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 June 2009
Commission
File Number: 001-33869
|
Star
Bulk Carriers Corp.
|
|
(Translation
of registrant’s name into English)
|
|
7,
Fragoklisias Street, 2nd
floor, Maroussi 151 25, Athens, Greece
|
|
(Address
of principal executive office)
|
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 27, 2009, announcing the Company’s unaudited financial and
operating results for the three month period ended March 31, 2009.
This
report on Form 6-K, except for the sections beginning with “Akis Tsirigakis, CEO
of Star Bulk commented” and “George Syllantavos, Chief Financial Officer 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
CARRIERS CORP. REPORTS FINANCIAL RESULTS
FOR THE
FIRST QUARTER ENDED MARCH 31, 2009
ATHENS,
GREECE, May 27, 2009 – Star Bulk Carriers Corp. (the “Company” or “Star Bulk”)
(Nasdaq: SBLK), a global shipping company focusing on transportation of dry bulk
cargoes, today announced its unaudited financial and operating results for the
three month period ended March 31, 2009.
First Quarter 2009
Highlights
For the
first quarter of 2009, net income was $22.5 million versus net income of $16.7
million for the first quarter of 2008, an increase of approximately
34%.
For the
first quarter of 2009, total revenue was $45.1 million versus total revenue of
$41.7 million for the first quarter of 2008, an increase of approximately
8%.
Earnings
per share, basic and diluted for the first quarter of 2009 were $0.37 based on a
weighted average of 60,390,219 shares outstanding, basic and
diluted.
Earnings
per share, basic and diluted for the first quarter of 2009 were $0.16, excluding
non- cash items.
EBITDA
for the first quarter of 2009 was $40.8 million. Adjusted EBITDA for the
same period excluding all the above was $27.8 million.
Akis
Tsirigakis, President and CEO of Star Bulk commented: “We are pleased to
report our sixth consecutive profitable quarter. We are also satisfied that with
the consistent implementation of our strategy we have achieved, what we believe
is the most balanced business model within our peer group, in terms of
balance sheet strength, debt level, contract coverage, first-year growth and
revenue per dollar invested while steering clear of newbuilding orders. With a
current cash position in excess of $73 million, coupled with the Shelf
Registration we filed earlier in 2009 for up to $250 million and our relatively
modest debt level, we are well positioned to take advantage of
opportunities.
Since the
beginning of the year, we have been able to further enhance the revenue
visibility of our fleet by entering into new or amended employment agreements
for ten of our vessels as well as into index-based profit sharing arrangements
for three of our vessels enabling us to share into the potential market upside.
As of today, we have secured over $425 million in contracted revenue with
100% of our fleet operating days for 2009 contracted, 71% for 2010 and 42% for
2011.
Finally,
I would like to mention that we have closed all of our FFA positions which in
the past we utilized as a hedge given that presently all of our vessels
are under time charter contract.”
George
Syllantavos, Chief Financial Offer of Star Bulk commented: “As of March 31,
2009, our senior debt stands at $284.5 million; the remaining principal debt
repayments in 2009 are about $35 million and for 2010, $59 million. With 100% of
our fleet locked in on long term contracts for the remainder of 2009 we expect
our cash position to grow further enhancing our solid balance sheet. We
generate in excess of $9,000 per vessel per day over the daily breakeven of
$23,350 which translates into an average of $108,000 per day for our fleet of
twelve vessels indicative of our strong cash flow generation and
profitability.
We
recently announced that we have commenced in-house technical management of our
fleet which will improve our cost structure going forward and aligns the
company's financial, commercial and operational matters under our
management.”
