Star Bulk receives Post-Panamax bulk carrier

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargos, announced that it has taken delivery of M/V Star Vega, a Post-Panamax bulk carrier of approximately 98,000 deadweight tons carrying capacity.


The vessel has commenced a time charter with the sellers of the vessel for a period between 30 months to 34 months, at a gross daily hire rate of $15,000 minus a 1.25 percent address commission on gross revenues. The vessel is expected to generate approximately $13.4 million in charter revenue over the minimum contracted period.


The Star Vega is the first of the two modern Post-Panamax bulk carriers to be delivered to the company, pursuant to the relevant binding agreements announced on Jan. 29. The second Post-Panamax bulk carrier, M/V Star Sirius, is expected to be delivered to the company in early March of 2014.


Upon the completion of the acquisition of the M/V Star Sirius, Star Bulk will own 17 dry bulk vessels, consisting of five Capesize, two Post-Panamax, two Ultramax and eight Supramax vessels with average age of approximately 8.8 years.


In addition, Star Bulk has entered into definitive contracts for the construction of additionally nine vessels at high quality shipyards in Japan and China, including three Newcastlemax, two Capesize and four Ultramax vessels with fuel-efficient specifications with expected deliveries in 2015 and early 2016.


The company has financed the purchase of the Vessel using cash on hand and expects to refinance part of its purchase price, as well as part of the purchase price of the M/V Star Sirius, under the previously announced seven-year senior secured credit facility of up to $39 million with Deutsche Bank AG. The drawdown of the DB facility is expected to take place in March.