Star Bulk Carriers Corp., a global shipping company focusing on the transportation of drybulk cargoes, today announced that it has taken delivery of the Star Polaris, a 179,546 dwt Capesize newbuilding.
The Star Polaris is the second vessel delivered to the Company from HHIC-Phil Inc., a subsidiary of Hanjin Heavy Industries and Construction Co. Ltd. The vessel was delivered to its charterer, Louis Dreyfus, and commenced a two year time charter at a gross daily rate of $16,500 with an optional one year at a gross daily rate of $19,000.
Spyros Capralos, President and CEO of Star Bulk , commented: “We are pleased to have taken delivery of the Star Polaris, which has commenced its time charter with such a reputable company like Louis Dreyfus. We believe that this time charter employment increases our future charter coverage and revenue visibility at a time of increased volatility and challenging period rates for the capesize sector. We remain committed to making prudent and accretive acquisitions, in accordance to our goal of increasing long-term shareholder value.”
About Star Bulk
Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, coal and grain and minor bulks such as bauxite, fertilizers and steel products. 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 Market under the symbol “SBLK”. Currently, Star Bulk has an operating fleet of fifteen dry bulk carriers, consisting of seven Capesize, and eight Supramax dry bulk vessels with a combined cargo carrying capacity of 1,625,944 deadweight tons. The average age of company’s current operating fleet is 10.5 years.
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World Maritime News Staff, November 15, 2011