Star Bulk Secures Financing for Newbuilds

Star Bulk Carriers Corp., the biggest U.S. listed dry bulk firm, mentioned Friday it has secured as much as $227.5 million in financing for seven newbuilds.

With this new spherical of financing, Star Bulk has secured financing for the 30 out of the 32 newbuilding vessels below development. The firm says it’s at present on the ultimate levels of negotiating the phrases for the financing of its final two newbuilding vessels.

The financing was offered by DNB Bank, SEB Bank (SEB) and the Export-Import Bank of China (CEXIM).

The firm on Friday additionally introduced its unaudited monetary and working outcomes for the fourth quarter and the 12 months ended December 31, 2014.

Finally, Star Bulk introduced at this time that it has entered right into a binding settlement to promote for demolition the M/V Star Monika, a 71,500 dwt Panamax vessel, in-built 1993, to an unaffiliated third occasion. Star Bulk expects to ship the vessel to her consumers by finish of March 2015.

Commenting on at this time’s bulletins, Petros Pappas, Chief Executive Officer of Star Bulk, mentioned: “This previous 12 months has been a transformational one for the Company, after the merger with Oceanbulk and the acquisition of 34 vessels from Excel Maritime, making Star Bulk the biggest U.S. listed dry bulk firm with a fleet of 98 vessels on a completely delivered foundation.

Against a backdrop of weakening market circumstances within the fourth quarter of 2014, Star Bulk reported full 12 months revenues of $147.4 million and adjusted EBITDA of $43.6 million. For the fourth quarter, the Company reported revenues of $65.6 million and adjusted EBITDA of $16.6 million.”