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Star Bulk announces vessel transaction with Scorpio Bulkers

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Dry Bulk,

Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes has announced that it has entered into an agreement with SCORPIO BULKERS INC. to acquire seven vessels (the ‘Vessels’), by assuming the outstanding lease obligations of the Vessels which are currently at US$102.3 million. As consideration, the Company will issue to Scorpio three million newly issued SBLK shares. The transaction is subject to the approval of the lessor and customary documentation.

The transaction was negotiated by the Company on the basis of NAV to NAV.

The Vessels include: SBI Pegasus, SBI Ursa, SBI Subaru, SBI Capoeira, SBI Carioca, SBI Lambada, and SBI Macarena.

The Vessels are expected to be delivered to the Company within the first and early second quarter of this year.

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Dry bulk shipping market