Star Bulk Carriers secures loan from HSH Nordbank

11 October 2011 (Last Updated October 11th, 2011 18:30)

Star Bulk Carriers has secured a loan of $64.5m in new funds from the German ship finance lender HSH Nordbank.

Star Bulk Carriers has secured a loan of $64.5m in new funds from the German ship finance lender HSH Nordbank.

The company said that the loan will run for up to five years at an undisclosed margin.

The money under the new loan, together with $5.3m in cash, will be used to repay two existing loan facilities with Piraeus Bank.

The company said that through this refinancing it has managed to extend its principal repayment schedule while reducing interest costs.

Star Bulk operates a fleet of 15 vessels that comprises seven Capesize and eight Supramax vessels with a combined cargo carrying capacity of 1,626,721dwt.