Star Bulk Extends Share Repurchase Plan
Tuesday, 24 January 2012 | 00:00
Star Bulk Carriers Corp., a global shipping company focusing on the transportation of drybulk cargoes, yesterday announced that its Board of Directors approved the extension of the Company's Share Repurchase Plan, which has been in place since 2010, to December 31, 2012.
The plan calls for the repurchases of Common Stock for up to $30 million to be made in open market or privately negotiated transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, subject to market and business conditions, applicable legal requirements and other factors. The plan calls for the repurchased shares to be retired as soon as practicable following the repurchase. The plan does not obligate the Company to purchase any particular number of shares, and may be suspended at any time at the Company's discretion. Any purchases under the plan are made at the discretion of the Company. The Company has made purchases under the plan and expects to report the aggregate number of shares purchased and the average price per share paid on a quarterly basis.
Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk's vessels transport major bulks, which include iron ore, coal and grain and minor bulks such as bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Global Market under the symbol "SBLK." Currently, Star Bulk has an operating fleet of fifteen dry bulk carriers, consisting of seven Capesize, and eight Supramax dry bulk vessels with a combined cargo carrying capacity of 1,625,943 deadweight tons. The average age of our current operating fleet is 10.6 years.
Source: Star Bulk Carriers
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