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Stock Market & Financial Investment News

News Breaks
March 7, 2014
09:05 EDTSBLKStar Bulk Carriers takes delivery M/V Star Sirius
Star Bulk Carriers announced that it has taken delivery of M/V Star Sirius, a Post-Panamax bulk carrier of approximately 98,000 deadweight tons carrying capacity. The Star Sirius is the second of the two modern Post-Panamax bulk carriers to be delivered to the company, pursuant to the relevant binding agreements announced on January 29. The Vessel has commenced a time charter with the sellers of the Vessel, Glocal Maritime, for a period between 28 months to 32 months, at a gross daily hire rate of $15,000 less a 1.25% address commission on gross revenues. The Vessel is expected to generate approximately $12.4M in charter revenues over the minimum contracted period. Inclusive of the acquisition of M/V Star Sirius, Star Bulk owns seventeen dry bulk vessels, consisting of five Capesize, two Post-Panamax, two Ultramax and eight Supramax vessels with average age of approximately 8.9 years. In addition, Star Bulk has entered into definitive contracts for the construction of eleven, fuel efficient, dry bulk vessels, at high quality shipyards in Japan and China, including five Newcastlemax, two Capesize and four Ultramax vessels, with expected deliveries in 2015 and early 2016.
News For SBLK From The Last 14 Days
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April 8, 2015
11:41 EDTSBLKFly Watch: Analyst sees dry bulk shippers poised to rebound
The shares of dry bulk shippers have reached 30 year lows, primarily due to weak Chinese demand for commodities, research firm Stifel wrote in a note to investors yesterday. However, market conditions have bottomed and dry bulk charter rates should begin to rise in coming months, lifting the stocks in the sector, the firm believes. WHAT'S NEW: The dry bulk shipping market appears to have begun to bottom and should rebound as demand for iron ore and coal increase throughout 2015, Stifel analyst Benjamin Noal wrote. Also likely to boost the sector are an "excellent" grain harvest and a recovery in bauxite and nickel cargoes, the analyst stated. Moreover, a number of dry bulk shipping companies are undervalued due to the depressed market, added the analyst, who kept Buy ratings on the following dry bulk shipping companies: Diana Shipping (DSX), Navios Maritime (NM), Scorpio Bulkers (SALT), and Star Bulk Carriers (SBLK). PRICE ACTION: In late morning trading, Diana Shipping rose 0.2% to $6.17, Star Bulk rose 0.6% to $3.68, Navios was little changed at $4.10, and Scorpio Bulkers fell 3% to $2.17.

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