World News
Star Bulk to Charter Fuel-Saving Ships
Thursday February 27, 2014
Star Bulk Carriers Corp. [NASDAQ:SBLK] (Star Bulk) says it has reached an agreement with CSSC (Hong Kong) Shipping Company Limited (CSSC) to charter two fuel-saving dry bulk vessels now under construction.
Star Bulk will pay 20 percent of the construction price of each vessel, for a total payment of $23.1 million, and will pay a monthly hire rate of between $371,000 and $410,800, plus LIBOR, for each vessel.
The bareboat charters have a 10 year term, commencing upon delivery of the Newcastlemax vessels in November 2015 and February 2016.
The agreements include options for Star Bulk to purchase the vessels at any time.
Star Bulk conducted fund-raising efforts to pay for several new orders of fuel-efficient bulkers in 2013.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 644.50 | 1.00 | 782.00 | 10.50 |
| Rotterdam | 590.00 | 10.50 | 750.50 | 9.00 |
| Houston | 608.50 | 11.00 | 777.00 | 10.50 |
| Fujairah | 643.00 | 0.50 | 891.50 | 3.50 |
| Global 20 Ports Average | 658.50 | 3.50 | 848.50 | 2.50 |
| Global 4 Ports Average | 621.50 | 5.50 | 800.50 | 3.00 |
| Global Average Bunker Price | 713.00 | 1.50 | 890.00 | 0.50 |
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