Songa Bulk Shareholders Okay Star Bulk Vessel Sale

Petros Pappas, CEO of StarbulkImage Courtesy: Capital Link

Shareholders of Norwegian shipowner Songa Bulk have approved the earlier announced sale of fifteen vessels to Greece-based dry bulk shipping firm Star Bulk Carriers.

Under the deal, Star Bulk will acquire 15 operating vessels of Songa for an aggregate of 13.725 million common shares of the company and USD 145 million in cash.

The approval of the shareholders of Songa was a condition to the closing of the vessel purchase transaction, which was unveiled mid-May.

The transaction remains subject to other customary closing conditions, and is expected to be undertaken by the third quarter of 2018, according to Star Bulk.

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