Fleet Profile (As of May 25,
2009)
|
Vessel Name
|
Type
|
DWT
|
Year Built
|
|
Star
Alpha
|
Capesize
|
175,075
|
1992
|
|
Star
Beta
|
Capesize
|
174,691
|
1993
|
|
Star
Sigma
|
Capesize
|
184,403
|
1991
|
|
Star
Ypsilon
|
Capesize
|
150,940
|
1991
|
|
Star
Gamma
|
Supramax
|
53,098
|
2002
|
|
Star
Delta
|
Supramax
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52,434
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2000
|
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Star
Epsilon
|
Supramax
|
52,402
|
2001
|
|
Star
Zeta
|
Supramax
|
52,994
|
2003
|
|
Star
Theta
|
Supramax
|
52,425
|
2003
|
|
Star
Kappa
|
Supramax
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52,055
|
2001
|
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Star
Omicron
|
Supramax
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53,489
|
2005
|
|
Star
Cosmo
|
Supramax
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52,247
|
2005
|
|
Grand
Total
|
12
|
1,106,253
|
First Quarter 2009
Results
For the
quarter ended March 31, 2009, total revenues amounted to $45.1 million versus
$41.7 million for the quarter ended March 31, 2008 mainly due to the operation
of a larger fleet offset by lower charter rates achieved for some of our
vessels. Operating income amounted to $25.2 million for the quarter ended
March 31, 2009 compared to operating income of $17.7 million for the quarter
ended March 31, 2008. Net Income for the first quarter of 2009 amounted to
$22.5 million representing $0.37 earnings per share calculated on 60,390,219
weighted average number of shares. Net Income for the first quarter of 2008
amounting to $16.7 million represents $0.37 earnings per share calculated on
45,189,990 weighted average number of shares, basic and $0.34 earnings per share
calculated on 49,827,425 weighted average number of shares, diluted
..
The first
quarter of 2009 net income figure includes the following non-cash
items:
Amortization
of fair value of below/above market acquired time charters of $6.4 million, or
$0.11 per basic and diluted share, attributable to the amortization of the fair
value of time charters attached to vessels acquired, which are amortized over
the remaining period of the time charter into revenue.
A gain of
$10.9 million or $0.18 per basic and diluted share associated with the gain on
the time charter agreement termination which mainly relates to the unamortized
fair value of below market acquired time charter on a vessel early redelivery
date.
Expenses
of $1.5 million, or $0.02 per basic and diluted share relating to the
amortization of stock based compensation recognized in connection with the
1,385,000 restricted shares (vested and unvested) issued to directors and
employees.
An
unrealized loss of $2.8 million or $0.05 per basic and diluted share associated
with the mark-to-market valuation of the Company’s Forward Freight
Agreements.
The first
quarter of 2008 net income figure includes the following non-cash
items:
Amortization
of fair value of below/above market acquired time charters of $17.9 million, or
$0.40 and $0.36 per basic and diluted share, respectively, attributable to the
amortization of the fair value of time charters attached to vessels acquired,
which are amortized over the remaining period of the time charter into
revenue.
Expenses
of $1.4 million, or $0.03 per basic and diluted share relating to the
amortization of stock based compensation recognized in connection with the
165,000 restricted shares (vested and unvested) issued to directors and
employees.
Vessel
impairment loss of $4.1 million, or $0.09 per basic and $0.08 per diluted share,
in connection with the sale of the vessel Star Iota.
EBITDA
for the first quarter of 2009 was $40.8 million as compared to $26.6 million for
the quarter ended March 31, 2008. Adjusted EBITDA for the first quarter of 2009
and 2008 excluding all the above items was $27.8 million and $10.1 million
respectively. A reconciliation of EBITDA and adjusted EBITDA to net cash
provided by cash flows from operating activities is set forth
below.
An
average of 12 and 8.1 vessels were owned and operated during the first quarter
of 2009 and 2008, respectively, earning an average Time Charter Equivalent, or
TCE rate of $35,158 per day and $35,767 per day, respectively. We refer
you to the information under the heading “Summary of Selected Data” later in
this release for further information regarding our calculation of TCE
rate.
Total
expenses increased to $31.1 million for the three month period ended March 31,
2009 compared to $24.0 million for the three-month period ended March 31, 2008
due to higher vessel operating and voyage expenses and depreciation related to
the operation of a larger fleet. Vessel operating expenses were $6.7 million for
the first quarter of 2009 compared to $4.6 million for the same period last
year. The increase in vessel operating expenses was due to the operation
of a larger fleet, higher crewing and insurance expenses.
