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Basis of Presentation and General Information | 12 Months Ended
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Dec. 31, 2014
Basis of Presentation and General Information [Abstract] |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information: The accompanying consolidated financial statements as of and for the years ended December 31, 2012, 2013 and 2014, include the accounts of Star Bulk Carriers Corp. (Star Bulk) and its wholly owned subsidiaries as set forth below (collectively, the "Company"). Star Bulk was incorporated on December 13, 2006 under the laws of the Marshall Islands and maintains executive offices in Athens, Greece. The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership and operation of dry bulk carrier vessels. Since December 3, 2007, Star Bulk shares trade on the NASDAQ Global Select Market under the ticker symbol SBLK. On October 15, 2012, the Company effected a 15-for-1 reverse stock split on its issued and outstanding common stock (Note 10). All share and per share amounts disclosed in the accompanying financial statements give effect to this reverse stock split retroactively, for all periods presented. The July 2014 Transactions On July 11, 2014, the Company, as part of its growth strategy, completed a transaction that resulted in the acquisition of Oceanbulk Shipping LLC (“Oceanbulk Shipping”) and Oceanbulk Carriers LLC (“Oceanbulk Carriers”, and, together with Oceanbulk Shipping, “Oceanbulk”) from Oaktree Dry Bulk Holdings LLC (including affiliated funds, “Oaktree”) and Millennia Holdings LLC (“Millennia Holdings”, and together with Oaktree, the “Oceanbulk Sellers” or “Sellers”) through the merger of the Company's wholly-owned subsidiaries, Star Synergy LLC and Star Omas LLC, into Oceanbulk's holding companies (the “Merger”). At the time of the Merger, Oceanbulk owned and operated a fleet of 12 dry bulk carrier vessels and owned contracts for the construction of 25 newbuilding fuel-efficient Eco-type dry bulk vessels (two of which, Peloreus and Leviathan were delivered on July 22, 2014 and September 19, 2014, respectively) at shipyards in Japan and China. Millennia Holdings is an entity that is affiliated with the family of Mr. Petros Pappas, who became the Company's Chief Executive Officer in connection with the Merger. The agreement governing the Merger, the “Merger Agreement”, also provided for the acquisition (the “Heron Transaction”) by the Company of two Kamsarmax vessels (the “Heron Vessels”), from Heron Ventures Ltd. (“Heron”), a limited liability company incorporated in Malta. Oceanbulk Shipping at the time had an outstanding loan receivable of $23,680 from Heron that was convertible into 50% of the equity interests of Heron (the “Heron Convertible Loan”). The Heron Convertible Loan was converted into 50% of the equity of Heron on November 5, 2014. The Company issued 2,115,706 of its common shares into escrow as part of the consideration for the acquisition of the Heron Vessels. The common shares were released from escrow to the Sellers on January 30, 2015 (Note 20), following the transfer of the Heron Vessels to the Company on December 5, 2014 (Note 5). In addition to the issued shares, upon the delivery of the Heron vessels the Company paid $25,000 in cash, which was financed by the Heron Vessels Facility (described in Note 9p), which the Company had entered in November 2014. In addition, concurrently with the Merger, the Company completed a transaction (the “Pappas Transaction”), in which it acquired all of the issued and outstanding shares of Dioriga Shipping Co. and Positive Shipping Company (collectively, the “Pappas Companies”), which were entities owned and controlled by affiliates of the family of Mr. Pappas. At the time of the Merger, the Pappas Companies owned and operated a dry bulk carrier vessel (Tsu Ebisu) and had a contract for the construction of a newbuilding dry bulk carrier vessel, HN 5016 (Indomitable), which was delivered on January 8, 2015 (Note 20). The Merger, the Heron Transaction and the Pappas Transaction are referred