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Star Bulk agrees to acquire three capesize dry bulk vessels from E.R. Capital Holding

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Dry Bulk,

Star Bulk Carriers Corp has entered into a definitive agreement with entities affiliated with E.R. Capital Holding GmbH & Cie. KG, in order to acquire three capesize dry bulk vessels.

The names of the vessels are E.R. Bayonne, E.R. Buenos Aires, and E.R. Borneo, and they are all retrofitted with exhaust gas cleaning systems (scrubbers).

Consideration for the acquisition is payable in the form of US$39.0 million in cash (cash consideration) and 2.1 million common shares of Star Bulk (share consideration). The transaction was negotiated by Star Bulk on the basis of NAV.

The company is in advanced discussions with a leading financial institution to finance the cash consideration through proceeds of a five-year term loan.

The vessels are expected to be delivered by early February 2021, subject to the execution of customary closing conditions.

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Dry cargo shipping news Capesize news