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Exhibit 10.1  

	

 

 GLOBAL SHIPPING

TELEFAX  

	An/To Telefax Nr.	 	    Via e-mail	 	 
	 	 	
	 	 

	Anzahl Selten / Total number of Pages	 	    8	 	 
	 	 	
	 	 

	An/To:	 	Von / From:
	

Star Maritime Acquisition Corp./	
 	

Commerzbank AG
	Star Bulk Carriers Corp.	 	Global Shipping
	 	 	Fiorina Riccobono
	

Attention:	
 	

Ness 7-9
	Mr. Akis Tsirigakis	 	20457 Hamburg
	Mr. George Syllantavos	 	e-mail: shipfinance@commerzbank.com

	

Telefax-Nr.:	
 	

Tel.:	
 	

Datum/Date:
	+49 40 3683 4068/4123	 	+49 40 3683 2047	 	30.04.2007

 
 

If you receive this fax in error, illegible or not all pages, please call: +49-40-3683 - 4066 or—4067    
    

Dear
Sirs, 

We
are pleased to inform you that we have—subject to the required vote of Star Maritime Acquisition Corp. shareholders—obtained board approval to submit to you a binding offer
for the part financing of up to 8 second hand bulk carriers. 

We
have noted the details of the Security Vessels as per the attached table: 

Tranche A Security Vessels:  

	 
	 	 
	 	 
	 	 
	 	 
	 	Employment
	 
	Type
 
	 	Vessel Name
	 	Dwt
	 	Shipbuilder
	 	Year

Built
	 	Type/Term
	 	Daily Time

Charter Hire

Rate, net
	 
	

Supramax	
 	

I Duckling	
 	

52,994	
 	

Oshima, Japan	
 	

2003	
 	

Time charter with Neptun Shipping, exp. 12/07	
 	
$	

28,785	
 
	

Supramax	
 	

J Duckling	
 	

52,500	
 	

Tsuneishi Cebu.	
 	

2003	
 	

Spot	
 	
 	

(*	
)

 

Additional Security Vessels in case of Tranche B utilization:  

	 
	 	 
	 	 
	 	 
	 	 
	 	Employment

	Type
 
	 	Vessel Name
	 	Dwt
	 	Shipbuilder
	 	Year

Built
	 	Type/Term
	 	Daily Time

Charter Hire

Rate, net

	

Supramax	
 	

C Duckling	
 	

52,500	
 	

Oshima, Japan	
 	

2002	
 	

Time charter with TMT Co. Ltd., exp. 2/08	
 	
$	

28,500
	

Supramax	
 	

F Duckling	
 	

52,434	
 	

Tsuneishi, Japan	
 	

2000	
 	

Time charter with Essar Shipping Ltd., exp. 2/09	
 	
$	

24,510
	

Supramax	
 	

G Duckling	
 	

52,434	
 	

Tsuneishi, Japan	
 	

2001	
 	

Time charter with North China Shipping Ltd., exp. 1/09	
 	
$	

24,336
	

Owner / Borrowers:	

 	

 	

 	

 	

 	

For each Security Vessel a single purpose company (SPC) jointly & severally liable, to be incorporated in a jurisdiction acceptable to the Lender, each wholly owned by Star Bulk Carriers Corp.
	

Corporate Guarantor:	
 	

 	
 	

 	
 	

Star Bulk Carriers Corp., Majuro, Marshall Islands ("Star Bulk"), Star Maritime Acquisition Corp., if the merger will not be approved
	

Commercial Manager:	
 	

 	
 	

 	
 	

Star Bulk Management
	

Technical Manager:	
 	

 	
 	

 	
 	

Oceanbulk Maritime S.A. and/or a further Commercial Manager, to be acceptable to the Lender
	

Lender/Agent:	
 	

 	
 	

 	
 	

Commerzbank AG, Hamburg branch.
	

 	
 	

 	
 	

 	
 	

The Lender has the right to transfer (part of) the Loan to a) one of Commerzbank's entities, at any time at the costs of the Lender, and/or b) one or more first class international banks appointed by the Lender and to be acceptable to the
Borrowers.
	

