- Fifth consecutive profitable quarter, with $12.3 million Net Income for Star Bulk.
- Refinancing of loans of approximately $248 million with new debt with an average margin of 120 bps lower than the debt that was refinanced.
- Committed financing for the procurement and installation of scrubbers.
- Star Bulk completing installation of scrubbers on 15 of its larger vessels ahead of the January 1st 2020 implementation date.
Star Bulk Carriers Corp., announced about the company’s financing for scrubbers in its unaudited financial and operating results for the fourth quarter and year ended December 31, 2018, in a press release published on their website.
What does the company say?
Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq and Oslo: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, announced its unaudited financial and operating results for the fourth quarter and year ended December 31, 2018.
Petros Pappas, Chief Executive Officer of Star Bulk, commented: “This is our fifth consecutive profitable quarter, as we achieved $12.3 million Net Income.”
“On a yearly basis we realized Net Income of $59.0 million and Adjusted Net Income of $86.1 million. Our voyage revenues for the year amount to $651.6 million, our average TCE is $13,768/day per vessel, while average OPEX per vessel (excl. pre‐delivery expenses) are $3,994/day and average Net Cash G&A expenses per vessel are $1,004/day”, he added.
Refinancing and new debts
During this quarter, the company concluded the refinancing of loans of approximately $248 million with new debt with an average margin of 120 bps lower than the debt that was refinanced, and that they remain committed to refinancing debt at lower interest costs when such opportunities arise.
Financing for Scrubbers
The company said they have committed financing for the procurement and installation of scrubbers, of approximately $140 million, to be drawn during the rollout of our program in 2019.
Star Bulk is currently completing the installation of scrubbers on 15 of its larger vessels. With this, vast majority of its fleet are fitted with scrubbers ahead of the January 1st 2020 implementation date.
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Source: StarBulk
