Athens, Greece - October 23, 2018
Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK, Oslo:SBLKR), a global shipping company focused on the transportation of dry bulk cargoes announced today that it has repaid to its lenders all outstanding deferred debt amounts originating from the September 2016 restructuring of its finance agreements. The Company currently has no restrictions on vessel acquisitions or new debt and is free to make dividend payments to its shareholders from January 1, 2019 onwards.
The Company also announced today that it has refinanced existing loans of approximately $617 million with new debt financing totaling over $625 million ("New Debt"). The New Debt will finance 59 vessels of all types, ranging from Newcastlemax down to Supramax, with an average age of 10.2 years. With this transaction, the Company has been able to expand its banking group to include new European and Asian financial institutions, and reduce its cost of debt as the interest margin on the New Debt is 70 bps lower than the weighted average interest margin on refinanced debt.
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, which include 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 Select Market under the symbol "SBLK" and on the Oslo Stock Exchange under the ticker "SBLK R". 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, 16 Ultramax and 12 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.
Star Bulk Carriers Corp. press release