Star Bulk Carriers Keeps Up the Selling Streak

Dry bulk shipping company Star Bulk Carriers Corp. has entered into agreements to sell four newbuilding Capesize vessels under construction in China to unaffiliated third parties, for an aggregate gross price of USD 148 million.

The vessels are expected to be delivered to the buyers during the first and second quarter of 2016.

The company said it would use a portion of the net proceeds from the sale to pay the remaining delivery installments and use the remainder for general corporate purposes, including capital expenditures.

The announcement comes in less than a month from the company’s sale of another four bulkers, namely two Capesizes and two Kamsarmax vessels for a total of USD 122 million as Star Bulk fights to maintain a strong liquidity position.

Marshall Islands-incorporated company will have a fleet of 80 vessels on a full delivered basis, with an aggregate capacity of 9 million dwt. Star Bulk’s current fleet includes 70 operating vessels and 19 newbuilding vessels under construction at shipyards in Japan and China. Additionally, the company has one chartered-in Supramax vessel, under a time charter expiring in September 2017.

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