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Wednesday, July 18, 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 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)…

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.

Star Bulk Carriers Raises $51.5mln

Pic: Star Bulk Carriers Corp

Star Bulk Carriers Corp announced the execution of agreements with affiliates of Oaktree Capital Management, L.P. and Senator Investment Group LP to sell Oaktree and Senator an aggregate of 6,310,272 of its common shares, at a purchase price of $8.154 per share. The private placement, which is scheduled to close by early February 2017, is expected to result in aggregate gross proceeds to Star Bulk of approximately $51.5 million. The Company has agreed to grant shelf registration rights to the investors for the resale of their common shares.

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 Carriers Announces Private Placement

Photo: Star Bulk Carriers Corp.

Star Bulk Carriers Corp. announced the closing of its previously announced private placement of 6,310,272 common shares, at a price of $8.154 per share. The aggregate proceeds to Star Bulk, net of underwriting fees and offering expenses, were approximately $50.6 million. Star Bulk intends to use the net proceeds for general corporate purposes. Oaktree Capital Management, L.P. and its affiliates and Senator Investment Group LP purchased 6,310,272 common shares in connection to this offering.

Star Bulk Enters Chartering Pool

Star Bulk Courtesy Star Bulk

Star Bulk Carriers Corp. a global shipping company focusing on the transportation of dry bulk cargoes, announced that  it has entered into a Capesize vessel pooling agreement (“CCL”) with BOCIMAR INTERNATIONAL NV, GOLDEN OCEAN GROUP LIMITED and C TRANSPORT HOLDING LTD. Star Bulk has agreed to market nine  of the Company’s Capesize dry bulk vessels, which had previously been operating in the spot market, as part of the CCL fleet. Together with Star Bulk’s nine vessels, CCL initially consists   of 65 modern Capesize vessels and will be managed in Singapore and in Antwerp.

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 Defers More Ship Deliveries

File photo: Star Bulk

In February 2016, Star Bulk has agreed to defer the delivery of five Newcastlemax vessels from 2016 to 2017 and 2018: three vessels were deferred from Q1 2016 to Q1 and Q3 2017, and two vessels were deferred from Q1 and Q2 2016 to Q1 2018. Consequently, $188 million of CAPEX originally due in 2016 has been deferred to 2017 and 2018. During the last 12 months, the company has pushed back the delivery of 16 vessels for 124 months in aggregate, or eight months per vessel. Star Bulk has also agreed to terminate two shipbuilding contracts, reducing the newbuilding program by four vessels in total.

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 Sets Terms on Reverse Stock Split

Pics: Star Bulk Carriers Corp

Athens-based Star Bulk Carriers Corp has determined to effect a 1-for-5 reverse stock split of the Company's common shares. The Company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and proceed with the reverse stock split at the Company's annual general meeting on December 21, 2015. When the reverse stock split becomes effective, every five shares of the Company's issued and outstanding common shares will…

Star Bulk Carriers Reports 1Q Loss, Adds 3 Vessels.

Pic: Star Bulk Carriers Corp

The Athens, Greece-based Star Bulk Carriers Corp. (SBLK) has reported a loss of $48.8 million in its first quarter. The shipping company posted revenue of $46.3 million in the period. Star Bulk has added three vessels during this period. On April 1, April 4 and May 30, 2016, the vessels Indomitable, Obelix and Star Michele respectively, were delivered to their buyers. On June 6, 2016, it took delivery of the Newcastlemax vessel Star Libra (ex-HN 1372), which is financed under a bareboat charter accounted for as a capital lease, from CSSC (Hong Kong) Shipping Company Limited.

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 Announces $51.5M Offering Common Stock

Courtesy Star Bulk Carriers Corp.

Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq: SBLK) today announced it plans to make an underwritten public offering for $51.5 million gross proceeds of its common stock. The Company intends to use the net proceeds from the offering for general corporate purposes. Oaktree Capital Management, L.P., Caspian Capital LP and family members or entities owned and controlled by affiliates of the family of our Chief Executive Officer and founder, Mr. Pappas, have indicated…

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.

Dry Bulk’s Biggest Spenders

Figure 1 (Source: VesselsValue)

In the last month, we have seen the Baltic Dry Index (BDI) recover to the same level it was 12 months ago (see circles in fig.1). Vessel values have started to firm, but not at the same rate and are still at historically low levels. In the last 12 months, contrarian owners have taken advantage of the low values and have been buying cheap tonnage. With hindsight, this looks to have paid off with many values having increased above the purchase price. This article takes a look at which dry bulk owners have been buying the most in the last year.

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 Jul 2018 - Marine Communications Edition

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