XML 56 R30.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Basis of Presentation and General Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2014
Basis of Presentation and General Information [Abstract] |
Schedule Of Purchase Price Allocation |
|  | 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
Results Of Operations For Companies Acquired |
|  |  |  |  | Pappas |
|  | Oceanbulk |  |  | Companies |
Voyage revenues | $ | 39,585 |  | $ | 2,249 |
Operating income/(loss) | $ | (645 | ) | $ | 111 |
Net loss | $ | (4,822 | ) | $ | (213 | )
Business Acquisition Pro Forma Information |
|  | 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 | )
List of Subsidiaries |
| 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. |  |  |  |
List of Newbuildings |
| 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) |  |  |  |
List of Non-vessel owning subsidiaries |
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 |
List of vessels under commercial and technical management by Starbulk S.A. |
|  |  |  |  |  | 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. |
Charter Revenue Percentage |
Charterer |  | 2012 |  | 2013 |  | 2014 |
A |  | 14% |  | 13% |  | 12% |
B |  | 15% |  | 3% |  | 3% |
C |  | 28% |  | 34% |  | 12% |
D |  | 10% |  | 6% |  | 1% |

X
- Definition Tabular disclosure of the entity's newbuildings. + References No definition available. + Details
Name: | sblk_ListNewbuildingsTableTextBlock
Namespace Prefix: | sblk_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the entity's non-vessel owning subsidiaries. + References No definition available. + Details
Name: | sblk_ListNonVesselOwningSubsidiaries
Namespace Prefix: | sblk_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the entity's subsidiaries. + References No definition available. + Details
Name: | sblk_ListOfSubsidiariesTableTextBlock
Namespace Prefix: | sblk_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of vessels under commercial and technical management. + References No definition available. + Details
Name: | sblk_ListVesselsUnderCommercialTechnicalManagementTableTextBlock
Namespace Prefix: | sblk_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the results of operations for companies acquired, since the acquisition date. + References No definition available. + Details
Name: | sblk_ResultsOperationsForCompaniesAcquiredTableTextBlock
Namespace Prefix: | sblk_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of all of the fair values of the purchase price and assets and liabilities acquired in a business combination. + References No definition available. + Details
Name: | sblk_SchedulePurchasePriceAllocation1TableTextBlock
Namespace Prefix: | sblk_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
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

X
- Definition Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration