FORM
6-K
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the
month of May 2009
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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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 May 21, 2009, announcing four new time charter agreements and
the commencement of in-house technical management of four of the Company’s
vessels.
This
report on Form 6-K, except for the section entitled “Akis Tsirigakis, 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 ANNOUNCES FOUR NEW TIME CHARTER AGREEMENTS AND
COMMENCES
IN-HOUSE VESSEL MANAGEMENT
Athens, Greece, May 21, 2009 -
Star Bulk Carriers Corp.
(the “Company” or “Star Bulk”) (NasdaqGM: SBLK), a global shipping company
focusing on the transportation of dry bulk cargoes announced today
that:
Star
Theta
The
Company entered into a new one-year time charter agreement for the Star Theta, a
52,425 dwt 2003-built Supramax vessel, at a gross daily rate of $11,300. On May
18, 2009 the vessel was delivered to its new charterer, Cargill.
Star
Kappa
The
Company entered into a new time charter agreement with the existing charterer
for the Star Kappa, a 52,055 dwt 2001-built Supramax vessel, for a minimum of 63
months and a maximum of 65 months at a gross daily charterhire rate of $25,500.
The new time charter agreement is effective as of April 7, 2009 and replaces the
existing charter. The new time charter agreement includes a 40%-60% index-based
profit sharing arrangement under which Star Bulk will be paid by the charterers,
in addition to the above charterhire, 40% of the difference by which the Baltic
Supramax Index (BSI) rate exceeds $30,500, effective as of April 7,
2011.
Star
Epsilon
The
Company entered into a new time charter agreement with the existing charterer
for the Star Epsilon, a 52,402 dwt 2001-built Supramax vessel, for a minimum of
63 months and a maximum of 65 months at a gross daily rate of $25,500. The new
time charter agreement is effective as of April 12, 2009 and replaces the
existing charter. The new time charter agreement includes a 40%-60% index-based
profit sharing arrangement under which Star Bulk will be paid by the charterers,
in addition to the above charterhire, 40% of the difference by which the Baltic
Supramax Index (BSI) rate exceeds $30,500, effective as of April 12,
2011.
Star
Sigma
The
Company has agreed in principle to extend the existing charter of the Star
Sigma, a 184,400 dwt 1991-built Capesize vessel, by approximately 20 months, to
a minimum of 56 months and a maximum of 61 months at a gross daily charterhire
rate of $38,000. Once executed, the amended time charter agreement will be
effective as of May 1, 2009. The amended charter agreement will include a
50%-50% index-based profit sharing arrangement under which Star Bulk will be
paid by the charterers, in addition to the above charterhire, 50% of the
difference by which the Baltic Capesize Index (BCI) rate exceeds $49,000
effective as of March 1, 2012.
In-House Vessel
Management
On March
14, 2009 StarBulk SA, a wholly owned subsidiary of the Company assumed the
technical management the first vessel of Star Bulk’s fleet. To date the
technical management of four vessels, the Star Alpha, the Star Beta, the Star
Ypsilon and the Star Kappa has been undertaken by StarBulk SA from Bernhardt
Schulte Shipmanagement Ltd. The Company’s wholly owned subsidiary, Star Bulk
Management Inc. performs the commercial management of all of the Company’s
vessels.
Akis
Tsirigakis, CEO of
Star Bulk commented:
“We are
pleased to have secured further period employment for our fleet, enhancing our
revenue visibility with total contracted revenue in excess of $425 million as of
May 1, 2009. Significantly, we have introduced profit sharing structures in
three of our new time charter agreements in order to benefit from future rate
increases once these agreements come into effect. Our contracted operating days
are now 100% for 2009, 71% for 2010 and 42% for 2011 and we continue to generate
significant positive cash flows. We are confident that the commencement of
in-house technical management will be instrumental in reducing management fees,
optimizing our cost structure and in the implementation of our quality
objectives regarding the operation of our fleet. We are also pleased to have
completed successfully a protracted period of aligning the company’s financial,
commercial and operational matters with the new market environment enhancing our
competitive elements and our capability to take advantage of market
opportunities that are certain to appear.”
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 is headquartered in Athens, Greece. Its common
stock and warrants trade on the Nasdaq Global Market under the symbols “SBLK”
and “SBLKW,” respectively. Currently, Star Bulk has an operating fleet of twelve
dry bulk carriers. The total fleet consists of four Capesize, and eight Supramax
dry bulk vessels with an average age of approximately 9.9 years and a combined
cargo carrying capacity of 1,106,250 deadweight tons.
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.
7
Fragoklisias Street
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
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.
| Star Bulk Carriers Corp. | |
| Dated: May 22, 2009 | By: /s/ Prokopios Tsirigakis |
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Name: Prokopios
Tsirigakis
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Title: Chief
Executive Officer and President
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SK 25767
0001 998509