Star Bulk takes delivery of its first Ultramax bulk carrier
Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, today announced that it has taken delivery of M/V Star Challenger , an Ultramax bulk carrier of 61,462 deadweight tons carrying capacity , built in Japan by Imabari Shipbuilding Group in November of 2012, the company said in its press release.
The vessel has been employed on a short - term time charter for a period of 40 days , at a gross hire rate of $13,700 per d ay . This short - term fixture is in line with the Company’s flexible, spot - oriented commercial strategy , aiming to capture the benefits of a potential broader freight rate recovery in the dry bulk market. The Star Challenger is the first of the two modern Ultramax bulk carriers to be delivered to the Company, pursuant to the relevant definitive agreement announced on November 18, 2013. The second Ultramax bulk carrier, Star Fighter, is expected to be delivered to the Company by the end of December 2013.
The Company has financed the purchase of Star Challenger using cash on hand and is currently in advanced discussions with a major lending institution to secure commercial bank debt financing for the two Ultramax bulk carriers.
About Star Bulk Star
Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk's vessels transport major bulks, which include iron ore, coal and grain and minor bulks which include bauxite, fertilizers and st eel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Global Market under the symbol "SBLK". Currently, Star Bulk has an operating flee t of fifteen dry bulk carriers . The total fleet consists of five Capesize , two Ultramax and eight Supramax dry bulk vessels with a combined cargo carrying capacity of 1, 413 , 5 26 deadweight tons. The average age of our current operating fleet is approximatel y 9.5 years. Additionally, we have nine third party dry bulk vessels under our management, four Capesize , two Panamax and t hree Supramax vessels with a combined cargo carrying capacity of 1 , 030, 72 0 deadweight tons . We have also entered into agreements for the construction of nine fuel efficient dry bulk vessels, three Newcastlemax vessels, two Capesize vessels and four Ultramax vessels , with a combined cargo carrying capacity of 1,227,000 deadweight tons . All of the n ewbuilding vessels are expected to be delivered during 2015 and 2016.