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Star Bulk receives second Ultramax
Star Bulk Carriers Corp. a global shipping company focusing on the transportation of dry bulk cargoes announced that it has taken delivery of M.V. Star Fighter, an Ultramax bulk carrier of 61,462 deadweight tones carrying capacity, built in Japan by Imabari Shipbuilding Group in September of 2013. Pursuant to the Company's flexible commercial strategy, the vessel has been employed on a short-term time charter for a period of minimum four months up to maximum 6 months at a gross hire rate of $ 13,400 per day. M.V. Star Fighter is the second one of the two modern Ultramax bulk carriers delivered to the Company, pursuant to the relevant definitive agreement announced on November 18, 2013.
The company also announced, it has executed a commitment term sheet with a major European lending bank of seven " year senior secured term loan liability, for an amount equal to 60% of the fair market value of the two Ultramax bulk carriers acquired, Star Challenger and Star Fighter. Under terms of the commitment term sheet, the drawdown of the loan is expected to take place by February 2014, subject to completion of customary definitive documentation. The company has financed the acquisition of both vessels using cash on hand and intends to partially refinance their purchase price utilizing the proceeds from the secured credit facility.