Philippines: HHIC-Phil Shipyard Delivers 179.546 DWT Bulk Carrier Star Polaris

Star Bulk Carriers Corp, a global shipping company focusing on the transportation of drybulk cargoes, has taken delivery of the Star Polaris, a 179,546 dwt Capesize newbuilding. The Star Polaris is the second vessel delivered to the Company from HHIC-Phil Inc., a subsidiary of Hanjin Heavy Industries and Construction Co. Ltd.

The vessel was delivered to its charterer, Louis Dreyfus, and commenced a two year time charter at a gross daily rate of $16,500 with an optional one year at a gross daily rate of $19,000.

Spyros Capralos, President and CEO of Star Bulk, commented: “We are pleased to have taken delivery of the Star Polaris, which has commenced its time charter with such a reputable company like Louis Dreyfus. We believe that this time charter employment increases our future charter coverage and revenue visibility at a time of increased volatility and challenging period rates for the capesize sector. We remain committed to making prudent and accretive acquisitions, in accordance to our goal of increasing long-term shareholder value.”

[mappress]

Shipbuilding Tribune Staff, November 16, 2011; Image:hhic-phil