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recent developments
Athens, Greece - October 15, 2015
Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, announced that its Annual Meeting of Shareholders was duly held on October 9, 2015 in Cyprus pursuant to a Notice of Annual Meeting of Shareholders dated September 17, 2015 (“the Notice”). At the meeting, each of the following proposals, which are set forth in more detail in the Notice and the Company’s Proxy statement were approved and adopted:
1. The re-election of Ms. Jennifer Box and Messrs. Koert Erhardt and Roger Schmitz as Class B Directors of the Company to serve until the 2018 Annual Meeting of Shareholders; and
2. The appointment of Ernst & Young (Hellas) Certified Auditors-Accountants S.A., as the Company's independent auditors for the fiscal year ending December 31, 2015 Star Bulk announced that on October 9, 2015 it took delivery of M/V Star Antares (ex HN NE 196), a 61,258 dwt Ultramax bulk carrier built by Nantong COSCO KHI-Ship Engineering Co. (“NACKS”).
On October 10, 2015, we reassigned a lease for a newbuilding vessel back to the vessel owner for a one-time payment to us of $5.8 million. The reassignment of the lease will result in an additional reduction in vessel lease payments of $5.8 million during the first half of 2016.
On October 15, 2015, Star Bulk announced the sale of M/V Star Nicole (a 73,751 dwt Panamax vessel, built in 1997, to an unaffiliated third party (the “Buyers”). The Company delivered the Vessel to the Buyers on October 15, 2015.
An updated investor presentation, which gives effect to the above events, is available on the Company’s website at http://www.starbulk.com/en/presentations.
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 will have a fleet of 88 owned vessels, with an aggregate capacity of 10.3 million dwt, consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax, Supramax and Handymax vessels with carrying capacities between 45,588 dwt and 209,537 dwt. Our fleet currently includes 71 operating vessels and 19 newbuilding vessels under construction at shipyards in Japan and China. All of the newbuilding vessels are expected to be delivered during 2015 and 2016. The Company has also 1 Supramax vessel under a time charter - in contract expiring in September 2017.
Star Bulk Carriers Corp. press release