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Star Bulk Carriers completes 16-vessel series of sale and leaseback deals

Greek dry bulk vessel operator Star Bulk Carrier has completed a slew of sale and leasebacks with Chinese and Japanese leasing houses for a total of 16 vessels.

The company signed a commitment letter with China Merchants Bank Leasing (CMBL) to sell and leaseback the vessels Laura, Idee Fixe, Roberta, Kaley, Diva, Star Sirius and Star Vega for a total price of $89m.

Star Bulk also entered into a commitment letter with a Japanese financial institution to sell and leaseback the vessel Star Lutas for $16m.

Additionally, the company agreed with a Chinese financial institution to sell and leaseback three of its newcastlemax vessels for a price of $92.6m in total.

Lastly, the company signed with SPDB Financial Leasing to sell and leaseback the vessels Mackenzie, Kennadi, Honey Badger, Wolverine and Star Antares for a total consideration of $76.5m.

All the proceeds from the sale and leaseback deals will be used to refinance the outstanding amount under the loan agreements of the vessels.

“We continue taking proactive steps to strengthen our balance sheet via refinancings that improve our Company’s liquidity. Despite the challenging market conditions, there has been significant interest from our lenders to engage with Star Bulk in new transactions,” said Petros Pappas, CEO of Star Bulk.

Star Bulk reported a net loss of $44.1m for the second quarter of this year, compared with a net loss of $40.1m in the same period last year.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

Comments

  1. I think you meant, “Star Bulk reported a net loss of $44,100,000 for the second quarter of this year, compared with a net loss of $40,100,000 in the same period last year”. Those extra noughts matter!

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