ATHENS, Greece, March 03, 2021 (GLOBE NEWSWIRE) – Star Bulk Carriers Corp. (“Company” or “Star Bulk”) (Nasdaq: SBLK) a global shipping company focused on the carriage of dry bulk cargo, announced today that the Company has entered into a definitive agreement with a third party whereby the Company will acquire two (2) vessels of type ECO resold with Kamsarmax size 82k dwt. The vessels are expected to be delivered to the Companies in June and September 2021 respectively from the YAMIC (joint venture company between Mitsui and New Yangzijiang) page. The company is in follow-up discussions with leading financial institutions to finance most of the purchase prices with competitive financing terms.
Petros Pappas, Chief Executive Officer of Star Bulk, comments:
“Given the changing regulatory environment with regard to carbon emissions, we are confident that the acquisition of these two resold vessels is increasingly contributing to our fleet renewal efforts and initiatives. Their fast 3 to 6 month delivery, combined with attractive purchase prices and strong fundamentals from Kamsarmax and the dry bulk sector as a whole, ensure these transactions add value to the Company and our shareholders. “
About Star Bulk
Star Bulk is a global shipping company providing worldwide ocean transportation solutions for the dry bulk sector. The Star Bulk ships mostly, which includes iron ore, minerals and grains, and to a lesser extent, which includes bauxite, fertilizers and steel products. Star Bulk was founded in the Marshall Islands on 13 December 2006 and has executive offices in Athens, Oslo, New York, Limassol and Singapore. Shares are generally traded on the Nasdaq Global Select Market under the symbol “SBLK”. Star Bulk will be fully operational with a fleet of 128 vessels, with an aggregate capacity of 14.1 million dwt, consisting of 17 Newcastlemax, 22 Capesize, 2 Mini Capesize, 7 Post Panamax, 41 Kamsarmax, 2 Panamax, 20 Ultramax and 17 Supramax ships with capacities transport between 52,425 dwt and 209,537 dwt.
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protection for forward-looking statements to encourage companies to provide prospective information about their business. Forward-looking statements include statements about future plans, goals, objectives, strategies, events or performance, and underlying assumptions and statements, in addition to statements of historical facts.
We wish to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include this warning statement in respect of these safe harbor laws. The words “believe”, “anticipate”, “intend”, “estimate”, “estimate”, “project”, “plan”, “potential”, “may”, “should”, “expect”, “await decision “and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based on a variety of assumptions, many of which are based, in turn, on further assumptions, including but not limited to examinations by our management of historical operating trends, data contained in our records and other data. which are available. from third parties. While we believe that these assumptions are reasonable when they are made, as these assumptions are inherently subject to significant uncertainties and possibilities that are difficult or impossible to predict and beyond our control, we cannot assure you that we will achieve or meet expectations, beliefs or projections.
Apart from these important factors, other important factors which, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include general dry bulk market conditions, including fluctuations in charter rates and vessel values; world economic power; European and Euro stability; fluctuations in interest rates and foreign currency exchange rates; changing demand in the dry bulk shipping industry, including our ship market; changes in our operating costs, including bunker prices, dry docking and insurance costs; changes in government rules and regulations or actions taken by regulatory authorities; potential liability from pending or future litigation; general conditions of domestic and international politics; potential disruption of shipping lanes due to accidents or political events; business disruption due to natural disasters or other disasters beyond our control, such as the recent COVID-19 outbreak; duration and severity of the COVID-19 outbreak; availability of vaccines for the COVID-19 virus and its global spread; the impact of public health threats and outbreaks of other highly contagious diseases; the impact of the expected termination of LIBOR after 2021 on our interest rates on debt which are referred to as LIBOR; availability of financing and refinancing; our ability to meet additional capital and financing requirements to grow our business; the impact of our debt and compliance with the covenants included in our debt covenants; ship breakdowns and off-charter samples; potential exposure or loss from investing in derivative instruments; potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management and our ability to complete acquisition transactions as and when planned. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein applies only as of the date of this agreement, and the Company rejects any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.
Simos Spyrou, Christos Begleris
Co – Chief Financial Officer
Star Bulk Carriers Corp.
c / o Star Bulk Management Inc.
40 Aug. Konstantinou Av.
Email: [email protected]
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