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 June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

SUNY Maritime College Names ABS Chairs

The State University of New York (SUNY) Maritime College has selected Dr. Richard Burke and Dr. Christopher Clott as its inaugural ABS chairs following a comprehensive

Austal Starts Next US Littoral Combat Ship

Austal and the U.S. Navy held a keel-laying ceremony today for the future USS Manchester (LCS 14), marking the first significant milestone in its construction.

Conference to Delve into Hybrid Power & Propulsion

The first international Hybrid Marine Power & Propulsion Conference will be held at the RNLI Lifeboat College, Poole UK from October 6-8, 2015.   Shock Mitigation

Bulk Carrier Trends

LCA Sees Progress on Great Lakes Issues

Prospects for ending the dredging crisis and resolving other pressing issues on the Great Lakes are the best in 12 years according to Lake Carriers’ Association (LCA),

Scorpio Bulkers Charters Out Newbuild Bulker

Dry bulk marine transport provider Scorpio Bulkers Inc. announced today that it has agreed to time charter-out the SBI Montesino, a Capesize vessel that is currently

Dalian Shipbuilding Wins Cosco Order for 7 Ships

Dalian Shipbuilding Industry Corporation (DSIC) has announced an order win for two 319,000 dwt VLCCs and five 72,000 dwt product tankers from Cosco Dalian, the

Finance

Multimodal Freight Bill Introduced in US Senate

Cantwell, Booker, Murray, Markey introduce freight investment legislation aiming to eliminate chokepoints at critical highway, rail, port and intermodal facilities to support economic growth,

Crowley Acquires 4,300 Pieces of Liner Equipment

In response to continuing high customer demand, Crowley Maritime Corporation’s liner services group has placed orders for additional equipment, including hundreds

DPE is New Majority Shareholder in INTERSCHALT

Deutsche Private Equity GmbH (DPE) is set to become the new majority shareholder in INTERSCHALT maritime systems AG, the maritime software and services provider

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.2304 sec (4 req/sec)