Security Vessels:	
 	

 	
 	

 	
 	

The mortgaged Vessels under Tranche A and/or Tranche B (due to the above Schedule and other provisions of this Indication).
	

Time Charterer:	
 	

 	
 	

 	
 	

tbd

2

 

	

Purpose of the Loan:	
 	

Tranche A:

Part-financing of the purchase prices for the acquisition of 8 second hand bulk carriers from TMT Co., Ltd. Group.
	

 	
 	

Tranche B:

For the payment of redemption amounts to existing shareholders of Star Bulk and part-financing of the purchase prices for additional second hand bulk carriers (parameters to be agreed).
	

Loan:	
 	

Term Loan Facility
	

Currency:	
 	

USD
	

Loan Amount:	
 	

Up to USD 120 million, but — no more than 80% of the Security Vessels' charter free market value (to be evidenced by a broker appointed by the Agent) prior to drawdown.
	

Loan Tranches and Drawdown:	
 	

Tranche A: up to USD 50 million, to be drawn down in accordance with the underlying Memorandum of Agreement, but in any case not later than 31st December 2007.
	

 	
 	

Tranche B: up to USD 70 million, not later than 31st December 2007.
	

 	
 	

At the time Tranche B becomes available upon satisfaction of the relevant Conditions Precedent, the two Tranches could be amalgamated into one [see Maturity and Repayment].
	

Drawdown Conditions:	
 	

Standard Drawdown Conditions for a Loan of this type, including but not limited to:
	

 	
 	

— Broker Valuation as set out above;
	

 	
 	

— Survey Report satisfactory to the Lender;
	

 	
 	

— Report from the Classification Society,

    being satisfactory to the Lender; the

    Security Vessels to be free of any overdue

    restrictions and/or recommendations;
	

 	
 	

— Audited financial statements for the recent

    financial year and most recent

    unaudited consolidated financial statements

    of 2006 of the Corporate Guarantor

    acceptable to the Lender.
	

Maturity and Repayment:	
 	

Tranche A:
	 	 	 

3

 

	

 	
 	

9 years from Drawdown, but not later than 31st December 2016.
	

 	
 	

Tranche A shall be repaid in 28 consecutive quarterly instalments; the first instalment will be due 27 months after Drawdown, but at the latest 31st March 2010:
	

 	
 	

1-4:    USD    2,250,000.00

5-17:    USD    1,000,000.00

18-28:    USD    1,300,000.00
	

 	
 	

and a balloon payment of USD 13,700,000.00, payable together with the last repayment instalment.
	

 	
 	

Tranche B:

9 years from Drawdown, but not later than 31s1 December 2016.
	

 	
 	

Tranche B shall be repaid in 28 consecutive quarterly instalments; the first instalment will be due 27 months after Drawdown, but at the latest 31st March 2010:
	

 	
 	

1-4:    USD    4,000,000.00

5-28:    USD    1,750,000.00
	

 	
 	

and a balloon payment of USD 12,000,000.00, payable together with the last repayment instalment.
	

 	
 	

Should any Tranche not be drawn with the maximum amount as specified above, the repayment instalments will be reduced in the inverse order of maturity.
	

 	
 	

(To be discussed: a different repayment schedule, if both Tranches are drawn down for sure.)
	

Prepayment:	
 	

The Borrowers shall have the right to make prepayments in whole or part in multiples of USD 1,000,000 at any time during the tenor of the Loan subject to at least 10 days prior written notice to the Lender without any penalty payments.
	

 	
 	

Notwithstanding the above, the Borrowers shall be required to pay all breakage costs, if the prepayment is made at a day other than the last day of an interest period.
	

 	
 	

Any amount prepaid shall be applied in the inverse order of maturity and cannot be redrawn.
	 	 	 

4

 

	

 	
 	

If a Security Vessel is sold, declared a total loss or otherwise withdrawn as security, the Borrowers shall prepay the Loan in an amount equal to such proportion as the relevant vessel bear to the total value of the Security Vessels at the point in
time of such sale or total loss (to be based on a valuation of a broker acceptable to the Lender).
	