to, together, as the “July 2014 Transactions”. A total of 54,104,200 of the Company's common shares were issued to the various selling parties in the July 2014 Transactions, consisting of 48,395,766 common shares consideration for the Merger with Oceanbulk, 3,592,728 common shares consideration for the acquisition of Pappas Companies and 2,115,706 common shares partial consideration for the acquisition of the Heron Vessels. The Merger and the Pappas Transaction have been reflected in the Company's consolidated financial statements for the year ended December 31, 2014, as purchases of businesses pursuant to Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”) 805, “Business Combinations”, and the results of operations of Oceanbulk and the Pappas Companies have been included in the accompanying consolidated statement of operations for the year ended December 31, 2014 since July 11, 2014, the date the Merger and the Pappas Transaction were completed. The following table summarizes the estimated fair values of the significant assets acquired and liabilities assumed by the Company on the date of the acquisition with respect to the Merger and the Pappas Transaction:
|  | July 11, 2014
Assets |  |
Cash and cash equivalents | $ | 89,887
Restricted cash |  | 6,381
Other current assets |  | 13,906
Advances for vessel acquisition and vessels under construction |  | 316,786
Vessels |  | 426,000
Fair value of above market acquired charters |  | 1,967
Total Assets acquired | $ | 854,927
Liabilities |  |
Current liabilities, excluding current portion of long term bank debt and derivative financial liabilities |  | 12,372
Long-term debt, including current portion |  | 208,237
Derivative financial liabilities |  | 5,728
Total Liabilities assumed | $ | 226,337
Net assets acquired | $ | 628,590
Consideration paid in common shares for Oceanbulk and Pappas Companies (51,988,494 shares issued) |  | 616,272
Gain from Bargain Purchase | $ | 12,318
The purchase price allocation was prepared by the Company, assisted by a third party expert, based on management estimates and assumptions, making use of available market data and taking into consideration third party valuations. Major adjustments to record the acquired assets and assumed liabilities at fair value include: (a) a $158,523 fair value adjustment recognized for vessels under construction, as supported by vessel valuations of independent shipbrokers on a fully delivered and charter free basis, through Level 2 of the fair value hierarchy based on observable inputs, prevailing in the sale and purchase market of similar vessels on June 23, 2014, which, according to the third party appraiser and management estimates and based on the then current market trends were not materially different from the values on July 11, 2014; (b) a $79,465 fair value adjustment recognized for vessels in operation, as supported by vessel valuations of independent shipbrokers on a charter free basis, through Level 2 of the fair value hierarchy based on observable inputs, prevailing in the sale and purchase market of similar vessels on June 23, 2014, which, according to the third party appraiser and management estimates and based on the then current market trends were not materially different from the values on July 11, 2014; (c) a write-off of the Heron Convertible Loan of $23,680, as further discussed below, on the basis that no economic benefit is expected to be provided to the Company from Heron's liquidation process (other than the distribution of the Heron Vessels in exchange for separate consideration of 2,115,706 common shares and $25,000 in cash) with any distributable cash from the liquidation of Heron to be transferred to the former owners of Oceanbulk Shipping as further discussed in Note 17.2; (d) a write-off of $3,003 deferred finance costs with respect to financing arrangements that, according to the third party appraiser and management estimates, are not expected to provide any ongoing benefit to the business; (e) a $1,967 intangible asset recognized with respect to a fair value adjustment for two favorable charters under which Oceanbulk is the