Star Bulk Acquire Two Modern Kamsarmax Vessels

Photo: Star Bulk Carriers Corp.

By Aiswarya Lakshmi

Star Bulk Carriers, a global shipping company
focusing on the transportation of dry bulk cargoes, announced
that it has entered into definitive agreements to acquire two
modern Kamsarmax drybulk carriers from an unaffiliated third
party for an aggregate total consideration of approximately
US$30.3 million.

Each of the Vessels has a carrying capacity of 81,713 deadweight
tons and was built with high specifications at Jiangsu New
Yangzijiang in 2013. The Vessels are expected to be delivered to
Star Bulk between March and May 2017.

The Company is currently in advanced discussions with a financial
institution to secure financing for up to 50% of the acquisition
costs of the Vessels.

The Company, additionally, today announced that it took delivery
of the Newcastlemax vessel Star Virgo (ex HN 1371), which is
financed under a bareboat charter accounted for as a capital
lease, from CSSC (Hong Kong) Shipping Company Limited.

On a fully delivered basis, Star Bulk will have a fleet of 74
vessels, with an aggregate capacity of 8.2 million dwt,
consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax,
Panamax, Ultramax and Supramax vessels with carrying capacities
between 52,055 dwt and 209,537 dwt.

Its fleet currently includes 68 operating vessels, 2 vessels
acquired and due for delivery and 4 newbuilding vessels under
construction at shipyards in China. Additionally, the Company has
one chartered-in Supramax vessel, under a time charter expiring
in September 2017.

Mar 8, 2017

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