Star Bulk Adds Two More Vessels to its Fleet

Greece-based Star Bulk Carriers Corp. took delivery of the last two of the three firm dry bulk vessels from an entity affiliated with E.R. Capital Holding GmbH & Cie. KG.

According to the global shipping company focusing on the transportation of dry bulk cargoes announced it added the 2010 built Capesize vessels M/V E.R BRANDENBURG and M/V E.R BOURGOGNE, to its fleet on on January 7th, 2019 and January 14th, 2019 respectively,
 
The Vessels were acquired for a combination of cash and shares. The vast majority of the cash portion of the transaction will be funded from senior secured financing which will be drawn within this week.

Following these deliveries as well as the cancelation of the shares that have been acquired so far pursuant to the previously announced share repurchase program of November 29, 2018, the Company has 93,285,322 common shares issued and outstanding.

Finally, on January 8th, 2019 vessel M/V Star Delta, a 2001 built Supramax vessel, was sold and delivered to her new buyers.

On a fully delivered basis, Star Bulk will have a fleet of 111 vessels, with an aggregate capacity of 12.67 million dwt, consisting of 17 Newcastlemax, 20 Capesize, 2 Mini Capesize, 7 Post Panamax, 35 Kamsarmax, 2 Panamax, 17 Ultramax and 11 Supramax vessels with carrying capacities between 52,055 dwt and 209,537 dwt.

The Company holds call options and has sold respective put options on 4 Capesize vessels, with exercise dates in early April 2019.