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The vessel comes with a staggered three-year charter to Korea Line at a gross daily rate of $55,900, $41,900 and $27,900 for the first, second and third year respectively.
With the delivery of the Star Cosmo, Star Bulk's operational fleet currently consists of 12 dry bulk carriers. In addition, the company has definitive agreements to acquire one capesize dry bulk carrier and to sell its oldest vessel, a panamax dry bulk carrier.
The contracted fleet operating days under time charter in 2008, 2009 and 2010, are currently 100%, 84% and 63% respectively.
Akis Tsirigakis, president and CEO of Star Bulk, said: "We are pleased to announce that we have taken delivery of the Star Cosmo. Our fleet is fully contracted for 2008 therefore our revenue is unaffected by the recent freight market volatility, as is our ability to pay our fixed dividend which should be mentioned, represents only approximately 57% of our free cash flow."
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