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Star Bulk Carriers Corp. Message Board

  • yinvest yinvest Mar 19, 2010 3:56 PM Flag

    Time charter for Star Aurora with Rio Tinto

    ATHENS, GREECE--(Marketwire - 03/19/10) - Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (NASDAQ:SBLK - News), today announced that it has entered into a time charter agreement with Rio Tinto for the Star Aurora, a capsize vessel of 171,199 dwt, built in 2000 in Japan, for a period of about 3 years at a gross daily rate of $27,500. The vessel was recently purchased for USD 42.5 million and is expected to be delivered to its new charterers in the fourth quarter 2010. Star Bulk will finance the acquisition with a mix of own cash and bank debt, has received offers for debt financing of up to 60% of the vessel's price at favorable financing cost and terms and expects to have agreed such financing within the second quarter of 2010.

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