Greece: Star Bulk Enters into Time Charter Contract for ‘Star Polaris’

Star Bulk Carriers Corp, recently announced that it has entered into a time charter contract with Louis Dreyfus Commodities Suisse SA for its second capesize newbuilding, the Star Polaris, for two years, plus a charterer’s option for one additional year, at a gross daily rate of $16,500 for the first two years and $19,000 for the optional year.

The Star Polaris is a newbuilding Capesize vessel of approximately 179,600 dwt that is expected to be delivered to this new charterer in November 2011, immediately after its delivery from the shipyard. The new contract is expected to contribute a minimum of $11.5 million to a maximum of $20.1 million in gross revenue.

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 such as 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 Market under the symbol “SBLK”. Star Bulk’s total fleet of fifteen vessels consists of seven Capesize, and eight Supramax vessels, including the newbuilding Capesize vessel, the Star Polaris, which is currently under construction and is scheduled to be delivered in November 2011, with a combined cargo carrying capacity of 1,626,721 deadweight tons. The average age of our current operating fleet is approximately 11 years.

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Source: Star Bulk, September 26, 2011.