Athens-based dry bulk specialist Star Bulk Carriers ended 2014 with net loss despite a 111% increase in revenues achieved through a significant fleet expansion.
Star Bulk ended 2014 with USD 11.7 million loss, compared to USD 1.9 million net profit in 2013.
Annual revenue jumped from USD 69.9m in 2013, to USD 147.4m in 2014, spurred on by the merger with Oceanbulk and the acquisition of 34 vessels from Excel Maritime.
Star Bulk currently operates 66 vessels, with 34 newbuilds expected to enter the fleet in the next two years.
The company has signed several financing agreements for its newbuilding program, the latest one being a USD 227.5 million deal signed with DNB Bank (DNB), SEB Bank (SEB) and the Export-Import Bank of China (CEXIM) for the financing of seven newbuildings.
“This past year 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 largest U.S. listed dry bulk company with a fleet of 98 vessels on a fully delivered basis,” Petros Pappas, Chief Executive Officer of Star Bulk, said.
”We remain optimistic regarding the fundamental long-term dynamics of the dry bulk industry. Although 2015 will be challenging, we expect a significant correction in the supply of vessels which combined with continued strong demand for commodities will create the necessary conditions for a healthier market in the future.”