Technology Enhances Crew Well-being -Report
A new report published by satellite communications provider Inmarsat examines the ways technology can benefit crew safety, health and wellbeing at sea, at a moment when COVID-19 has exposed the welfare of seafarers to global scrutiny.The report, "Welfare 2.0: How can the next generation of technology enable better crew safety, health and wellbeing at sea?", has been prepared by consultancy Thetius and follows an earlier "Trade 2.0" report focusing on the impact new technologies…
Pangaea Takes Top Spot in Dry Bulk Benchmark Study
For the second year straight, US-based Pangaea Logistics ranks highest among dry bulk owners based on Time Charter Earnings (TCE), according to a recent market benchmarking report.Notably, the Rhode Island-headquartered shipowner's 53.7% TCE performance is well above Hong Kong's Pacific Basin Shipping Ltd. (24.3%) and Thailand's Thoresen Thai Agencies (23.5%) in second and third place respectively.The Vesselindex Performance Report by Danish maritime advisors Liengaard & Roschmann…
Star Bulk Sells Two Supramax Vessels
Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced that it has agreed to sell the Star Cosmo, a 2005 built Supramax vessel and the Star Epsilon, a 2001 built Supramax vessel."We expect to deliver both vessels to their new owners by the end of this month (November)," the Greece-based shipping company said in a statement.The proceeds from these sales, after prepayment of the debt related to the two vessels, are expected…
Star Bulk Carriers Reports Q1 Loss
Greek shipping company Star Bulk Carriers Corp reported a net loss of $5.3 million, or $0.06 loss per share for the first quarter ended March 31, 2019.Net income for the first quarter of 2018 was $9.9 million, said the global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector."By the end of May 2019 we are on track to have 40 vessels scrubber fitted. We expect to have a fully scrubber fitted fleet by January 2020. Because we expect 2020 to be a more profitable year…
Star Bulk Carriers Acquires Own Shares
Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced that, pursuant to the Company’s previously announced share repurchase program, the Company purchased today 25,000 of its common shares in open market transactions at an average price of $8.76 for aggregate consideration of $219,100.The Company shall cancel all the common shares it has repurchased.On November 29, 2018, the Company announced a share repurchase program to purchase up to an aggregate of $50.0 million of the Company’s common shares.
Biggest Spenders of 2018
With less than a week until Christmas and most of our presents bought, we're feeling the pinch. However, that's nothing compared to the amount that some have been spending this year. VesselsValue's Senior Analyst Court Smith gives a rundown on which countries have splashed the most cash on second hand vessel purchases over 2018.USAJP Morgan Global Maritime is the US company who has spent the most on second hand vessels: 308 million USD so far in 2018. However, they have changed their purchasing strategy half way through the year.
Star Bulk Carriers Reports Profit for Fourth Consecutive Quarter
The global shipping company focusing on the transportation of dry bulk cargoes Star Bulk Carriers Corp announced the third quarter ended September 30, 2018 marks the fourth consecutive profitable one.The Marousi, Greece-based company said that the total revenues for the third quarter of 2018 increased to $188.5 million from $80.8 million in the third quarter of 2017.Petros Pappas, Chief Executive Officer of Star Bulk said: "we achieved $128.7 million in TCE Revenues, $80.1 million in Adjusted EBITDA and Net Income of $26.1 million.
WISTA Elects New BoD, Honors 2018 Personality of the Year
Kathy Metcalf, CEO of the Chamber of Shipping of America, was honored as the 2018 WISTA International Personality of the Year.New WISTA BoardWomen's International Shipping and Trading Association (WISTA) elected Connie Roozen, Director of C&B More (WISTA the Netherlands) as Treasurer and Angie Hartmann, Vice President Crew Affairs, Starbulk S.A. (WISTA Hellas) as Board Member, to the WISTA International Executive Committee at their 38th International Annual General Meeting in TromsØ, Norway on October 24, 2018.
Star Bulk Carriers Announces $310mln Loan for Vessels, 50 Scrubbers
Star Bulk Carriers announced that it has entered into a $310 million loan agreement, which includes a $70 million tranche (Green Loan Tranche) that will exclusively finance the procurement and retrofitting of scrubbers for up to approx. 50 vessels in Star Bulk’s fleet. According to a press release from the global shipping company focusing on the transportation of dry bulk cargoes, DNB Bank, acted as the Mandated Lead Arranger, Facility Agent and Coordinator, along with ABN AMRO Bank…
Harley to Lead Britannia's Greek Office
London based P&I club Britannia said it has finalized plans to open its Greek office in Piraeus as part of an ongoing expansion of the club’s regional hub network.The Greek office will be headed by David Harley who recently returned to the London office having established and worked for over five years as head of Britannia, Hong Kong. Harley will be assisted by newly appointed Konstantinos Samaritis, who joins from a Greek shipowner, having previously worked for both Standard and Skuld Clubs’ Greek operations.
