Star Bulk Carriers Disposes of Another Capesize

  • Business & Finance

Athens-based dry bulk shipping company Star Bulk Carriers has decided to sell its 181,433 dwt Capesize vessel MV Obelix to an undisclosed buyer for a price tag of USD 23.3 million.

The 2011-built bulker is expected to join its new fleet during the first half of 2016.

According to Star Bulk, a portion of the net proceeds from the sale are designated for repayment of the outstanding debt amount and the remainder will be invested in general corporate purposes, including capital expenditures.

This is the company’s latest sale in a row, as Star Bulk fights to maintain a strong liquidity position. Less than a month ago, the company signed agreements to sell four newbuilding Capesize vessels under construction in China to unaffiliated third parties, for an aggregate gross price of USD 148 million.

In December 2015, Star Bulk decided to sell two Capesizes and two Kamsarmax vessels for a total of USD 122 million.

Additionally, the company received a letter from Nasdaq, dated January 6, 2016, stating that it breached the minimum bid price requirement of USD 1 per common share on the Nasdaq Global Select Market.

As Star Bulk’s minimum bid price was below the requirement for a period of 30 consecutive business days, the company now has until July 5, 2016 to regain compliance.

Marshall Islands-incorporated company will have a fleet of 78 vessels, on a fully delivered basis, with an aggregate capacity of 8.3 million dwt. Star Bulk’s fleet currently includes 70 operating vessels and 19 newbuilding vessels under construction at shipyards in Japan and China.

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