Star Bulk Acquires Two Modern Ultramax Vessels

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, yesterday announced that it has entered into definitive agreements to acquire two modern Ultramax bulk carriers, the M/V “Supra Challenger I” and M/V “Supra Challenger II”, from an unaffiliated third party for an aggregate total consideration of $58.1 million.

The vessels have a carrying capacity of 61,462 deadweight tons each and were built in Japan by Imabari Shipbuilding Group, in November of 2012 and September of 2013 respectively. The vessels, to be renamed “Star Challenger” and “Star Fighter”, are expected to be delivered to Star Bulk in early December 2013 and by January 15 th , 2014 respectively.

Upon completion of the acquisition, Star Bulk will own 15 dry bulk vessels, consisting of 5 Capesize vessels, 2 Ultramax and 8 Supramax vessels with average age of 9.5 years. The Company also has a total of 9 vessels under order at high quality shipyards in Japan and China, consisting of 3 Newcastlemax, 2 Capesize and 4 Ultramax vessels with fuel – efficient specifications, with expected deliveries in 2015 and early 2016.

The Company plans to finance this acquisition in part through cash on hand and in part through commercial bank debt financing. The Company is currently in discussions with several major lending institutions to secure commercial bank debt financing for the two vessels.

Spyros Capralos, President and CEO of Star Bulk commented: “It is with great pleasure to announce one more step of the continuing transformation of Star Bulk, started in last July. The two vessels we acquired are considered among the top vessels in their class, as they are built by one of the best shipyards in the world, have average age below one year, high specifications and increased cargo capacity compared to the standard Supramax vessels. Upon full delivery of our 9 newbuildings we will have a total of 24 owned vessels in the water, representing more than 100% growth on deadweight tonnage basis. We remain committed in executing our growth strategy, and we believe that this accretive acquisition will immediately enhance our cash flow generation capacity and contribute to the long – term  value creation for our shareholders.”

Star Bulk Carriers Corp., November 19, 2013

Share this article

Follow World Maritime News

In Depth>

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >