XML 50 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8

Basis of Presentation and General Information

6 Months Ended

Jun. 30, 2013

Basis of Presentation and General Information [Abstract]

Basis of Presentation and General Information

1.      Basis of Presentation and General Information:

Star Bulk Carriers ("Star Bulk" or the "Company") is a public shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece.

Star Bulk shares started trading on the NASDAQ Global Select Market on December 3, 2007 under the ticker symbol SBLK. The accompanying unaudited interim condensed consolidated financial statements include the accounts of Star Bulk and its subsidiaries, which are hereinafter collectively referred to as the "Company," and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements.

These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. Operating results for the six months ended June 30, 2013, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2013.

The unaudited interim condensed consolidated financial statements presented in this report should be read in conjunction with the Company's Annual Report on Form 20-F for the year ended December 31, 2012.

Below is the list of the Company's subsidiaries, all wholly owned, as of June 30, 2013:

Wholly Owned Subsidiaries		Vessel Name		DWT		Date Delivered to Star Bulk		Year Built
Star Bulk Management Inc.		—		—		—		—
Starbulk S.A.		—		—		—		—
Star Bulk Manning LLC		—		—		—		—
		Vessels in operation at June 30, 2013
Star Aurora LLC		Star Aurora		171,199		September 8, 2010		2000
Star Big LLC		Star Big		168,404		July 25, 2011		1996
Star Borealis LLC		Star Borealis		179,678		September 9, 2011		2011
Star Mega LLC		Star Mega		170,631		August 16, 2011		1994
Star Polaris LLC		Star Polaris		179,546		November 14, 2011		2011
Star Cosmo LLC		Star Cosmo		52,247		July 1, 2008		2005
Star Delta LLC		Star Delta (ex F Duckling)		52,434		January 2, 2008		2000
Star Epsilon LLC		Star Epsilon (ex G Duckling)		52,402		December 3, 2007		2001
Star Gamma LLC		Star Gamma (ex C Duckling)		53,098		January 4, 2008		2002
Star Kappa LLC		Star Kappa (ex E Duckling)		52,055		December 14, 2007		2001
Star Omicron LLC		Star Omicron		53,489		April 17, 2008		2005
Star Theta LLC		Star Theta (ex J Duckling)		52,425		December 6, 2007		2003
Star Zeta LLC		Star Zeta (ex I Duckling)		52,994		January 2, 2008		2003
		Vessels disposed*
Star  Alpha LLC		Star Alpha (ex A Duckling)		175,075		January 9, 2008		1992
Star Beta LLC		Star Beta (ex B Duckling)		174,691		December 28, 2007		1993
Star  Ypsilon LLC		Star Ypsilon		150,940		September 18, 2008		1991
Lamda LLC		Star Sigma		184,403		April 15, 2008		1991

*      For vessels disposed refer to Note 5.

Below is the list of the vessels which are under commercial and technical management by the Company's wholly owned subsidiary Starbulk S.A. as of June 30, 2013. For each vessel Starbulk S.A. receives a fixed management fee of $0.75 per day.

Vessel Owning Company		Vessel Name		DWT		Effective Date of Management Agreement		Year Built
Serenity Maritime Inc.		Serenity I		53,688		June 11, 2011		2006
Maiden Voyage LLC *		Maiden Voyage		58,722		September 28, 2012		2012
OOCAPE1 Holdings LLC *		Obelix		181,433		October 19, 2012		2011
Adore Shipping Corp.		Renascentia		74,732		June 20, 2013		1999

*      The respective companies are Company's related parties, please refer to Note 3

Additionally Starbulk S.A. has been sub-contracted by a related party, Product Shipping & Trading S.A. (please refer to Note 3), to provide certain management services, including crewing, purchasing and arranging insurance to the vessels which are under the management of Product Shipping & Trading S.A. For each vessel Starbulk S.A. receives a fixed management fee of $0.13 per day. Below is the list of the respective vessels as of June 30, 2013.

Vessel		DWT		Effective Date of Management Agreement		Year Built
Elux Lucis		45,789		March 1, 2013		2003
Undine		47,999		March 15, 2013		2004
Axelotl		37,330		June 1, 2013		2004
Laima		37,330		June 1, 2013		2003
Elixir		46,874		June 19,2013		2004
Nothern Light		50,922		June 24, 2013		2006

X

- Definition

The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).

+ References

No definition available.

+ Details

Name:	us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration