Star Bulk announces agreement to sell four capesize vessels for $148 million
Star Bulk Carriers Corp. a global shipping company providing transportat ion solutions in the dry bulk se ctor, today announced that it has entered into agreements to sell four newbuilding Capesize vessels under construction in China to unaffiliated third parties , for an aggregate gross price of $148 million.
The vessels are expected to be delivered to the buyers during the first and second quarter of 2016. The Company intends to use a portion of the net proceeds from the sale of the Vessels to pay the remaining delivery installments related to these Vessels and use the remainder for general corporate purposes, including capital expenditures.
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 Select Market under the symbol "SBLK". On a fully delivered basis, Star Bu lk will have a fleet of 8 0 vessels, with an aggregate capacity of 9.0 million dwt, consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax, Supramax and Handymax vessels with carrying capacities between 45,588 dwt and 209,537 dwt. Our fleet currently includes 70 operating vessels and 19 newbuilding vessels under construction at shipyards in Japan and China. Additionally, t he Company has one chartered - in Supramax vessel, under a time charter expiring in September 2017.