SOURCE: Star Bulk Carriers Corp.

December 07, 2007 12:57 ET

Star Bulk Takes Delivery of Supramax Vessel

NEW YORK, NY--(Marketwire - December 7, 2007) - Star Bulk Carriers Corp. (NASDAQ: SBLK), announced today that it has taken delivery of the M/V Star Theta (ex J Duckling), a Supramax vessel of 52,425 dwt built in 2003 in Japan. Star Theta is the second vessel to be delivered to the Company following the completion of the Redomiciliation Merger on November 30, 2007. Star Theta has a pre-existing Time Charter employment contract attached up to June 16, 2009 at a gross daily rate of USD 32,500.

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 January 2008.

Vessel                       Year   Charter    Latest            Time
 Name       Type      DWT    Built   Type   re-delivery(1)  Charter rate(2)

(ex. A
Duckling) Capesize  175,075   1992     TC     Oct  5, 2009     $ 47,500
(ex. B
Duckling) Capesize  174,691   1993     TC     Mar 31, 2010     $106,500
(ex. C
Duckling) Supramax   53,098   2002     TC     Jan 25, 2009     $ 28,500
Duckling) Supramax   52,434   2000     TC     May  7, 2009     $ 25,800
(ex. G
Duckling) Supramax   52,402   2001     TC     Mar 15, 2009     $ 25,550
Star Zeta
(ex. I
Duckling) Supramax   52,994   2003     TC     Mar 28, 2008     $ 30,500
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
(3)       Supramax   52,055   2001     TC     Nov 23, 2010     $ 47,800
/Average            743,759

(1)Represents the latest redelivery 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