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Star Bulk announces purchase of another 16 bulk carriers

By L. Karageorgos

[email protected]

Greece-based Star Bulk, a NASDAQ-listed shipping company, this week announced the purchase of another 16 bulkers from Augustea Atlantica SpA and York Capital Management, via an exchange of shares.

Star Bulk, which is led by shipping executive Petros Pappas, will issue roughly 10.5 million common shares to the two companies selling the vessels, corresponding to 14.1 percent of the former’s common shares after the transaction is completed.

Star Bulk will also assume liabilities of 310 million USD related to the 16 bulk carriers.

The deal is expected to be finalized in the second quarter of the year, with financing agreements and closing terms pending.