 	
 	

Until the second anniversary of the Loan a prepayment fee of 0.30% flat on the prepaid Loan Amount shall be payable in all cases other than total loss, constructive total loss or agreed total loss.
	

Conditions:	
 	

 
	

•    Interest:	
 	

LIBOR + Margin for 3 or 6 months periods or any other period as agreed by the Lender. Interest payments are due at the end of each interest period and, in case of 6 months periods, in addition quarterly in arrears.
	

 	
 	

The Borrowers' exposure to interest rate fluctuations in connection with this Loan may only be hedged with the Lender (competitive bids of the Lender assumed) and will be secured pari passu.
	

•    Margin:	
 	

0,80% p.a. as long as the outstanding Loan Amount is less than or equal to 60% of the current value of the Security Vessels;
	

 	
 	

0,90% p.a. as long as the outstanding Loan Amount is less than or equal to 70% of the current value of the Security Vessels;
	

 	
 	

1.00% p.a. as long as the outstanding Loan Amount is less than or equal to 75% of the current value of the Security Vessels;
	

 	
 	

1.25% p.a. as long as the outstanding Loan Amount is more than 75% of the current value of the Security Vessels.
	

 	
 	

Valuations to be provided before each interest period by a broker, to be appointed by the Lender, expenses to be paid by the Borrowers;
	

•    Commitment fee:	
 	

0.35% per annum on the undisbursed Loan Amount payable quarterly in arrears starting from the approving vote of Star Maritime Acquisition Corp. shareholders.
	

•    Management fee:	
 	

0.50% flat on the Loan Amount, 50% of which shall be payable on signing of the loan agreement and the balance shall be payable on the 31st December 2007.
	 	 	 

5

 

	

•    Computation:	
 	

365/360
	

Securities:	
 	

Securities for the Loan will include but not be limited to the following:
	

 	
 	

Tranche A: first priority and cross-collateralised ship mortgages on the Tranche A Security Vessels.
	

 	
 	

Additionally upon drawdown of Tranche B: first priority and cross-collateralised ship mortgages on the Tranche A and Tranche B Security Vessels.
	

 	
 	

Security Vessels to be registered in a jurisdiction and to fly a flag acceptable to the Lender.
	

 	
 	

First priority assignment of insurances (H & M, War Risk, P & I, insurance level 110%), all insurances on terms and conditions and with insurers acceptable to the Lender.
	

 	
 	

First priority general assignment of all earnings of the Security Vessels and, on request of the Lender, first priority specific assignment of all rights and benefits under all charter or employment contracts (wording and counterpart under such
contracts to be acceptable to the Lender) exceeding 12 months of duration.
	

 	
 	

All earnings of the Security Vessels to be paid into an earnings account to be held with the Agent and pledged to the Lender ("Earnings Account").
	

 	
 	

Assignment of any Security Vessels' management contract (including subordination of the rights of the Security Vessels' manager(s) to those of the Lender).
	

 	
 	

Pledge of shares of the respective Owner/Borrowers.
	

 	
 	

The Borrowers and the Corporate Guarantor — respectively the SPCs owned by the Corporate Guarantor — shall not without the Lenders' prior written consent create, incur or permit to exist or assume any mortgage, pledge, lien, fixed or
floating charge or other security interest or encumbrance upon or with respect to any of its vessels, property or assets or assign or otherwise convey any rights to receive income.
	

 	
 	

First demand unconditional and irrevocable Guarantee of the Corporate Guarantor for all obligations of the Borrowers.
	

Covenants:	
 	

 
	

a) General Covenants	
 	

Customary Covenants for financings of this type including but not limited to the following:
	

 	
 	

 

	

 	
 	

—	
 	

No change of control with respect to the Borrowers without prior consent of the Lender;
	

 	
 	

—	
 	

No resigning of the non-executive Co-Chairman Petros Pappas without prior consent of the Lender;
	 	 	 	 	 

6

 

	

 	
 	

—	
 	

Prokopios Tsirigakis to remain CEO;
	

 	
 	

—	
 	

The Security Vessels to be commercially and technically managed by a manager acceptable to the Lender;
	

 	
 	

—	
 	

The Security Vessels to remain at all times classed with the highest class by a classification society acceptable to the Lender;
	

