Star Bulk refinances 26 vessels in loan deal to fund 50 scrubbers

Greek dry bulk owner has entered into a $310m loan agreement which refinances 26 vessels and includes a $70m tranche to finance the procurement and retrofitting of scrubbers for up to 50 vessels.

Star Bulk has already drawn $240m and refinanced 26 vessels made up of four newcastlemaxes, four capesizes, two post-panamaxes, 14 kamsarmaxes and two supramaxes.

DNB Bank is the mandated lead arranger, facility agent and coordinator of the loan, with ABN AMRO Bank, BNP Paribas, Danish Ship Finance and Skandinaviska Enskilda Banken as mandated lead arrangers.

“The completion of this financing is an important milestone for Star Bulk and its lending partners, who are pioneering sustainable Green Loans for dry bulk shipping investments, which aim to promote maritime emission reductions and compliance with the 2020 IMO regulations,” the company said in a statement.