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Basis of Presentation and General Information | 12 Months Ended
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Dec. 31, 2016
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, 2014, 2015 and 2016, 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. Effective June 20, 2016, the Company effected a 5-for-1 reverse split of its issued and outstanding common shares (the “June 2016 Reverse Split”) (Note 9). 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 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, which was a joint venture between Oceanbulk Shipping and a third party. Oceanbulk Shipping at the time of the Merger 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 423,141 of its common shares (adjusted for the June 2016 Reverse Split) 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, following the transfer of the Heron Vessels to the Company on December 5, 2014. 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 8t), 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 (Indomitable - ex-HN 5016), which was delivered in January 2015. The Merger, the Heron Transaction and the Pappas Transaction are referred to, together, as the “July 2014 Transactions.” A total of 10,820,840 of the Company's common shares (adjusted for the June 2016 Reverse Split) were issued to the various selling parties in the July 2014 Transactions, consisting of 9,679,153 common shares consideration for the Merger with Oceanbulk, 718,546 common shares consideration for the acquisition of Pappas Companies and 423,141 common shares as 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 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 (10,397,699 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 was 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 423,141 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 16.2; 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, were 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 was amortized on a straight-line basis over the remaining period of the time charters (which terminated during the first and second quarter of 2016) (Note 7). The fair value of the share consideration issued in connection with the July 2014 Transactions was based on the market price of $59.27 per share of the Company's common shares (adjusted for the June 2016 Reverse Split). 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 had at the time of the Merger decreased by a greater amount than their net asset values. The following unaudited financial information reflects the results of operations of Oceanbulk and Pappas Companies since the acquisition date, which are included in the Company's consolidated statement of operations for the year ended December 31, 2014:
|  | Oceanbulk |  |  | Pappas 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 year ended December 31, 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:
|  | 2014
Pro forma revenues | $ | 177,654
Pro forma operating loss | $ | (10,296)
Pro forma net loss | $ | (24,075)
Pro forma loss per share, basic and diluted | $ | (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 423,141 common shares issued on July 11, 2014, of $25,080, and $25,000 in cash, financed by the Heron Vessels Facility (Note 8) being recorded within “Vessels and other fixed assets, net” in the accompanying consolidated balance sheets, net of accumulated depreciation. 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, 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 16.2. 