 	
 	

—	
 	

Fair market value of the Security Vessels to the outstanding Loan Amount to be at all times at least 125% until the 3rd anniversary of the Loan and 135% thereafter. Valuations to be provided by a broker, to be appointed by the Lender,
expenses to be paid by the Borrowers;
	

 	
 	

—	
 	

All earnings of further vessels beeing in the owernership of the Borrowers and/or the Corporate Guarantor to be paid into earnings accounts to be held with the Agent;
	

 	
 	

—	
 	

The Borrowers and the Corporate Guarantor will provide a) within 180 days after the end of each financial year audited and consolidated (if applicable) annual reports an b) within 90 days after the end of each financial quarter unaudited interim
reports evidencing their financial situation in English language.
	

b) Financial Covenants	
 	

 	
 	

 
	
Financial covenants of the Corporate Guarantor	
 	

The Corporate Guarantor shall comply with the following covenants, to be tested at the end of each financial year and half-year, based on its consolidated financial statements in USD:
	

 	
 	

—	
 	

Minimum liquidity (including undrawn and freely available creditlines) of USD 10,000,000.00 but at least USD 1,000,000.00 for each vessel in the owernership of the Borrowers and/or the Corporate Guarantor;
	

 	
 	

—	
 	

Minimum market value adjusted equity ratio of 25%.
	

Events of Default:	
 	

Customary Events of Default for financings of this type including, but not limited to the following
	

 	
 	

—	
 	

Cross default provisions in respect to other loans of/guarantees by the Borrowers / Corporate Guarantor
	

Cost and Expenditure:	
 	

The Borrowers / Corporate Guarantor will repay the Lender and the Agent all usual costs and expenses which are related to this transaction, including but not limited to premiums (if applicable: including insurance tax thereon) for Mortgagees'
Interest Insurance (Commerzbank wording, 110%), Additional Perils Insurance (Commerzbank wording, 110%), both taken out by the Agent/Lender, out of pocket expenses including travel expenses, all legal fees and litigation costs, irrespective of
whether the Loan will be actually concluded or not.
	

Taxation:	
 	

All payments of principal and interest, or any other payment in relation to the Loan will be made without deduction or withholding for any taxes, royalty payments, duties, assessments or charges of whatsoever nature, present and future. In the event
that any such taxes and/or withholdings are imposed in the future, the Borrowers shall make such additional payments, as are necessary to cause the Lender to receive net the amount which it would have received had no such taxes been
imposed.
	 	 	 	 	 

7

 

	

Representations & Warranties as well as Conditions Precedent:	
 	

Customary Representations & Warranties and Conditions Precedent (including but limited to the above Drawdown Conditions) for financings of this type.
	

III. General Terms	
 	

 	
 	

 
	

Law and Documentation:	
 	

All documents in relation to above sketched transactions (with the exception of the each Security Vessel's mortgage, which shall be governed by the law and jurisdiction of the registry of the respective mortgaged Security Vessel and the Account
Pledge, which shall by governed by German law and jurisdiction) shall be governed by English law and jurisdiction. The documentation shall be prepared by a
law firm appointed by the Agent and shall be fully satisfactory to the Lender and the Arranger.

The
terms and conditions set out in this offer letter are the most essential ones only. We kindly ask you to confirm the acceptance of our offer by returning to us a copy of this offer duly signed by
authorised signatures of the companies as set out below. 

The
offer shall be valid until 14th Mai 2007. 

Looking
forward to hearing from you we remain 

With
best regards 

C O M M E R Z B A N K
Aktiengesellschaft 

	/s/ STEFAN KUCH

(Stefan Kuch)	 	/s/ FLORINA RICCOBONO

(Florina Riccobono)

1) Accepted and agreed on behalf of the Borrowers:  

	On	 	
	 	 	 	By	 	

	 	 	(Date)	 	 	 	            (Signatures/Names)

2) Accepted and agreed on behalf of Star Bulk Carriers Corp.:

	On	 	
	 	 	 	By	 	

	 	 	(Date)	 	 	 	            (Signatures/Names)

3)
Accepted and agreed on behalf of Star Maritime Acquisition Corp.: 

	On	 	
	 	 	 	By	 	

	 	 	(Date)	 	 	 	            (Signatures/Names)

8

QuickLinks

If you receive this fax in error, illegible or not all pages, please call: +49-40-3683 - 4066 or—4067Exhibit 10.13  

	[GRAPHIC]	 	Bongard Shipbrokers S.A

1, Thisseos Street, Marousi 151 24, Athens, Greece.

