NEW YORK, NY--(Marketwire - December 17, 2007) - Star Bulk Carriers Corp. (NASDAQ: SBLK),
announced today that it has taken delivery of the M/V "Star Kappa" (ex E
Duckling), a Supramax vessel of 52,055 dwt built in 2001 in Japan. Star
Kappa is an addition to the initial fleet, was acquired for USD 72 million
and is the third vessel to be delivered to the Company following the
completion of the Redomiciliation Merger. Star Kappa has a Time Charter
employment contract at a gross daily rate of USD 47,800 with earliest
expiration date of September 23, 2010.
Star Bulk has agreed to acquire a total of nine dry bulk vessels including
two Capesize, one Panamax and six Supramax vessels. As of today, the
company has taken delivery of three Supramax vessels. The remaining six
vessels are scheduled for delivery by mid-January 2008, as per the table
below.
Akis Tsirigakis, President and CEO of Star Maritime, commented: "We are
pleased to announce that we have taken delivery of the Star Kappa. The
vessel, our first vessel acquisition following the Redomiciliation Merger,
comes with an attractive time charter rate through mid-2010, enhancing our
revenue stream. In a span of just two weeks, after the Redomiciliation
merger, we have been able to take delivery of three vessels and in this
context, we continue to expand our presence in the dry bulk market."
Fleet Table
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 mid-January 2008.
Charter Time
Vessel Year Delivered Party Charter
Name Type DWT Built to SLBK Expiry (1) rate (2)
-------- -------- ------- ----- ---------- ------------ --------
CURRENT
FLEET
-------- -------- ------- ----- ---------- ------------ --------
Star
Theta
(ex. J
Duckling) Supramax 52,425 2003 Dec 7, 07 Jun 16, 2009 $32,500
-------- -------- ------- ----- ---------- ------------ --------
Star
Epsilon
(ex. G
Duckling) Supramax 52,402 2001 Dec 4, 07 Mar 15, 2009 $25,550
-------- -------- ------- ----- ---------- ------------ --------
Star
Kappa
(ex. E
Duckling) Supramax 52,055 2001 Dec 07* Nov 23, 2010 $47,800
-------- -------- ------- ----- ---------- ------------ --------
Total 156,882
-------- -------- ------- ----- ---------- ------------ --------
VESSELS
TO BE
DELIVERED
-------- -------- ------- ----- ---------- ------------ --------
Star
Alpha
(ex. A
Duckling) Capesize 175,075 1992 Dec 07* Oct 5, 2009 $47,500
-------- -------- ------- ----- ---------- ------------ --------
Star
Beta
(ex. B
Duckling) Capesize 174,691 1993 Dec 07* Mar 31, 2010 $106,500
-------- -------- ------- ----- ---------- ------------ --------
Star
Iota
(ex. Momy
Duckling) Panamax 78,585 1983 Dec 18, 07 Jan 15, 2009 $18,000
-------- -------- ------- ----- ---------- ------------ --------
Star
Gamma
(ex. C
Duckling) Supramax 53,098 2002 Dec 07* Jan 25, 2009 $28,500
-------- -------- ------- ----- ---------- ------------ --------
Star
Zeta
(ex. I
Duckling) Supramax 52,994 2003 Dec 07* Mar 28, 2008 $30,500
Mar 2013 $39,500
-------- -------- ------- ----- ---------- ------------ --------
Star
Delta
(ex. F
Duckling) Supramax 52,434 2000 Dec 07* May 7, 2009 $25,800
-------- -------- ------- ----- ---------- ------------ --------
Total 586,877
-------- -------- ------- ----- ---------- ------------ --------
Fleet
Total 743,759
-------- -------- ------- ----- ---------- ------------ --------
* Indicates expected delivery
(1)Represents the latest expiry 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, three of which have been delivered, from subsidiaries of TMT Co,
Ltd. 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 (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: Company:
Akis Tsirigakis
President and CEO
Star Bulk Carriers Corp.
Aethrion Center, Suite B-34
40 Ag. Konstantinou
Maroussi 15124
Athens, Greece
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