Greek dry bulk carrier operator Star Bulk Carrier has completed a series of sale and leasebacks with Chinese and Japanese rental companies for a total of 16 vessels.

The company signed a letter of commitment with China Merchants Bank Leasing (CMBL) to sell and lease the vessels Laura, Idee Fixe, Roberta, Kaley, Diva, Star Sirius and Star Vega for a total price of $ 89 million.

Star Bulk also entered into a letter of engagement with a Japanese financial institution to sell and lease the vessel. Star Lutas for $ 16 million.

In addition, the company has agreed with a Chinese financial institution to sell and lease three of its newcastlemax vessels for a total price of $ 92.6 million.

Finally, the company has signed with SPDB Financial Leasing for the sale and lease of ships Mackenzie, Kennadi, Honey Badger, Wolverine and Star Antares for a total consideration of $ 76.5 million.

All of the proceeds from the sale-leaseback operations will be used to refinance outstanding ship loan agreements.

“We continue to take proactive steps to strengthen our balance sheet through refinancings that improve the liquidity of our business. Despite the difficult market conditions, our lenders have shown a keen interest in engaging with Star Bulk in new transactions, ”said Petros Pappas, CEO of Star Bulk.

Star Bulk reported a net loss of $ 44.1 million for the second quarter of this year, compared to a net loss of $ 40.1 million for the same period last year.