SOURCE: Star Bulk Carriers Corp.

Star Bulk Carriers Corp.

March 02, 2015 09:19 ET

Star Bulk Announces the Delivery of 2 Eco, Fuel Efficient Ultramax Bulk Carriers and Provides Fleet Status Update

ATHENS, GREECE--(Marketwired - Mar 2, 2015) - Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK) today announced that on February 27, 2015 it has taken delivery of M/V Honey Badger (ex HN NE 164) and M/V Wolverine (ex HN NE 165), two 61,000 dwt Ultramax bulk carriers (collectively the "Vessels") built by Nantong COSCO KHI-Ship Engineering Co. ("NACKS"), one of the leading shipyards worldwide. The Vessels are the first two out of four similar vessels ordered at NACKS, which are all built with modern specifications for low fuel consumption and reduced carbon emissions.

Following the delivery of the Vessels, Star Bulk owns sixty-six dry bulk vessels on the water, consisting of nineteen Capesize, four Post-Panamax, nineteen Kamsarmax, nine Panamax, four Ultramax, ten Supramax vessels and one Handymax vessel, with a total carrying capacity of 6.8 million dwt.

In addition, Star Bulk has entered into definitive contracts for the construction of additionally thirty two vessels at high quality shipyards in Japan and China, including thirteen Newcastlemax, seven Capesize and twelve Ultramax vessels with fuel-efficient specifications with expected deliveries in 2015 and 2016.

The operating fleet of the Company is presented in the table below:

       
Existing On the Water Fleet Profile (As of March 2, 2015)
  Vessel Name   Drybulk
Vessel Type
Capacity
(dwt.)
Year Built Date Delivered to Star Bulk
1 Indomitable   Capesize 182,160 2015 08-Jan-15
2 Leviathan   Capesize 182,511 2014 19-Sep-14
3 Peloreus   Capesize 182,496 2014 22-Jul-14
4 Obelix   Capesize 181,433 2011 11-Jul-14
5 Sandra(tbr Star Pauline)   Capesize 180,300 2008 29-Dec-14
6 Christine (tbr Star Martha)   Capesize 180,300 2010 31-Oct-14
7 Pantagruel   Capesize 180,181 2004 11-Jul-14
8 Star Borealis   Capesize 179,678 2011 09-Sep-11
9 Star Polaris   Capesize 179,600 2011 14-Nov-11
10 Star Angie (ex Iron Miner)   Capesize 177,900 2007 29-Oct-14
11 Big Fish   Capesize 177,643 2004 11-Jul-14
12 Kymopolia   Capesize 176,990 2006 11-Jul-14
13 Big Bang   Capesize 174,109 2007 11-Jul-14
14 Star Aurora   Capesize 171,199 2000 08-Sep-10
15 Star Mega   Capesize 170,631 1994 16-Aug-11
16 Lowlands Beilun (tbr Star Despoina))   Capesize 170,200 1999 29-Dec-14
17 Star Big   Capesize 168,404 1996 25-Jul-11
18 Star Monisha (ex Iron Beauty)   Capesize 164,218 2001 02-Feb-15
19 Star Eleonora (ex Kirmar)   Capesize 164,218 2001 03-Dec-14
20 Amami   Post Panamax 98,681 2011 11-Jul-14
21 Madredeus   Post Panamax 98,681 2011 11-Jul-14
22 Star Sirius   Post Panamax 98,681 2011 07-Mar-14
23 Star Vega   Post Panamax 98,681 2011 13-Feb-14
24 Star Angelina (ex ABYO Angelina)   Kamsarmax 82,987 2006 05-Dec-15
25 Star Gwyneth(ex ABYO Gwyneth)   Kamsarmax 82,790 2006 05-Dec-15
26 Star Kamila (ex Iron Bradyn)   Kamsarmax 82,769 2005 03-Sep-14
27 Pendulum   Kamsarmax 82,619 2006 11-Jul-14
28 Star Maria (ex Iron Lindrew)   Kamsarmax 82,598 2007 05-Nov-14
29 Star Markella (ex Iron Brooke)   Kamsarmax 82,594 2007 29-Sep-14
30 Star Danai (ex Pascha)   Kamsarmax 82,574 2006 21-Oct-14
31 Star Georgia (ex Coal Hunter)   Kamsarmax 82,298 2006 14-Oct-14
32 Star Sophia (ex Iron Manolis)   Kamsarmax 82,269 2007 31-Oct-14
33 Star Mariella (ex Santa Barbara)   Kamsarmax 82,266 2006 19-Sep-14
34 Star Helena (ex Iron Bill)   Kamsarmax 82,257 2006 29-Dec-14
35 Star Moira (ex Iron Vassilis)   Kamsarmax 82,257 2006 19-Nov-14
36 Star Nina (ex Iron Kalypso)   Kamsarmax 82,224 2006 05-Jan-15
37 Star Renee (ex Coal Gypsy)   Kamsarmax 82,221 2006 18-Dec-14
38 Star Nasia (ex Iron Anne)   Kamsarmax 82,220 2006 29-Aug-14
39 Star Laura (ex Iron Fuzeyya)   Kamsarmax 82,209 2006 08-Dec-14
40 Mercurial Virgo   Kamsarmax 81,545 2013 11-Jul-14
41 Magnum Opus   Kamsarmax 81,022 2014 11-Jul-14
42 Tsu Ebisu   Kamsarmax 81,001 2014 11-Jul-14
43 Star Iris (ex Grain Express)   Panamax 76,466 2004 08-Sep-14
44 Star Aline (ex IronKnight)   Panamax 76,429 2004 04-Sep-14
45 Star Emily (ex Grain Harvester)   Panamax 76,417 2004 16-Sep-14
46 Star Christianna (ex Isminaki)   Panamax 74,577 1998 06-Oct-14
47 Star Nicole (ex Elinakos)   Panamax 73,800 1997 14-Jan-15
48 Star Natalie (ex Angela Star)   Panamax 73,800 1998 29-Aug-14
49 Star Vanessa (ex Coal Pride)   Panamax 72,500 1999 07-Nov-14
50 Star Claudia (ex Happyday)   Panamax 71,700 1997 20-Jan-15
51 Star Monika (ex Birthday)   Panamax 71,500 1993 10-Oct-14
52 Star Challenger   Ultramax 61,462 2012 12-Dec-13
53 Star Fighter   Ultramax 61,455 2013 30-Dec-13
54 Honey Badger   Ultramax 61,000 2015 27-Feb-15
55 Wolverine   Ultramax 61,000 2015 27-Feb-15
56 Maiden Voyage   Supramax 58,722 2012 11-Jul-14
57 Strange Attractor   Supramax 55,742 2006 11-Jul-14
58 Star Omicron   Supramax 53,489 2005 17-Apr-08
59 Star Gamma   Supramax 53,098 2002 04-Jan-08
60 Star Zeta   Supramax 52,994 2003 02-Jan-08
61 Star Delta   Supramax 52,434 2000 02-Jan-08
62 Star Theta   Supramax 52,425 2003 06-Dec-07
63 Star Epsilon   Supramax 52,402 2001 03-Dec-07
64 Star Cosmo   Supramax 52,246 2005 01-Jul-08
65 Star Kappa   Supramax 52,055 2001 14-Dec-07
66 Star Michele (ex Emerald)   Handymax 45,600 1998 14-Oct-14
      Total dwt: 6,794,928    
             
