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Basis of Presentation and General Information | 12 Months Ended
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Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Basis of Presentation and General Information: | 1. Basis of Presentation and General Information: The consolidated financial statements as of and for the years ended December 31, 2016, 2017 and 2018, 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 offices in Athens, Oslo, New York, Limassol and Geneva. 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” (primary listing). Following, and in connection with, the Songa Vessel Purchase Transaction, as defined below, Star Bulk’s common shares also trade on the Oslo Stock Exchange (secondary listing) under the same ticker. Effective June 20, 2016, the Company effected a 5-for-1 reverse split of its issued and outstanding common shares (the “2016 Reverse Split”) (Note 9). All share and per share amounts disclosed in the consolidated financial statements give effect to this reverse stock split retroactively, for all periods presented. On June 28, 2018, the Company completed the acquisition of three newbuilding Newcastlemax dry bulk vessels (“OCC Vessels”), from Oceanbulk Container Carriers LLC (“OCC”), an entity affiliated with Oaktree Capital Management, L.P. (“Oaktree”) and with family members of the Company’s CEO, Mr. Petros Pappas, for an aggregate 3,304,735 of Company’s common shares (“OCC Vessel Purchase Transaction”) (Note 3 and 6). On July 6, 2018 the Company completed the acquisition of 15 operating dry bulk vessels (the “Songa Vessels”) from Songa Bulk ASA (“Songa”) for an aggregate of 13,725,000 of the Company’s common shares (the “Songa Consideration Shares”) and $145.0 million in cash (collectively the “Songa Vessel Purchase Transaction”). The cash portion of the consideration was financed through proceeds from a five-year capital lease of $180.0 million with China Merchants Bank Leasing (Note 5). Following the closing of the Songa Vessel Purchase Transaction, Mr. Arne Blystad was appointed to the Company’s Board of Directors as a Class C Director, and Mr. Herman Billung joined the Company’s management team as Senior Vice President. On August 3, 2018, the Company completed the acquisition of 16 operating dry bulk vessels (the “Augustea Vessels”) from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction for an aggregate of 10,277,335 of Company’s common shares (the “Augustea Vessel Purchase Transaction”). Following the completion of this transaction, Mr. Raffaele Zagari was appointed to the Company’s Board of Directors as a Class C Director. As part of this transaction, the Company also assumed debt of approximately $308.3 million (Note 8). On August 27, 2018, the Company entered into a definitive purchase agreement with entities affiliated with E.R. Capital Holding GmbH & Cie. KG (“E.R.”), pursuant to which the Company approved the acquisition of three operating dry bulk vessels (the “Step 1 Vessels”) in 2018 ( the “Step 1 Acquisition”) and received an option to acquire four additional operating dry bulk vessels (the “Step 2 Vessels”) and, together with the Step 1 Vessels, the “E.R. Vessels” in 2019 (the “Step 2 Acquisition”). The consideration for the Step 1 Vessels was approximately 1.34 million common shares of the Company (the “Step 1 Consideration Shares”) and $41.7 million in cash, subject to certain pre-delivery adjustments. The first of the