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Photo: Star Bulk

Photo: Star Bulk

Star Bulk Completes Merger with Eagle Bulk Shipping

Mike Schuler
Total Views: 896
April 9, 2024

Star Bulk Carriers Corp. (Nasdaq: SBLK) announced the completion of its merger with Eagle Bulk Shipping Inc., creating the largest US-listed dry bulk shipping company

The combined entity now controls a fleet of 163 owned vessels with a total capacity of 15.6 million deadweight tonnes (dwt). The fleet comprises Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax, and Supramax vessels, with carrying capacities ranging from 53,489 dwt to 209,537 dwt.

As per the merger terms, each Eagle shareholder received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned. The trading of Eagle common stock on the New York Stock Exchange has now ended. The combined company is owned approximately 71% by Star Bulk shareholders and 29% by Eagle shareholders on a fully diluted basis.

“This is an exciting day for Star Bulk as we bring together our companies and create a global leader in dry bulk shipping,” said Petros Pappas, Chief Executive Officer of Star Bulk. “We are moving forward with greater scale, a stronger financial profile and unique technical and commercial capabilities to grow our business, better serve our customers and deliver sustainable value for our shareholders.”

In relation to the merger, Gary Weston, former Director of Eagle Bulk Shipping, has now joined the Star Bulk Board of Directors, Bo Westergaard joined Star Bulk’s new leadership team, and Costa Tsoutsoplides will serve as an interim Senior Advisor to assist with business integration.

Legal counsel to Star Bulk was provided by Cravath, Swaine & Moore LLP.

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