Dry bulk transportation company Star Bulk Carriers Corp. said it plans to make an underwritten public offering of its common stock aimed at financing its newbuilding program.
Jefferies LLC and Morgan Stanley & Co. LLC will act as joint book-running managers for the offering, the company explained.
Star Bulk intends to grant the underwriters a 30-day option to purchase additional shares of its common stock.
A shelf registration statement relating to the offering of the common stock was filed with the U.S. Securities and Exchange Commission and is effective.
The company’s current fleet includes 64 operating vessels, 5 second hand vessels to be delivered in early 2015 and 34 newbuilding vessels currently under construction at shipyards in Japan and China.
All of the newbuilding vessels are expected to be delivered during 2015 and 2016.
On a fully delivered basis, Star Bulk will have a fleet of 102 vessels, with an aggregate capacity of 11.8 million dwt.