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Star Bulk Carriers Corp. Message Board

  • iluvshippingsector iluvshippingsector Mar 19, 2013 10:11 AM Flag

    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.

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