SOURCE: Star Bulk Carriers Corp.

March 07, 2008 10:15 ET

Star Bulk Takes Delivery of Panamax Vessel and Expands Its Operational Fleet to Nine Vessels

ATHENS, GREECE--(Marketwire - March 7, 2008) - Star Bulk Carriers Corp. (NASDAQ: SBLK) announced today that it has taken delivery of the "Star Iota" (ex Mommy Duckling), a Panamax vessel of 78,585 dwt built in 1983. Star Iota will start a one-year time charter employment to TMT at a net daily rate of USD 18,000.

Star Bulk's fleet consists of ten dry bulk vessels including three Capesize, one Panamax and six Supramax vessels. As of today, the company has taken delivery of two Capesize, one Panamax and six Supramax vessels, thereby its present operational fleet is now nine vessels. The tenth vessel, a Capesize, is scheduled for delivery within April 2008. The fleet profile appears in the table below.

Akis Tsirigakis, President and CEO of Star Bulk, commented: "The delivery of the Star Iota marks the completion of deliveries of the initial eight vessel fleet acquired from TMT that initiated the operational life of Star Bulk. Our fleet is fully contracted for 2008 and our healthy balance sheet gives us the strength to continue seeking value-enhancing fleet growth opportunities."

Fleet Table

The following table sets forth summary information regarding Star Bulk's fleet.

                                                                   Time
                            Year   Delivery to     Time Charter   Charter
Vessel Name   Type     DWT  Built     Star           Expiry       Rate (1)
----------- -------- ------- ---- -------------- ---------------- --------

Vessels delivered to Star Bulk as of December 31, 2007

Star                                             Dec. 15, 2008 -
 Epsilon    Supramax  52,402 2001   Dec. 3, 2007 March 15, 2009   $ 25,550
----------- -------- ------- ---- -------------- ---------------- --------
                                                 April 2, 2009 -
Star Theta  Supramax  52,425 2003   Dec. 6, 2007 June 16, 2009    $ 32,500
----------- -------- ------- ---- -------------- ---------------- --------
                                                 Aug. 24, 2010 -
Star Kappa  Supramax  52,055 2001  Dec. 14, 2007 Nov. 23,  2010   $ 47,800
----------- -------- ------- ---- -------------- ---------------- --------
                                                 Feb. 5, 2010 -
Star Beta   Capesize 174,691 1993  Dec. 28, 2007 May. 5, 2010     $106,500
----------- -------- ------- ---- -------------- ---------------- --------

Vessels delivered to Star Bulk after December 31, 2007

                                                 Feb. 7, 2009 -
Star Delta  Supramax  52,434 2000   Jan. 2, 2008 May 7, 2009      $ 25,800
----------- -------- ------- ---- -------------- ---------------- --------
                                                 Apr. 12, 2008 (2)$ 30,500
                                                 March 12, 2013 -
Star Zeta   Supramax  52,994 2003   Jan. 2, 2008 June 12,2013     $ 38,750
----------- -------- ------- ---- -------------- ---------------- --------
                                                 Jan. 4, 2009 -
Star Gamma  Supramax  53,098 2002   Jan. 4, 2008 Feb. 14, 2009    $ 28,500
----------- -------- ------- ---- -------------- ---------------- --------
                                                 Jul. 5, 2009 -
Star Alpha  Capesize 175,075 1992   Jan. 9, 2008 Oct. 5, 2009     $ 47,500
----------- -------- ------- ---- -------------- ---------------- --------
                                                 Feb. 2009 -
Star Iota    Panamax  78,585 1983 March, 7, 2008 April 2009       $ 18,000
----------- -------- ------- ---- -------------- ---------------- --------

Vessel to be delivered

Star Sigma  Capesize 184,000 1991  April 2008(*) May 31, 2009     $100,000
----------- -------- ------- ---- -------------- ---------------- --------
Grand Total       10 927,759
----------- -------- ------- ---- -------------- ---------------- --------

(*) Indicates expected delivery date to Star Bulk.

(1) Represents the gross daily rate
(2) Star Zeta is currently under a pre-existing time charter employment
    contract at a gross daily rate of USD 30,500 until the end of March
    2008; thereafter, the vessel will enter into a five-year Time Charter
    until March 2013 at a gross daily rate of USD 38,750.

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, fertilizers 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. Currently, Star Bulk has an operating fleet of nine dry bulk carriers, plus a definitive agreement to acquire a Capesize dry bulk carrier. The total fleet consists of three Capesize, one Panamax and six Supramax dry bulk vessels with an average age of approximately 11 years and a combined cargo carrying capacity of 927,759 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 (http://www.sec.gov). 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

  • Contacts:

    Company:
    Akis Tsirigakis
    President and CEO
    Star Bulk Carriers Corp.
    Aethrion Center, Suite B-34
    40 Ag. Konstantinou
    Maroussi 15124
    Athens, Greece
    E-mail: ir@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: nbornozis@capitallink.com
    www.capitallink.com