lessor, through Level 2 of the fair value hierarchy based on observable inputs, by comparing the discounted cash flows under the existing charters with those that could be obtained in the then current market by vessels of similar size and age for the remaining charter period. The respective intangible asset will be amortized on a straight-line basis over the remaining period of the time charters which are scheduled to end during the first and second quarter of 2016 (please refer to Note 7). The fair value of the share consideration issued in the July 2014 Transactions was based on the average closing market price of $11.854 per share of the Company's common shares, as determined over a period of two trading days before and two trading days after, and inclusive, of July 11, 2014. The resulting gain from bargain purchase from the acquisition of Oceanbulk and the Pappas Companies of $12,318 is separately presented in the accompanying consolidated statement of operations for the year ended December 31, 2014. The gain from bargain purchase is primarily attributable to the estimates of the fair value of the assets acquired and liabilities assumed and the subsequent stability or slightly declining market value of dry bulk carrier vessels since the signing of the agreements relating to the July 2014 Transactions, combined with the simultaneous decline in stock prices for most U.S. listed shipping companies, including Star Bulk, which have decreased by a greater amount than their net assets values. The following unaudited financial information reflects the results of operations of Oceanbulk and Pappas Companies since the acquisition date included in the Company's consolidated statement of operations for the year ended December 31, 2014:
|  |  |  |  | Pappas |  |
|  | Oceanbulk |  |  | Companies |  |
Voyage revenues | $ | 39,585 |  | $ | 2,249 |  |
Operating income/(loss) | $ | (645 | ) | $ | 111 |  |
Net loss | $ | (4,822 | ) | $ | (213 | ) |
The following unaudited pro forma consolidated financial information reflects the results of operations for the years ended December 31, 2013 and 2014, as if the Merger and the Pappas Transaction had been consummated on January 1, 2013 and after giving effect to purchase accounting adjustments, including the nonrecurring pro forma reversal of: (i) the gain from bargain purchase of $12,318 in 2014; (ii) all acquisition-related transaction costs of $12,757 in 2014; and (iii) the interest expense of $1,412 in 2013 and $1,816 in 2014, with respect to the convertible loan owed by Oceanbulk to its members, which was converted into equity because of the Merger, as if the conversion had taken place on January 1, 2013. These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been, had the Merger and the Pappas Transaction actually taken place on January 1, 2013. In addition, these results are not intended to be a projection of future results and do not reflect any synergies that might be achieved from the combined operations:
|  | 2013 |  |  | 2014 |  |
Pro forma revenues | $ | 82,090 |  | $ | 177,654 |  |
Pro forma operating income / (loss) | $ | (1,172 | ) | $ | (10,296 | ) |
Pro forma net loss | $ | (10,604 | ) | $ | (24,075 | ) |
Pro forma loss per share, basic and diluted | $ | (0.15 | ) | $ | (0.27 | ) |
The Heron Transaction has been reflected in the Company's consolidated financial statements for the year ended December 31, 2014, as a purchase of assets with the acquisition cost of the two Heron Vessels delivered on December 5, 2014, consisting of the value of the 2,115,706 common shares issued on July 11, 2014, of $25,080, and $25,000 in cash, financed by the Heron Vessels Facility (Note 17.2) being recorded within “Vessels and other fixed assets, net” in the accompanying consolidated balance sheets (Note 5). As discussed above, as part of the purchase price allocation as of July 11, 2014, the Company assigned zero value to the Heron Convertible Loan, as no economic benefit is expected to be provided to the Company from Heron's liquidation process (other than the distribution of the Heron Vessels, in exchange of the 2,115,706 