Star Bulk announces plans to make debt repayments starting Jan. 1

By Sarah Lizee

Olympia, Wash., Dec. 28 – Star Bulk Carriers Corp. said it plans to make debt principal repayments that are in total at least equivalent to the amortization payments scheduled prior to the start of its debt amortization holidays, starting from Jan. 1, under the cash sweep mechanism incorporated in its loan agreements.

Star Bulk said it plans to make the repayments in light of the improved performance of the company and the dry bulk market in general, according to a press release.

The company previously reached agreements with its lenders to fully defer its debt repayments to June 30.

"We value our relationships with our lenders and the flexibility they have provided us. At this point there is no further need for any amortization holiday,” chief executive officer Petros Pappas said in the release.

Star Bulk is an Athens-based provider of transportation services for the dry bulk goods sector.

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