SOURCE: Star Bulk Carriers Corp.

January 18, 2008 09:15 ET

Star Bulk Takes Delivery of Capesize Vessel and Expands Its Operational Fleet to Eight Vessels

NEW YORK, NY--(Marketwire - January 18, 2008) - Star Bulk Carriers Corp. (NASDAQ: SBLK) announced today that it has taken delivery of the "Star Alpha" (ex A Duckling), a Capesize vessel of 175,075 dwt built in 1992. Star Alpha is currently under a pre-existing time charter employment contract at a gross daily rate of USD 47,500 which continues until October 2009.

Star Bulk has agreed to acquire a total of nine dry bulk vessels including two Capesize, one Panamax and six Supramax vessels. As of today, the company has taken delivery of two Capesize and six Supramax vessels, thereby expanding its operational fleet to eight vessels. The ninth vessel, a Panamax, is scheduled for delivery within February 2008. The fleet profile appears in the table below.

Akis Tsirigakis, President and CEO of Star Maritime commented: "With the delivery of the Star Alpha the eight vessels delivered are already generating revenue that represents 95% of the entire fleet's earning capacity which is fully contracted for 2008. With our healthy balance sheet we continue to seek opportunities for further fleet growth in order to enhance revenue generation and shareholder value for the long term."

Fleet Table

The following table sets forth summary information regarding Star Bulk's fleet. Star Bulk expects to complete delivery of the vessels included in the table below within January 2008.


                                  Year  Charter Party Time Charter
Vessel Name       Type      DWT   Built  Expiry (1)     rate (2)
                --------- ------- ----- ------------- ------------
CURRENT FLEET
Star Alpha       Capesize 175,075  1992  Oct. 5, 2009 $     47,500
                --------- ------- ----- ------------- ------------
Star Beta        Capesize 174,691  1993 Mar. 31, 2010 $    106,500
                --------- ------- ----- ------------- ------------
Star Gamma       Supramax  53,098  2002 Jan. 25, 2009 $     28,500
                --------- ------- ----- ------------- ------------
                                        Mar. 28, 2008 $     30,500
Star Zeta        Supramax  52,994  2003     Mar. 2013 $     38,750
                --------- ------- ----- ------------- ------------
Star Delta       Supramax  52,434  2000   May 7, 2009 $     25,800
                --------- ------- ----- ------------- ------------
Star Theta       Supramax  52,425  2003 Jun. 16, 2009 $     32,500
                --------- ------- ----- ------------- ------------
Star Epsilon     Supramax  52,402  2001 Mar. 15, 2009 $     25,550
                --------- ------- ----- ------------- ------------

Star Kappa       Supramax  52,055  2001 Nov. 23, 2010 $     47,800
                --------- ------- ----- ------------- ------------
Total                     665,174
                --------- ------- ----- ------------- ------------
VESSELS TO BE DELIVERED

Star Iota         Panamax  78,585  1983 Jan. 15, 2009 $     18,000
                --------- ------- ----- ------------- ------------
Total                      78,585
                --------- ------- ----- ------------- ------------
Fleet Total               743,759
                --------- ------- ----- ------------- ------------

* Indicates expected delivery
(1)Represents the latest expiry date allowed by the charter party
(2)Represents the gross daily rate


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 such as bauxite, phosphate and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and is headquartered in Athens, Greece. Its common stock and warrants trade on the NASDAQ Global Market under the symbols "SBLK" and "SBLKW" respectively. Star Bulk has definitive agreements to acquire a fleet of nine dry bulk carriers, eight of which have been delivered to date. The nine dry bulk carriers consist of two Capesize, one Panamax and six Supramax dry bulk vessels with an average age of approximately 10 years and a combined cargo carrying capacity of 743,759 deadweight tons.

Forward-Looking Statements

The information in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding: (1) the delivery and operation of assets of Star Bulk; (2) Star Bulk's future operating or financial results; (3) future, pending or recent acquisitions, business strategy, areas of possible expansion, and expected capital spending or operating expenses; (4) drybulk market trends, including charter rates and factors affecting vessel supply and demand; and (5) other statements identified by words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "should," "may," or words of similar meaning.

Such forward-looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Star Bulk's examination of historical operating trends, data contained in their records and other data available from third parties. Although Star Bulk believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond their control, Star Bulk cannot assure you that Star Bulk will achieve or accomplish these expectations, beliefs or projections. Important factors that could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of a seller to deliver one or more vessels, the strength of world economies and currencies, general market conditions, including changes in charterhire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in Star Bulk's operating expenses, including bunker prices, dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. Additional factors that could cause Star Bulk's results to differ materially from those described in the forward-looking statements can be found in Star Bulk's Registration Statement on Form F-1/F-4 and reports on Form 6-K filed with the Securities and Exchange Commission (the "SEC") and available at the SEC's Internet site (http://www.sec.gov). The information set forth herein speaks only as of the date hereof, and Star Bulk disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.

Contact Information

  • Company:
    Akis Tsirigakis
    President and CEO
    Star Bulk Carriers Corp.
    Aethrion Center, Suite B-34
    40 Ag. Konstantinou
    Maroussi 15124
    Athens, Greece
    www.starbulk.com

    Investor Relations / Financial Media:
    Nicolas Bornozis
    President
    Capital Link, Inc.
    230 Park Avenue, Suite 1536
    New York, NY 10169
    Tel. (212) 661-7566
    E-mail: nbornozis@capitallink.com
    www.capitallink.com