China Eximbank provides a $57.564 million USD loan to Star Bulk Carriers Corp. to refinance existing debt and a China Merchants Bank Limited lease agreement

On December 1, 2020, the Export-Import Bank of China entered into a $57.564 million USD loan facility agreement with Marshall Islands-incorporated shipping company Star Bulk Carriers Corp The facility was used by Star Bulk to refinance an aggregate outstanding loan of $41.982 million USD. The original loan was a $310 million USD facility with China Merchants Bank Leasing (CMBL) for the vessels Star Gina 2GR, Star Charis, Star Wave, and Star Suzanna. The facility had a final maturity date of January 2029 (a maturity period of eight years). The facility was secured by (i.e. collateralized against) the first priority mortgages on the four vessels. The facility was drawn down in four tranches; a $13.209 million USD tranche to refinance Star Wave that was repayable in 32 equal quarterly installments of $330,000 USD and a balloon payment of $2.642 million USD; a $26.175 million USD tranche to refinance Star Gina 2GR that was repayable in 32 equal quarterly installments of $654,000 USD and a balloon payment of $5.235 million USD; a $9.09 million USD tranche to refinance Star Charis that was repayable in 32 equal quarterly installments; and a $9.09 million USD tranche to refinance Star Suzanna that was repayable in 32 equal quarterly installments.

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