• 2018 October 10 13:32

    Star Bulk announces agreements to equip its fleet with exhaust gas cleaning systems

    Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes announced today that it intends to equip its entire fleet with Exhaust Gas Cleaning Systems (“scrubbers”) before the January 1, 2020 implementation date of the new IMO sulfur emission cap  regulation.

    Star Bulk expects average cost, including installation, to be below $2.0  million per vessel. The Company  has  secured debt financing  with an average margin of below 3.0% to cover up to  approximately 70%  of such cost and expects the remaining amount to be covered from operating cash flow and cash on  hand, without  raising equity  for this purpose.  The Company has also secured contracts with leading shipyards for the installation of such systems,  while  in  approximately 35 % of the installations, riding teams  are being deployed to carry out the  retrofitting works onboard the vessels while at sea, reducing off hire time, as a result of  those  installations,  by 50 % to 60%.

    A month ago, Star Bulk successfully completed the first scrubber installation at sea.

    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 Nasd aq Global Select Market under the symbol “SBLK” and on the  Oslo Stock  Exchange under the ticker “SBLKR”. On a fully delivered basis, Star Bulk will have a fleet of 111 vessels, with an aggregate  capacity of  12.67 million  dwt, consisting of 17 Newcastlemax ,  20 Capesize, 2 Mini  Capesize, 7 Post Panamax, 35 Kamsarmax, 2 Panamax, 16 Ultramax and 1 2 Supramax vessels with  carrying capacities between 52,055 dwt and 209,537 dwt. The Company holds call options and has sold respective put options on 4 Capesize vesse ls, with exercise dates in early April 2019.




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2020 August 2

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2020 August 1

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2020 July 30

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