2014 December 23 10:05

Star Bulk announces the sale of M/V Star Kim

Star Bulk Carriers Corp. a global shipping company providing transportation solutions in the dry bulk sector, today announced that it has entered into a binding agreement to sell the M/V Star Kim, a 38,858 dwt Handymax vessel, built in 1994, to a non - related third party. The Company expects to deliver the Vessel to the buyers by early February 2015 at the latest .

Star Kim was acquired from Excel Maritime Carriers Ltd under an “en bloc” transaction of 34 vessels on August 19, 2014 and was delivered to the Company on December 5, 2014. This transaction signals the beginning of Star Bulk’s strategy to divest from part of its older fleet vessels , while strengthening its balance sheet and improving its liquidity position. The opportunistic sale of older assets coupled with the expected delivery of 35 fuel efficie nt newbuilding vessels in 2015 and 2016, will allow Star Bulk to operate a large , modern and diverse fleet serving a multitude of clients and transporting a variety of cargos across the globe .

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”. On a fully delivered basis, Star Bulk will have a fleet of 10 2 vessels, with an aggregate capacity of 11.8 million dwt, consisting primarily of Capesize, as well as, Kamsarmax, Panamax, Post - Panamax, Newcastlemax, Ultramax, Supramax and Handymax vessels with carrying capacities between 45,590 dwt and 209,000 dwt . Following the sale of Star Kim, our fleet includes 57 operating vessels , 10 second hand vessels to be delivered , and 35 newbuilding vessels currently under construction at shipyards in Japan and China. All of the newbuilding vessels are expected to be delivered during 2015 and 2016.