Star Bulk Carriers Corp News

Star Bulk Carriers Corp. on Tuesday announced that it has completed its merger with fellow dry bulk shipping company Eagle Bulk Shipping Inc.Eagle Bulk shareholders this week voted to approve the $2.1 billion deal, which was first announced in December 2023.Under the terms of the merger agreement, each Eagle shareholder received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned. Eagle common stock has ceased trading and will no longer be listed on the New York Stock Exchange.Petros Pappas…

The Lloyd’s Register (LR) Maritime Decarbonization Hub is collaborating with five leading shipowners as founding members in the establishment of a not-for-profit Athens-based global Maritime Emissions Reduction Center (M-ERC) that will focus on optimizing the efficiency of the existing fleet.The M-ERC is being created with the goal of removing technical, investment and community barriers for the uptake of solutions to reduce the greenhouse gas (GHG) emissions of the existing global fleet…

A consortium, led by the Global Maritime Forum and consisting of BHP, Rio Tinto, Oldendorff Carriers and Star Bulk Carriers Corp., signed a letter of intent (LOI) to assess the development of an iron ore Green Corridor between Australia and East Asia.To mobilize demand for green shipping and to scale zero- or near-zero greenhouse gas emission shipping, governments and industry decision-makers are increasingly looking to enable and simplify the task of decarbonizing the maritime sector by establishing Green Corridors: specific shipping routes where the economics…

For the second year straight, US-based Pangaea Logistics ranks highest among dry bulk owners based on Time Charter Earnings (TCE), according to a recent market benchmarking report.Notably, the Rhode Island-headquartered shipowner's 53.7% TCE performance is well above Hong Kong's Pacific Basin Shipping Ltd. (24.3%) and Thailand's Thoresen Thai Agencies (23.5%) in second and third place respectively.The Vesselindex Performance Report by Danish maritime advisors Liengaard & Roschmann measures the TCE performance of 25 individual companies in relation to the earning potential of their respective fleets, making sure that no company is neither penalized nor getting an advantage from inferior/superior fleet compositions.

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced that it has agreed to sell the Star Cosmo, a 2005 built Supramax vessel and the Star Epsilon, a 2001 built Supramax vessel."We expect to deliver both vessels to their new owners by the end of this month (November)," the Greece-based shipping company said in a statement.The proceeds from these sales, after prepayment of the debt related to the two vessels, are expected to be approximately $6.0 million and we expect to incur a non-cash loss of approximately $4.5 million in the fourth quarter of 2019.Meanwhile, Star Bulk  completed the installation of 44 scrubber systems…

Watson Farley & Williams (WFW), an international law firm based in London, has advised NASDAQ listed Star Bulk Carriers Corp on the acquisition of 11 dry bulk vessels from Delphin Shipping LLC in a shares and cash transaction.Under the terms of the acquisition, the vessels that were built by Jiangsu Hantong between 2012 and 2014 will be acquired for an aggregate purchase price of US$139.5m, payable in the form of US$80m in cash and 4.503 million common shares of Star Bulk.If concluded, the transaction would increase Star Bulk’s fleet to 120 vessels, a release said."This is the third such deal that WFW have assisted Star Bulk with in the last 18 months, previously advising them in 2018 on the acquisition of multiple vessels from both Augustea and E.R.

Greek shipping company Star Bulk Carriers Corp reported a net loss of $5.3 million, or $0.06 loss per share for the first quarter ended March 31, 2019.Net income for the first quarter of 2018 was $9.9 million, said the global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector."By the end of May 2019 we are on track to have 40 vessels scrubber fitted. We expect to have a fully scrubber fitted fleet by January 2020. Because we expect 2020 to be a more profitable year, we want to maximize the operating days in 2020 and we thus bring forward to 2019 all our drydocks that would otherwise be due in 2020…

Star Bulk Carriers Corp and entities affiliated with E.R. Capital Holding GmbH & Cie. KG mutually waived their respective Call and Put Options relating to the four optional operating dry bulk vessels.On August 29, 2018, Star Bulk, the global shipping company focusing on the transportation of dry bulk cargoes,  entered into an en bloc definitive agreement with entities affiliated with E.R. Capital to acquire three firm operating dry bulk vessels within 2018 and four optional operating dry bulk vessels.Now the companies informed that they have walked away from a potential deal involving four capesize bullkers.Pursuant to the above developments…