Depreciation
expenses increased approximately 76% to $15.7 million for the first quarter of
2009 from $8.9 million for the first quarter of 2008 mainly due to the growth of
our fleet. General and administrative expenses amounted to $2.9 million for the
quarter ended March 31, 2009 and $2.8 million for the quarter ended March 31,
2008, respectively. Therefore, on per vessel and per day basis, general
and administrative expenses decreased by approximately 31%. This decrease
is mainly due to the increase in the number of vessels during the three month
period ended March 31, 2009.
Liquidity and Capital
Resources
Cash
Flow
Net cash
provided by operating activities for the three months ended March 31, 2009 and
2008, was $24.6 million and $16.8 million, respectively. Net cash provided
by operating activities for the three month period ended March 31, 2009 was
primarily a result of recorded net income of $22.5 million, adjusted for
depreciation of $15.7 million and fair value of derivatives of $2.8 million,
offset by amortization of fair value of below/above market acquired time charter
agreements of $6.4 million and non- cash gain on time charter agreement
termination of $10.9 million. Net cash provided by operating activities for the
three months ended March 31, 2008 was primarily a result of recorded net income
of $16.7 million, adjusted for depreciation and the vessel impairment loss
related to the sell of vessel Star Iota of $12.9 million offset by the
amortization of fair value of below/above market acquired time charter
agreements of $17.9 million.
Net cash
used in investing activities for the three months ended March 31, 2009 and 2008,
was $20.0million and $143.0 million, respectively. For the three month
period ended March 31, 2009, there was no actual cash used in investing
activities due to the lack of acquisitions and/or sales of vessels during the
period, although, there was an increase in restricted cash of $20.0 million
related to waivers obtained for the existing loan agreements. For the
three months ended March 31, 2008 the cash used in investing activities related
mainly to the payment of the cash consideration of $115.7 million due to the
delivery of the remaining five vessels of our initial fleet, the payment of
$17.3 million representing the 10% of the purchase price of the vessels Star
Omicron and Star Sigma and $10.0 million related to the increase in restricted
cash.
Net cash
used in financing activities for the three months ended March 31, 2009 was $10.1
million as compared to $146.9 million of net cash provided by financing
activities for the three months ended March 31, 2008. For the three months ended
March 31, 2009, net cash used in financing activities consisted of the payments
of loan installments amounting to $12.0 million offset by cash provided from our
Director’s dividend reinvestment of $1.9 million. For the quarter ended March
31, 2008, net cash provided by financing activities consisted of the drawdown of
$120.0 million related to our loan facilities and the proceeds from exercise of
warrants of $32.8 million mainly offset by the payment of cash dividends of $4.6
million.
Drydocking
expenses
We
estimate that one of our vessels will be drydocked in the second quarter of
2009. An additional two vessels will be drydocked for the remaining of 2009. We
estimate our scheduled off-hire days related to drydocking for our fleet through
2009 to be:
|
Vessels
|
Drydocking
Period
|
Estimated
drydocking days
|
||
|
Star
Ypsilon
|
2nd
Q
|
48
|
||
|
Star
Epsilon
|
3rd
Q
|
20
|
||
|
Star
Kappa
|
3rd
Q
|
20
|
Summary of Selected
Data
|
(TCE
rate expressed in U.S. dollars)
|
||||||||
|
3-
months Ended
March
31, 2008
|
3-
months Ended
March
31, 2009
|
|||||||
|
Average
number of vessels(1)
|
8.1 | 12.0 | ||||||
|
Number
of vessels (as of the last day of the periods reported)
|
9 | 12 | ||||||
|
Average
age of operational fleet (in years) (2)
|
10.2 | 9.9 | ||||||
|
Ownership
days (3)
|
737 | 1,080 | ||||||
|
Available
days (4)
|
662 | 1,056 | ||||||
|
Voyage
days for fleet (5)
|
647 | 1,037 | ||||||
|
Fleet
Utilization (6)
|
98 | % | 98 | % | ||||
|
Time
charter equivalent rate(7)
|
35,767 | 35,158 | ||||||
|
(1)
|
Average
number of vessels is the number of vessels that constituted our fleet for
the relevant period, as measured by the sum of the number of days each
vessel was a part of our fleet during the period divided by the number of
calendar days in that period.
|
|
(2)
|
Average
age of operational fleet is calculated as at March 31, 2008 and 2009,
respectively.