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 received as a distribution the vessels Star Gwyneth (ex-ABYO Gwyneth) and Star Angelina (ex-ABYO Angelina) (two Kamsarmax vessels of 82,790 dwt and 82,981 dwt, respectively), and ABY Group received, 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 16.2, pursuant to the provisions of the Merger Agreement, the former owners of Oceanbulk 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 acquired 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 5,983,462 of its common shares (adjusted for the June 2016 Reverse Split) (the “Excel Vessel Share Consideration”) and $288,391 in cash (Note 3). The Excel Vessels were transferred to the Company in a series of closings, on a vessel-by-vessel basis, in general upon reaching port after their voyages and cargoes were discharged. The last Excel Vessel was delivered to the Company in April 2015. In the case of three Excel Vessels (Star Martha (ex - Christine), Star Pauline (ex - Sandra) and Star Despoina (ex -Lowlands Beilun)), 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 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 equity holders, which are entities affiliated with Oaktree and entities affiliated with Angelo, Gordon & Co. (“Angelo, Gordon”), or (ii) other bank borrowings, to fund part of the cash consideration for the acquisition of the Excel Vessels (Notes 3 and 8). 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, 2016: Subsidiaries owning vessels in operation at December 31, 2016
|  |  |  | Date |
| Wholly Owned Subsidiaries | Vessel Name | DWT | Delivered to Star Bulk | Year Built
1 | Star Ennea LLC | Star Poseidon | 209,475 | February 26, 2016 | 2016
2 | Sea Diamond LLC | Goliath | 209,537 | July 15, 2015 | 2015
3 | Pearl Shiptrade LLC | Gargantua | 209,529 | April 2, 2015 | 2015
4 | Coral Cape Shipping LLC | Maharaj | 209,472 | July 15, 2015 | 2015
5 | Star Seeker LLC | Star Libra (1) | 207,765 | June 6, 2016 | 2016
6 | Clearwater Shipping LLC | Star Marisa (1) | 207,709 | March 11 2016 | 2016
7 | Cape Ocean Maritime LLC | Leviathan | 182,511 | September 19, 2014 | 2014
8 | Cape Horizon Shipping LLC | Peloreus | 182,496 | July 22, 2014 | 2014
9 | Sandra Shipco LLC | Star Pauline | 180,274 | December 29, 2014 | 2008
10 | Christine Shipco LLC | Star Martha | 180,274 | October 31, 2014 | 2010
11 | Pacific Cape Shipping LLC | Pantagruel | 180,181 | July 11, 2014 | 2004
12 | Star Borealis LLC | Star Borealis | 179,678 | September 9, 2011 | 2011
13 | Star Polaris LLC | Star Polaris | 179,600 | November 14, 2011 | 2011
14 | Star Trident V LLC | Star Angie | 177,931 | October 29, 2014 | 2007
15 | Sky Cape Shipping LLC | Big Fish | 177,662 | July 11, 2014 | 2004
16 | Global Cape Shipping LLC | Kymopolia | 176,990 | July 11, 2014 | 2006
17 | Sea Cape Shipping LLC | Big Bang | 174,109 | July 11, 2014 | 2007
18 | Star Aurora LLC | Star Aurora | 171,199 | September 8, 2010 | 2000
19 | Star Trident VII LLC | Star Eleonora (Note 19) | 164,218 | December 3, 2014 | 2001
20 | Nautical Shipping LLC | Amami | 98,681 | July 11, 2014 | 2011
21 | Majestic Shipping LLC | Madredeus | 98,681 | July 11, 2014 | 2011
22 | Star Sirius LLC | Star Sirius | 98,681 | March 7, 2014 | 2011
23 | Star Vega LLC | Star Vega | 98,681 | February 13, 2014 | 2011
24 | Star Alta I LLC | Star Angelina | 82,981 | December 5, 2014 | 2006
25 | Star Alta II LLC | Star Gwyneth | 82,790 | December 5, 2014 | 2006
26 | Star Trident I LLC | Star Kamila | 82,769 | September 3, 2014 | 2005
27 | Grain Shipping LLC | Pendulum | 82,619 | July 11, 2014 | 2006
28 | Star Trident XIX LLC | Star Maria | 82,598 | November 5, 2014 | 2007
29 | Star Trident XII LLC | Star Markella | 82,594 | September 29, 2014 | 2007
30 | Star Trident IX LLC | Star Danai | 82,574 | October 21, 2014 | 2006
31 | Star Trident XI LLC | Star Georgia | 82,298 | October 14, 2014 | 2006
32 | Star Trident VIII LLC | Star Sophia | 82,269 | October 31, 2014 | 2007
33 | Star Trident XVI LLC | Star Mariella | 82,266 | September 19, 2014 | 2006
34 | Star Trident XIV LLC | Star Moira | 82,257 | November 19, 2014 | 2006
35 | Star Trident XVIII LLC | Star Nina | 82,224 | January 5, 2015 | 2006
36 | Star Trident X LLC | Star Renee | 82,221 | December 18, 2014 | 2006
37 | Star Trident II LLC | Star Nasia | 82,220 | August 29, 2014 | 2006
38 | Star Trident XIII LLC | Star Laura | 82,209 | December 8, 2014 | 2006
39 | Star Trident XV LLC | Star Jennifer | 82,209 | April 15, 2015 | 2006