Vessels sold (As of March 2, 2015)          
1 Star Kim (ex Princess 1)   Handymax 38,900 1994 05-Dec-14
2 Star Tatianna (ex Fortezza)   Panamax 69,600 1993 28-Aug-14
3 Star Julia (ex Powerful)   Panamax 70,100 1994 22-Dec-14
      Total dwt: 178,600    
             
Acquisition Fleet to be delivered (As of March 2, 2015)      
  Vessel Name   Drybulk
Vessel Type
Capacity
(dwt.)
Year Built Shipyard
1 Ore Hansa   Kamsarmax 82,500 2006 Tsuneishi Japan
2 Rodon   Panamax 73,700 1993 Hyundai Heavy Industries Korea
      Total dwt: 156,200    
             

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 100 vessels, with an aggregate capacity of 11.7 million dwt, consisting of Newcastlemax, Capesize, Kamsarmax, Panamax, Post-Panamax, Ultramax, Supramax and Handymax vessels with carrying capacities between 45,590 dwt and 209,000 dwt. Our fleet currently includes 66 operating vessels, 2 second hand vessels to be delivered in early 2015 and 32 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.

Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, examination by the Company's management of historical operating trends, data contained in its records and other data available from third parties. Although the Company 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 the Company's control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements include general dry bulk shipping market conditions, including fluctuations in charterhire rates and vessel values, the strength of world economies, the stability of Europe and the Euro, fluctuations in interest rates and foreign exchange rates, changes in demand in the dry bulk shipping industry, including the market for our vessels, changes in our operating expenses, including bunker prices, dry docking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, the availability of financing and refinancing, our ability to meet requirements for additional capital and financing to complete our newbuilding program and grow our business, vessel breakdowns and instances of off-hire, risks associated with vessel construction, potential exposure or loss from investment in derivative instruments, potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management, and our ability to complete acquisition transactions as planned. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company 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

  • Contacts:
    Company:
    Simos Spyrou, Christos Begleris
    co - Chief Financial Officers
    Star Bulk Carriers Corp.
    c/o Star Bulk Management Inc.
    40 Ag. Konstantinou Av.
    Maroussi 15124
    Athens, Greece
    Email: info@starbulk.com
    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: starbulk@capitallink.com
    www.capitallink.com