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.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >