Star Bulk Takes Delivery of First Capesize from JMU

By George Backwell
Friday, July 25, 2014
Star Bulk ship: Photo credit Star Bulk

Athens, Greece-headquartered Star Bulk Carriers says it has taken delivery of 'M/V Peloreus' a 182,000 dwt Capesize built by Japan Marine United (“JMU”) and the first of six similar vessels ordered at JMU, with expected deliveries until the 3rd quarter of 2015.

The new ship will be employed in the spot market in order to take advantage of its modern design and fuel efficient specifications.

Following the delivery of M/V Peloreus and inclusive of the two Kamsarmax vessels to be acquired from Heron Ventures Ltd., Star Bulk will own thirty three dry bulk vessels on the water, consisting of eleven Capesize, four Post‐Panamax, six Kamsarmax, two Ultramax and ten Supramax vessels with average age of approximately 7.3 years.

Further newbuilding contracts
In addition, Star Bulk has entered into definitive contracts for the construction of additionally thirty six vessels at high quality shipyards in Japan and China, including thirteen Newcastlemax, nine Capesize and fourteen Ultramax vessels with fuel‐efficient specifications with expected deliveries in 2014, 2015 and early 2016.

The Company has partially financed the $34.63 million final delivery installment for the Vessel, using $32.5 million proceeds from the previously committed 5 year senior secured credit facility by Deutsche Bank AG, while the remaining amount was financed using cash on hand. The vessel was fitted with additional and higher specification equipment of approximately $0.54 million.

Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece.

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