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Star Bulk completes merger with Eagle Bulk

Star Bulk Carriers Corp., which specialises in the transport of dry bulk goods, has announced the completion of its merger with Eagle Bulk Shipping.

The merger of the Greek and the US shipping company creates the largest bulker shipping company listed on the US stock exchange. [ds_preview]

As of 9 April 2024, Star Bulk has a fleet of 163 owned vessels with a total capacity of 15.6 million dwt, consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels with deadweight capacities ranging from 53,489 dwt to 209,537 dwt.

The merger was a pure share deal. Each Eagle shareholder received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock. Trading in Eagle common stock has ceased and the shares are no longer traded on the New York Stock Exchange.

Petros Pappas, Chief Executive Officer of Star Bulk, said: “We are moving forward with greater scale, a stronger financial profile and unique technical and commercial capabilities to grow our business, better serve our customers and create sustainable value for our shareholders.”

Eagle Bulk executives move to Star Bulk leadership

In connection with the merger’s completion, former Eagle Bulk director Gary Weston has been appointed to the Star Bulk board. Bo Westergaard, previously Eagle Bulk’s Chief Commercial Officer, has been appointed to Star Bulk’s new management team. Eagle Bulk’s former Chief Financial Officer, Costa Tsoutsoplides, will support the company’s integration as interim senior advisor.

Star Bulk is a global shipping company that provides worldwide ocean transportation solutions in the dry bulk sector. Its vessels transport “large bulk” cargoes such as iron ore, minerals and grain as well as “small bulk” cargoes such as bauxite, fertilizers and steel products. The shipping company was founded on 13 December 2006 in the Marshall Islands and has offices in Athens, New York, Limassol, Singapore, Germany and Denmark.

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