Star Bulk to Buy Eleven Bulkers from Delphin Shipping

Petros Pappas, CEO of Star BulkPetros Pappas, CEO of Star Bulk; Image Courtesy: Capital Link

Greek shipping company Star Bulk Carriers has entered into an en bloc definitive agreement to purchase eleven dry bulk vessels from entities controlled by Delphin Shipping.

The units, that were built by Jiangsu Hantong between 2012 and 2014, would be acquired for an aggregate purchase price of USD 139.5 million, payable in the form of USD 80 million in cash and 4.503 million common shares of Star Bulk.

The company said it also secured exhaust gas cleaning systems for all of the vessels “with attractive delivery dates”.

The cash portion would be financed through proceeds of a new seven-year capital lease of up to USD 93.6 million with China Merchants Bank Leasing, and an additional tranche of USD 15 million for financing of scrubbers, thus offering around USD 9 million of additional liquidity for Star Bulk.

Expected to be finalized in June 2019, the acquisition remains subject to the execution of definitive finance agreements and customary closing conditions.

The technical management of the 11 vessels, featuring from 56,600 to 63,100 dwt, would remain with an entity affiliated with Technomar, while commercial management will be taken over by Star Bulk.

If concluded, the transaction would increase Star Bulk’s fleet to 120 vessels.

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