Star Bulk: Acquisition of Two Resale Modern High Specification Kamsarmax Vessels

Pappas

Star Bulk, a global shipping company focusing on the transportation of dry bulk cargoes, announced that it has entered into a definitive agreement with a third party pursuant to which the Company will acquire two ECO type resale 82k dwt Kamsarmax vessels.

The vessels are expected to be delivered to the Company in June and September 2021 respectively directly from YAMIC yard (a joint venture between Mitsui and New Yangzijiang). The Company is in advanced discussions with leading financial institutions to finance the largest part of the purchase price at competitive financing terms.

Petros Pappas, Chief Executive Officer of Star Bulk, commented:

“In view of the changing regulatory environment with regards to carbon emissions, we believe that the acquisition of these two resale vessels further contributes to our fleet renewal efforts and initiatives. Their 3- to 6-month prompt delivery, combined with an attractive purchase price and the strong fundamentals of the Kamsarmax and dry bulk sector overall, ensure this transaction adds value to the Company and to our shareholders.”

 

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