Star Bulk Carriers (SBLK) to Acquire Two Vessels in $51.5M Deal
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Price: $24.42 +1.88%
Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 7.6%
Revenue Growth %: -2.2%
Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 7.6%
Revenue Growth %: -2.2%
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Star Bulk Carriers Corp. (Nasdaq: SBLK) announced that it has entered an agreement for the acquisition of two Capesize bulk carriers for an aggregate purchase price of approximately $51.5 million.
From the release: "The first Capesize vessel has a carrying capacity of approximately 168,000 dwt and was built in South Korea in 1996. This vessel has a time charter agreement with a major mining company until November 2015 at the earliest, at a gross daily rate of $25,000. The vessel is expected to generate $38-44 million in gross revenue and is currently expected to be delivered to Star Bulk within July 2011.
The second Capesize vessel has a carrying capacity of approximately 170,000 dwt and was built in Japan in 1994. This vessel has a time charter agreement with a major mining company until August 2014 at the earliest, at a gross daily rate of $24,500. The vessel is expected to generate $26-31 million in gross revenue and is currently expected to be delivered to Star Bulk within July 2011."
From the release: "The first Capesize vessel has a carrying capacity of approximately 168,000 dwt and was built in South Korea in 1996. This vessel has a time charter agreement with a major mining company until November 2015 at the earliest, at a gross daily rate of $25,000. The vessel is expected to generate $38-44 million in gross revenue and is currently expected to be delivered to Star Bulk within July 2011.
The second Capesize vessel has a carrying capacity of approximately 170,000 dwt and was built in Japan in 1994. This vessel has a time charter agreement with a major mining company until August 2014 at the earliest, at a gross daily rate of $24,500. The vessel is expected to generate $26-31 million in gross revenue and is currently expected to be delivered to Star Bulk within July 2011."
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