessels from Norwegian shipowner Songa Bulk ASA.Founded in 2008…

Star Bulk Carriers Back in Black

Image: Star Bulk Carriers Corp

Star Bulk Carriers has announced a net income of US$10.73 million for the second quarter of 2018, a significant improvement over the company’s net loss of US$10.28 million for the same period last year.The global shipping company focusing on the transportation of dry bulk cargoes said that voyage revenues for the quarter totalled US$132.6 million, almost double the US$78.6 million generated in the second quarter of 2017.Petros Pappas, Chief Executive Officer of Star Bulk, said…

Star Bulk Carriers Announces $310mln Loan for Vessels, 50 Scrubbers

File Photo: Star Bulk

Star Bulk Carriers announced that it has entered into a $310 million loan agreement, which includes a $70 million tranche (Green Loan Tranche) that will exclusively finance the procurement and retrofitting of scrubbers for up to approx. 50 vessels in Star Bulk’s fleet. According to a press release from the global shipping company focusing on the transportation of dry bulk cargoes, DNB Bank, acted as the Mandated Lead Arranger, Facility Agent and Coordinator, along with ABN AMRO Bank…

Star Bulk Carriers to Acquire Up To Seven Dry Bulk Vessels From E.R. Capital

Star to acquire three (firm) operating dry bulk vessels with 2018 and has options on four others in 2019.Star Bulk says that Step 1 vessels will be acquired for an aggregate of about 1.34 million common shares of star Bulk and $41.70 million in cash.Source text for Eikon

Star Bulk Carriers Adds MV Star Bright to its Fleet

ER Brighton. Photo © Giorgos Tsampazis/Marinetraffic.com

Athens, Greece-based Star Bulk Carriers Corp took delivery of the first of the three firm dry bulk vessels, the ER Brighton, renamed to Star Bright, from an entity affiliated with E.R. Capital Holding GmbH & Cie. KG.The global shipping company focusing on the transportation of dry bulk cargoes announced that, the delivery is in pursuant to the previously announced transaction of August 28, 2018. The Vessel was acquired for a combination of cash and shares. Following this delivery…

Star Bulk Carriers to Equip its Fleet with Scrubbers

Photo: Star Bulk

Star Bulk Carriers announced  that it intends to equip its entire fleet with Exhaust Gas Cleaning Systems (scrubbers) before the January 1, 2020 implementation date of the new IMO sulfur emission cap regulation.The global shipping company focusing on the transportation of dry bulk cargoes said in a press release that it expects average cost, including installation, to be below $2.0 million per vessel. Star Bulk  has secured debt financing with an average margin of below 3.0% to…

Songa Shareholders Approves Vessels Acquisition by Star Bulk Carriers

File Photo: Star Bulk Carriers Corp

Star Bulk Carriers  announced that Songa Bulk has informed the Company that 99.73% of the present shareholders of Songa, at the Annual General Meeting of shareholders of Songa held on June 5, 2018, have voted in favor of and approved the previously announced transaction. Accordingly, Star Bulk will acquire 15 operating vessels of Songa for an aggregate of 13.725 million common shares of the Company  and $145 million in cash. The approval of the shareholders of Songa was a condition to the closing of the Vessel Purchase Transaction, which has now been satisfied.

Star Bulk Awarded USCG Qualship 21 for 30 Vessels

Photo: Star Bulk

The U.S. Coast Guard (USCG) has awarded Qualship 21 status to 30 bulk carriers owned and operated by Star Bulk Carriers Corp., the largest U.S. listed dry bulk operator. The Qualship 21 program rewards high quality ships sailing under qualifying flags. In a letter to Star Bulk, Rear Admiral Paul Thomas of the USCG stated, “Less than 10 percent of all [non-U.S. flagged] ships that operate in the [U.S.] meet the eligibility requirements of this program, putting [Star Bulk's] qualified vessels in an elite class.

Star Bulk Acquire Two Modern Kamsarmax Vessels

Photo: Star Bulk Carriers Corp.

Star Bulk Carriers, a global shipping company focusing on the transportation of dry bulk cargoes, announced that it has entered into definitive agreements to acquire two modern Kamsarmax drybulk carriers from an unaffiliated third party for an aggregate total consideration of approximately US$30.3 million. Each of the Vessels has a carrying capacity of 81,713 deadweight tons and was built with high specifications at Jiangsu New Yangzijiang in 2013. The Vessels are expected to be delivered to Star Bulk between March and May 2017.

Star Bulk Acquires Supramax

Photo: Star Bulk Carriers Corp

Star Bulk Carriers, a global shipping company focusing on the transportation of dry bulk cargoes, has announced that it has entered into a definitive agreement to acquire a Supramax dry bulk carrier from an unaffiliated third party. The acquisition will be partly financed through debt secured from a financial institution. The Vessel has a carrying capacity of 56,582 deadweight tons and was built to high specifications at Jiangsu Hantong Shipyard, China in 2011. The Vessel is expected to be delivered to Star Bulk during the month of July 2017.

Star Bulk Rolls Out Logistics Venture

Image: Star Bulk Carriers Corp

Star Bulk Carriers, a global shipping company focusing on the transportation of dry bulk cargoes, announced the expansion and diversification of the Company's commercial activity with the launch of the new subsidiary Star Logistics Management S.A. Star Logistics will focus on servicing the end user by connecting origination and destination of dry bulk commodities. The move is expected to further expand the commercial capability of Star Bulk through additional commercial expertise and advanced tools on the Kamsarmax and geared bulk carriers.

Star Bulk to Repay Debt Principal

Photo: Star Bulk Carriers Corp

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.

Bulkers to Benefit as China Iron Ore Appetite Grows

Photo: © martinfredy/Adobe Stock

It has been quite awhile since the global bulk carrier market has had much to cheer about, but U.S. dry bulk shippers are set to post strong revenue growth in the next two years thanks to soaring Chinese demand for high-grade iron ore from Brazil and Australia. To combat severe winter smog, China has slashed iron ore output, pushing steel mills in the world's second biggest economy to import more high-grade ore. China also wants to make pollution control a priority for the next three years.

Star Bulk Carriers Posts USD 23.9 mln Profit 4Q

Image: Star Bulk Carriers

Greece-based Star Bulk Carriers Corp. sailed into a net profit of USD 23.9 mln  for the fourth quarter and year ended December 31, 2017 from a loss of USD 33.1 mln during the same quarter of the previous year. "This performance is underpinned by an average TCE of $13,860/day per vessel with 100% fleet utilization, and average Opex and Net Cash G&A expenses per vessel of $3,850/day and $1,094/day respectively. We have fixed 86% of available ship days for Q1 2018 at average TCE rates of $12,700/day," he added.

Star Bulk, Eco Marine Power Commence Renewable Energy Study

M/V Leviathan. Picture Credit: Star Bulk

As part of its continued focus on bringing renewable energy solutions to shipping, Eco Marine Power (EMP) has announced that it has signed a Memorandum of Understanding (MOU) with Star Bulk S.A. (Star Bulk) covering a joint study project focused on the feasibility of using EMP’s technologies on existing and new bulk carriers. The joint study between Star Bulk and EMP will cover engineering issues related to how various equipment including solar panels, batteries and other devices can be installed on existing and new ships.

Star Bulk Carriers Acquires 16 Vessels

Photo:  Star Bulk Management Inc.

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…

Star Bulk Acquires 16 Ships

Photo courtesy Star Bulk

Star Bulk Carriers Corp. 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…

Maritime Reporter Magazine Cover Oct 2018 - Marine Design Annual

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