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.
The ‘NACC Alicudi’ is setting new standards in the cement carrier market. Converted in 2017... Read more
The International Chamber of Shipping (ICS) has recently published a new edition of its ‘Guidance... Read more
Scorpio Bulkers Inc. have announced that the Company has received a commitment from Nordea Bank Abp,... Read more
Synergy Group has launched a new counselling service aimed at improving mental health support for sea... Read more
Seanergy Maritime Holdings Corp. has announced that it has entered into definitive agreements with unaffiliated... Read more
GTMaritime, the maritime communication specialists, are celebrating 20 years of delivering essential... Read more
Glander International Bunkering, a leading marine fuel and lubricant trading firm, has now opened in... Read more
One of the world’s leading paint and coating suppliers, Jotun, has co-operated with Seagull Maritime... Read more
On 20th September 2018, Singular Point released MARiS, a complete commercial shipping and chartering... Read more
The fight against bribery and corruption in the shipping world is being led by Palau International Ship... Read more