Star Bulk Carriers of Greece appears to be making progress in its crusade to line up commercial debt to fund fleet expansion. Nasdaq-quoted operator Star Bulk Carriers of Greece third-quarter earnings report chief executive Petros Pappas said his company obtained commitments totalling $64.5m during the period.
Star Bulk Carriers of Greece noted it clinched $337m worth of secured facilities that will be used to finance newbuildings, refinance debt and complete the acquisition of tonnage from Greek compatriot Excel Maritime Carriers.
Star Bulk Carriers of Greece indicated the new commitments are backed by the likes of DVB, CIT, Citibank and Sinosure. In addition, the company said it is confident that management will be able to line up more loans in the months to come.
Star Bulk Carriers of Greece in negotiations for $292.5m of additional debt to finance five newcastlemax and four capesize newbuildings,”
Pappas said:
“The above initiatives are expected to substantially enhance our liquidity position and reduce the total funding needs of our fleet expansion program. We aim to continue diversifying our sources of funding in order to further strengthen our balance sheet.”
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