Greece-based Star Bulk Carriers Corp. took delivery of the last two of the three firm dry bulk vessels from an entity affiliated with E.R. Capital Holding GmbH & Cie. KG.According to the global shipping company focusing on the transportation of dry bulk cargoes announced it added the 2010 built Capesize vessels M/V E.R BRANDENBURG and M/V E.R BOURGOGNE, to its fleet on on January 7th, 2019 and January 14th, 2019 respectively, The Vessels were acquired for a combination of cash and shares. The vast majority of the cash portion of the transaction will be funded from senior secured financing which will be drawn within this week.Following…

The global shipping company focusing on the transportation of dry bulk cargoes Star Bulk Carriers Corp announced the third quarter ended September 30, 2018 marks the fourth consecutive profitable one.The Marousi, Greece-based company said that the total revenues for the third quarter of 2018 increased to $188.5 million from $80.8 million in the third quarter of 2017.Petros Pappas, Chief Executive Officer of Star Bulk said: "we achieved $128.7 million in TCE Revenues, $80.1 million in Adjusted EBITDA and Net Income of $26.1 million. Our average TCE for the quarter continued to increase quarter on quarter to $14,521/day per vessel. As of today…

International law firm Watson Farley & Williams (WFW) advised Norway’s DNB Bank ASA (DNB), as facility agent and security agent for a syndicate of banks comprising itself, ABN AMRO Bank N.V., BNP Paribas, Danish Ship Finance and Skandinaviska Enskilda Banken AB, in relation to a US$310m loan facility provided to Star Bulk Carriers Corp.Secured on 26 vessels in Star Bulk’s fleet, the facility consists of two tranches: (a) a first tranche of US$240m used to refinance Star Bulk’s debt under five existing facility agreements; and (b) a second tranche of US$70m used to finance the prospective capital expense for the retrofitting of vessels…

Athens, Greece-based Star Bulk Carriers Corp took delivery of the first of the three firm dry bulk vessels, the ER Brighton, renamed to Star Bright, from an entity affiliated with E.R. Capital Holding GmbH & Cie. KG.The global shipping company focusing on the transportation of dry bulk cargoes announced that, the delivery is in pursuant to the previously announced transaction of August 28, 2018. The Vessel was acquired for a combination of cash and shares. Following this delivery, the Company has 92,355,927 common shares issued and outstanding.ER Brighton is a Bulk carrier built in 2010 by Hyundai Vinashin Shipyard - Ninh Phuoc, Vietnam.Star Bulk’s vessels transport major bulks…

Watson Farley & Williams (WFW) has advised CMB Financial Leasing (CMBFL) on a US$180.4m sale and leaseback transaction with Star Bulk Carriers Corp, a Nasdaq-listed global shipping company providing worldwide seaborne transportation of dry bulk cargoes.The funds obtained by Star Bulk under this new five-year capital lease of US$180.4m entered into with CMBFL were used to part-finance the cash portion of the consideration with regards to Star Bulk’s acquisition of 15 dry bulk vessels from Norwegian shipowner Songa Bulk ASA.Founded in 2008, Shanghai-based CMBFL provides financial leasing solutions to large, medium, and small businesses across China.

Star Bulk Carriers Corp. announced that it has consummated the previously announced acquisition of 16 dry bulk vessels in an all-share transaction, from entities affiliated with Augustea Atlantica SpA and York Capital Management.The final consideration for the Augustea Vessel Purchase is 10.3 million common shares of the Company, equal to approximately 11.3% of Star Bulk’s common shares after the closing of the Augustea Vessel Purchase.As part of the transaction, the Company will assume debt of approximately $309 million.Following the closing of the Augustea Vessel Purchase, Raffaele Zagari will be appointed to the Board of Directors of Star Bulk as a Class C Director.

The global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector Star Bulk Carriers Corp will commence trading on the Oslo Stock Exchange under the ticker “SBLK R” starting on Monday July 16, 2018. The ship manager of seaborne transportation announced on July 6 2018 that it had closed the acquisition of 15 operating dry bulk vessels from Songa Bulk for an aggregate of 13.725 million common shares of Star Bulk and $145.0 million in cash. As announced previously by Songa, the first distribution of the consideration shares by Songa to its eligible shareholders is expected to be effected today, July 13, 2018. Following such distribution, Star Bulk has satisfied all listing obligations.