common shares and $25,000 in cash payment, discussed above), since any distributable cash from the liquidation of Heron will be transferred to the former owners of Oceanbulk Shipping and not to the Company as further discussed in Note 17.2 below. On September 5, 2014, Oceanbulk Shipping, which became, following the Merger a wholly owned subsidiary of Star Bulk, entered into a term sheet with ABY Group Holdings Limited (“ABY Group”) and Heron. The term sheet provided for the conversion of the Heron Convertible Loan. Among other things, the term sheet contained customary governance provisions and provisions relating to the liquidation of Heron following the conversion of the Heron Convertible Loan. Under the term sheet, Oceanbulk Shipping would receive as a distribution the vessels ABYO Gwyneth (renamed Star Gwyneth) and ABYO Angelina (renamed Star Angelina) (two Kamsarmax vessels of 82,790 dwt and 82,981 dwt, respectively), and ABY Group would receive, as a distribution, the ABYO Audrey (a Capesize vessel of 175,125 dwt) and the ABYO Oprah (a Kamsarmax vessel of 82,551 dwt). On November 5, 2014, the conversion of the Heron Convertible Loan into 50% of the equity interests of Heron was completed. However, such conversion did not affect the Company's financial statements since, as further discussed above and in Note 17.2, pursuant to the provisions of the Merger Agreement, the former owners of Oceanbulk will effectively remain the ultimate beneficial owners of Heron until Heron is dissolved and any distributable cash from the liquidation of Heron will be transferred to the former owners of Oceanbulk Shipping and not to the Company. The Company incurred transaction costs and a stock based compensation expense relating to the July 2014 Transactions of $9,364 and $1,808, respectively, which are included in “General and administrative expenses” in the accompanying consolidated statement of operations for the year ended December 31, 2014. The Excel Transactions On August 19, 2014, the Company entered into definitive agreements with Excel Maritime Carriers Ltd. (“Excel”) pursuant to which (the “Excel Transactions”) the Company will acquire 34 operating dry bulk vessels, consisting of six Capesize vessels, 14 sistership Kamsarmax vessels, 12 Panamax vessels and two Handymax vessels (the “Excel Vessels”) for an aggregate consideration of 29,917,312 of its common shares (the “Excel Vessel Share Consideration”) and $288,391 in cash (Note 3). The Excel Vessels are being transferred to the Company in a series of closings, on a vessel-by-vessel basis, in general upon reaching port after their current voyages and cargoes are discharged. As of December 31, 2014, 28 of the 34 Excel Vessels had been transferred to the Company, for aggregate consideration of 25,659,425 common shares and $248,751 of cash. With the exception of the Ore Hansa (tbr Star Jennifer), which the Company expects to receive in mid-April 2015, the Company completed the remaining Excel Vessels deliveries within the first quarter of 2015 (Note 20). In the case of three Excel Vessels (Christine (tbr Star Martha), Sandra (tbr Star Pauline) and Lowlands Beilun (tbr Star Despoina)), which were transferred subject to existing charters, the Company acquired the outstanding equity interests of the vessel-owning subsidiaries that own those Excel Vessels (although all other assets and liabilities of such vessel-owning subsidiaries remained with Excel). The delivery of each Excel Vessel has been reflected in the Company's financial statements for the year ended December 31, 2014 as a purchase of assets. At the transfer of each Excel Vessel, the Company paid the cash and share consideration for such Excel Vessel to Excel. The Company used cash on hand, together with borrowings under (i) a $231,000 secured bridge loan facility (the “Excel Vessel Bridge Facility”) provided to the Company by Excel's majority equityholders, which are entities affiliated with Oaktree and entities affiliated with Angelo, Gordon & Co. (“Angelo, Gordon”), and (ii) other bank borrowings, to fund part of the cash consideration for the acquisition of the Excel Vessels (Notes 3 and 9). Excel used the cash consideration to cause an amount of outstanding indebtedness under its senior secured credit agreement to be repaid, such that all liens and obligations with respect to each transferred Excel Vessel were released upon its transfer to the Company. Below is the list of the Company's wholly owned subsidiaries as of December 31, 2014:
