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Star Bulk contracts Hanjin Heavy for $53.5m cape

Star Bulk contracts Hanjin Heavy for $53.5m cape

Seoul: Greek dry bulk carrier Star Bulk Carriers Corp has entered into a contract with shipbuilder Hanjin Heavy Industries & Construction Co Ltd for a capesize vessel for $53.5 million.
Star Bulk said it had received offers for debt financing of up to 70 percent of the ship's price at favorable terms. Delivery of the 180,000 deadweight tons ship is expected in September 2011, it added.
The company also said it had not yet decided the ratio of company cash to senior debt that it will utilize in the deal.
Star Bulk said it entered into a 10-year agreement for the vessel with STX Pan Ocean at a gross average day rate of $24,750.
"Currently, our fleet is contracted for 92 percent of 2010 and 58 percent of 2011 operating days, providing future earnings visibility," Chief Executive Akis Tsirigakis said in a statement. [26/03/10]

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