Star Bulk grows fleet with kamsarmax acquisitions

(Posted on 05/03/21)

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes has announced that it has entered into a definitive agreement with a third party pursuant to which the Company will acquire two (2) ECO type resale 82k dwt Kamsarmax vessels.

The vessels are expected to be delivered to the Company in June and September 2021 respectively directly from YAMIC yard (a joint venture between Mitsui and New Yangzijiang). The Company is in advanced discussions with leading financial institutions to finance the largest part of the purchase price at competitive financing terms.

Petros Pappas, Chief Executive Officer of Star Bulk, commented: “In view of the changing regulatory environment with regards to carbon emissions, we believe that the acquisition of these two resale vessels, further contributes to our fleet renewal efforts and initiatives. Their 3 to 6-month prompt delivery, combined with an attractive purchase price and the strong fundamentals of the Kamsarmax and dry bulk sector overall, ensure this transaction adds value to the Company and to our shareholders.”

Star Bulk’s vessels transport major bulks, which include iron ore, minerals 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, Oslo, New York, Limassol and Singapore. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK”. Star Bulk will operate on a fully delivered basis a fleet of 128 vessels, with an aggregate capacity of 14.1 million dwt, consisting of 17 Newcastlemax, 22 Capesize, 2 Mini Capesize, 7 Post Panamax, 41 Kamsarmax, 2 Panamax, 20 Ultramax and 17 Supramax vessels with carrying capacities between 52,425 dwt and 209,537 dwt.