Tel:+30 210 8024-608, Fax:+30 210 8021 031,

e-mail: sales@bongard.gr
 

October 4th,
2006

Star Maritime Acquisition Corp.

Aethrion Center, 40 Ag. Konstantinou Avenue

Maroussi, Athens 15124

Greece 

	Attention:	 	Akis Tsirigakis
	 	 	Chief Executive Officer

        This
letter confirms our understanding that Bongard Shipbrokers S.A. has been engaged to provide the services described herein to Star Maritime Acquisition Corp. (the "Company"), subject
to the terms and conditions set forth below, in connection with the sourcing, developing contacts, acting in a representative capacity, making possible referrals for acquisition alternatives
("Targets") and analyzing, evaluating, financial modeling, such Targets for the Company. The Targets may include, companies, businesses or assets. 

	1.
	For
Bongard Shipbrokers S.A.'s services hereunder, the Company agrees to pay fees to Bongard Shipbrokers S.A. in cash the amount of USD 800,000 (say, eight hundred thousand) within
30(thirty) days following the closing of the Acquisition, on a success basis, meaning that in the case that no Acquisition occurs no such fee will become payable.

	

	As
used herein "Acquisition" means the acquisition of a majority of the common or voting stock of a target company or substantially all of its assets, or the acquisition
of individual assets from one or more sellers whether by merger or otherwise for which Star Maritime Acquisition Corp. has entered into definitive agreement(s) for such Acquisition.

	2.
	The
Company agrees that all advice given by Bongard Shipbrokers S.A. in connection with its engagement hereunder is for the benefit and use of the Company in considering its strategic
situation and that no such advice shall be used for any other purpose or be disclosed, reproduced, disseminated, quoted or referred to at any time, in any manner or for any purpose, nor shall any
public references to Bongard Shipbrokers S.A. be made by or on behalf of the Company, in each case without Bongard Shipbrokers S.A.' prior written consent, which consent shall not be unreasonably
withheld.

	3.
	The
Company agrees that Bongard Shipbrokers S.A. has been retained to act solely as an advisor and or an agent and or a finder by the Company, and not as an advisor to or agent of or
finder for any other person, and that the Company's retention of Bongard Shipbrokers S.A. is not intended to confer rights upon any person not a party hereto (including stockholders, employees or
creditors of the Company) as against Bongard Shipbrokers S.A. or its affiliates, or their directors, officers, employees or agents. The Company further agrees that under no circumstances shall the
execution of this letter agreement or any act of Bongard Shipbrokers S.A. hereunder commit or be 

 

deemed
a commitment by Bongard Shipbrokers S.A. (or any affiliate) to provide or arrange any bank financing or other debt or equity financing for any transaction or to purchase any security in
connection therewith. It is specifically understood that the Company's Board of Directors will not base its decisions regarding whether and how to pursue any acquisition solely on Bongard Shipbrokers
S.A.'s referral, but will also consider the advice of the Company's legal, tax and other business advisors and such other factors which they consider appropriate. Bongard Shipbrokers S.A. as an
independent contractor under this letter agreement, shall not assume the responsibilities of a fiduciary to the Company or its stockholders in connection with the performance of Bongard Shipbrokers
S.A.'s services hereunder, and any duties of Bongard Shipbrokers S.A. arising out of this letter agreement shall be owed solely to the Company. The rights and obligations the Company may have to
Bongard Shipbrokers S.A. or its affiliates under any credit or other agreement are separate from the Company's rights and obligations under this letter agreement and will not be affected by Bongard
Shipbrokers S.A.' services hereunder. 

