Star Bulk acquires two modern Post-Panamax bulk carriers for $60m

29 January 2014 (Last Updated January 29th, 2014 18:30)

Greek shipping company Star Bulk Carriers has signed a deal with Glocal Japan to purchase two Post-Panamax bulk carriers for $60m.

Greek shipping company Star Bulk Carriers has signed a deal with Glocal Japan to purchase two Post-Panamax bulk carriers for $60m.

The M/V GL Qushan and M/V GL Daishan will have a carrying capacity of around 98,000dwt and will be delivered to Star Bulk between mid-February and early March of this year.

Following completion of the deal, the vessels will be renamed Star Vega and Star Sirius and are expected to be put on transit through the Panama Canal.

After delivery, the Star Vega and the Star Sirius will be chartered back to Glocal Japan for around 30 to 34 months and 27 to 31 months, respectively.

The vessels will be chartered at a gross daily rate of $15,000 per vessel and are expected to generate revenues in the charter period of around $13.4m and $12.1m, respectively.

Star Bulk will partially finance the purchase of the vessels from its seven-year senior secured credit facility of up to $39m, secured from Deutsche Bank.

With the purchase of Star Sirius and Star Vega, Star Bulk will have a fleet of 17 dry bulk vessels including five Capesize, two Post-Panamax, two Ultramax and eight Supramax vessels with average age of just under nine years.

Star Bulk also has nine vessels under construction at Japanese and Chinese shipyards, including three Newcastlemax, two Capesize and four Ultramax vessels, which are expected to be delivered in 2015 and early 2016.