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Star Bulk announces closing of acquisition of 15 dry bulk vessels from Songa

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Dry Bulk,

Star Bulk Carriers Corp. has announced that it has closed the previously announced acquisition of 15 operating dry bulk vessels from Songa Bulk ASA for an aggregate of 13.725 million common shares of Star Bulk and US$145.0 million in cash.

Following the closing of the vessel purchase transaction, Arne Blystad will be appointed to the Board of Directors of Star Bulk as Class C Director and Herman Billung will join the management team of Star Bulk as Senior Vice President. Songa is expected to distribute the common shares to its shareholders.

First trading day of the secondary listing of the company’s common shares on Oslo Børs, a regulated stock market operated by Oslo Børs ASA of Norway, is expected to take place by mid-July. The common shares will be restricted from trading in the US, including through the Nasdaq Global Select Market, for a period of six months following the distribution of the common shares to the shareholders of Songa unless they are sold pursuant to a transaction exempt from, or not subject to, registration under the Securities Act of 1933, as amended.

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Dry bulk shipping market