SOURCE: Star Bulk Carriers Corp.

December 05, 2007 08:30 ET

Star Bulk Acquires Supramax Vessel Expanding Its Fleet to Nine Vessels

NEW YORK, NY--(Marketwire - December 5, 2007) - Star Bulk Carriers Corp. (NASDAQ: SBLK) announced today that it has agreed to acquire the vessel E Duckling (to be renamed Star Kappa), for USD 72 million from a company affiliated with our Co-Chairman, Nobu Su. The Star Kappa, a Supramax vessel of 52,055 dwt built in 2001 in Japan, will have a three-year Time Charter employment contract attached at a gross daily rate of USD 47,800 with earliest and latest redelivery of September 23, 2010 and November 23, 2010, respectively.

Akis Tsirigakis, President and CEO of Star Maritime, commented: "We are pleased to announce our first vessel acquisition since the completion of the redomiciliation merger which will expand the fleet to nine vessels. Our low leverage affords us the flexibility to continue to seek growth opportunities in the dry bulk sector as they may arise."

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

Vessel Name          Type    DWT    Year Charter Earliest Latest    Time
                                    Built Type     Re-     re-     Charter
                                                delivery delivery  rate(2)

Star Alpha                                       Jul 5,  Oct 5,
(ex. A Duckling)   Capesize 175,075  1992  TC     2009    2009     $47,500
Star Beta                                        Jan 1, Mar 31,
(ex. B Duckling)   Capesize 174,691  1993  TC     2010    2010    $106,500
Star Gamma                                      Dec 15, Jan 25,
(ex. C Duckling)   Supramax  53,098  2002  TC     2008    2009     $28,500
Star Delta                                       Feb 7,  May 7,
(ex. F Duckling)   Supramax  52,434  2000  TC     2009    2009     $25,800
Star Epsilon                                    Dec 15, Mar 15,
(ex. G Duckling)   Supramax  52,402  2001  TC     2008    2009     $25,550
Star Zeta                                       Dec 29, Mar 28,
(ex. I Duckling)   Supramax  52,994  2003  TC     2007    2008     $30,500
Star Theta                                      Apr 16, Jun 16,
(ex. J Duckling)   Supramax  52,425  2003  TC     2009    2009     $32,500
Star Iota                                       Nov 25, Jan 15,
(ex. Momy Duckling) Panamax  78,585  1983  TC     2008    2009     $18,000
Star Kappa                                     Sept 23, Nov 23,
(ex E Duckling)(3) Supramax  52,055  2001  TC     2010    2010     $47,800
Total/Average               743,759

(1) Represents the earliest redelivery date allowed by the charter party
(2) Represents the gross daily rate
(3) Expected delivery within December 2007

About Star Bulk

Star Bulk Carriers Corp. is an international company providing worldwide transportation solutions in the dry bulk sector through its vessels-owning subsidiaries for a broad range of major and minor bulk cargoes including iron ore, coal, grain, cement, fertilizer, along worldwide shipping routes. 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's fleet currently consists of eight dry bulk carriers, including two Capesize, one Panamax and five Supramax dry bulk carriers with an average age of approximately 10 years and a combined cargo carrying capacity of 691,213 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 ( 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

    Investor Relations / Financial Media:
    Nicolas Bornozis
    Capital Link, Inc.
    230 Park Avenue, Suite 1536
    New York, NY 10169
    Tel. (212) 661-7566