Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, has announced its unaudited financial and operating results for the second quarter and the first half of 2017.
Petros Pappas, Chief Executive Officer of Star Bulk, commented:
"Star Bulk announced today its second quarter 2017 financial results, reporting US$62.0 million in Net TCE Revenues, US$14.2 million in operating cash flow and US$11.5 million in free cash flow, contributing to our US$245 million liquidity position. Our average TCE per vessel was US$9746/day, while our average use was 99.1%. Given our 2Q17 average OPEX and net cash G&A expenses per vessel, of US$3880/day and US$1117/day respectively, we have an Adjusted EBITDA of US$25.7 million, compared to an Adjusted EBITDA figure of US$1.6 million in 2Q16. This marks the fifth consecutive increase in our quarterly Adjusted EBITDA since the first quarter of 2016 when the dry bulk market roughed.
We remain committed to exceeding our customers' expectations through our high quality and safety standards, as evidenced by our continued presence among the top five dry bulk operators in Rightship vessel condition ratings.
We are pleased to announce that in July we have taken delivery of the M/V Diva, a 2011 built supramax vessel, which was acquired at an attractive price in June of 2017.
On the financing front, we have drawn down the full facility amount to partially finance the acquisition of the 2 modern kamsarmaxes acquired in early March of 2017, which along with the successful refinancing in full of one of our bank facilities, demonstrates the solid support from the company's lenders and enhances our financial flexibility going forward."
On 24 July, 2017, Star Bulk took delivery of M/V Diva, a supramax vessel with carrying capacity of 56 582 DWT, built at Jiangsu Hantong Ship Heavy Industry co Ltd China in 2011.
On 23 June, 2017, Star Bulk executed a new loan agreement with ABN AMRO Bank N.V. for US$30.8 million, available in two tranches, as follows:
- Tranche A of US$16.0 million, which was drawn down on 27 June, 2017, to partially finance the acquisition of two 2013-built kamsarmax vessels, Star Charis and Star Suzanna, which were acquired earlier this year.
- Tranche B of US$14.8 million, which was drawn down on 7 July, 2017, to refinance all of the outstanding debt under the Heron Vessel CiT Facility (as defined in our annual report). Tranche B is secured by Star Angelina and Star Gwyneth.
- The two tranches mature in June and July 2022, respectively.
- On 8 August, 2017, the company paid an amount of US$3.6 million to all parties under its Restructuring Agreements (as defined in their annual report), representing the 20% of the equity used for the acquisition of Star Charis, Star Suzanna and Diva.
Read the article online at: https://www.drybulkmagazine.com/shipping/09082017/star-bulk-carriers-corp-reports-results-for-2q17/