FORM
6-K
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES
EXCHANGE ACT OF 1934
For the
month of November 2009
Commission
File Number: 001-33869
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Star
Bulk Carriers Corp.
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(Translation
of registrant’s name into English)
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7,
Fragoklisias Street, 2nd
floor, Maroussi 151 25, Athens, Greece
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(Address
of principal executive office)
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Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form 20-F
[X] Form 40-F
[ ]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ___
Note: Regulation S-T
Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted
solely to provide an attached annual report to security holders.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)7: ___
Note: Regulation S-T
Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted
to furnish a report or other document that the registrant foreign private issuer
must furnish and make public under the laws of the jurisdiction in which the
registrant is incorporated, domiciled or legally organized (the registrant’s
“home country”), or under the rules of the home country exchange on which the
registrant’s securities are traded, as long as the report or other document is
not a press release, is not required to be and has not been distributed to the
registrant’s security holders, and, if discussing a material event, has already
been the subject of a Form 6-K submission or other Commission filing on
EDGAR.
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Attached
as Exhibit 1 is a copy of the press release of Star Bulk Carriers Corp. (the
“Company”), dated November 18, 2009, announcing the Company’s entry into three
new time charters and the completion of the transition to in-house technical
fleet management.
This
report on Form 6-K, except for the section entitled “Akis Tsirigakis, CEO of
Star Bulk, commented” is hereby incorporated by reference into the Company’s
registration statement on Form F-3 (File No. 333-153304) that was filed with the
U.S. Securities and Exchange Commission (“Commission”) with an effective date of
November 3, 2008, and the Company’s registration statement on Form F-3 (File No.
333-156843) that was filed with the Commission with an effective date of
February 17, 2009.
Exhibit
1
STAR BULK CARRIERS CORP. ENTERS INTO
THREE NEW TIME CHARTERS AND COMPLETES TRANSITION TO IN-HOUSE FLEET TECHNICAL
MANAGEMENT
ATHENS, GREECE, November 18, 2009
– Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (NASDAQ: SBLK)
today made the following announcements:
Extension of the Star Delta
time charter
The
Company 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.
Re-deployment of Star
Epsilon & Star Kappa
The
Company 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.
In-House Vessel
Management
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 Ltd. The Company’s wholly owned subsidiary, Star Bulk Management
Inc. performs the commercial management of all of the Company’s
vessels.
Akis Tsirigakis, CEO of Star Bulk,
commented: “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. We are confident that our in-house
technical management will be instrumental in reducing operating expenses,
eliminate vessel management fees and implementing our quality
objectives.”
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 maintains executive offices 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 twelve dry bulk carriers. The
total fleet consists of four Capesize, and eight Supramax dry bulk vessels with
an average age of approximately 10.3 years and a combined cargo carrying
capacity of 1,106,253 deadweight tons.
Forward-Looking
Statements
Matters
discussed in this press release may constitute forward-looking statements. The
Private Securities Litigation Reform Act of 1995 provides safe harbor
protections for forward-looking statements in order to encourage companies to
provide prospective information about their business. Forward-looking statements
include statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other statements, which
are other than statements of historical facts.
The
Company desires to take advantage of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The words “believe,”
“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,”
“may,” “should,” “expect,” “pending” and similar expressions identify
forward-looking statements.
The
forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, examination by the Company’s management of
historical operating trends, data contained in its records and other data
available from third parties. Although the Company 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 the Company’s control, the Company cannot
assure you that it will achieve or accomplish these expectations, beliefs or
projections.
In
addition to these important factors, other important factors that, in the
Company’s view, could cause actual results to differ materially from those
discussed in the forward-looking statements include the strength of world
economies and currencies, general market conditions, including fluctuations in
charter rates and vessel values, changes in demand for dry bulk shipping
capacity, changes in the Company’s operating expenses, including bunker prices,
drydocking and insurance costs, the market for the Company’s vessels,
availability of financing and refinancing, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential liability from
pending or future litigation, general domestic and international political
conditions, potential disruption of shipping routes due to accidents or
political events, vessels breakdowns and instances of off-hires and other
factors. Please see our filings with the Securities and Exchange Commission for
a more complete discussion of these and other risks and uncertainties. The
information set forth herein speaks only as of the date hereof, and the Company
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:
George
Syllantavos
CFO
Star Bulk
Carriers Corp.
c/o Star
Bulk Management Inc.
7
Fragoklisias Str.
Maroussi
15125
Athens,
Greece
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:
starbulk@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.
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Star
Bulk Carriers Corp.
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Dated: November
27, 2009
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By:
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/s/ Prokopios
Tsirigakis
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Name:
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Prokopios
Tsirigakis
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Title:
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Chief
Executive Officer and President
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SK 25767
0001 1051267