FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of April 2008
STAR BULK CARRIERS CORP.
(Translation of registrant's name into English)
Star Bulk Carriers Corp.
Aethrion Center, Suite B-34
40 Ag. Konstantinou
Maroussi 15124
Athens, Greece
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F |X| Form 40-F |_|
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes |_| No |X|
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INFORMATION CONTAINED IN THIS FORM 6-K REPORT
EXHIBIT 1
STAR BULK ANNOUNCES A 3-YEAR TIME CHARTER FOR
ITS NEWEST SUPRAMAX VESSEL STAR OMICRON
Athens, Greece. April 11, 2008 - Star Bulk Carriers Corp. (NASDAQ:SBLK), announced today that the vessel Star Omicron has been committed to a three-year time charter agreement at a gross daily rate of USD 43,000. The Star Omicron (ex Nord Wave) will be delivered to Star Bulk within April 2008 and the three-year time charter will commence at the time of the vessels delivery to Star Bulk. Star Omicron is a 2005-built Supramax vessel of 53,489 dwt built in Japan.
Akis Tsirigakis, President and CEO of Star Bulk commented: " We are pleased to see a healthy demand for period charters enabling the implementation of our chartering strategy. The contracted time-charter employment coverage for the Star Bulk fleet has now reached 100% for 2008, 71% for 2009 and 43% for 2010 representing one of the highest vessel employment coverage rates in the dry bulk sector. Our visibility of contracted results, secure dividend, healthy balance sheet and high margins are all the parameters for a fundamentals-focused person to make a strong case in an asset-heavy industry like ours.
Fleet Table
The following table sets forth summary information regarding Star Bulk's fleet.
Vessel Name | Type | DWT | Year Built | Delivery to Star (1) | Time Charter Expiry (2) | Time Charter Rate (3) | ||||||
Current fleet | ||||||||||||
Star Alpha | Capesize | 175,075 | 1992 |
| Jul 5 - Oct 5, 2009 | $47,500 | ||||||
Star Beta | Capesize | 174,691 | 1993 |
| Feb 5 - May 5, 2010 | $106,500 | ||||||
Star Gamma | Supramax | 53,098 | 2002 |
| Jan. 4 - Feb 14, 2009 Feb. 2009 - Feb. 2010 Feb. 2010 - Feb. 2011 Feb. 2011 - Feb. 2012 | $28,500 $45,000 $38,000 $31,000 | ||||||
Star Delta | Supramax | 52,434 | 2000 |
| Feb 7 - May 7, 2009 | $25,800 | ||||||
Star Epsilon | Supramax | 52,402 | 2001 |
| Dec 15, 08- Mar 15, 09 | $25,550 | ||||||
Star Zeta | Supramax | 52,994 | 2003 |
| Apr 12, 2008 Mar 12 - Jun 12, 2013 | $30,300 $38,750 | ||||||
Star Theta | Supramax | 52,425 | 2003 |
| April 2 - Jun 16, 2009 | $32,500 | ||||||
Star Iota | Panamax | 78,585 | 1983 |
| Mar 7 - Apr 17, 2009 | $18,000 | ||||||
Star Kappa | Supramax | 52,055 | 2001 |
| Aug 24 - Nov 23, 2010 | $47,800 | ||||||
Vessels to be delivered | ||||||||||||
Star Sigma | Capesize | 184,400 | 1991 | April 2008 | April 2009 April 2010 April 2011 April 2012 | $100,000 $ 69,000 $ 63,000 $ 57,000 | ||||||
Star Omicron | Supramax | 53,489 | 2005 | April 2008 | Mar. - May 2011 | $ 43,000 | ||||||
Grand Total | 11 | 981,648 |
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(1) Indicates expected delivery date to Star Bulk.
(2) Range represents the earliest and latest expiry dates allowed by the charter party. Charterers have the right to add off-hire days, if any, which occurred during the charter period.
(3) Represents the gross daily rate
About Star Bulk
Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk's vessels transport major bulks, which include iron ore, coal and grain and minor bulks such as bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and is headquartered in Athens, Greece. Its common stock and warrants trade on the NASDAQ Global Market under the symbols "SBLK" and "SBLKW" respectively. Currently, Star Bulk has an operating fleet of nine dry bulk carriers, plus definitive agreement to acquire two further dry bulk carriers. The total fleet consists of three Capesize, one Panamax and seven Supramax dry bulk vessels with an average age of approximately 10 years and a combined cargo carrying capacity of 981,648 deadweight tons.
Forward-Looking Statements
The information in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding: (1) the delivery and operation of assets of Star Bulk; (2) Star Bulk's future operating or financial results; (3) future, pending or recent acquisitions, business strategy, areas of possible expansion, and expected capital spending or operating expenses; (4) drybulk market trends, including charter rates and factors affecting vessel supply and demand; and (5) other statements identified by words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "should," "may," or words of similar meaning.
Such forward looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Star Bulk's examination of historical operating trends, data contained in their records and other data available from third parties. Although Star Bulk believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond their control, Star Bulk cannot assure you that Star Bulk will achieve or accomplish these expectations, beliefs or projections. Important factors that could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of a seller to deliver one or more vessels, the strength of world economies and currencies, general market conditions, including changes in charterhire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in Star Bulk's operating expenses, including bunker prices, dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. Additional factors that could cause Star Bulk's results to differ materially from those described in the forward-looking statements can be found in Star Bulk's Registration Statement on Form F-1/F-4 and reports on Form 6-K filed with the Securities and Exchange Commission (the "SEC") and available at the SEC's Internet site (http://www.sec.gov). The information set forth herein speaks only as of the date hereof, and Star Bulk disclaims any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication.
Contacts:
Company:
Akis Tsirigakis
President and CEO
Star Bulk Carriers Corp.
Aethrion Center, Suite B-34
40 Ag. Konstantinou
Maroussi 15124
Athens, Greece
E-mail: ir@starbulk.com
www.starbulk.com
Investor Relations / Financial Media:
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, NY 10169
Tel. (212) 661-7566
E-mail: nbornozis@capitallink.com
www.capitallink.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
STAR BULK CARRIERS CORP.
(Registrant)
Dated April 11, 2008
By:
/s/ PROKOPIOS TSIRIGAKIS
Name: Prokopios Tsirigakis
Title: Chief Executive Officer and President
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