SOURCE: Star Bulk Carriers Corp.

December 17, 2007 08:30 ET

Star Bulk Takes Delivery of Third Vessel

NEW YORK, NY--(Marketwire - December 17, 2007) - Star Bulk Carriers Corp. (NASDAQ: SBLK), announced today that it has taken delivery of the M/V "Star Kappa" (ex E Duckling), a Supramax vessel of 52,055 dwt built in 2001 in Japan. Star Kappa is an addition to the initial fleet, was acquired for USD 72 million and is the third vessel to be delivered to the Company following the completion of the Redomiciliation Merger. Star Kappa has a Time Charter employment contract at a gross daily rate of USD 47,800 with earliest expiration date of September 23, 2010.

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 three Supramax vessels. The remaining six vessels are scheduled for delivery by mid-January 2008, as per the table below.

Akis Tsirigakis, President and CEO of Star Maritime, commented: "We are pleased to announce that we have taken delivery of the Star Kappa. The vessel, our first vessel acquisition following the Redomiciliation Merger, comes with an attractive time charter rate through mid-2010, enhancing our revenue stream. In a span of just two weeks, after the Redomiciliation merger, we have been able to take delivery of three vessels and in this context, we continue to expand our presence in the dry bulk market."

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 by mid-January 2008.


                                                     Charter       Time
Vessel                         Year   Delivered       Party       Charter
 Name        Type      DWT     Built   to SLBK      Expiry (1)    rate (2)
--------   --------  -------   -----  ----------   ------------   --------

CURRENT
 FLEET
--------   --------  -------   -----  ----------   ------------   --------
Star
Theta
(ex. J
Duckling)  Supramax   52,425   2003   Dec 7, 07    Jun 16, 2009    $32,500
--------   --------  -------   -----  ----------   ------------   --------
Star
Epsilon
(ex. G
Duckling)  Supramax   52,402   2001   Dec 4, 07    Mar 15, 2009    $25,550
--------   --------  -------   -----  ----------   ------------   --------
Star
Kappa
(ex. E
Duckling)  Supramax   52,055   2001    Dec 07*     Nov 23, 2010    $47,800
--------   --------  -------   -----  ----------   ------------   --------
Total                156,882
--------   --------  -------   -----  ----------   ------------   --------
VESSELS
 TO BE
DELIVERED
--------   --------  -------   -----  ----------   ------------   --------
Star
Alpha
(ex. A
Duckling)  Capesize  175,075   1992    Dec 07*     Oct 5, 2009     $47,500
--------   --------  -------   -----  ----------   ------------   --------
Star
Beta
(ex. B
Duckling)  Capesize  174,691   1993    Dec 07*     Mar 31, 2010   $106,500
--------   --------  -------   -----  ----------   ------------   --------
Star
Iota
(ex. Momy
Duckling)  Panamax    78,585   1983   Dec 18, 07   Jan 15, 2009    $18,000
--------   --------  -------   -----  ----------   ------------   --------
Star
Gamma
(ex. C
Duckling)  Supramax   53,098   2002    Dec 07*     Jan 25, 2009    $28,500
--------   --------  -------   -----  ----------   ------------   --------
Star
Zeta
(ex. I
Duckling)  Supramax   52,994   2003    Dec 07*     Mar 28, 2008    $30,500
                                                     Mar 2013      $39,500
--------   --------  -------   -----  ----------   ------------   --------
Star
Delta
(ex. F
Duckling)  Supramax   52,434   2000    Dec 07*     May 7, 2009     $25,800
--------   --------  -------   -----  ----------   ------------   --------
Total                586,877
--------   --------  -------   -----  ----------   ------------   --------
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, three of which have been delivered, from subsidiaries of TMT Co, Ltd. The nine dry bulk carriers, consist of two Capesize, one Panamax and six Supramax dry bulk vessels with an average age of approximately 9.5 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