|
|
(3)
|
Ownership
days are the total calendar days each vessel in the fleet was owned by
Star Bulk for the relevant period.
|
|
(4)
|
Available
days for the fleet are the ownership days after subtracting for off-hire
days with major repairs, dry-docking or special or intermediate surveys or
transfer of ownership.
|
|
(5)
|
Voyage
days are the total days the vessels were in our possession for the
relevant period after subtracting all off-hire days incurred for any
reason (including off-hire for dry-docking, major repairs, special or
intermediate surveys).
|
|
(6)
|
Fleet
utilization is calculated by dividing voyage days by available days for
the relevant period and takes into account the dry-docking
periods.
|
|
(7)
|
Represents
the weighted average time charter equivalent, or TCE, of our entire fleet.
TCE rate is a measure of the average daily revenue performance of a vessel
on a per voyage basis. Our method of calculating TCE rate is determined by
dividing voyage revenues (net of voyage expenses and amortization of fair
value of above/below market acquired time charter agreements) by voyage
days for the relevant time period. Voyage expenses primarily consist of
port, canal and fuel costs that are unique to a particular voyage, which
would otherwise be paid by the charterer under a time charter contract, as
well as commissions. TCE rate is a standard shipping industry performance
measure used primarily to compare period-to-period changes in a shipping
company's performance despite changes in the mix of charter types (i.e.,
spot charters, time charters and bareboat charters) under which the
vessels may be employed between the periods. We included TCE revenues, a
non- GAAP measure, as it provides additional meaningful information in
conjunction with voyage revenues, the most directly comparable GAAP
measure, because it assists our management in making decisions regarding
the deployment and use of its vessels and in evaluating their financial
performance. TCE rate is also included herein because it is a standard
shipping industry performance measure used primarily to compare
period-to-period changes in a shipping company's performance despite
changes in the mix of charter types (i.e., spot charters, time charters
and bareboat charters) under which the vessels may be employed between the
periods and because we believe that it presents useful information to
investors.
|
EBITDA and adjusted EBITDA
Reconciliation
Star Bulk
Carriers Corp. considers EBITDA to represent net income before interest, income
taxes, depreciation and amortization. EBITDA does not represent and should not
be considered as an alternative to net income or cash flow from operations, as
determined by United States generally accepted accounting principles, or U.S.
GAAP, and our calculation of EBITDA may not be comparable to that reported by
other companies. EBITDA is included herein because it is a basis upon which the
Company assesses its liquidity position; it is used by our lenders as a measure
of our compliance with certain loan covenants; and because the Company believes
that it presents useful information to investors regarding the Company’s ability
to service and/or incur indebtedness.
The
Company excluded amortization of the fair value of above/below market acquired
time charters associated with time charters attached to vessels acquired, the
unrealized loss resulting from Forward freight agreements and expenses relating
to the amortization of stock -based compensation recognized during the period ,
to derive adjusted EBITDA.
The
following table reconciles net cash provided by operating activities to EBITDA
and adjusted EBITDA:
|
(Expressed
in thousands of U.S. dollars)
|
3-months
period
ended
March
31, 2008
|
3-months
period ended
March
31, 2009
|
||||||
| Net cash provided by operating activities | 16,821 | 24,551 | ||||||
|
Net
increase in current assets
|
1,610 | 2,888 | ||||||
|
Net
decrease in current liabilities, excluding current portion of long term
debt
|
(5,192 | ) | (2,311 | ) | ||||
|
Amortization
of fair value of above/below market acquired time charter
agreements
|
17,896 | 6,364 | ||||||
|
