SOURCE: Star Bulk Carriers Corp.

December 14, 2007 08:30 ET

Star Bulk Announces a Five-Year Time Charter Agreement for One of Its Supramax Vessels

NEW YORK, NY--(Marketwire - December 14, 2007) - Star Bulk Carriers Corp. (NASDAQ: SBLK) announced today that the vessel I Duckling (to be renamed Star Zeta) has been committed to a five-year time charter agreement at a gross daily rate of USD 39,500. The charter will commence in March 2008 when the current one-year time charter at a gross daily rate of USD 30,500 expires. Star Zeta is a 2003-built Supramax vessel of 52,994 dwt.

Akis Tsirigakis, President and CEO of Star Bulk, commented: "We are pleased to have secured period employment for the Star Zeta at an attractive rate taking advantage of the strength of the dry bulk market that has enabled us to secure a 5-year daily rate that is about 30% higher than the vessel's previous 1-year rate. We believe that the availability of period charters at such levels and duration is indicative of the industry's belief in the prospects of the dry bulk sector."

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  Charter    Party    Charter
   Name                 Type      DWT   Built   Type    Expiry (1) rate (2)

Star Alpha
(ex. A Duckling)    Capesize  175,075    1992    TC    Oct 5, 2009 $ 47,500

Star Beta
(ex. B Duckling)    Capesize  174,691    1993    TC   Mar 31, 2010 $106,500

Star Gamma
(ex. C Duckling)    Supramax   53,098    2002    TC   Jan 25, 2009 $ 28,500

Star Delta
(ex. F Duckling)    Supramax   52,434    2000    TC    May 7, 2009 $ 25,800

Star Epsilon
(ex. G Duckling)    Supramax   52,402    2001    TC   Mar 15, 2009 $ 25,550

Star Zeta                                             Mar 28, 2008 $ 30,500
(ex. I Duckling)    Supramax   52,994    2003    TC   Mar     2013 $ 39,500

Star Theta
(ex. J Duckling)    Supramax   52,425    2003    TC   Jun 16, 2009 $ 32,500

Star Iota
(ex. Momy Duckling)  Panamax   78,585    1983    TC   Jan 15, 2009 $ 18,000

Star Kappa
(ex E Duckling)     Supramax   52,055    2001    TC   Nov 23, 2010 $ 47,800

Total/Average                 743,759

(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, two of which have been delivered, from subsidiaries of TMT Co, Ltd., Taiwan (TMT). 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 ( 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