Star Bulk Closes Acquisition of 16 Bulkers

Petros Pappas, CEO of Star BulkImage Courtesy: Capital Link

Greece-based dry bulk shipping firm Star Bulk Carriers has finalized the acquisition of sixteen dry bulk vessels from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction.

The units were acquired through an all-share transaction which was agreed in late April 2018. The final consideration for the Augustea Vessel Purchase is 10.3 million common shares of the company, equal to around 11.3% of Star Bulk’s common shares. As part of the transaction, the company will assume debt of some USD 309 million.

The 16-strong fleet includes five Newcastlemaxes / Capesize vessels, two Mini Capesize vessels, eight Post Panamax / Kamsarmax vessels and one Ultramax vessel of 4.5 years of average age, built mainly in Japan and Korea.

Following the closing of the Augustea Vessel Purchase, Mr. Raffaele Zagari will be appointed to the Board of Directors of Star Bulk. The company will have 91.7 million common shares issued and outstanding.

On a fully delivered basis, Star Bulk will have a fleet of 90 vessels, with an aggregate capacity of 10.2 million dwt.

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