UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
OF
THE SECURITIES EXCHANGE ACT OF 1934
For the
month of March 2010
Commission
File Number: 001-33869
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STAR
BULK CARRIERS CORP.
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(Translation
of registrant's name into English)
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Star
Bulk Carriers Corp.
c/o
Star Bulk Management Inc.
7, Fragoklisias Street,
2nd Floor
Maroussi
151 25
Athens,
Greece
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(Address
of principal executive office)
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Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form 20-F
[ X ] Form 40-F
[ ]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): [ ].
Note: Regulation S-T Rule
101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely
to provide an attached annual report to security holders.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7): [ ].
Note: Regulation S-T Rule
101(b)(7) only permits the submission in paper of a Form 6-K if submitted to
furnish a report or other document that the registrant foreign private issuer
must furnish and make public under the laws of the jurisdiction in which the
registrant is incorporated, domiciled or legally organized (the registrant's
"home country"), or under the rules of the home country exchange on which the
registrant's securities are traded, as long as the report or other document is
not a press release, is not required to be and has not been distributed to the
registrant's security holders, and, if discussing a material event, has already
been the subject of a Form 6-K submission or other Commission filing on
EDGAR.
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Attached as
Exhibit 1 is a copy of the press release of Star Bulk Carriers Corp. (the
"Company"), dated March 25, 2010, announcing the Company's acquisition of a
Capesize newbuilding and the employment of that vessel on a ten year time
charter.
This report on Form 6-K, except for the section entitled "Akis Tsirigakis, President and CEO of Star Bulk, commented," is hereby incorporated by reference into the Company's registration statement on Form F-3 (File No. 333-153304) that was filed with the U.S. Securities and Exchange Commission ("Commission") with an effective date of November 3, 2008, and the Company's registration statement on Form F-3 (File No. 333-156843) that was filed with the Commission with an effective date of February 17, 2009.
Exhibit
1
STAR
BULK SIGNS CAPESIZE NEWBUILDING CONTRACT,
AGREES
TO TEN YEAR TIME CHARTER
ATHENS, GREECE, March 25, 2010 – Star
Bulk Carriers Corp. (the “Company” or “Star Bulk”) (NASDAQ: SBLK), today
announced that it has signed a contract with ship builder Hanjin to build a
Capesize vessel of 180,000 deadweight tons, at a price of $53.5 million with
expected delivery in September 2011.
The
Company has also entered into a ten year time charter agreement for the vessel
with STX Panocean at a gross daily hire of $24,750.
Star
Bulk has also received offers for debt financing of up to 70% of the vessel’s
price at favorable financing cost/terms and expects to complete the financing
within the second quarter of 2010. The Company has not yet decided the ratio of
Company cash to senior debt that it will utilize in this
acquisition.
Akis Tsirigakis, President and CEO of Star Bulk, commented: "We are pleased to grow organically with the acquisition of a newbuilding Capesise vessel from a high quality ship builder. This deal involved the challenge of putting all required elements together simultaneously, namely, quality builder, competitive price, good contracted employment, quality counterparty and competitive financing. The vessel contract was achieved at a very favorable price considering recent similar newbuildings. We are also pleased that our senior debt lenders continue to support our acquisition plans via offers of favourable financing terms.
Currently,
our fleet is contracted for 92% of 2010 and 58% of 2011 operating days, amongst
the highest contract coverage in the industry, providing future earnings
visibility. We continue to focus on enhancing shareholder value, supported by
our strong balance sheet and liquidity."
About
Star Bulk
Star
Bulk is a global shipping company providing worldwide seaborne transportation
solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks,
which include iron ore, coal and grain and minor bulks such as bauxite,
fertilizers and steel products. Star Bulk was incorporated in the Marshall
Islands on December 13, 2006 and maintains executive offices in Athens, Greece.
Its common stock trades on the Nasdaq Global Market under the symbol “SBLK”.
Currently, Star Bulk has an operating fleet of eleven dry bulk carriers with
definitive agreements to buy one and sell one Capesize vessel as well as to
build one Capesize vessel. The total fleet consists of five Capesize, and eight
Supramax dry bulk vessels with a combined cargo carrying capacity of 1,282,377
deadweight tons. The average age of our current operating fleet is 10.3
years.
Forward-Looking
Statements
Matters
discussed in this press release may constitute forward-looking statements. The
Private Securities Litigation Reform Act of 1995 provides safe harbor
protections for forward-looking statements in order to encourage companies to
provide prospective information about their business. Forward-looking statements
include statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other statements, which
are other than statements of historical facts.
The
Company desires to take advantage of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The words “believe,”
“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,”
“may,” “should,” “expect,” “pending” and similar expressions identify
forward-looking statements.
The
forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, examination by the Company’s management of
historical operating trends, data contained in its records and other data
available from third parties. Although the Company believes that these
assumptions were reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are difficult or
impossible to predict and are beyond the Company’s control, the Company cannot
assure you that it will achieve or accomplish these expectations, beliefs or
projections.
In
addition to these important factors, other important factors that, in the
Company’s view, could cause actual results to differ materially from those
discussed in the forward-looking statements include the strength of world
economies and currencies, general market conditions, including fluctuations in
charter rates and vessel values, changes in demand for dry bulk shipping
capacity, changes in the Company’s operating expenses, including bunker prices,
drydocking and insurance costs, the market for the Company’s vessels,
availability of financing and refinancing, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential liability from
pending or future litigation, general domestic and international political
conditions, potential disruption of shipping routes due to accidents or
political events, vessels breakdowns and instances of off-hires and other
factors. Please see our filings with the Securities and Exchange Commission for
a more complete discussion of these and other risks and uncertainties. The
information set forth herein speaks only as of the date hereof, and the Company
disclaims any intention or obligation to update any forward-looking statements
as a result of developments occurring after the date of this
communication.
Contacts
:
Company
:
George
Syllantavos
CFO
Star Bulk
Carriers Corp.
c/o Star
bUlk Management Inc.
7
Fragoklisias Str.
Maroussi
15125
Athens,
Greece
www.starbulk.com
Investor
Relations / Financial Media:
Nicolas
Bornozis
President
Capital
Link, Inc.
230 Park
Avenue, Suite 1536
New York,
NY 10169
Tel.
(212) 661-7566
E-mail:
starbulk@capitallink.com
www.capitallink.com
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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STAR
BULK CARRIERS CORP.
(Registrant)
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Date:
March 31, 2010
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By:
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/s/ PROKOPIOS
TSIRIGAKIS
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Name:
Title:
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Prokopios
Tsirigakis
Chief
Executive Officer and
President
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