Star Bulk Adds Capesize

Athens-based Star Bulk Carriers Corp. has taken delivery of M/V Leviathan , a 182,000 dwt Capesize built by Japan Marine United (JMU). M/V Leviathan is a sistership to M/V Peloreus already delivered to the company and is the second of six similar vessels ordered at JMU, with expected deliveries until the 3rd quarter of 2015. Leviathan is currently employed in the spot market. Star Bulk has partially financed the USD 34.63 million final delivery installment using USD 32.5
million proceeds from the previously committed 5 year senior secured credit facility by Deutsche Bank AG, while the remaining amount was financed using cash on hand. Following the delivery of M/V Levathian and inclusive of the two Kamsarmax vessels to be delivered from Heron Ventures Ltd., Star Bulk will own forty two dry bulk vessels on the water, consisting of twelve Capesize, four Post-Panamax, seven Kamsarmax, five Panamax, two Ultramax and ten Supramax vessels with the average age of approximately 8.1 years. In addition, Star Bulk has entered into definitive contracts for the acquisition of 26 second hand vessels (out of a total of 34 vessels with 8 vessels already delivered) from Excel Maritime Carriers Ltd. and the construction of additional thirty five vessels at high quality shipyards in Japan and China, including thirteen Newcastlemax, eight Capesize and fourteen Ultramax vessels with fuel-efficient specifications and with expected deliveries in 2014, 2015 and early 2016.