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The Company entered into a new two-year time charter agreement with "Cargill" for the Star Kappa, a 52,055 dwt 2001-built Supramax vessel, at a gross daily rate of $14,500. Star Epsilon and Star Kappa were previously time chartered until June 2014 to other charterers. Star Bulk withdrew the vessels from such charterers' service for repudiatory breach of the time charter contracts by them. The Company has commenced arbitration proceedings for both vessels against the charterers in London to pursue damages arising from such breach, which will include the loss of hire. In-House Vessel Management Starbulk SA, a wholly owned subsidiary of the Company, has completed taking over the technical management of the vessels previously managed by Bernhardt Schulte Shipmanagement Ltd. The Company's wholly owned subsidiary, Star Bulk Management Inc. performs the commercial management of all of the Company's vessels. Akis Tsirigakis, CEO of Star Bulk, commented: "We are pleased to have secured period employment for our fleet with recognized counterparties, while at the same time we streamlined a number of commercial and operational matters enhancing our competitive strengths in the present market. Our contracted operating days are now 100% for 2009, 85% for 2010 and 42% for 2011, providing revenue visibility as we continue to generate significant positive cash flows. We are confident that our in-house technical management will be instrumental in reducing operating expenses, eliminate vessel management fees and implementing our quality objectives." 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 maintains executive offices 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 twelve dry bulk carriers. The total fleet consists of four Capesize, and eight Supramax dry bulk vessels with an average age of approximately 10.3 years and a combined cargo carrying capacity of 1,106,253 deadweight tons. Star Bulk Carriers Corp. |
Star Bulk Carriers Corp. Enters Into Three New Time Charters And Completes Transition To In-house Fleet Technical Management