NEW YORK, NY--(Marketwire - January 18, 2008) - Star Bulk Carriers Corp. (NASDAQ: SBLK)
announced today that it has taken delivery of the "Star Alpha" (ex A
Duckling), a Capesize vessel of 175,075 dwt built in 1992. Star Alpha is
currently under a pre-existing time charter employment contract at a gross
daily rate of USD 47,500 which continues until October 2009.
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 two Capesize and six Supramax vessels,
thereby expanding its operational fleet to eight vessels. The ninth vessel,
a Panamax, is scheduled for delivery within February 2008. The fleet
profile appears in the table below.
Akis Tsirigakis, President and CEO of Star Maritime commented: "With the
delivery of the Star Alpha the eight vessels delivered are already
generating revenue that represents 95% of the entire fleet's earning
capacity which is fully contracted for 2008. With our healthy balance
sheet we continue to seek opportunities for further fleet growth in order
to enhance revenue generation and shareholder value for the long term."
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 within January 2008.
Year Charter Party Time Charter
Vessel Name Type DWT Built Expiry (1) rate (2)
--------- ------- ----- ------------- ------------
CURRENT FLEET
Star Alpha Capesize 175,075 1992 Oct. 5, 2009 $ 47,500
--------- ------- ----- ------------- ------------
Star Beta Capesize 174,691 1993 Mar. 31, 2010 $ 106,500
--------- ------- ----- ------------- ------------
Star Gamma Supramax 53,098 2002 Jan. 25, 2009 $ 28,500
--------- ------- ----- ------------- ------------
Mar. 28, 2008 $ 30,500
Star Zeta Supramax 52,994 2003 Mar. 2013 $ 38,750
--------- ------- ----- ------------- ------------
Star Delta Supramax 52,434 2000 May 7, 2009 $ 25,800
--------- ------- ----- ------------- ------------
Star Theta Supramax 52,425 2003 Jun. 16, 2009 $ 32,500
--------- ------- ----- ------------- ------------
Star Epsilon Supramax 52,402 2001 Mar. 15, 2009 $ 25,550
--------- ------- ----- ------------- ------------
Star Kappa Supramax 52,055 2001 Nov. 23, 2010 $ 47,800
--------- ------- ----- ------------- ------------
Total 665,174
--------- ------- ----- ------------- ------------
VESSELS TO BE DELIVERED
Star Iota Panamax 78,585 1983 Jan. 15, 2009 $ 18,000
--------- ------- ----- ------------- ------------
Total 78,585
--------- ------- ----- ------------- ------------
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, eight of which have been delivered to date. The nine dry bulk
carriers consist of two Capesize, one Panamax and six Supramax dry bulk
vessels with an average age of approximately 10 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