Shares Of Star Bulk Higher Following Sale Announcement Of 4 Capesize Vessels For $148 Million

Shares of Star Bulk Carriers Corp. SBLK were trading higher by more than 2 percent Tuesday morning after the company announced a sale of 4 capesize vessels. Star Bulk Carriers announced it has entered into agreements to sell 4 newbuilding capesize vessels which are currently under construction in China. The ships will be delivered to unafilliated third parties during the first and second quarter of 2016. Star Bulk Carriers will receive $148 million for the sale and plans on using the proceeds to pay the remaining delivery installments related to these vessels and use the remainder of the funds for general corporate purposes, including capital expenditures.