Star Bulk Carriers Corp. a global shipping company focusing on the transportation of dry bulk cargoes, announced that the company’s finance is thriving and the company is installing scrubbers on some of its large vessels.
Specifically, Petros Pappas, Chief Executive Officer of Star Bulk stated that it’s the fifth consecutive profitable quarter, as the company accomplished a $12.3 million Net Income.
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He stated that during this quarter, the company concluded to the refinancing of loans of about $248 million with new debt with an average margin of 120 bps lower than the debt that they refinanced.
The company is committed to financing for the procurement and the installation of scrubbers, costing approximately $140 million that will be drawn during the rollout of the program in 2019.
For the time being, the company is installing scrubbers on 15 of its larger vessels, enabling them to have the vast majority of their fleet fitted with scrubbers ahead of the January 1st 2020 implementation date.