Amortization
of deferred finance charges
|
(17 | ) | (56 | ) | ||||
|
Non-
cash gain on time charter agreement termination
|
- | 10,919 | ||||||
|
Vessel
impairment loss
|
(4,054 | ) | - | |||||
|
Stock
– based compensation
|
(1,433 | ) | (1,452 | ) | ||||
|
Change
in fair value of derivatives
|
- | (2,788 | ) | |||||
|
Net
Interest expense
|
968 | 2,719 | ||||||
|
EBITDA
|
26,572 | 40,834 | ||||||
|
Less:
|
||||||||
|
Amortization
of fair value of above/below market acquired time charter
agreements
|
(17,896 | ) | (6,364 | ) | ||||
|
Non-cash
gain on time charter agreement termination
|
- | (10,919 | ) | |||||
|
Plus:
|
||||||||
|
Stock
– based compensation
|
1,433 | 1,452 | ||||||
|
Change
in fair value of derivatives
|
- | 2,788 | ||||||
|
Adjusted
EBITDA
|
10,136 | 27,791 | ||||||
Unaudited Consolidated
Condensed Income Statements
|
(Expressed
in thousands of U.S. dollars except for share and per share
data)
|
3-month
period
ended
March
31, 2008
|
3-month
period
ended March 31, 2009
|
||||||
|
Unaudited
|
Unaudited
|
|||||||
|
Revenues:
|
||||||||
|
Hire
voyage revenue
|
23,826 | 38,386 | ||||||
|
Freight
voyage revenue
|
- | 2,846 | ||||||
|
Straight
line adjustment, and amortization of fair value of below/above
market
acquired time charters
|
17,869 | 3,883 | ||||||
|
Total
Revenues:
|
41,695 | 45,115 | ||||||
|
Expenses:
|
||||||||
|
Voyage
expenses
|
(685 | ) | (2,306 | ) | ||||
|
Vessel
operating expenses
|
(4,555 | ) | (6,721 | ) | ||||
|
Drydocking
expenses
|
(2,794 | ) | (262 | ) | ||||
|
Depreciation
|
(8,881 | ) | (15,661 | ) | ||||
|
Management
fees
|
(250 | ) | (285 | ) | ||||
|
Loss
on FFA's*
|
- | (3,023 | ) | |||||
|
Vessel
impairment loss
|
(4,054 | ) | - | |||||
|
General
and administrative expenses
|
(2,785 | ) | (2,863 | ) | ||||
|
Total
expenses
|
(24,004 | ) | (31,121 | ) | ||||
|
Other
income:
|
||||||||
|
Gain
on time charter agreement termination
|
- | 11,179 | ||||||
|
Operating
income:
|
17,691 | 25,173 | ||||||
|
Other
income / (expenses):
|
||||||||
|
Interest
and finance costs
|
(1,367 | ) | (2,742 | ) | ||||
|
Interest
income
|
399 | 23 | ||||||
|
Total
other income (expenses), net:
|
(968 | ) | (2,719 | ) | ||||
|
Net
income:
|
16,723 | 22,454 | ||||||
|
Earnings
per share, basic
|
0.37 | 0.37 | ||||||
|
Earnings
per share, diluted
|
0.34 | 0.37 | ||||||
|
Weighted
average number of shares outstanding, basic
|
45,189,990 | 60,390,219 | ||||||
|
Weighted
average number of shares outstanding, diluted
|
49,827,425 | 60,390,219 | ||||||
*Realized
and unrealized losses are included.
Unaudited Consolidated
Condensed Balance Sheets
|
(Expressed
in thousands of U.S. dollars)
|
||||||||
|
December
31, 2008
|
March
31, 2009
|
|||||||
|
ASSETS
|
||||||||
|
Cash
and restricted cash
|
31,961 | 46,210 | ||||||
|
Deposit
on forward freight agreement
|
2,514 | 5,127 | ||||||
|
Other
current assets
|
7,798 | 8,448 | ||||||
|
TOTAL
CURRENT ASSETS
|
42,273 | 59,785 | ||||||
|
Fixed
assets
|
821,284 | 805,627 | ||||||
|
Restricted
Cash
|
12,010 | 12,010 | ||||||
|
Other
non-current assets
|
15,809 | 14,116 | ||||||
|
TOTAL
ASSETS
|
891,376 | 891,538 | ||||||
|
Current
portion of long term debt
|
49,250 | 53,550 | ||||||
|
Other
current liabilities
|
8,037 | 12,266 | ||||||
|
TOTAL
CURRENT LIABILITIES
|
57,287 | 65,816 | ||||||
|
Long
term debt
|
247,250 | 230,950 | ||||||
|
Other
non-current liabilities
|
26,699 | 8,841 | ||||||
|
TOTAL
LIABILITIES
|
331,236 | 305,607 | ||||||
|
STOCKHOLDERS'
EQUITY
|
560,140 | 585,931 | ||||||
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
891,376 | 891,538 | ||||||
Unaudited
Cash flow Data
|
(Expressed
in thousands of U.S. dollars)
|
||||||||
|
3-months
period ended
March
31, 2008
|
3-months
period ended
March
31, 2009
|
|||||||
|
Net
cash provided by operating activities
|
16,821 | 24,551 | ||||||
|
Net
cash used in investing activities
|
(142,555 | ) | (20,004 | ) | ||||
|
Net
cash provided by/(used in) financing activities
|
146,861 | (10,114 | ) | |||||
Conference
Call details:
Star
Bulk's management team will host a conference call to discuss the Company's
financial results tomorrow, Thursday May 28, 2009, at 9:00 a.m.
