• 2018 June 29 16:04

  Star Bulk Carriers announces closing of acquisition of 3 dry bulk vessels from Oceanbulk Container Carriers

  

  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.

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