40 | Star Trident XVII LLC | Star Helena | 82,187 | December 29, 2014 | 2006
41 | Mineral Shipping LLC | Mercurial Virgo | 81,545 | July 11, 2014 | 2013
42 | Star Trident III LLC | Star Iris | 76,466 | September 8, 2014 | 2004
43 | Star Trident XX LLC | Star Emily | 76,417 | September 16, 2014 | 2004
44 | Star Trident XXV Ltd. | Star Vanessa | 72,493 | November 7, 2014 | 1999
45 | Orion Maritime LLC | Idee Fixe (1) | 63,458 | March 25, 2015 | 2015
46 | Spring Shipping LLC | Roberta (1) | 63,426 | March 31, 2015 | 2015
47 | Success Maritime LLC | Laura (1) | 63,399 | April 7, 2015 | 2015
48 | Ultra Shipping LLC | Kaley (1) | 63,283 | June 26, 2015 | 2015
49 | Blooming Navigation LLC | Kennadi | 63,262 | January 8, 2016 | 2016
50 | Jasmine Shipping LLC | Mackenzie | 63,226 | March 2, 2016 | 2016
51 | Star Challenger I LLC | Star Challenger | 61,462 | December 12, 2013 | 2012
52 | Star Challenger II LLC | Star Fighter | 61,455 | December 30, 2013 | 2013
53 | Star Axe II LLC | Star Lutas | 61,347 | January 6, 2016 | 2016
54 | Aurelia Shipping LLC | Honey Badger | 61,320 | February 27, 2015 | 2015
55 | Rainbow Maritime LLC | Wolverine | 61,292 | February 27, 2015 | 2015
56 | Star Axe I LLC | Star Antares | 61,258 | October 9, 2015 | 2015
57 | Star Asia I LLC | Star Aquarius | 60,916 | July 22, 2015 | 2015
58 | Star Asia II LLC | Star Pisces | 60,916 | August 7, 2015 | 2015
59 | Glory Supra Shipping LLC | Strange Attractor | 55,742 | July 11, 2014 | 2006
60 | Star Omicron LLC | Star Omicron | 53,489 | April 17, 2008 | 2005
61 | Star Gamma LLC | Star Gamma | 53,098 | January 4, 2008 | 2002
62 | Star Zeta LLC | Star Zeta | 52,994 | January 2, 2008 | 2003
63 | Star Delta LLC | Star Delta | 52,434 | January 2, 2008 | 2000
64 | Star Theta LLC | Star Theta | 52,425 | December 6, 2007 | 2003
65 | Star Epsilon LLC | Star Epsilon | 52,402 | December 3, 2007 | 2001
66 | Star Cosmo LLC | Star Cosmo | 52,247 | July 1, 2008 | 2005
67 | Star Kappa LLC | Star Kappa | 52,055 | December 14, 2007 | 2001
|  | Total dwt | 7,010,446 |  |
(1) Vessels subject to a capital bareboat lease (Note 5) Subsidiaries owning newbuildings at December 31, 2016
| Wholly Owned Subsidiaries | Newbuildings Name | Type | DWT | Expected Delivery
| Date
1 | Star Breezer LLC | HN 1371 (tbn Star Virgo) (1) (Note 19) | Newcastlemax | 208,000 | Mar-17
2 | Domus Shipping LLC | HN 1360 (tbn Star Ariadne) (1) | Newcastlemax | 208,000 | Mar-17
3 | Star Castle I LLC | HN 1342 (tbn Star Gemini) | Newcastlemax | 208,000 | Jul-17
4 | Festive Shipping LLC | HN 1361 (tbn Star Magnanimus) (1) | Newcastlemax | 208,000 | Jan-18
5 | Star Castle II LLC | HN 1343 (tbn Star Leo) | Newcastlemax | 208,000 | Jan-18
|  | Total dwt |  | 1,040,000 |
(1) Vessels subject to a bareboat capital lease (Note 5) Non-vessel owning subsidiaries at December 31, 2016
| Wholly Owned Subsidiaries |  |
1 | Star Bulk Management Inc. | 25 | Star Beta LLC
2 | Starbulk S.A. | 26 | Star Mega LLC
3 | Star Bulk Manning LLC | 27 | Star Big LLC
4 | Star Bulk Shipmanagement Company (Cyprus) Limited | 28 | Gravity Shipping LLC
5 | Optima Shipping Limited | 29 | White Sand Shipping LLC
6 | Star Omas LLC | 30 | Premier Voyage LLC
7 | Star Synergy LLC | 31 | L.A. Cape Shipping LLC
8 | Oceanbulk Shipping LLC | 32 | Cape Confidence Shipping LLC
9 | Oceanbulk Carriers LLC | 33 | Cape Runner Shipping LLC
10 | International Holdings LLC | 34 | Olympia Shiptrade LLC
11 | Star Ventures LLC | 35 | Victory Shipping LLC
12 | Dry Ventures LLC | 36 | Star Cape I LLC
13 | Unity Holding LLC | 37 | Star Cape II LLC
14 | Star Bulk (USA) LLC | 38 | Positive Shipping Company
15 | Star Trident XXI LLC | 39 | OOCape1 Holdings LLC
16 | Star Trident XXIV LLC | 40 | Oday Marine LLC
17 | Star Trident XXVII LLC | 41 | Searay Maritime LLC
18 | Star Trident XXXI LLC | 42 | Lowlands Beilun Shipco LLC
19 | Star Trident XXIX LLC | 43 | Star Trident VI LLC
20 | Star Trident XXVIII LLC | 44 | KMSRX Holdings LLC
21 | Star Trident XXVI LLC | 45 | Dioriga Shipping Co.
