Star Bulk Carriers On Its Iron Ore Green Corridor Initiative
New York, May 16, 2022 – Star Bulk Carriers (NASDAQ: SBLK) recently announced the signing of a joint letter of intent to establish a consortium to assess the development of an iron ore Green Corridor between Australia and East Asia, led by the Global Maritime Forum and along with its partners BHP, Rio Tinto, and Oldendorff Carriers. Charis Plakantonaki, the Chief Strategy Officer of Star Bulk Carriers, discusses with Barry Parker of Capital Link TV this initiative, what it entails, its significance and how its fits into Star Bulk’s overall ESG strategy.
Green Corridor is a shipping route where it is practical to operate a zero-GHG emission ship, both technologically and economically. Route-specific Green Corridors simplify the challenge of decarbonization by focusing on fewer routes, cargoes, and fuels, along with appropriate financial incentives and safety regulations. Green corridors enable the industry to accelerate both the supply and the demand for green shipping on specific routes. They are an important first step in reaching the goal of 5% of shipping fuels being zero-emission fuels by 2030, which is a tipping point for the subsequent transition to full decarbonization.
Key points of this discussion include:
- How Green Corridors contribute to Green Shipping and the overall drive to decarbonization’
- The planning process to get this group together including the choice of working with BHP, Rio Tinto and Oldendorff Carriers?
- How the collaboration between the consortium complements Star Bulk’s ESG policies and what would be the benefits for Star Bulk shareholders
- Other routes globally and companies that have potentially similar collaborations
- Star Bulk’s ESG focus and initiatives
ABOUT STAR BULK - Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Oslo, New York, Limassol and Singapore. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK”. Star Bulk operates a fleet of 128 vessels, with an aggregate capacity of 14.1 million dwt, consisting of 17 Newcastlemax, 22 Capesize, 2 Mini Capesize, 7 Post Panamax, 41 Kamsarmax, 2 Panamax, 20 Ultramax and 17 Supramax vessels with carrying capacities between 52,425 dwt and 209,537 dwt.