| Subsidiaries owning vessels in operation at December 31, 2014 |  |  |  |  |  |
|  |  |  |  |  |  | Date |  | Year |  |
| Wholly Owned Subsidiaries |  | Vessel Name |  | DWT |  | Delivered to Star Bulk |  | Built |  |
1 | Cape Ocean Maritime LLC |  | Leviathan (1) |  | 182,511 |  | September 19, 2014 |  | 2014 |  |
2 | Cape Horizon Shipping LLC |  | Peloreus (1) |  | 182,496 |  | July 22, 2014 |  | 2014 |  |
3 | OOCAPE1 Holdings LLC |  | Obelix (1) |  | 181,433 |  | July 11, 2014 |  | 2011 |  |
4 | Sandra Shipco LLC |  | Sandra (tbr Star Pauline) (2) |  | 180,274 |  | December 29, 2014 |  | 2008 |  |
5 | Christine Shipco LLC |  | Christine (tbr Star Martha) (2) |  | 180,274 |  | October 31, 2014 |  | 2010 |  |
6 | Pacific Cape Shipping LLC |  | Pantagruel (1) |  | 180,181 |  | July 11, 2014 |  | 2004 |  |
7 | Star Borealis LLC |  | Star Borealis |  | 179,678 |  | September 9, 2011 |  | 2011 |  |
8 | Star Polaris LLC |  | Star Polaris |  | 179,600 |  | November 14, 2011 |  | 2011 |  |
9 | Star Trident V LLC |  | Star Angie (2) |  | 177,931 |  | October 29, 2014 |  | 2007 |  |
10 | Sky Cape Shipping LLC |  | Big Fish (1) |  | 177,643 |  | July 11, 2014 |  | 2004 |  |
11 | Global Cape Shipping LLC |  | Kymopolia (1) |  | 176,990 |  | July 11, 2014 |  | 2006 |  |
12 | Sea Cape Shipping LLC |  | Big Bang (1) |  | 174,109 |  | July 11, 2014 |  | 2007 |  |
13 | Star Aurora LLC |  | Star Aurora |  | 171,199 |  | September 8, 2010 |  | 2000 |  |
14 | Star Mega LLC |  | Star Mega |  | 170,631 |  | August 16, 2011 |  | 1994 |  |
15 | Lowlands Beilun Shipco LLC |  | Lowlands Beilun (tbr Star Despoina) (2) |  | 170,162 |  | December 29, 2014 |  | 1999 |  |
16 | Star Big LLC |  | Star Big |  | 168,404 |  | July 25, 2011 |  | 1996 |  |
17 | Star Trident VII LLC |  | Star Eleonora (2) |  | 164,218 |  | December 3, 2014 |  | 2001 |  |
18 | Nautical Shipping LLC |  | Amami (1) |  | 98,681 |  | July 11, 2014 |  | 2011 |  |
19 | Majestic Shipping LLC |  | Madredeus (1) |  | 98,681 |  | July 11, 2014 |  | 2011 |  |
20 | Star Sirius LLC |  | Star Sirius |  | 98,681 |  | March 7, 2014 |  | 2011 |  |
21 | Star Vega LLC |  | Star Vega |  | 98,681 |  | February 13, 2014 |  | 2011 |  |
22 | Star Alta II LLC |  | Star Angelina (3) |  | 82,981 |  | December 5, 2014 |  | 2006 |  |
23 | Star Alta I LLC |  | Star Gwyneth (3) |  | 82,790 |  | December 5, 2014 |  | 2006 |  |
24 | Star Trident I LLC |  | Star Kamila (2) |  | 82,769 |  | September 3, 2014 |  | 2005 |  |
25 | Grain Shipping LLC |  | Pendulum (1) |  | 82,619 |  | July 11, 2014 |  | 2006 |  |
26 | Star Trident XIX LLC |  | Star Maria (2) |  | 82,598 |  | November 5, 2014 |  | 2007 |  |
27 | Star Trident XII LLC |  | Star Markella (2) |  | 82,594 |  | September 29, 2014 |  | 2007 |  |
28 | Star Trident IX LLC |  | Star Danai (2) |  | 82,574 |  | October 21, 2014 |  | 2006 |  |
29 | Star Trident XI LLC |  | Star Georgia (2) |  | 82,298 |  | October 14, 2014 |  | 2006 |  |
30 | Star Trident VIII LLC |  | Star Sophia (2) |  | 82,269 |  | October 31, 2014 |  | 2007 |  |
31 | Star Trident XVI LLC |  | Star Mariella (2) |  | 82,266 |  | September 19, 2014 |  | 2006 |  |
32 | Star Trident XIV LLC |  | Star Moira (2) |  | 82,257 |  | November 19, 2014 |  | 2006 |  |
33 | Star Trident X LLC |  | Star Renee (2) |  | 82,221 |  | December 18, 2014 |  | 2006 |  |
34 | Star Trident II LLC |  | Star Nasia (2) |  | 82,220 |  | August 29, 2014 |  | 2006 |  |
35 | Star Trident XIII LLC |  | Star Laura (2) |  | 82,209 |  | December 8, 2014 |  | 2006 |  |
36 | Star Trident XVII LLC |  | Star Helena (2) |  | 82,187 |  | December 29, 2014 |  | 2006 |  |
37 | Mineral Shipping LLC |  | Mercurial Virgo (1) |  | 81,545 |  | July 11, 2014 |  | 2013 |  |
