Star Bulk Carriers Enters Into Three New Time Charter Agreements
Also completed take over of the technical management of the vessels previously managed by Bernhardt Schulte Shipmanagement
Star Bulk Carriers has extended its Star Delta time charter and has re-deployed Star Epsilon & Star Kappa. The company has agreed with the present charterers GMI for a further two-year time charter employment of the Star Delta, a 52,434 dwt 2000-built Supramax vessel, in direct continuation of the present time charter due to expire in March 2010, at a gross daily rate of $14,000.
The company has also entered into a new one-year time charter agreement with Cargill for the Star Epsilon, a 52,402 dwt 2001-built Supramax vessel, at a gross daily rate of $16,000. The company entered into a new two-year time charter agreement with [Cargill] for the Star Kappa, a 52,055 dwt 2001-built Supramax vessel, at a gross daily rate of $14,500.
Star Epsilon and Star Kappa were previously time chartered until June 2014 to other charterers. Star Bulk withdrew the vessels from such charterers' service for repudiatory breach of the time charter contracts by them. The company has commenced arbitration proceedings for both vessels against the charterers in London to pursue damages arising from such breach, which will include the loss of hire.
Starbulk SA, a wholly owned subsidiary of the company, has completed taking over the technical management of the vessels previously managed by Bernhardt Schulte Shipmanagement.
Akis Tsirigakis, chief executive officer of Star Bulk, said: We are pleased to have secured period employment for our fleet with recognized counterparties, while at the same time we streamlined a number of commercial and operational matters enhancing our competitive strengths in the present market. Our contracted operating days are now 100% for 2009, 85% for 2010 and 42% for 2011, providing revenue visibility as we continue to generate significant positive cash flows.
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