Written by
Nick Blenkey
Star Bulk CEO Petros Pappas: “We’re clearly a goal of the Houthis …” [Screengrab from YouTube video]
Athens-headquartered, NASDAQ-listed Star Bulk Carriers Corp. has had two of its ships focused by Houthi assaults, although one in every of them, the Star Iris was carrying a cargo of corn from Brazil to for Bandar Iman Khomeini, Iran.
In accordance with CENTCOM’s account of that assault, on February 12, at 3:30 to three:45 a.m. (Sanaa time), Iranian-backed Houthi militants fired two missiles from Houthi-controlled areas of Yemen towards the Bab al-Mandeb. Each missiles have been launched towards MV Star Iris, a Greek-owned, Marshall Islands-flagged cargo vessel transiting the Crimson Sea carrying corn from Brazil. The ship stories being seaworthy with minor harm and no accidents to the crew. Of be aware, the MV Star Iris’s vacation spot is Bandar Iman Khomeini, Iran.
On Monday, Star Bulk launched its newest earnings report and yesterday, the day after the Star Iris assault, in a convention name with analysts, the query of the Crimson Sea state of affairs was raised by Deutsche Financial institution’s Amit Mehrotra with Deutsche Financial institution.
Right here’s what Star Bulk CEO Petros Pappas stated in response
“Hello, Amit. Okay. To start with, let me clarify the state of affairs about our firm. We had two instances of varied charters the place we requested our charters to not undergo then Suez Canal however legally, we couldn’t do this as a result of till that point we didn’t know concerning the assaults to the Eagle Bulk and Genco vessels. And due to this fact, we bought suggested that we needed to observe the constitution get together and ship the vessels by way of Suez; so the primary vessel handed and it was attacked 3 times. Fortuitously, it was not damage; no person on board nor the vessel. However whereas that was occurring, the second vessel was already passing Suez, so we couldn’t divert it. And that has continued and it was attacked once more. Going ahead, we is not going to be passing Suez Canal anymore as a result of we’re clearly a goal of the Houthis having — being a public firm registered within the U.S. In order that’s — that was — I needed to make clear this so that individuals know.
- You’ll be able to learn the remainder of Petros Pappas’s response, and his insights into provide commerce disruptions, within the In search of Alpha transcript of the decision HERE
