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Shipping industry braces for a large deal

The time is counting down for Eagle Bulk’s general meeting in order for its shareholders to consider the major takeover bid submitted by Greek interests’ Star Bulk.

In the agreement, two more Greek shipping companies are involved, Danaos Shipping, which owns 16% of Eagle, as well as Castor Maritime which participates with a 14.9% stake.

Oaktree fund

The participation of the US fund Oaktree in both Star Bulk and Eagle Bulk is what unites the two companies.

If all goes well, the merger is expected to be completed by the end of the first half of 2024. The new company will have a fleet of 170 bulk carriers of all sizes, creating a shipping giant.

In terms of company capitalization, Star bulk with a fleet of 118 ships reaches 1.93 billion US dollars on the Nasdaq market and Eagle Bulk with a fleet of 52 ships reaches 582.7 million US dollars on the NYSE.

Commenting on the developments of the deal, Eagle Bulk managing director Petros Pappas noted: “Regarding the previously announced merger of all our shares with Eagle Bulk, we continue to work towards completing the transaction in the first half of 2024. We have received all necessary regulatory approvals. The Eagle Bulk shareholder vote will take place on April 5, 2024.”

“We strongly believe in the operational and financial benefits of uniting the two companies and creating a global leader in dry bulk shipping,” he added.