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 Sirius a Post - Panamax bulk carrie r of approximately 98,000 deadweight tons carrying capacity, the company announces in its press release.
The Star Sirius is th e second of the two modern Post - Panamax bulk carriers to be delivered to the company, pursuant to the relevant binding agreements announced on January 29, 2014 . The vessel has commenced a time charter with the sellers of the vessel , Glocal Maritime Ltd (“Glocal”), for a period between 28 months to 32 months , at a gross daily hire rate of $ 15,000 less a 1.25% address commission on gross revenues.
The Vessel is expected to generate approximately $12.4 million in charter revenues over the minimum contracted period. Inclusive of the acquisition of M/V Star Sirius, Star Bulk own s seventeen dry bulk vessels, consisting of five Capesize, two Post - Panamax, two Ultramax and eight Supramax vessels with average age of approximately 8.9 years.
In addition, Star Bulk has entered into definitive contracts for the construction of eleven, fuel efficient , dry bulk vessels , at high quality shipyards in Japan and China, including five Newcastlemax, two Capesize and four Ultramax vessels , 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 65% of the aggregate purchase price of the Vessel and of M/V Star Vega under the previously announced 7 - year senior secured credit facility of up to $39.0 million with Deutsche Bank AG (“DB Facility”) . The drawdown of the DB facility is expected to take place in March 2014.
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 steel 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 Select Market under the symbol "SBLK". Star Bulk own s a fleet of s eventeen dry bulk carriers , consisting of five Capesize, two Post P anamax, two Ultramax and eight Supramax dry bulk vessels with a combined cargo carrying capacity of 1, 610 , 935 deadweight tons and an average age of approximately 8. 9 years. In a ddition, Star Bulk provi des vessel management services to fourteen third party dry bulk vessels, including five Capesize, two Post Panamax, two Kamsarmax , two Panamax and three Supramax vessels with a combined cargo carrying capacity of 1,569, 255 deadweight tons. The Company has also entered into agreements for the construction of eleven fuel efficient dry bulk vessels, five Newcastlemax vessels, two Capesize vessels and four Ultramax vessels, with a combined cargo carrying capacity of 1, 643 ,000 deadweight tons. All of the newbui lding vessels are expected to be delivered during 2015 and early 2016.