Looks good going forward for SBLK, sold Star Sigma for scrap, $9 million $
Spyros Capralos, President and CEO of Star Bulk, commented: “We are pleased to be reporting
positive results during another quarter of challenging freight market conditions. I believe that the
Company’s operational efficiency and cost optimization strategy have had a very important
contribution towards this full year’s results. I expect we will manage to improve our results in the
current and the next quarters, as the market improves, especially in the Supramax segment.
We have agreed to sell our oldest Capesize vessel, the Star Sigma, for scrap, at a contracted price of
$9.0 million, which will assist in deleveraging of our balance sheet and further relaxation of our
principal amortization requirements for 2013 and 2014. Following the sale of Star Sigma, the coverage
of our capesize fleet is at 88% for 2013 at an average gross rate of $23,650.