[Cancelled] China Eximbank contributes $28.68 million to Tranche B of loan to purchase Jenmark (HN 1313) shipping vessel (Linked to Project ID#62798)

On June 26, 2014, Oceanbulk Shipping — a special purpose vehicle and wholly-owned subsidiary of Star Bulk Carriers Corp., a shipping company that is legally incorporated under the laws of Marshall Islands — entered into a loan agreement with the Export-Import Bank of China for an aggregate amount of up to $57,360,000. This loan will be available in two tranches of USD $28,680,000 each to partially finance the construction cost of the two newbuilding vessels Bruno Marks (HN 1312) (Tranche A) and Jenmark (HN 1313) (Tranche B). This project records Tranche B, corresponding to vessel Jenmark (HN 1313). Tranche B's loan will mature ten years from the delivery of the last delivered financed vessel and is repayable in 20 semi-annual installments of $1,147,000 plus a balloon payment of $5,736,000. Its first installment is due on the first January 21 or July 21 six months after the delivery of the vessel HN 1312. Oceanbulk Shipping guaranteed this loan. Jenmark was expected to be delivered to its purchaser in March 2016. On July 11, 2014, Star Bulk Carriers Corp. completed a merger, pursuant to which Star Bulk Carriers Corp. acquired Oceanbulk Shipping LLC (“Oceanbulk Shipping”) and Oceanbulk Carriers LLC from entities affiliated with family members of Mr. Petros Pappas, the Company’s Chief Executive Officer, and Oaktree Capital Management. Oceanbulk owned and operated a fleet of 12 dry bulk carrier vessels and owned contracts for the construction of 25 newbuilding dry bulk fuel-efficient Eco-type vessels at shipyards in Japan and China. In December 2015, Star Bulk Carriers Corp. entered into separate agreements with third parties to sell the new building vessels Bruno Marks and Jenmark upon their delivery to the company, and therefore the China EXIM Bank USD $57.36 million facility was terminated without being drawn. The vessel Bruno Marks was delivered to its purchaser in January 2016.

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