Step 1 Vessels, Star Bright, was delivered to the Company in October 2018 in exchange for 291,300 common shares and $9.2 million cash. The remaining two of the Step 1 Vessels, Star Marianne and Star Janni were delivered to the Company in January 2019 in exchange for 999,336 common shares and $32.5 million cash. The cash portion of the consideration for the Step 1 Vessels was financed through proceeds from a new five-year term loan agreement for an amount of up to $115.0 million with ABN AMRO Bank N.V (Note 8). E.R. granted the Company a separate call option to acquire each Step 2 Vessel at an exercise price of $28.85 million per Step 2 Vessel (the “Call Options”), exercisable on April 1, 2019. Concurrently, the Company granted E.R. a separate put option to acquire each Step 2 Vessel at an exercise price of $26.35 million per Step 2 Vessel (the “Put Options”) exercisable by E.R. from April 2, 2019 to April 4, 2019 (inclusive), if the Company does not exercise the Call Options. The aggregate exercise price of the Call and Put Options is payable at the Company’s option in either 2/3 cash and 1/3 common shares (the “Step 2 Consideration Shares”) or 100% cash. The number of Step 2 Consideration Shares to be issued to E.R. (if any) will be determined on the basis of the Company’s net asset value, which will be based on the average vessel valuations by independent vessel appraisers as of March 31, 2019 and will be subject to certain pre-delivery adjustments. This transaction is collectively referred to as “E.R. Vessel Purchase Transaction”. The OCC Vessel Purchase Transaction, Songa Vessel Purchase Transaction, Augustea Vessel Purchase Transaction and E.R. Vessel Purchase Transaction are collectively herein defined as the “2018 Transactions.” As of December 31, 2018, the Company owned a modern fleet of 107 dry bulk vessels consisting of Newcastlemax, Capesize, Mini Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels with a carrying capacity between 52,055 deadweight tonnage (“dwt”) and 209,537 dwt, and a combined carrying capacity of 11.7 million dwt. Additionally, through its subsidiary, Star Logistics Management S.A. (or “Star Logistics”), which was formed in October 2017 and is based in Geneva, Switzerland, the Company charters-in a number of third-party vessels on a short- to medium- term basis (usually not exceeding one year) to increase its operating capacity in order to satisfy its clients’ needs. Below is the list of the Company’s wholly owned subsidiaries as of December 31, 2018: Subsidiaries owning vessels in operation at December 31, 2018:
|  |  |  | Date |
| Wholly Owned Subsidiaries | Vessel Name | DWT | Delivered to Star Bulk | Year Built
1 | Sea Diamond Shipping LLC | Goliath | 209.537 | July 15, 2015 | 2015
2 | Pearl Shiptrade LLC | Gargantua | 209.529 | April 2, 2015 | 2015
3 | Star Ennea LLC | Star Poseidon | 209.475 | February 26, 2016 | 2016
4 | Coral Cape Shipping LLC | Maharaj | 209.472 | July 15, 2015 | 2015
5 | Star Castle II LLC | Star Leo (1) | 207.939 | May 14, 2018 | 2018
6 | ABY Eleven Ltd | ABOY Laetitia (1) | 207.896 | August 3, 2018 | 2017
7 | Domus Shipping LLC | Star Ariadne (1) | 207.812 | March 28, 2017 | 2017
8 | Star Breezer LLC | Star Virgo (1) | 207.810 | March 1, 2017 | 2017
9 | Star Seeker LLC | Star Libra (1) | 207.765 | June 6, 2016 | 2016
10 | ABY Nine Ltd | ABOY Sienna (1) | 207.721 | August 3, 2018 | 2017
11 | Clearwater Shipping LLC | Star Marisa (1) | 207.709 | March 11 2016 | 2016