WFW Advises CMBFL on Sale, Leaseback of 15 Dry Bulker
Watson Farley & Williams (WFW) has advised CMB Financial Leasing (CMBFL) on a US$180.4m sale and leaseback transaction with Star Bulk Carriers Corp, a Nasdaq-listed global shipping company providing worldwide seaborne transportation of dry bulk cargoes.The funds obtained by Star Bulk under this new five-year capital lease of US$180.4m entered into with CMBFL were used to part-finance the cash portion of the consideration with regards to Star Bulk’s acquisition of 15 dry bulk vessels from Norwegian shipowner Songa Bulk ASA.Founded in 2008…
Star Bulk Carriers Back in Black
Star Bulk Carriers has announced a net income of US$10.73 million for the second quarter of 2018, a significant improvement over the company’s net loss of US$10.28 million for the same period last year.The global shipping company focusing on the transportation of dry bulk cargoes said that voyage revenues for the quarter totalled US$132.6 million, almost double the US$78.6 million generated in the second quarter of 2017.Petros Pappas, Chief Executive Officer of Star Bulk, said…
Star Bulk Carriers Completes Acquisition of 16 Dry Bulk Vessels
Star Bulk Carriers Corp. announced that it has consummated the previously announced acquisition of 16 dry bulk vessels in an all-share transaction, from entities affiliated with Augustea Atlantica SpA and York Capital Management.The final consideration for the Augustea Vessel Purchase is 10.3 million common shares of the Company, equal to approximately 11.3% of Star Bulk’s common shares after the closing of the Augustea Vessel Purchase.As part of the transaction, the Company will assume debt of approximately $309 million.Following the closing of the Augustea Vessel Purchase…
Star Bulk Carriers Completes Acquisition of 15 Dry Bulkers from Songa Bulk
Global shipping company Star Bulk Carriers, announced that it has closed the previously announced acquisition of fifteen operating dry bulk vessels from Songa Bulk for an aggregate of 13.725 million common shares of Star Bulk and $145.0 million in cash. Following the closing of the Vessel Purchase Transaction, (i) Arne Blystad will be appointed to the Board of Directors of Star Bulk as Class C Director and Herman Billung will join the management team of Star Bulk as Senior Vice President and (ii) Songa is expected to distribute the Consideration Shares to its shareholders.
Star Bulk Carriers Acquires 3 Dry Bulkers from Oceanbulk Container Carriers
Star Bulk Carriers announced that it has closed the previously announced acquisition of three newbuilding Newcastlemax dry bulk vessels in an all-share transaction, from Oceanbulk Container Carriers (OCC). The final consideration for the OCC Vessel Purchase Transaction is 3,304,735 million common shares of the Company. OCC is an entity affiliated with Oaktree Capital Management and with family members of our CEO, Petros Pappas and entities affiliated to them. The three vessels are being constructed at Shanghai Waigaoqiao Shipbuilding (SWS)…
Star Bulk Carriers Acquires Songa Bulk Fleet
Greece-based dry bulk shipping firm Star Bulk Carriers has entered into definitive agreements to acquire 18 dry bulk vessels in two all-share transactions. 15 of the vessels will be acquired from Songa Bulk and three of the vessels will be acquired from Oceanbulk Container Carriers. The consideration for the vessels was determined based on average vessel valuations by independent vessel appraisers. The Company has agreed to issue an aggregate of 13.725 million common and pay $145 million in cash for the acquisition of all of Songa’s 15 modern dry bulk vessels .
