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Star Bulk provides fleet update

Published by , Assistant Editor
Dry Bulk,

Star Bulk Carriers Corp. (Star Bulk), a global shipping company focusing on the transportation of dry bulk cargoes announced yesterday that, pursuant to the previously announced transaction of 28 August 2018, it took delivery of the last two of the three firm dry bulk vessels, namely the 2010-built capesize vessels M/V E.R BRANDENBURG and M/V E.R BOURGOGNE (the Vessels), on 7 January 2019 and 14 January 2019 respectively, from an entity affiliated with E.R. Capital Holding GmbH & Cie. KG (the Sellers). 

The vessels were acquired for a combination of cash and shares. The vast majority of the cash portion of the transaction will be funded from senior secured financing which will be drawn within this week. Following these deliveries as well as the cancelation of the shares that have been acquired so far pursuant to the previously announced share repurchase programme of 29 November 2018, the company has 93 285 322 common shares issued and outstanding. Finally, on 8 January 2019 vessel M/V Star Delta, a 2001 built supramax vessel, was sold and delivered to her new buyers.

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