12 | ABY Ten Ltd | ABOY Karlie (1) | 207.566 | August 3, 2018 | 2016
13 | Star Castle I LLC | Star Eleni (1) | 207.555 | January 3, 2018 | 2018
14 | Festive Shipping LLC | Star Magnanimus (1) | 207.490 | March 26, 2018 | 2018
15 | Cape Ocean Maritime LLC | Leviathan | 182.511 | September 19, 2014 | 2014
16 | Cape Horizon Shipping LLC | Peloreus | 182.496 | July 22, 2014 | 2014
17 | Star Nor I LLC | Star Claudine (1) | 181.258 | July 6, 2018 | 2011
18 | Star Nor II LLC | Star Ophelia (1) | 180.716 | July 6, 2018 | 2010
19 | Christine Shipco LLC | Star Martha | 180.274 | October 31, 2014 | 2010
20 | Sandra Shipco LLC | Star Pauline | 180.233 | December 29, 2014 | 2008
21 | Pacific Cape Shipping LLC | Pantagruel | 180.181 | July 11, 2014 | 2004
22 | Star Borealis LLC | Star Borealis | 179.678 | September 9, 2011 | 2011
23 | Star Polaris LLC | Star Polaris | 179.546 | November 14, 2011 | 2011
24 | Star Nor III LLC | Star Lyra (1) | 179.147 | July 6, 2018 | 2009
25 | Star Trident V LLC | Star Angie | 177.931 | October 29, 2014 | 2007
26 | Sky Cape Shipping LLC | Big Fish | 177.662 | July 11, 2014 | 2004
27 | Global Cape Shipping LLC | Kymopolia | 176.990 | July 11, 2014 | 2006
28 | Star Trident XXV Ltd. | Star Triumph | 176.343 | December 8, 2017 | 2004
29 | ABY Fourteen Ltd | ABY Scarlett | 175.800 | August 3, 2018 | 2014
30 | ABY Fifteen Ltd | Star Audrey | 175.125 | August 3, 2018 | 2011
31 | Sea Cape Shipping LLC | Big Bang | 174.109 | July 11, 2014 | 2007
32 | Star Aurora LLC | Star Aurora (Note 5) | 171.199 | September 8, 2010 | 2000
33 | ABY I LLC | Paola (tbr Star Paola) | 115.259 | August 3, 2018 | 2011
34 | ABM One Ltd | ABML Eva (tbr Star Eva) | 106.659 | August 3, 2018 | 2012
35 | Nautical Shipping LLC | Amami | 98.681 | July 11, 2014 | 2011
36 | Majestic Shipping LLC | Madredeus | 98.681 | July 11, 2014 | 2011
37 | Star Sirius LLC | Star Sirius | 98.681 | March 7, 2014 | 2011
38 | Star Vega LLC | Star Vega | 98.681 | February 13, 2014 | 2011
39 | ABY II LLC | Star Aphrodite | 92.006 | August 3, 2018 | 2011
40 | Augustea Bulk Carrier Ltd | Star Piera | 91.952 | August 3, 2018 | 2010
41 | Augustea Bulk Carrier Ltd | Star Despoina | 91.945 | August 3, 2018 | 2010
42 | Star Nor IV LLC | Star Electra (1) | 83.494 | July 6, 2018 | 2011
43 | Star Alta I LLC | Star Angelina | 82.981 | December 5, 2014 | 2006
44 | Star Nor VI LLC | Star Luna (1) | 82.687 | July 6, 2018 | 2008
45 | ABY Seven Ltd | ABY Jeannette (tbr Star Jeanette) | 82.567 | August 3, 2018 | 2014
46 | Star Alta II LLC | Star Gwyneth | 82.790 | December 5, 2014 | 2006
47 | Star Trident I LLC | Star Kamila | 82.769 | September 3, 2014 | 2005
48 | Star Nor V LLC | Star Bianca (1) | 82.672 | July 6, 2018 | 2008
49 | Grain Shipping LLC | Pendulum | 82.619 | July 11, 2014 | 2006
50 | Star Trident XIX LLC | Star Maria | 82.598 | November 5, 2014 | 2007
51 | Star Trident XII LLC | Star Markella | 82.594 | September 29, 2014 | 2007 |
52 | Star Trident IX LLC | Star Danai | 82.574 | October 21, 2014 | 2006 |
53 | Star Trident XI LLC | Star Georgia | 82.298 | October 14, 2014 | 2006 |
54 | Star Trident VIII LLC | Star Sophia | 82.269 | October 31, 2014 | 2007 |
55 | Star Trident XVI LLC | Star Mariella | 82.266 | September 19, 2014 | 2006 |
56 | Star Trident XIV LLC | Star Moira | 82.257 | November 19, 2014 | 2006 |
57 | Star Trident XVIII LLC | Star Nina | 82.224 | January 5, 2015 | 2006 |
58 | Star Trident X LLC | Star Renee | 82.221 | December 18, 2014 | 2006 |
