Star Bulk Announces Acquisition of Two Modern Kamsarmax Vessels and Delivery of Newcastlemax Vessel

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Star Bulk, a global shipping company focusing on the transportation of dry bulk cargoes, announced that it has entered into definitive agreements to acquire two modern Kamsarmax drybulk carriers from an unaffiliated third party for an aggregate total consideration of approximately US$30.3 million.

Each of the Vessels has a carrying capacity of 81,713 deadweight tons and was built with high specifications at Jiangsu New Yangzijiang in 2013. The Vessels are expected to be delivered to Star Bulk between March and May 2017.

The Company is currently in advanced discussions with a financial institution to secure financing for up to 50% of the acquisition costs of the Vessels.

The Company, additionally, today announced that it took delivery of the Newcastlemax vessel Star Virgo (ex HN 1371), which is financed under a bareboat charter accounted for as a capital lease, from CSSC (Hong Kong) Shipping Company Limited.

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