Star Bulk Acquires 16 Ships
Star Bulk Carriers Corp. agreed to acquire 16 vessels from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction. As consideration for the Vessel Acquisition, Star Bulk has agreed to issue approximately 10.5 million common shares to the sellers of the 16 vessels, equal to approximately 14.1% of Star Bulk’s common shares after the closing of the Vessel Acquisition. Under the terms of the agreement with the sellers, the consideration…
Star Bulk Carriers Acquires 16 Vessels
Star Bulk Carriers Corp announced that it has agreed to acquire 16 vessels from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction. As consideration for the Vessel Acquisition, Star Bulk has agreed to issue approximately 10.5 million common shares to the sellers of the 16 vessels, equal to approximately 14.1% of Star Bulk’s common shares after the closing of the Vessel Acquisition. Under the terms of the agreement with the sellers…
Bulkers to Benefit as China Iron Ore Appetite Grows
It has been quite awhile since the global bulk carrier market has had much to cheer about, but U.S. dry bulk shippers are set to post strong revenue growth in the next two years thanks to soaring Chinese demand for high-grade iron ore from Brazil and Australia. To combat severe winter smog, China has slashed iron ore output, pushing steel mills in the world's second biggest economy to import more high-grade ore. China also wants to make pollution control a priority for the next three years.
Star Bulk to Repay Debt Principal
Star Bulk Carriers announced that, in light of the improved performance of the Company and the dry bulk market in general, it is planning to make debt principal repayments that are in total at least equivalent to the amortization payments scheduled prior to the commencement of debt amortization holidays. The repayment will start from January 1st 2018, under the “cash sweep” mechanism incorporated in its loan agreements. Star Bulk had previously agreed with its Lenders debt amortization holidays that commenced on June 1st 2016 and were due to end on June 30th, 2018.
Star Bulk Rolls Out Logistics Venture
Star Bulk Carriers, a global shipping company focusing on the transportation of dry bulk cargoes, announced the expansion and diversification of the Company's commercial activity with the launch of the new subsidiary Star Logistics Management S.A. Star Logistics will focus on servicing the end user by connecting origination and destination of dry bulk commodities. The move is expected to further expand the commercial capability of Star Bulk through additional commercial expertise and advanced tools on the Kamsarmax and geared bulk carriers.
Star Bulk Acquires Supramax
Star Bulk Carriers, a global shipping company focusing on the transportation of dry bulk cargoes, has announced that it has entered into a definitive agreement to acquire a Supramax dry bulk carrier from an unaffiliated third party. The acquisition will be partly financed through debt secured from a financial institution. The Vessel has a carrying capacity of 56,582 deadweight tons and was built to high specifications at Jiangsu Hantong Shipyard, China in 2011. The Vessel is expected to be delivered to Star Bulk during the month of July 2017.
Star Bulk Acquire Two Modern Kamsarmax Vessels
Star Bulk Carriers, a global shipping company focusing on the transportation of dry bulk cargoes, announced that it has entered into definitive agreements to acquire two modern Kamsarmax drybulk carriers from an unaffiliated third party for an aggregate total consideration of approximately US$30.3 million. Each of the Vessels has a carrying capacity of 81,713 deadweight tons and was built with high specifications at Jiangsu New Yangzijiang in 2013. The Vessels are expected to be delivered to Star Bulk between March and May 2017.
Star Bulk Awarded USCG Qualship 21 for 30 Vessels
The U.S. Coast Guard (USCG) has awarded Qualship 21 status to 30 bulk carriers owned and operated by Star Bulk Carriers Corp., the largest U.S. listed dry bulk operator. The Qualship 21 program rewards high quality ships sailing under qualifying flags. In a letter to Star Bulk, Rear Admiral Paul Thomas of the USCG stated, “Less than 10 percent of all [non-U.S. flagged] ships that operate in the [U.S.] meet the eligibility requirements of this program, putting [Star Bulk's] qualified vessels in an elite class.
WISTA Sets Sail into the Future
More than 225 shipping and trading executives from 30 countries joined the Women's International Shipping & Trading Association (WISTA) aboard the ms Koningsdam, Holland America Line's newest vessel, on November 9 for the WISTA 2016 International Conference and Annual General Meeting. The Conference, hosted by WISTA USA under the leadership of its President, Alexandra Anagnostis-Irons of Total Marine Solutions, featured the Annual General Meeting (AGM), a robust Conference program agenda, and a variety of workshops designed to transfer knowledge on the industry, leadership, and growth.
Star Bulk Carriers Reports 1Q Loss, Adds 3 Vessels.
The Athens, Greece-based Star Bulk Carriers Corp. (SBLK) has reported a loss of $48.8 million in its first quarter. The shipping company posted revenue of $46.3 million in the period. Star Bulk has added three vessels during this period. On April 1, April 4 and May 30, 2016, the vessels Indomitable, Obelix and Star Michele respectively, were delivered to their buyers. On June 6, 2016, it took delivery of the Newcastlemax vessel Star Libra (ex-HN 1372), which is financed under a bareboat charter accounted for as a capital lease, from CSSC (Hong Kong) Shipping Company Limited.