Weak dry bulk market and consecutive net losses have forced Greek dry bulk shipping company Star Bulk Carriers to further postpone the delivery of four newbuildings.

According to the company, they have managed to delay a total of US$464m of capital expenditures from 2015 to 2016 and delay vessel deliveries by a total of 105 months, or 5.2 months per each newbuilding vessel on average at no additional cost.

In the third quarter of 2015, Star Bulk posted a net loss of US$42m, hitting a net loss of US$147.2m for the nine months ended Sept. 30, 2015, compared to the US$3.6m net loss over the same period in 2014.

"We expect further reduction in our average daily operating expenses upon completion of our newbuilding program in 2016, without compromising the high quality and safety standards of our operations. We have recently announced the reassignment of a lease agreement to a third party, which will result in a one-time payment to us of US$5.8m in 2015. Including the effect of a similar arrangement concluded earlier this year, we have managed to reduce our expected equity capital expenditures by US$23.2m," said Petros Pappas, Chief Executive Officer of Star Bulk.

"Under the current market environment our focus remains to maintain a strong operating platform to take us through this downturn and into recovery in the years to come. Acting always in a preemptive and prudent manner, we are taking and will continue to take, all the necessary steps to maintain a strong liquidity position, reduce our break – even levels and safeguard shareholder value."