59 | Star Trident II LLC | Star Nasia | 82.220 | August 29, 2014 | 2006 |
60 | Star Trident XIII LLC | Star Laura | 82.209 | December 8, 2014 | 2006 |
61 | Star Trident XV LLC | Star Jennifer | 82.209 | April 15, 2015 | 2006 |
62 | Star Nor VIII LLC | Star Mona (1) | 82.188 | July 6, 2018 | 2012 |
63 | Star Trident XVII LLC | Star Helena | 82.187 | December 29, 2014 | 2006 |
64 | Star Nor VII LLC | Star Astrid (1) | 82.158 | July 6, 2018 | 2012 |
65 | Waterfront Two Ltd | ABY Asia (tbr Star Alessia) (1) | 81.944 | August 3, 2018 | 2017 |
66 | Star Nor IX LLC | Star Calypso (1) | 81.918 | July 6, 2018 | 2014 |
67 | Star Gaia LLC | Star Charis | 81.711 | March 22, 2017 | 2013 |
68 | Star Elpis LLC | Star Suzanna | 81.711 | May 15, 2017 | 2013 |
69 | Mineral Shipping LLC | Mercurial Virgo | 81.545 | July 11, 2014 | 2013 |
70 | Star Nor X LLC | Stardust (1) | 81.502 | July 6, 2018 | 2011 |
71 | Star Nor XI LLC | Songa Sky (tbr Star Sky) (1) | 81.466 | July 6, 2018 | 2010 |
72 | ABY III LLC | Star Lydia | 81.187 | August 3, 2018 | 2013 |
73 | ABY IV LLC | Star Nicole | 81.120 | August 3, 2018 | 2013 |
74 | ABY Three Ltd | ABY Virginia (tbr Star Virginia) | 81.061 | August 3, 2018 | 2015 |
75 | Star Nor XII LLC | Star Genesis (1) | 80.705 | July 6, 2018 | 2010 |
76 | Star Nor XIII LLC | Star Flame (1) | 80.448 | July 6, 2018 | 2011 |
77 | Star Trident III LLC | Star Iris | 76.466 | September 8, 2014 | 2004 |
78 | Star Trident XX LLC | Star Emily | 76.417 | September 16, 2014 | 2004 |
79 | Orion Maritime LLC | Idee Fixe (1) | 63.458 | March 25, 2015 | 2015 |
80 | Primavera Shipping LLC (ex- Spring Shipping LLC) | Roberta (1) | 63.426 | March 31, 2015 | 2015 |
81 | Success Maritime LLC | Laura (1) | 63.399 | April 7, 2015 | 2015 |
82 | Ultra Shipping LLC | Kaley (1) | 63.283 | June 26, 2015 | 2015 |
83 | Blooming Navigation LLC | Kennadi | 63.262 | January 8, 2016 | 2016 |
84 | Jasmine Shipping LLC | Mackenzie | 63.226 | March 2, 2016 | 2016 |
85 | Star Uranus LLC | Star Anna | 63.038 | November 16, 2018 | 2015 |
86 | Star Nor XV LLC | Star Wave (1) | 61.491 | July 6, 2018 | 2017 |
87 | Star Challenger I LLC | Star Challenger | 61.462 | December 12, 2013 | 2012 |
88 | Star Challenger II LLC | Star Fighter (1) | 61.455 | December 30, 2013 | 2013 |
89 | Star Axe II LLC | Star Lutas | 61.347 | January 6, 2016 | 2016 |
90 | Aurelia Shipping LLC | Honey Badger | 61.320 | February 27, 2015 | 2015 |
91 | Rainbow Maritime LLC | Wolverine | 61.292 | February 27, 2015 | 2015 |
92 | Star Axe I LLC | Star Antares | 61.258 | October 9, 2015 | 2015 |
93 | Star Asia I LLC | Star Aquarius | 60.916 | July 22, 2015 | 2015 |
94 | Star Asia II LLC | Star Pisces | 60.916 | August 7, 2015 | 2015 |
95 | ABY Five Ltd | ABY Monica (tbr Star Monica) | 60.935 | August 3, 2018 | 2015 |
96 | Star Nor XIV LLC | Songa Glory (tbr Star Glory) (1) | 58.680 | July 6, 2018 | 2012 |
97 | Star Trident VII LLC | Diva | 56.582 | July 24, 2017 | 2011 |
98 | Glory Supra Shipping LLC | Strange Attractor | 55.742 | July 11, 2014 | 2006 |
99 | Star Regg III LLC | Star Bright | 55.783 | October 10, 2018 | 2010 |
100 | Star Omicron LLC | Star Omicron | 53.489 | April 17, 2008 | 2005 |
101 | Star Gamma LLC | Star Gamma | 53.098 | January 4, 2008 | 2002 |
102 | Star Zeta LLC | Star Zeta | 52.994 | January 2, 2008 | 2003 |
103 | Star Delta LLC | Star Delta (Note 5) | 52.434 | January 2, 2008 | 2000 |
104 | Star Theta LLC | Star Theta | 52.425 | December 6, 2007 | 2003 |
105 | Star Epsilon LLC | Star Epsilon | 52.402 | December 3, 2007 | 2001 |
