SOURCE: Star Bulk Carriers Corp.

Star Bulk Carriers Corp.

September 22, 2014 16:02 ET

Star Bulk Takes Delivery of M/V Leviathan, Its Second Eco, Fuel-Efficient Capesize and Provides Fleet Status Update

ATHENS, GREECE--(Marketwired - Sep 22, 2014) -  Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced that on September 19, 2014 it has taken delivery of M/V Leviathan (the "Vessel"), a 182,000 dwt Capesize built by Japan Marine United ("JMU"), one of the leading shipyards worldwide. The Vessel is a sistership to M/V Peloreus already delivered to the Company and is the second of six similar vessels ordered at JMU (collectively the "JMU Capesize vessels") with expected deliveries until the 3rd quarter of 2015. The JMU Capesize vessels are all built with modern specifications and we anticipate they will have amongst the lowest fuel consumptions and carbon emissions of vessels of similar size and age.

The Vessel is currently employed in the spot market in order to take advantage of its modern design and fuel-efficient specifications.

The Company has partially financed the $34.63 million final delivery installment for the Vessel, using $32.5 million proceeds from the previously committed 5 year senior secured credit facility by Deutsche Bank AG, while the remaining amount was financed using cash on hand. The vessel was fitted with additional and higher specification equipment of approximately $0.54 million, the payment of which is included in the aforementioned final delivery installment.

Following the delivery of M/V Leviathan and inclusive of the two Kamsarmax vessels to be delivered from Heron Ventures Ltd., Star Bulk will own forty two dry bulk vessels on the water, consisting of twelve Capesize, four Post-Panamax, seven Kamsarmax, five Panamax, two Ultramax and ten Supramax vessels with average age of approximately 8.1 years.

In addition, Star Bulk has entered into definitive contracts for the acquisition of 26 second hand vessels (out of a total of 34 vessels with 8 vessels already delivered) from Excel Maritime Carriers Ltd. and the construction of additional thirty five vessels at high quality shipyards in Japan and China, including thirteen Newcastlemax, eight Capesize and fourteen Ultramax vessels with fuel-efficient specifications and with expected deliveries in 2014, 2015 and early 2016.

The table below provides an updated overview of Star Bulk's fleet:

               
               
  Vessel Name   Drybulk
Vessel Type
  Capacity
(dwt.)
  Year Built
1 Leviathan   Capesize   182,000   2014
2 Peloreus   Capesize   182,000   2014
3 Obelix   Capesize   181,433   2011
4 Pantagruel   Capesize   180,181   2004
5 Star Borealis   Capesize   179,678   2011
6 Star Polaris   Capesize   179,600   2011
7 Big Fish   Capesize   177,662   2004
8 Kymopolia   Capesize   176,990   2006
9 Big Bang   Capesize   174,109   2007
10 Star Aurora   Capesize   171,199   2000
11 Star Mega   Capesize   170,631   1994
12 Star Big   Capesize   168,404   1996
13 Amami   Post Panamax   98,681   2011
14 Madredeus   Post Panamax   98,681   2011
15 Star Sirius   Post Panamax   98,681   2011
16 Star Vega   Post Panamax   98,681   2011
17 Pendulum   Kamsarmax   82,619   2006
18 Star Mariella   Kamsarmax   82,500   2006
19 Star Nasia   Kamsarmax   82,500   2006
20 Star Kamila   Kamsarmax   82,500   2005
21 Mercurial Virgo   Kamsarmax   81,545   2013
22 Magnum Opus   Kamsarmax   81,022   2014
23 Tsu Ebisu   Kamsarmax   81,001   2014
24 Star Aline   Panamax   76,500   2004
25 Star Iris   Panamax   76,500   2004
26 Star Emily   Panamax   76,500   2004
27 Star Natalie   Panamax   73,800   1998
28 Star Tatianna   Panamax   69,600   1993
29 Star Challenger   Ultramax   61,462   2012
30 Star Fighter   Ultramax   61,455   2013
31 Maiden Voyage   Supramax   58,722   2012
32 Strange Attractor   Supramax   55,742   2006
33 Star Omicron   Supramax   53,489   2005
34 Star Gamma   Supramax   53,098   2002
35 Star Zeta   Supramax   52,994   2003
36 Star Delta   Supramax   52,434   2000
37 Star Theta   Supramax   52,425   2003
38 Star Epsilon   Supramax   52,402   2001
39 Star Cosmo   Supramax   52,247   2005
40 Star Kappa   Supramax   52,055   2001
               
To be delivered from Heron Ventures            
               
41 ABYO Angelina   Kamsarmax   82,987   2006
42 ABYO Gwyneth   Kamsarmax   82,790   2006
      Total dwt:   4,289,500    
               
                 
                 