	4.
	Please
be advised that Bongard Shipbrokers S.A. are (is) engaged in a broad range of broking and financial services. In the ordinary course of business, Bongard Shipbrokers S.A. or its
affiliates (i) may at any time be acting as a broker or advisor for the accounts of other customers that may ultimately be involved in any possible strategic alternative and (ii) may at
any time be acting as a broker or advisor to other companies that may ultimately be involved in a possible referral or a competing transaction.

	5.
	The
Company and Bongard Shipbrokers S.A. agree to the provisions with respect to the Company's indemnity of Bongard Shipbrokers S.A. and other matters set forth herein. 

The
Company agrees to indemnify Bongard Shipbrokers S.A. and its affiliates and their respective directors, officers, employees, agents and controlling persons (Bongard Shipbrokers S.A. and each such
person being an "Indemnified Person") from and against any and all losses, claims, damages and liabilities, joint or several, to which such Indemnified
Person may become subject as a result of Bongard Shipbrokers S.A.'s engagement or any matter contemplated by this Agreement, and will promptly reimburse any Indemnified Person for all expenses in
connection with the investigation of, preparation for or defense of any pending or threatened claim or any action or proceeding arising therefrom, whether or not such Indemnified Person is a party and
whether or not such claim, action or proceeding is initiated or brought by or on behalf of the Company (including in any settlement effected with the Company's consent, which shall not be unreasonably
withheld). The Company will not be liable under the foregoing indemnification provision to the extent that any loss, claim, damage, liability or expense is found in a final judgment by a court of
competent jurisdiction to have resulted directly and primarily from Bongard Shipbrokers S.A.'s willful misconduct or gross negligence. 

The
provisions of this clause shall expressly survive any expiration, termination or completion of the engagement provided by this Agreement. 

	6.
	Bongard
Shipbrokers S.A.'s role hereunder may be terminated at any time by either Bongard Shipbrokers S.A. or the Company, upon 30 days notice, it being understood that upon
termination, this letter agreement shall have no further force or effect, except that any termination of Bongard Shipbrokers S.A.'s engagement hereunder for any reason shall not affect the Company's
obligations to pay to Bongard Shipbrokers S.A. fees accruing prior to such termination to the extent provided for herein, to provide indemnification and contribution as provided in Schedule I
hereto, and to reimburse expenses as set forth herein and therein. In addition, provisions relating to the status of Bongard Shipbrokers S.A. as an independent contractor, the limitation on to whom
Bongard Shipbrokers S.A. shall owe any duties, governing law, successors and assigns, and the waiver of the right to trial by jury shall survive any termination of this letter agreement. 

2

 
	7.
	This
letter agreement, Schedule I, any annexes or attachments hereto and any rights, duties or obligations hereunder may not be waived, amended, modified or assigned, in any
way, in whole or in part, including by operation of law, without the prior written consent of, and shall inure to the benefit of and be binding upon the successors, assigns and personal
representatives of, each of the parties hereto.

	8.
	In
case any provision of this letter agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this letter
agreement shall not in any way be affected or impaired thereby.

	9.
	This
letter agreement and any claim or dispute of any kind or nature whatsoever arising out of, or relating to, this letter agreement or Bongard Shipbrokers S.A.'s engagement
hereunder, directly or indirectly (including any claim concerning advice provided pursuant to this letter agreement), shall be governed by and construed in accordance with English law. Any rights to
trial by jury with respect to any claim, action or proceeding, directly or indirectly, arising out of, or relating to, this letter agreement or Bongard Shipbrokers S.A.'s engagement hereunder are
waived by Bongard Shipbrokers S.A. and the Company. 

        We
are pleased to accept this engagement and look forward to working with the Company. Please confirm that the foregoing is in accordance with your understanding by signing and returning
to us the enclosed duplicate of this letter, which shall thereupon constitute a binding agreement. 

Very
truly yours, 

BONGARD
SHIPBROKERS S.A. 

	

By:	

/s/  ROLAND BONGARD      
 Roland Bongard

Title:  Director

Accepted and agreed to

as of the date first written above: 

STAR
MARITIME ACQUISITION CORP. 

	

By:	

/s/  AKIS TSIRIGAKIS      
 Akis Tsirigakis

Chief Executive Officer

3

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