World News
Star Bulk Faces NASDAQ Delisting
Star Bulk Carriers Corp. (Star Bulk) [NASDAQ:SBLK] Friday announced that it received a January 6 dated letter from the NASDAQ Stock Market LLC (NASDAQ) notifying the company that it has failed to meet the NASDAQ Global Select Market minimum bid price requirement, and that it faces delisting if compliance is not regained.
Specifically, Star Bulk's minimum bid price for its common shares was said to have been below $1.00 per share for 30 consecutive business days.
The company has been given until July 5, 2016, or 180 calendar days, to regain compliance with the minimum bid price requirement, which necessitates that Star Bulk's common shares return to or exceed a $1.00 per share value for a minimum of 10 consecutive business days.
"The Company intends to monitor the closing bid price of its common stock between now and July 5, 2016 and is considering all options that will allow its common shares to remain listed on the Nasdaq," stated Star Bulk.
Star Bulk has said its business operations are "not affected by the notification letter."
Star Bulk has the largest dry bulk fleet of U.S. publicly traded companies, and its share price has fallen from $5.44 to $0.35 over the last 52 weeks.
Many other dry bulk companies are in a similar position, and the news comes in the wake of a devastating 2015 for the sector, with some analysts predicting that 2016 will be even worse.
Last week, Ship & Bunker reported that Star Bulk sold four of its newbuild vessels for a total price of $148 million.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 565.50 | 6.00 | 661.50 | 4.00 |
| Rotterdam | 510.00 | 2.00 | 661.00 | 2.00 |
| Houston | 548.00 | 2.50 | 666.50 | 0.50 |
| Fujairah | 555.50 | 5.00 | 746.00 | 2.50 |
| Global 20 Ports Average | 582.50 | 1.50 | 753.00 | 1.50 |
| Global 4 Ports Average | 544.50 | 3.00 | 683.50 | 1.00 |
| Global Average Bunker Price | 631.00 | 2.50 | 803.50 | 2.00 |
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