Star Bulk Rights Offering Enables Newbuilding Orders

MarineLink.com
Friday, July 26, 2013
Bulk carrier: Photo courtesy of Star Bulk Carriers

Star Bulk Carriers Corp. announce successful completion of their previously announced $75 million backstopped equity rights offering and concurrent private placement.

Due to the level of participation by existing shareholders, back stop providers were issued the minimum amounts under their purchase commitments and the total gross proceeds of this capital raising transaction increased to approximately $80.1 million.

The Company has agreed to use the net proceeds from this offering to enhance liquidity and to partially fund the purchase price of our previously announced newbuilding program, which consists of contracts for the construction of two fuel‐efficient 180,000 dwt Capesize drybulk carriers and two fuel‐efficient 60,000 dwt Ultramax dry bulk carriers.

Spyros Capralos, President and CEO of Star Bulk, commented: “This is a milestone for Star Bulk that has allowed us to enter into newbuilding orders to expand our fleet with modern fuel efficient ships at very attractive prices. The offering validates the confidence from our existing shareholders and new investors in the Company and our strategy. We are pleased to welcome Oaktree Capital Management and Monarch Alternative Capital to our group of new shareholders. We believe that our strategy will enable us to create value for our shareholders.”

www.starbulk.com

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Australian Defence Minister Says Would Not Trust Submarine Firm to Build Canoe

Australia's defence minister has said he would not trust state-owned Australian Submarine Corp (ASC) "to build a canoe", fuelling expectations that most work in

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Norwegian Buys Ship from Princess Cruises

Norwegian Cruise Line Holdings Ltd. announces fleet expansion for Oceania Cruises in 2016; Sirena to join sister ships Insignia, Regatta and Nautica   Norwegian Cruise Line Holdings Ltd.

Bulk Carrier Trends

DNV GL Examines Container and Bulk Shipping Trends

DNV GL’s latest Container Ship Forum and Bulk Carrier Forum looked at a broad spectrum of topics including environmental regulations, trends in ship design as well as the new DNV GL rule set.

Ferus Smit to Launch Newbuild Bulk Carrier

Ferus Smit will launch newbuild general bulk cargo vessel Arklow Brave on Friday, December 12, in Westerbroek.   Arklow Brave is the fifth vessel in a series

India Seeks Private Cash for Intermodal Bridge

Rail system needs more tracks and wagons; Not enough coal gets from port to power stations. India is targeting up to $1 billion of private investment by 2017

Finance

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Shipbuilding Regulations: Cents and Sensibility

Addressing the Jones Act is just one aspect of an increasingly complicated boatbuilding environment. Stovepiped, poorly conceived regulations is another. The sting of the recession is fading,

Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2261 sec (4 req/sec)