ATHENS, Greece, April 06, 2022 (GLOBE NEWSWIRE) — Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq: SBLK), a global shipping company now focused on the transportation of dry bulk cargo, announced the signing of a Memorandum of Understanding to form a consortium to evaluate the development of a Green Corridor for Iron Ore Australia and East Asia led by the Global Maritime Forum and together with its partners BHP, Rio Tinto and Oldendorff Carriers GmbH & Co.KG.
Green corridors are specific shipping routes on which the economics, infrastructure and logistics of zero-emission or near-zero-emission shipping are more feasible and rapid adoption can be supported by targeted policies and industry. The consortium parties intend to jointly assess the green ammonia supply, bunkering and pioneer support mechanisms required for their participation in a viable Green Corridor for iron ore from Australia to East Asia. The consortium will facilitate a robust public-private dialogue to explore the conditions needed to mobilize demand and feasibly scale up zero- or near-zero greenhouse gas shipping on the corridor. Through their work and with input from the broader supply chain, the partners aim to develop a framework as a preliminary step towards realizing a value chain for shipping green iron ore.
“Focusing on the feasibility of decarbonizing certain of the world’s trade routes is an essential step in laying the foundation for the maritime energy transition,” said Charis Plakantonaki, chief strategy officer of Star Bulk Carriers Corp. Star Bulk is committed to working with other pioneers to enable progress on this multidimensional but critical challenge for our future.”
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About Star Bulk
Star Bulk is a global shipping company providing ocean shipping solutions in the dry bulk sector worldwide. Star Bulk ships transport large bulk cargo, including iron ore, minerals, and grain, and smaller bulk cargo, including bauxite, fertilizer, and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and has offices in Athens, Oslo, New York, Limassol and Singapore. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK.” Star Bulk operates a fleet of 128 vessels with a total capacity of 14.1 million tdw consisting of 17 Newcastlemax, 22 Capesize, 2 Mini-Capesize, 7 Post-Panamax, 41 Kamsarmax, 2 Panamax, 20 Ultramax – and 17 Supramax vessels with deadweight tonnages between 52,425 dwt and 209,537 dwt.
The matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor safeguards for forward-looking statements to encourage companies to provide prospective information about their business. Forward-looking statements include statements about plans, goals, objectives, strategies, future events or performance, underlying assumptions and other statements that are not statements of historical fact.
The Company wishes to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with that safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based on various assumptions, many of which are in turn based on further assumptions including, but not limited to, examination of historical operating trends, data in its records and other data available to the Company’s management from third parties. Although the Company believes that these assumptions were reasonable when made, as these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will meet or meet those expectations, beliefs, or projections.
In addition to these important factors, other important factors that the Company believes could cause actual results to differ materially from those discussed in the forward-looking statements include general dry bulk shipping market conditions, including fluctuations in charter rental rates and vessel values; the strength of world economies; the stability of Europe and the euro; fluctuations in interest and exchange rates; changes in demand in the dry bulk shipping industry, including the market for our vessels; changes in our operating costs, including bunker prices, dry dock and insurance costs; changes in government rules and regulations or actions by regulators; potential liability from pending or future litigation; general domestic and foreign policy conditions; possible disruption of shipping routes due to accidents or political events; the availability of financing and refinancing; our ability to meet additional capital and financing needs to complete our new build program and grow our business; the impact of our level of indebtedness and the limits in our debt covenants; ship breakdowns and cases of off-hire; risks associated with shipbuilding; potential risk or loss from investing in derivative instruments; potential conflicts of interest affecting our Chief Executive Officer, his family and other members of our management team and our ability to complete acquisition transactions as planned. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information contained herein speaks only as of the date of this release and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this release.
Simos Spyrou, Christos Begleris
Co-Chief Financial Officers
Star Bulk Carriers Corp.
c/o Star Bulk Management Inc.
40 days Konstantinou Av.
Email: [email protected]
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