38 | KMSRX Holdings LLC |  | Magnum Opus (1) |  | 81,022 |  | July 11, 2014 |  | 2014 |  |
39 | Dioriga Shipping Co. |  | Tsu Ebisu (1) |  | 81,001 |  | July 11, 2014 |  | 2014 |  |
40 | Star Trident III LLC |  | Star Iris (2) |  | 76,466 |  | September 8, 2014 |  | 2004 |  |
41 | Star Trident IV LLC |  | Star Aline (2) |  | 76,429 |  | September 4, 2014 |  | 2004 |  |
42 | Star Trident XX LLC |  | Star Emily (2) |  | 76,417 |  | September 16, 2014 |  | 2004 |  |
43 | Star Trident XXI LLC |  | Star Christianna (2) |  | 74,577 |  | October 6, 2014 |  | 1998 |  |
44 | Star Trident XXII LLC |  | Star Natalie (2) |  | 73,798 |  | August 29, 2014 |  | 1998 |  |
45 | Star Trident XXV LLC |  | Star Vanessa (2) |  | 72,493 |  | November 7, 2014 |  | 1999 |  |
46 | Star Trident XXVII LLC |  | Star Monika (2) |  | 71,504 |  | October 10, 2014 |  | 1993 |  |
47 | Star Trident XXVIII LLC |  | Star Julia (2) |  | 70,083 |  | December 22, 2014 |  | 1994 |  |
48 | Star Trident XXIX LLC |  | Star Tatianna (2) |  | 69,634 |  | August 28, 2014 |  | 1993 |  |
49 | Star Challenger I LLC |  | Star Challenger |  | 61,462 |  | December 12, 2013 |  | 2012 |  |
50 | Star Challenger II LLC |  | Star Fighter |  | 61,455 |  | December 30, 2013 |  | 2013 |  |
51 | Premier Voyage LLC |  | Maiden Voyage (1) |  | 58,722 |  | July 11, 2014 |  | 2012 |  |
52 | Glory Supra Shipping LLC |  | Strange Attractor (1) |  | 55,742 |  | July 11, 2014 |  | 2006 |  |
53 | Star Omicron LLC |  | Star Omicron |  | 53,489 |  | April 17, 2008 |  | 2005 |  |
54 | Star Gamma LLC |  | Star Gamma (ex C Duckling) |  | 53,098 |  | January 4, 2008 |  | 2002 |  |
55 | Star Zeta LLC |  | Star Zeta (ex I Duckling) |  | 52,994 |  | January 2, 2008 |  | 2003 |  |
56 | Star Delta LLC |  | Star Delta (ex F Duckling) |  | 52,434 |  | January 2, 2008 |  | 2000 |  |
57 | Star Theta LLC |  | Star Theta (ex J Duckling) |  | 52,425 |  | December 6, 2007 |  | 2003 |  |
58 | Star Epsilon LLC |  | Star Epsilon (ex G Duckling) |  | 52,402 |  | December 3, 2007 |  | 2001 |  |
59 | Star Cosmo LLC |  | Star Cosmo |  | 52,246 |  | July 1, 2008 |  | 2005 |  |
60 | Star Kappa LLC |  | Star Kappa (ex E Duckling) |  | 52,055 |  | December 14, 2007 |  | 2001 |  |
61 | Star Trident XXX LLC |  | Star Michele (2) |  | 45,588 |  | October 14, 2014 |  | 1998 |  |
62 | Star Trident XXXI LLC |  | Star Kim (2) (4) |  | 38,858 |  | December 5, 2014 |  | 1994 |  |
(1) Vessels acquired pursuant to the Merger and the Pappas Transaction |  |  |  |  |  |
(2) Vessels acquired pursuant to the Excel Transactions |  |  |  |  |  |  |  |
(3) Vessels acquired from Heron |  |  |  |  |  |  |  |
(4) This vessel was sold on December 17, 2014 and was delivered to her new owners on January 21, 2015. |  |  |  |
| Subsidiaries owning newbuildings at December 31, 2014 |  |  |  |
|  |  |  |  | Expected Delivery |  |
| Wholly Owned Subsidiaries | Newbuildings Name | Type | DWT | Date |  |
1 | Positive Shipping Company | HN 5016 (tbn Indomitable) (Note 20) | Capesize | 182,160 | January 2015 |  |
2 | Aurelia Shipping LLC | HN NE 164 (tbn Honey Badger) (Note 20) | Ultramax | 61,000 | February 2015 |  |
3 | Rainbow Maritime LLC | HN NE 165 (tbn Wolverine) (Note 20) | Ultramax | 61,000 | February 2015 |  |
4 | Spring Shipping LLC | HN 1061 (tbn Roberta) (5) (Note 20) | Ultramax | 64,000 | March 2015 |  |
5 | Orion Maritime LLC | HN 1063 (tbn Idee Fixe) (5) (Note 20) | Ultramax | 64,000 | March 2015 |  |
6 | Pearl Shiptrade LLC | HN NE 166 (tbn Gargantua) (Note 20) | Newcastlemax | 209,000 | April 2015 |  |
7 | Success Maritime LLC | HN 1062 (tbn Laura) (5) | Ultramax | 64,000 | April 2015 |  |
8 | L.A. Cape Shipping LLC | HN 5017 (tbn Deep Blue) | Capesize | 182,000 | April 2015 |  |
9 | Olympia Shiptrade LLC | HN 1312 (tbn Bruno Marks) | Capesize | 180,000 | May 2015 |  |
10 | Ultra Shipping LLC | HN 1064 (tbn Kaley) (5) | Ultramax | 64,000 | May 2015 |  |
11 | Star Asia I LLC | HN 5040 (tbn Star Aquarius) | Ultramax | 60,000 | May 2015 |  |
12 | Sea Diamond Shipping LLC | HN NE 167 (tbn Goliath) | Newcastlemax | 209,000 | June 2015 |  |
13 | Coral Cape Shipping LLC | HN NE 184 (tbn Maharaj) | Newcastlemax | 209,000 | July 2015 |  |