Star Bulk Carriers Corp. agreed to acquire 16 vessels from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction. As consideration for the Vessel Acquisition, Star Bulk has agreed to issue approximately 10.5 million common shares to the sellers of the 16 vessels, equal to approximately 14.1% of Star Bulk’s common shares after the closing of the Vessel Acquisition. Under the terms of the agreement with the sellers, the consideration will be determined based on the average vessel valuations by independent vessel appraisers and is subject to adjustments for cash, debt and capex on the closing date. As part of the transaction, the Company will assume debt of $310.0 million.

Star Bulk Carriers Corp announced that it has agreed to acquire 16 vessels from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction. As consideration for the Vessel Acquisition, Star Bulk has agreed to issue approximately 10.5 million common shares to the sellers of the 16 vessels, equal to approximately 14.1% of Star Bulk’s common shares after the closing of the Vessel Acquisition. Under the terms of the agreement with the sellers, the consideration will be determined based on the average vessel valuations by independent vessel appraisers and is subject to adjustments for cash, debt and capex on the closing date. As part of the transaction, the Company will assume debt of $310.0 million.

Greece-based Star Bulk Carriers Corp. sailed into a net profit of USD 23.9 mln  for the fourth quarter and year ended December 31, 2017 from a loss of USD 33.1 mln during the same quarter of the previous year. "This performance is underpinned by an average TCE of $13,860/day per vessel with 100% fleet utilization, and average Opex and Net Cash G&A expenses per vessel of $3,850/day and $1,094/day respectively. We have fixed 86% of available ship days for Q1 2018 at average TCE rates of $12,700/day," he added. Petros further said: "Having terminated the amortization holiday under our restructuring agreements 6 months ahead of schedule, we repaid $35.6 million in February 2018 through our cash sweep mechanism, and hope to fully pay down the deferred amounts by the end of this year.

It has been quite awhile since the global bulk carrier market has had much to cheer about, but U.S. dry bulk shippers are set to post strong revenue growth in the next two years thanks to soaring Chinese demand for high-grade iron ore from Brazil and Australia. To combat severe winter smog, China has slashed iron ore output, pushing steel mills in the world's second biggest economy to import more high-grade ore. China also wants to make pollution control a priority for the next three years.

The U.S. Coast Guard (USCG) has awarded Qualship 21 status to 30 bulk carriers owned and operated by Star Bulk Carriers Corp., the largest U.S. listed dry bulk operator. The Qualship 21 program rewards high quality ships sailing under qualifying flags. In a letter to Star Bulk, Rear Admiral Paul Thomas of the USCG stated, “Less than 10 percent of all [non-U.S. flagged] ships that operate in the [U.S.] meet the eligibility requirements of this program, putting [Star Bulk's] qualified vessels in an elite class.

Star Bulk Carriers Corp. announced the closing of its previously announced private placement of 6,310,272 common shares, at a price of $8.154 per share. The aggregate proceeds to Star Bulk, net of underwriting fees and offering expenses, were approximately $50.6 million. Star Bulk intends to use the net proceeds for general corporate purposes. Oaktree Capital Management, L.P. and its affiliates and Senator Investment Group LP purchased 6,310,272 common shares in connection to this offering. Giving effect to this offering, Oaktree and Senator are expected to beneficially own 51.4% and 6.5%, respectively, of the Company's outstanding common shares. Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector.

Star Bulk Carriers Corp announced the execution of agreements with affiliates of Oaktree Capital Management, L.P. and Senator Investment Group LP to sell Oaktree and Senator an aggregate of 6,310,272 of its common shares, at a purchase price of $8.154 per share. The private placement, which is scheduled to close by early February 2017, is expected to result in aggregate gross proceeds to Star Bulk of approximately $51.5 million. The Company has agreed to grant shelf registration rights to the investors for the resale of their common shares. Star Bulk intends to use the net proceeds of the offering for general corporate purposes. Giving effect to this offering…

Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq: SBLK) today announced it plans to make an underwritten public offering for $51.5 million gross proceeds of its common stock. The Company intends to use the net proceeds from the offering for general corporate purposes. Oaktree Capital Management, L.P., Caspian Capital LP and family members or entities owned and controlled by affiliates of the family of our Chief Executive Officer and founder, Mr. Pappas, have indicated that they will purchase common shares with gross proceeds representing their respective pro rata shares of the gross proceeds of the offering, based on their respective current percentage ownership in the Company.