The Wolfson Centre for Bulk Solids Handling Technology Coaltrans Asia 2021TMS Awards 2021TBA GroupTelestackVan Aalst
  • Cleveland Cascades Ltd
  • Telestack
  • The Wolfson Centre for Bulk Solids Handling Technology
  • Coaltrans Asia 2021
  • Port of Stockton
  • TMS Awards 2021

Star Bulk to buy 11 Kelso bulkers

Star Bulk to buy 11 Kelso bulkers

(Posted on 30/05/19)

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes has announced that it has entered into an en-bloc definitive agreement with entities controlled by Delphin Shipping LLC, an entity affiliated with Kelso & Company, pursuant to which the Company will acquire eleven operating dry bulk vessels for an aggregate purchase price of $139.5 million, payable in the form of a) $80.0 million in cash and b) 4.503 million common shares of Star Bulk. The Company has secured exhaust gas cleaning systems for all of the Vessels with attractive delivery dates. The cash portion of the Purchase Price will be financed through proceeds of a new seven-year capital lease of up to $93.6 million with China Merchants Bank Leasing, and an additional tranche of $15.0 million for financing of Scrubbers, thus offering approx. $9.0 million of additional liquidity for Star Bulk.

The Vessel Acquisition, which is expected to be consummated in June 2019, remains subject to the execution of definitive finance agreements and customary closing conditions. The technical management of the 11 vessels will remain with an entity affiliated with Technomar, while commercial management will be taken over by Star Bulk. As a result of the contemplated transaction, entities affiliated with Kelso are expected to own approximately 4.6% of the outstanding common shares of the Company. After giving effect to the Vessel Acquisition, Star Bulk will have a fleet of 120 vessels on a fully delivered basis, aggregate 2 cargo-carrying capacity of approximately 13.1 million deadweight tons and vessels with an average age of 7.8 years.

Star Bulk is a global shipping company providing worldwide seaborne transportation solutions 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. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Oslo, New York, Cyprus and Geneva. Its common stock trades on the Nasdaq Global Select Market and on the Oslo Stock Exchange under the symbol “SBLK”. On a fully delivered basis, Star Bulk will have a fleet of 120 vessels, with an aggregate capacity of 13.1 million dwt, consisting of 17 Newcastlemax, 19 Capesize, 2 Mini Capesize, 7 Post Panamax, 35 Kamsarmax, 2 Panamax, 18 Ultramax and 20 Supramax vessels with carrying capacities between 52,055 dwt and 209,537 dwt. Where we refer to information on a “fully delivered basis,” we are referring to such information after giving effect to the delivery of two newbuilding vessels and the successful consummation of the Vessel Acquisition.

Latest News

Sailors’ Society’s plea to the maritime industry

(Posted on 22/06/21)

The shipping industry must help seafarers now to prevent a mental health catastrophe – that&rsquo... Read more


CCS and COSCO sign new decarbonisation agreement

(Posted on 22/06/21)

China Classification Society (CCS) and China COSCO Shipping Group Co. Ltd have signed a new agreement... Read more


Innovation leads to elevation for ship registry

(Posted on 22/06/21)

Maturity and innovation have proved a winning combination as the world’s most technologically... Read more


Costamare diversifies into dry bulk

(Posted on 18/06/21)

Costamare Inc. has announced the acquisition of 16 dry bulk vessels of between 33,000 and 85,000 DWT... Read more


Inmarsat helps Diamond Bulk Carriers reap big data rewards

(Posted on 18/06/21)

Inmarsat, the world leader in global, mobile satellite communications, has been pivotal in connecting... Read more


ClassNK grants AiP to Tsuneishi Shipbuilding

(Posted on 18/06/21)

Leading Classification Society ClassNK granted an Approval in Principle (AiP) based on its Rule Part... Read more


“Game changer” in Gulf of Guinea piracy fight

(Posted on 14/06/21)

Nigeria has announced a significant investment in military and law enforcement infrastructure to secure... Read more


23 industry players kick off ammonia study

(Posted on 14/06/21)

Industry players have set up a “Joint Study” framework for studying common issues on ammonia... Read more


Trafigura and Yara sign clean ammonia MoU

(Posted on 09/06/21)

Trafigura Pte Ltd, one of the world’s leading independent commodity trading companies, and Yara... Read more


New head for Swedish Club in Piraeus

(Posted on 09/06/21)

As the world slowly recovers from the restrictions of the Coronavirus pandemic and begins to look ahead... Read more


TOC EventsPort of South LouisianaCleveland Cascades LtdCimbriaViganSailors Society
  • TBA Group
  • TOC Events
  • Van Aalst

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping