Star Bulk’s green loan
(Posted on 11/10/18)
Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes has announced that it has entered into a $310 million loan agreement, which includes a $70 million tranche that will exclusively finance the procurement and retrofitting of scrubbers for up to approx. 50 vessels in Star Bulk’s fleet.
Star Bulk’s vessels transport major bulks, which include iron ore, coal and grain, and minor bulks, which include bauxite, fertilizers and steel products.
DNB Bank ASA, acted as the Mandated Lead Arranger, Facility Agent and Coordinator, along with ABN AMRO Bank N.V , BNP Paribas, Danish Ship Finance A/S and Skandinaviska Enskilda Banken AB as Mandated Lead Arrangers.
The remaining $240 million were drawn on September 28, 2018 and refinanced in full a group of 26 vessels, namely 4 Newcastlemax, 4 Capesize, 2 Post Panamax, 14 Kamsarmax and 2 Supramax vessels.
The Green Loan Tranche has been certified by DNV GL Business Assurance Services Limited to be aligned with the Green Loan Principles. The completion of this financing is an important milestone for Star Bulk and its lending partners, who are pioneering sustainable Green Loans for dry bulk shipping investments, which aim to promote maritime emission reductions and compliance with the 2020 IMO regulations.
The Green Loan Tranche has a margin of 280 basis points over LIBOR and an amortization profile of 4.5 years.
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” and on the Oslo Stock Exchange under the ticker “SBLK R”. On a fully delivered basis, Star Bulk will have a fleet of 111 vessels, with an aggregate capacity of 12.67 million dwt, consisting of 17 Newcastlemax, 20 Capesize, 2 Mini Capesize, 7 Post Panamax, 35 Kamsarmax, 2 Panamax, 16 Ultramax and 12 Supramax vessels with carrying capacities between 52,055 dwt and 209,537 dwt.
The Company holds call options and has sold respective put options on 4 Capesize vessels, with exercise dates in early April 2019.
Leading classification society DNV GL has announced that all DNV GL classed vessels are now able to... Read more
Mr. Hiroaki Sakashita has been appointed as Senior Executive Vice President as well as Executive Director... Read more
ACO Marine, together with a group of leading wastewater treatment system manufacturers and environmental... Read more
A successful collaboration between KVH Videotel, a world leader in the provision of e-learning for the... Read more
A new Ballast Water Management System (BWMS) developed by Flow Water Technologies Ltd, called FlowSafe... Read more
MacGregor, part of Cargotec, has signed an agreement with Ocean Sourcing Pte Ltd to support MacGregor... Read more
KVH Industries, Inc., a leader in mobile connectivity, announced that it recently shipped its 9,000th... Read more
Inmarsat, the global leader in mobile satellite communications, is staying ahead of fast-changing dynamics... Read more
World Fuel Services (WFS), via its fully owned subsidiary Gib Oil Limited, has extended its capacity... Read more
The Clean Shipping Alliance 2020 has expressed strong concerns about a proposal submitted by the European... Read more