22 | Star Trident XXII LLC | 46 | Star Trident XXX LLC
23 | Star Trident XXIII LLC | 47 | Star Trident IV LLC
24 | Star Alpha LLC | 48 | Pacific Ventures Holdings LLC
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. Only the vessel Serenity I, listed in the below table, was under Starbulk S.A.'s commercial and technical management during the year ended December 31, 2015. As of October 1, 2015, the management fee that the Company was receiving for Serenity I, was changed to $0.50 per day and the respective management agreement was terminated in August 2016. There were no vessels under commercial and technical management by Starbulk, S.A. on December 31, 2016.
Vessel Owning Company | Vessel Name | DWT | Effective Date | Year Built
of Management
Agreement
Global Cape Shipping LLC (2) | Kymopolia | 176,990 | January 30, 2014 | 2006
OOCAPE1 Holdings LLC (2) | Obelix | 181,433 | October 19, 2012 | 2011
Pacific Cape Shipping LLC (2) | Pantagruel | 180,181 | October 24, 2013 | 2004
Sea Cape Shipping LLC (2) | Big Bang | 174,109 | August 30, 2013 | 2007
Sky Cape Shipping LLC (2) | Big Fish | 177,662 | October 18, 2013 | 2004
Majestic Shipping LLC (2) | Madredeus | 98,681 | February 4, 2014 | 2011
Nautical Shipping LLC (2) | Amami | 98,681 | February 4, 2014 | 2011
Grain Shipping LLC (2) | Pendulum | 82,619 | February 17, 2014 | 2006
Mineral Shipping LLC (2) | Mercurial Virgo | 81,545 | February 17, 2014 | 2013
Adore Shipping Corp. | Renascentia(3) | 74,732 | June 20, 2013 | 1999
Hamon Shipping Inc | Marto (4) | 74,470 | August 2, 2013 | 2001
Glory Supra Shipping LLC (2) | Strange Attractor | 55,742 | September 24, 2013 | 2006
Premier Voyage LLC (2) | Maiden Voyage | 58,722 | September 28, 2012 | 2012
Serenity Maritime Inc. | Serenity I | 53,688 | June 11, 2011 | 2006
(1) 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, when the respective management agreements were terminated. (2) 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. (3) 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. Below is the vessel which was chartered in as part of the sale and leaseback transaction that the Company has entered into for the previously owned vessel Maiden Voyage, which is currently named Astakos (Note 5).
Vessel Name | Type | DWT | Year Built
Astakos | Supramax | 58,722 | 2012
| Total dwt: | 58,722 |
No charterer accounted for more than 10% of the Company's voyage revenue in 2015. Charterers who individually accounted for more than 10% of the Company's voyage revenues during the year ended December 31, 2014 and 2016 are as follows:
Charterer |  | 2014 |  | 2015 |  | 2016
A |  | 0% |  | 6% |  | 13%
B |  | 12% |  | 4% |  | 3%
C |  | 12% |  | 3% |  | 2%
The outstanding accounts receivable balance as at December 31, 2016 of these charterers was $452.

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