Greece-based Star Bulk Carriers has chartered the first of two Ultramax bulk carriers from Imabari Shipbuilding.
M/V Star Challenger was built in Japan in November 2012 and has a carrying capacity of 61,462 deadweight tonnes.
The vessel was chartered for a duration of 40 days at a gross hire rate of $13,700 per day. The short charter period is part of the company’s commercial strategy that allows it to benefit from a higher freight rate recovery in the dry bulk market.
The second Ultramax bulk carrier, Star Fighter, is expected to be delivered by the end of December 2013.
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The company is using available cash and a commercial bank debt to finance both purchases.
Star Bulk Carriers currently operates 15 dry bulk carriers, including five Capesize, two Ultramax and eight Supramax vessels, with a combined cargo carrying capacity of 1,413,526 deadweight tonnes.
It also has nine third-party dry bulk vessels with a combined cargo carrying capacity of 1,030,720 deadweight tonnes.
The company has signed deals for the construction of nine new fuel-efficient dry bulk vessels, including three Newcastlemax, two Capesize and four Ultramax vessels, having a combined cargo carrying capacity of 1,227,000 deadweight tonnes.
All the new vessels are scheduled to be delivered in 2015 and 2016.
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