Monday, February 09, 2009
Star Bulk Announces New Time Charter
Saturday, 07 February 2009
Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced Friday the following: Star Delta The Company has entered into a new one-year time charter contract for the Star Delta, a 52,434 dwt 2000 built Supramax vessel, at a gross daily rate of $11,250. The vessel is expected to be delivered to her new charterer by mid-February 2009. Star Gamma On January 27, 2009, the Company delivered the Star Gamma, a 53,098 dwt 2002 built Supramax vessel, to her next charterer. As previously announced, the 3-year contract has a gross daily average rate of $38,000.
Star Epsilon
On January 28 2009, the Company delivered the Star Epsilon, a 52,402 dwt 2001 built Supramax vessel, to her next charterer. As previously announced, the 5-year contract has a gross daily rate of $32,400.
Contract of Affreightment (COA)
The Company has entered into its first Contract of Affreightment (COA) with Brazil's Companhia Vale do Rio Doce (VALE). The contract calls for transporting approximately 700,000 tonnes of iron ore between Brazil and China in four capesize vessel shipments with the first such shipment scheduled to commence during the first quarter of 2009.
Redeployment of Star Alpha
On February 5, 2009 the Company committed the Star Alpha to the COA contract referenced above to transport iron ore between Brazil and China. The vessel was redelivered to Star Bulk by its previous charterers approximately one month earlier than the earliest date allowed under the charterparty, after having completed repairs of 25 days duration. Arbitrators' proceedings have commenced pursuant to disputes that have arisen with such previous charterers of the Star Alpha relating to vessel performance characteristics and hire. The Company has notified the charterers that it will seek additional damages in connection with the early redelivery in the current arbitration.
Akis Tsirigakis, CEO of Star Bulk, commented: "We consider the signing of our first COA with a major global mining company as an important milestone in the development of our company. Further, the new one-year time charter for the Star Delta, the delivery of two of our Supramaxes to their charterers and the procurement of new employment for the Star Alpha enhance our fleet contract coverage and cash flow visibility. Moving forward we will continue to explore constructive ways to secure the Company's revenues in response to this challenging period."
Source: Star Bulk Carriers Corp.
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