Star Bulk Carriers adds another 11 bulkers to fleet in 140-mln-dollar deal

Wednesday, 29 May 2019 23:12
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By L. Karageorgos

NASDAQ-listed Star Bulk Carriers has added another 11 bulkers to its fleet.

The Athens-based company, run by Petros Pappas, purchased the vessels from companies controlled by Delphin Shipping, itself a subsidiary of Kelso & Company for 139.5 million USD.

According to a company announcement, the amount will be covered in cash and shares, namely, 80 million euros in cash and 4.503 million common shares.


 Petros Pappas

Star Bulk's purchase comes on the back of a new leasing contract with China Merchants Bank Leasing for 93.6 million USD, along with another tranche worth 15 million USD to finance the installation of scrubbers on the vessels.

Star Bulk has also secured the installation of exhaust gas cleaning systems (EGCS) for all the newly acquired vessels.

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