Star Bulk Takes Delivery of M/V Leviathan
Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargos, has announced that on September 19, 2014 it has taken delivery of M/V Leviathan, a 182,000 dwt Capesize built by Japan Marine United (JMU).
The vessel 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 third quarter of 2015. The JMU Capesize vessels are all built with modern specifications and we anticipate they will have amongst the lowest fuel consumptions and carbon emissions of vessels of similar size and age.
The vessel is currently employed in the spot market in order to take advantage of its modern design and fuel-efficient specifications.
The company has partially financed the $34.63 million final delivery installment for the vessel, using $32.5 million proceeds from the previously committed five year senior secured credit facility by Deutsche Bank AG, while the remaining amount was financed using cash on hand. The vessel was fitted with additional and higher specification equipment of approximately $0.54 million, the payment of which is included in the aforementioned final delivery installment.
Following the delivery of M/V Leviathan 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 10 Supramax vessels with average age of approximately 8.1 years.
In addition, Star Bulk has entered into definitive contracts for the acquisition of 26 secondhand vessels (out of a total of 34 vessels with eight 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.
