Contact Information: Contacts: Company : George Syllantavos CFO Star Bulk Carriers Corp. 7 Fragoklisias Str. Maroussi 15125 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: starbulk@capitallink.com www.capitallink.com
Star Bulk Announces the Sale of the Capesize Vessel Star Beta
| Source: Star Bulk Carriers Corp.
ATHENS, GREECE--(Marketwire - February 2, 2010) - Star Bulk Carriers Corp. (the "Company" or
"Star Bulk") (NASDAQ : SBLK ), a global shipping company focusing on
transportation of dry bulk cargoes, today announced that the Company has
entered into an agreement to sell the Star Beta, a 174,691 dwt Capesize
vessel, built 1993, to a third party for a contracted sale price of $22
million. The company expects to deliver the vessel to the buyers in the
second quarter of 2010 upon its redelivery from the current time charter.
Akis Tsirigakis, President and CEO of Star Bulk, commented: "We are pleased
having agreed to sell one of our oldest vessels. We look forward to
concentrate on renewing and growing our fleet. Our entire fleet is secured
by period contracts and following the sale of the Star Beta, 92% of the
fleet operating days for 2010 will be contracted and the fleet average age
will be 9.4 years."
About Star Bulk
Star Bulk is a global shipping company providing worldwide seaborne
transportation solutions in the drybulk 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 eleven dry bulk carriers
with a definitive agreement to sell one of its carriers. The total fleet
consists of three Capesize, the largest type of dry bulk vessel and eight
modern type Supramax dry bulk vessels, equipped with cranes and fitted with
grabs for self-discharging. The average age of the fleet is approximately
10.1 years with a combined cargo carrying capacity of 931,178 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," "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 its 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, Annual Reports on Forms 20-F for
the years ended December 31, 2007 and 2008, in Registration Statement on
Form F-3 filled in September 2008 and its amendments, in Registration
Statement on Form F-3 filled in January 2009 and its amendments, 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.