Acquisition Fleet to be delivered            
         
  Vessel Name   Drybulk
Vessel Type
  Capacity
(dwt.)
  Year Built   Shipyard
 43 Christine   Capesize   180,300   2010   Koyo Dock Japan
 44 Sandra   Capesize   180,300   2008   Koyo Dock Japan
 45 Iron Miner   Capesize   177,900   2007   SWS China
 46 Lowlands Beilun   Capesize   170,200   1999   Halla Korea
 47 Iron Beauty   Capesize   164,900   2001   CSBC China
 48 Kirmar   Capesize   164,200   2001   CSBC China
 49 Iron Manolis   Kamsarmax   82,500   2007   Tsuneishi Japan
 50 Pascha   Kamsarmax   82,500   2006   Tsuneishi Japan
 51 Coal Gypsy   Kamsarmax   82,500   2006   Tsuneishi Japan
 52 Coal Hunter   Kamsarmax   82,500   2006   Tsuneishi Japan
 53 Iron Brooke   Kamsarmax   82,500   2007   Tsuneishi Japan
 54 Iron Fuzeyya   Kamsarmax   82,500   2006   Tsuneishi Japan
 55 Iron Vassilis   Kamsarmax   82,500   2006   Tsuneishi Japan
 56 Ore Hansa   Kamsarmax   82,500   2006   Tsuneishi Japan
 57 Iron Bill   Kamsarmax   82,500   2006   Tsuneishi Japan
 58 Iron Kalypso   Kamsarmax   82,500   2006   Tsuneishi Japan
 59 Iron Lindrew   Kamsarmax   82,500   2007   Tsuneishi Japan
 60 Isminaki   Panamax   74,600   1998   Sasebo Japan
 61 Elinakos   Panamax   73,800   1997   Sumitomo Japan
 62 Rodon   Panamax   73,700   1993   HHI Korea
 63 Coal Pride   Panamax   72,500   1999   Imabari Japan
 64 Happyday   Panamax   71,700   1997   Hitachi Korea
 65 Birthday   Panamax   71,500   1993   Hitachi Korea
 66 Powerful   Panamax   70,100   1994   Hudong China
 67 Emerald   Handymax   45,600   1998   Tsuneishi Japan
 68 Princess 1   Handymax   38,900   1994   I.H.I Japan
      Total dwt:   2,537,700        
      Grand Total dwt:   6,827,200        
         
         
Newbuilding Vessels        
         
  Vessel Name   Drybulk
Vessel Type
  Capacity
(dwt.)
  Shipyard   Expected Delivery
Date
69 HN 5016 (tbr Indomitable)   Capesize   182,160   JMU, Japan   November 2014
70 HN 1061   Ultramax   64,000   New Yangzijiang, China   January 2015
71 HN 1063   Ultramax   64,000   New Yangzijiang, China   January 2015 (1)
72 HN 1062   Ultramax   64,000   New Yangzijiang, China   February 2015 (1)
73 HN 5017   Capesize   182,000   JMU, Japan   March 2015
74 HN NE 164 (tbr Honey Badger)   Ultramax   61,000   NACKS, China   March 2015 (1)
75 HN NE 165   Ultramax   61,000   NACKS, China   March 2015 (1)
76 HN NE 166   Newcastlemax   209,000   NACKS, China   April 2015 (1)
77 HN 1064   Ultramax   64,000   New Yangzijiang, China   April 2015 (1)
78 HN 1312   Capesize   180,000   SWS, China   April 2015 (1)
79 HN NE 167   Newcastlemax   209,000   NACKS, China   May 2015 (1)
80 HN 5040 (tbr Star Acquarius)   Ultramax   60,000   JMU, Japan   June 2015
81 HN 1313   Capesize   180,000   SWS, China   June 2015 (1)
82 HN 1338 (tbr Star Aries)   Capesize   180,000   SWS, China   June 2015 (1)
83 HN 1080   Ultramax   64,000   New Yangzijiang, China   July 2015
84 HN 5055   Capesize   182,000   JMU, Japan   July 2015
85 HN NE 184   Newcastlemax   209,000   NACKS, China   July 2015
86 HN 1372 (tbr Star Libra)   Newcastlemax   208,000   SWS, China   July 2015 (1)
87 HN 1081   Ultramax   64,000   New Yangzijiang, China   August 2015
88 HN 5056   Capesize   182,000   JMU, Japan   August 2015
89 HN 5043 (tbr Star Pisces)   Ultramax   60,000   JMU, Japan   September 2015
90 HN 1082   Ultramax   64,000   New Yangzijiang, China   September 2015
91 HN 1359   Newcastlemax   208,000   SWS, China   September 2015 (1)
92 HN NE 196 (tbr Star Antares)   Ultramax   61,000   NACKS, China   September 2015 (1)
93 HN NE 197 (tbr Star Lutas)   Ultramax   61,000   NACKS, China   October 2015 (1)
94 HN 1083   Ultramax   64,000   New Yangzijiang, China   November 2015
95 HN 1360   Newcastlemax   208,000   SWS, China   December 2015
96 HN 1339 (tbr Star Taurus)   Capesize   180,000   SWS, China   December 2015 (1)
97 HN 1371 (tbr Star Virgo)   Newcastlemax   208,000   SWS, China   December 2015 (1)
98 HN 1342 (tbr Star Gemini)   Newcastlemax   208,000   SWS, China   January 2016
99 HN NE 198 (tbr Star Poseidon)   Newcastlemax   209,000   NACKS, China   February 2016 (1)
100 HN 1361   Newcastlemax   208,000   SWS, China   March 2016 (1)
101 HN 1343 (tbr Star Leo)   Newcastlemax   208,000   SWS, China   April 2016
102 HN 1362   Newcastlemax   208,000   SWS, China   May 2016 (1)
103 HN 1363   Newcastlemax   208,000   SWS, China   June 2016 (1)
      Total dwt:   5,032,160        
                   

(1) The indicated expected delivery dates for the respective newbuilding vessels reflect delivery dates that are earlier than the respective contracted delivery dates.

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 has a fleet of 103 vessels, with an aggregate capacity of 11.9 million dwt, consisting primarily of Capesize, as well as, Kamsarmax, Panamax, Ultramax, Supramax and Handymax vessels with carrying capacities between 38,800 dwt and 209,000 dwt. Our fleet currently includes 38 operating vessels and 35 currently under construction at shipyards in Japan and China. All of the newbuilding vessels are expected to be delivered during 2014, 2015 and early 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 the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company's operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company's vessels, availability of financing and refinancing, 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, vessels breakdowns and instances of off-hires and other factors. 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 Officer
    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