14 | Victory Shipping LLC | HN 1313 (tbn Jenmark) | Capesize | 180,000 | July 2015 |  |
15 | Blooming Navigation LLC | HN 1080 (tbn Kennadi) | Ultramax | 64,000 | July 2015 |  |
16 | Star Asia II LLC | HN 5043 (tbn Star Pisces) | Ultramax | 60,000 | July 2015 |  |
17 | Star Seeker LLC | HN 1372 (tbn Star Libra) (5) | Newcastlemax | 208,000 | August 2015 |  |
18 | Jasmine Shipping LLC | HN 1081 (tbn Mackenzie) | Ultramax | 64,000 | August 2015 |  |
19 | Cape Confidence Shipping LLC | HN 5055 (tbn Behemoth) | Capesize | 182,000 | September 2015 |  |
20 | Star Cape I LLC | HN 1338 (tbn Star Aries) | Capesize | 180,000 | September 2015 |  |
21 | Star Axe I LLC | HN NE 196 (tbn Star Antares) | Ultramax | 61,000 | September 2015 |  |
22 | Oday Marine LLC | HN 1082 (tbn Night Owl) | Ultramax | 64,000 | October 2015 |  |
23 | Clearwater Shipping LLC | HN 1359 (tbn Star Marisa) (5) | Newcastlemax | 208,000 | November 2015 |  |
24 | Cape Runner Shipping LLC | HN 5056 (tbn Megalodon) | Capesize | 182,000 | November 2015 |  |
25 | Searay Maritime LLC | HN 1083 (tbn Early Bird) | Ultramax | 64,000 | November 2015 |  |
26 | Star Axe II LLC | HN NE 197 (tbn Star Lutas) | Ultramax | 61,000 | November 2015 |  |
27 | Star Castle I LLC | HN 1342 (tbn Star Gemini) | Newcastlemax | 208,000 | January 2016 |  |
28 | Star Cape II LLC | HN 1339 (tbn Star Taurus) | Capesize | 180,000 | January 2016 |  |
29 | Domus Shipping LLC | HN 1360 (tbn Star Ariadne) (5) | Newcastlemax | 208,000 | February 2016 |  |
30 | Star Breezer LLC | HN 1371 (tbn Star Virgo) (5) | Newcastlemax | 208,000 | February 2016 |  |
31 | Star Ennea LLC | HN NE 198 (tbn Star Poseidon) | Newcastlemax | 209,000 | March 2016 |  |
32 | Star Castle II LLC | HN 1343 (tbn Star Leo) | Newcastlemax | 208,000 | March 2016 |  |
33 | Festive Shipping LLC | HN 1361 (tbn Star Magnanimus) (5) | Newcastlemax | 208,000 | May 2016 |  |
34 | Gravity Shipping LLC | HN 1362 (tbn Star Manticore) (5) | Newcastlemax | 208,000 | June 2016 |  |
35 | White Sand Shipping LLC | HN 1363 (tbn Star Chaucer) (5) | Newcastlemax | 208,000 | September 2016 |  |
(5) Subject to a bareboat capital lease (Note 6) |  |  |  |  |
Non-vessel owning subsidiaries at December 31, 2014 |  |  |  |  |  |  |  |  |  |
Wholly Owned Subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |
Star Bulk Management Inc. |  |  |  |  |  |  |  |  |  |  |  |  |
Starbulk S.A. |  |  |  |  |  |  |  |  |  |  |  |  |
Star Bulk Manning LLC |  |  |  |  |  |  |  |  |  |  |  |  |
Star Omas LLC (6) |  |  |  |  |  |  |  |  |  |  |  |  |
Star Synergy LLC (6) |  |  |  |  |  |  |  |  |  |  |  |  |
Oceanbulk Shipping LLC |  |  |  |  |  |  |  |  |  |  |  |  |
Oceanbulk Carriers LLC |  |  |  |  |  |  |  |  |  |  |  |  |
International Holdings LLC |  |  |  |  |  |  |  |  |  |  |  |  |
Unity Holding LLC |  |  |  |  |  |  |  |  |  |  |  |  |
Star Bulk (USA) LLC |  |  |  |  |  |  |  |  |  |  |  |  |
Star Trident XXIII LLC (7) |  |  |  |  |  |  |  |  |  |  |  |  |
Star Trident XXVI LLC (7) |  |  |  |  |  |  |  |  |  |  |  |  |
Star Trident VI LLC (7) |  |  |  |  |  |  |  |  |  |  |  |  |
Star Trident XVIII LLC (7) |  |  |  |  |  |  |  |  |  |  |  |  |
Star Trident XV LLC (7) |  |  |  |  |  |  |  |  |  |  |  |  |
Star Trident XXIV LLC (7) |  |  |  |  |  |  |  |  |  |  |  |  |
Lamda LLC (8) |  |  |  |  |  |  |  |  |  |  |  |  |
Star Alpha LLC (8) |  |  |  |  |  |  |  |  |  |  |  |  |
Star Beta LLC (8) |  |  |  |  |  |  |  |  |  |  |  |  |
Star Ypsilon LLC (8) |  |  |  |  |  |  |  |  |  |  |  |  |
(6) Entities established to merge with the holding companies of Oceanbulk (please refer to Note 1) |  |
(7) Entities established to acquire Excel Vessels which as of December 31, 2014, had not been delivered to the Company |  |
(8) Owning companies of vessels which have been sold and currently have no operations |  |
Below is the list of the vessels which were under commercial and technical management by Star Bulk's wholly owned subsidiary, Starbulk S.A., during the year ended December 31, 2014. For each vessel, Starbulk S.A. received a fixed management fee of $0.75 per day.
