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Star Bulk Carriers Acquires 3 Dry Bulkers from Oceanbulk Container Carriers

Star Bulk Carriers Acquires 3 Dry Bulkers from Oceanbulk Container Carriers
Star Bulk Carriers announced that it has closed the previously announced acquisition of three newbuilding Newcastlemax dry bulk vessels in an all-share transaction, from Oceanbulk Container Carriers (OCC).

The final consideration for the OCC Vessel Purchase Transaction is 3,304,735 million common shares of the Company.
 
OCC is an entity affiliated with Oaktree Capital Management and with family members of our CEO, Petros Pappas and entities affiliated to them. 
 
The three vessels are being constructed at Shanghai Waigaoqiao Shipbuilding (SWS), with expected delivery dates in the end of 2018 and first half of 2019. CSSC (Hong Kong) Shipping Company Limited has agreed to provide $104.4m to finance the remaining $103.8m capital expenditure of the three vessels via a ten-year capital lease.
 
Following the closing of the OCC Vessel Purchase, the funds affiliated with Oaktree are expected to beneficially own approximately 45.3% (taking into effect the closing of the secondary public offering of 5,000,000 shares launched on June 26, 2018) and the Pappas Shareholders 5.6% of the Company’s common shares, based on 67,464,739 common shares of Star Bulk issued and outstanding.
 
On a fully delivered basis, Star Bulk will have a fleet of 108 vessels, with an aggregate capacity of 12.26 million dwt, consisting of 17 Newcastlemax, 18 Capesize, 2 Mini Capesize, 7 Post Panamax, 35 Kamsarmax, 2 Panamax, 16 Ultramax and 11 Supramax vessels with carrying capacities between 52,055 dwt and 209,537 dwt.

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