Star Bulk announces vessel sale and repurchase of common shares

The company expects to record a gain on sale of the vessel of approximately US$7.7 million during the 3rd quarter of 2024.

Additionally, pursuant to the Company’s previously announced 'share repurchase' programme, 791 015 common shares were repurchased last week in open market transactions at an average price of US$20.58 per share for a total consideration of approximately US$16.3 million. The Repurchased Shares will be withdrawn and cancelled. Management believes that the price at which the mv Star Triumph was sold implies a per-share value substantially in excess of the price at which the Repurchased Shares were acquired by the Company thereby creating value for the Company’s shareholders.