Star Bulk Raising Market Funds for Newbuildings
Star Bulk Carriers Corp. announce an underwritten public offering of common shares with the intention to use the net proceeds of the offering to partially fund the acquisition of nine identified newbuilding vessels, future vessel acquisitions and general corporate purposes, including working capital.
The company also intends to grant the underwriters a 30-day option to purchase additional shares of common stock representing 15% of the offered shares. The common shares are being offered pursuant to the company’s effective shelf registration statement.
Morgan Stanley (MS) is acting as the sole book-running manager for the offering.
About Star Bulk:
Star Bulk is a global shipping company providing worldwide seaborne transportation in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, coal and grain and minor bulks which include bauxite, fertilizers and steel products.
Currently, Star Bulk has an operating fleet of thirteen dry bulk carriers. The total fleet consists of five Capesize and eight Supramax dry bulk vessels with a combined cargo carrying capacity of 1,290,602 deadweight tons (dwt).