Greek firm Star Bulk Carriers is set to acquire 16 vessels in an all-share deal from companies affiliated with Augustea Atlantica and York Capital Management. The agreement will see Star Bulk issue 10.5 million shares of common stock, 14.1% of total shares after the sale, and assume a $310m debt. In addition to its existing fleet of container ships, Star Bulk has plans for two new vessels, which it says could be delivered by 2023. The portfolio includes five Newcastlemaxes/Capesizes, two mini capesizes, eight Post Panamax/Kamsarmax ships and an Ultramax vessel.
Greek firm Star Bulk Carriers is set to acquire 16 vessels in an all-share deal from companies affiliated with Augustea Atlantica and York Capital Management. The agreement will see Star Bulk issue 10.5 million shares of common stock, 14.1% of total shares after the sale, and assume a $310m debt. The company will also take over operational management of the vessels, while technical management remains with an affiliate of Augustea Atlantica. The portfolio includes five Newcastlemaxes/Capesizes, two mini capesizes, eight Post Panamax/Kamsarmax ships and an Ultramax vessel.