EDT.
Participants
should dial into the call 10 minutes before the scheduled time using the
following numbers: 1(866) 819-7111 (from the US), 0(800) 953-0329 (from the UK)
or +(44) (0) 1452 542 301 (from outside the US). Please quote "Star
Bulk."
A replay
of the conference call will be available until June 4, 2009. The United States
replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard
international replay number is (+44) (0) 1452 550 000 and the access code
required for the replay is: 3128607#.
Slides
and audio webcast:
There
will also be a simultaneous live webcast over the Internet, through the Star
Bulk website (www.starbulk.com). Participants to the live webcast should
register on the website approximately 10 minutes prior to the start of the
webcast.
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 10.1 years and a
combined cargo carrying capacity of 1,106,253 deadweight tons.
Forward-Looking
Statements
The
information in this press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, but are not limited to, statements
regarding: (1) the delivery and operation of assets of Star Bulk; (2) Star
Bulk’s future operating or financial results; (3) future, pending or recent
acquisitions, business strategy, areas of possible expansion, and expected
capital spending or operating expenses; (4) drybulk market trends, including
charter rates and factors affecting vessel supply and demand; and (5) other
statements identified by words such as “anticipate,” “believe,” “plan,”
“estimate,” “expect,” “intend,” “should,” “may,” or words of similar
meaning.
Such
forward-looking statements are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without limitation, Star
Bulk’s examination of historical operating trends, data contained in their
records and other data available from third parties. Although Star Bulk 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 its control, Star Bulk cannot
assure you that Star Bulk will achieve or accomplish these expectations, beliefs
or projections. Important factors that could cause actual results to differ
materially from those discussed in the forward-looking statements include the
failure of a seller to deliver one or more vessels, the strength of world
economies and currencies, general market conditions, including changes in
charterhire rates and vessel values, changes in demand that may affect attitudes
of time charterers to scheduled and unscheduled drydocking, changes in Star
Bulk’s operating expenses, including bunker prices, dry-docking and insurance
costs, or actions taken by regulatory authorities, potential liability from
pending or future litigation, domestic and international political conditions,
potential disruption of shipping routes due to accidents and political events or
acts by terrorists. Additional factors that could cause Star Bulk’s results to
differ materially from those described in the forward-looking statements can be
found in Star Bulk’s Registration Statement on Form F-1/F-4, Annual Reports on
Forms 20-F for the years ended December 31, 2007 and 2008, in Registration
Statement on Form F-3 filed in September 2008 and its amendments, in
Registration Statement on Form F-3 filled in January 2009 and its amendments,
and reports on Form 6-K filed with the Securities and Exchange Commission (the
“SEC”) and available at the SEC’s Internet site (http://www.sec.gov). The
information set forth herein speaks only as of the date hereof, and Star Bulk
disclaims any intention or obligation to update any forward-looking statements
as a result of developments occurring after the date of this
communication.
Company:
George
Syllantavos
CFO
Star Bulk
Carriers Corp.
7
Fragoklisias Str.
Maroussi
15125
Athens,
Greece
www.starbulk.com
E-mail:
ir@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
E-mail:
starbulk@capitallink.com
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: June 1, 2009 | By: /s/ Prokopios Tsirigakis |
|
|
Name: Prokopios
Tsirigakis
|
|
|
Title: Chief
Executive Officer and President
|
SK 25767
0001 1000711