106 | Star Cosmo LLC | Star Cosmo | 52.247 | July 1, 2008 | 2005 |
107 | Star Kappa LLC | Star Kappa (Note 5) | 52.055 | December 14, 2007 | 2001 |
|  | Total dwt | 11.748.687 |  |  |
| (1) | Subject to a bareboat charter with purchase obligation at the expiration of the bareboat charter term (Note 5)
Subsidiaries owning vessels under construction at December 31, 2018:
| Wholly Owned Subsidiaries | Newbuildings Name | Type | DWT | Expected Delivery
| Date
1 | New Era I Shipping LLC | HN 1388 (tbn Katie K) (1) | Newcastlemax | 208.000 | Mar-19
2 | New Era II Shipping LLC | HN 1389 (tbn Debbie H) (1) | Newcastlemax | 208.000 | Apr-19
3 | New Era III Shipping LLC | HN 1390 (tbn Ocean Ayesha) (1) | Newcastlemax | 208.000 | Jun-19
|  | Total dwt |  | 624.000 |
(1) Subject to a bareboat charter with purchase obligation at the expiration of the bareboat charter term (Note 6) Second-hand vessels agreed to be acquired at December 31, 2018:
| Wholly Owned Subsidiaries | Vessel Name | Type | DWT | Year Built | Delivery
| Date
1 | Star Regg II LLC | Star Janni (ex - ER Bradenburg) (Note 1 and 19) | Capesize | 178.978 | 2010 | 7-Jan-19
2 | Star Regg I LLC | Star Marianne (ex - ER Bourgogne) (Note 1 and 19) | Capesize | 178.906 | 2010 | 14-Jan-19
|  |  |  | 357.884 |  |
Non-vessel owning subsidiaries at December 31, 2018:
| Wholly Owned Subsidiaries |  |
1 | Star Bulk Management Inc. | 30 | Star Regina LLC
2 | Starbulk S.A. | 31 | Star Logistics Management S.A.
3 | Star Bulk Manning LLC | 32 | Gravity Shipping LLC
4 | Star Bulk Shipmanagement Company (Cyprus) Limited | 33 | White Sand Shipping LLC
5 | Optima Shipping Limited | 34 | Premier Voyage LLC
6 | Star Omas LLC | 35 | L.A. Cape Shipping LLC
7 | Star Synergy LLC | 36 | Cape Confidence Shipping LLC
8 | Oceanbulk Shipping LLC | 37 | Cape Runner Shipping LLC
9 | Oceanbulk Carriers LLC | 38 | Olympia Shiptrade LLC
10 | International Holdings LLC | 39 | Victory Shipping LLC
11 | Star Ventures LLC | 40 | Star Cape I LLC
12 | Star Logistics LLC (ex Dry Ventures LLC) | 41 | Star Cape II LLC
13 | Unity Holding LLC | 42 | Positive Shipping Company
14 | Star Bulk (USA) LLC | 43 | OOCape1 Holdings LLC
15 | Star Trident XXI LLC | 44 | Oday Marine LLC
16 | Star Trident XXIV LLC | 45 | Searay Maritime LLC
17 | Star Trident XXVII LLC | 46 | Lowlands Beilun Shipco LLC
18 | Star Trident XXXI LLC | 47 | Star Trident VI LLC
19 | Star Trident XXIX LLC | 48 | KMSRX Holdings LLC
20 | Star Trident XXVIII LLC | 49 | Dioriga Shipping Co.
21 | Star Trident XXVI LLC | 50 | Star Trident XXX LLC
22 | Star Trident XXII LLC | 51 | Star Trident IV LLC
23 | Star Trident XXIII LLC | 52 | Pacific Ventures Holdings LLC
24 | Star Alpha LLC | 53 | Star Mare LLC
25 | Star Bulk Norway AS | 54 | Star Regg IV LLC
26 | Star New Era LLC | 55 | Star Regg V LLC
27 | Star Thor LLC | 56 | Star Regg VI LLC
28 | Star ABY LLC | 57 | Star Regg VII LLC
29 | ABY Group Holding Ltd | 58 | Star Sege Ltd
Charterers who individually accounted for more than 10% of the Company’s voyage revenues during the years ended December 31, 2016, 2017 and 2018 are as follows:
Charterer | 2016 | 2017 | 2018
A | N/A | N/A | 15%
B | 13% | 14% | N/A
The outstanding accounts receivable balance as at December 31, 2018 of this charterer (A) was $1,367.

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -URI http://asc.fasb.org/topic&trid=2122149 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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