Greek dry bulk carrier Star Bulk Carriers Corp said it will buy two Capesize bulk carriers for an aggregate purchase price of about $51.5 million to increase its fleet's carrying and earnings capacity, Reuters reports.
The company said both capesize vessels -- the biggest dry bulk ship type -- are expected to be delivered by July 2011 and have long-term time charters attached.
A time charter is a contract for the hire of a ship for a specified period of time.
One of the vessels has a time charter agreement until November 2015 and is expected to generate $38-44 million in gross revenue, the company said.
The other vessel has a time charter agreement until August 2014 and is expected to generate $26-31 million in gross revenue.
The company is financing the acquisitions through a combination of cash and debt.
The company said both capesize vessels -- the biggest dry bulk ship type -- are expected to be delivered by July 2011 and have long-term time charters attached.
A time charter is a contract for the hire of a ship for a specified period of time.
One of the vessels has a time charter agreement until November 2015 and is expected to generate $38-44 million in gross revenue, the company said.
The other vessel has a time charter agreement until August 2014 and is expected to generate $26-31 million in gross revenue.
The company is financing the acquisitions through a combination of cash and debt.