Star Bulk Carriers Corp. has closed the previously announced acquisition of three newbuilding Newcastlemax dry bulk vessels in an all -share transaction, from Oceanbulk Container Carriers LLC (“OCC”), an entity affiliated with Oaktree Capital Man agement, L.P. (“Oaktree ”) and with family members of our CEO, Mr. Petros Pappas and entities affiliated to them (“Pappas Shareholders”).
The final consideration for the OCC Vessel Purchase Transaction is 3,304,735 million common shares of the Company. The three vessels are being constructed at Shanghai Waigaoqiao Shipbuilding Co. (“SWS”), with expected delivery dates in the end of 2018 and first half of 2019.
CSSC (Hong Kong) Shipping Company Limited has agreed to provide $104.4m to finance the rema ining $103.8m capital expenditure of the three vessels via a ten- year capital lease. Following the closing of the OCC Vessel Purchase, the funds affiliated with Oaktree are expected to beneficially own approximately 45.3 % (taking into effect the closing o f the secondary public offering of 5,000,000 shares launched on June 26, 2018) and the Pappas Shareholders 5.6 % of the Company’s common shares, based on 67,464,739 common shares of Star Bulk issued and outstanding.
About Star Bulk
Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, coal and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK”. On a fully delivered basis, Star Bulk will have a fleet of 108 vessels, with an aggregate capacity of 12.26 million dwt, consisting of 17 Newcastlemax, 18 Capesize, 2 Mini Capesize, 7 Post Panamax, 35 Kamsarmax, 2 Panamax, 16 Ultramax and 11 Supramax vessels with carrying capacities between 52,055 dwt and 209,537 dwt.