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Star Bulk inks sale and leaseback deals worth $274m for 16 vesselsStar Bulk inks sale and leaseback deals worth $274m for 16 vessels

Star Bulk Carriers has penned commitments to sell and leaseback 16 vessels with four financial institutions in exchange for receiving $274.1m.

Lee Hong Liang, Asia Correspondent

August 7, 2020

1 Min Read
Scott Graham - Unsplash
Photo: Scott Graham - Unsplash

Star Bulk signed a deal with China Merchants Bank Leasing (CMBL) in July to sell and leaseback seven vessels, namely Laura, Idee Fixe, Roberta, Kaley, Diva, Star Sirius and Star Vega. The deal, expected to be concluded by end-August with lease terms of five years plus purchase option at the expiration of the bareboat charter term, will give Star Bulk $89m in aggregate.

The bulk carrier owner also entered a deal with an unnamed Japanese institution to sell and leaseback the vessel Star Lutas for $16m. The deal will be concluded by end-September with a lease term of seven years plus purchase obligation at the end of the bareboat charter term.

Three of Star Bulk’s newcastlemax vessels were also entered into sell and leaseback with a Chinese financial institution for $92.6m. The deal will be concluded in September with lease terms of 10 years plus purchase obligation.

Separately, Star Bulk signed a commitment letter with SPDB Financial Leasing to sell and leaseback five vessels, namely Mackenzie, Kennadi, Honey Badger, Wolverine, and Star Antares, for up to $76.5m. The deal is expected to be concluded in September with lease terms of eight years plus purchase obligation.

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About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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