|  |  |  |  |  | Effective Date |  |  |  |  |  |
|  |  |  |  |  | of Management |  |  |  |  |  |
Vessel Owning Company |  | Vessel Name |  | DWT |  | Agreement |  | Year Built |  |  |  |
Global Cape Shipping LLC (9) |  | Kymopolia |  | 176,990 |  | January 30, 2014 |  | 2006 |  |  |  |
OOCAPE1 Holdings LLC (9) |  | Obelix |  | 181,433 |  | October 19, 2012 |  | 2011 |  |  |  |
Pacific Cape Shipping LLC (9) |  | Pantagruel |  | 180,181 |  | October 24, 2013 |  | 2004 |  |  |  |
Sea Cape Shipping LLC (9) |  | Big Bang |  | 174,109 |  | August 30, 2013 |  | 2007 |  |  |  |
Sky Cape Shipping LLC (9) |  | Big Fish |  | 177,662 |  | October 18, 2013 |  | 2004 |  |  |  |
Majestic Shipping LLC (9) |  | Madredeus |  | 98,681 |  | February 4, 2014 |  | 2011 |  |  |  |
Nautical Shipping LLC (9) |  | Amami |  | 98,681 |  | February 4, 2014 |  | 2011 |  |  |  |
Grain Shipping LLC (9) |  | Pendulum |  | 82,619 |  | February 17, 2014 |  | 2006 |  |  |  |
Mineral Shipping LLC (9) |  | Mercurial Virgo |  | 81,545 |  | February 17, 2014 |  | 2011 |  |  |  |
Adore Shipping Corp. |  | Renascentia(10) |  | 74,732 |  | June 20, 2013 |  | 1999 |  |  |  |
Hamon Shipping Inc |  | Marto (11) |  | 74,470 |  | August 2, 2013 |  | 2001 |  |  |  |
Glory Supra Shipping LLC (9) |  | Strange Attractor |  | 55,742 |  | September 24, 2013 |  | 2006 |  |  |  |
Premier Voyage LLC (9) |  | Maiden Voyage |  | 58,722 |  | September 28, 2012 |  | 2012 |  |  |  |
Serenity Maritime Inc. |  | Serenity I |  | 53,688 |  | June 11, 2011 |  | 2006 |  |  |  |
(9) These companies were subsidiaries of Oceanbulk and related parties to the Company (please refer to Note 3), which became wholly owned subsidiaries following the completion of the Merger on July 11, 2014, when the respective management agreements were terminated. |  |
(10) On June 20, 2014, this vessel was sold and the management agreement between Starbulk S.A. and the previous owners was terminated. The Company received management fees for a period of two months following the termination date, in accordance with the terms of the management agreement. |  |
(11) On July 3, 2014, the Company received a notice of termination of the management agreement for this vessel. The management agreement was terminated upon the vessel's delivery to its new managers, on August 20, 2014. The Company received management fees for a period of three months following the termination date, in accordance with the terms of the management agreement. |  |
Charterers who individually accounted for more than 10% of the Company's voyage revenues during the years ended December 31, 2012, 2013 and 2014 are as follows:
Charterer |  | 2012 |  | 2013 |  | 2014 |  |
A |  | 14% |  | 13% |  | 12% |  |
B |  | 15% |  | 3% |  | 3% |  |
C |  | 28% |  | 34% |  | 12% |  |
D |  | 10% |  | 6% |  | 1% |  |
The outstanding accounts receivable balance as at December 31, 2014 of these charterers was $248.

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