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Star Bulk + Eagle Bulk – Elephant wedding on the bulker market

There is a merger between two heavyweights on the bulker market. Star Bulk is swallowing Eagle Bulk. The joint fleet will comprise 169 ships in future.

The Greek company Star Bulk Carriers and the US company Eagle Bulk Shipping have merged to form the largest bulker shipping company listed on the US stock exchange. The merger is a pure stock transaction and has already been unanimously approved by the boards of directors of both companies. [ds_preview]

As part of the transaction, Eagle shareholders will receive 2.6211 shares of Star Bulk common stock for each share of Eagle common stock, for a total price of approximately $52.60 per share. This represents a 17% premium over Eagle’s closing share price on December 8 and a market capitalization of $2.1 billion.

Petros Pappas becomes CEO of Star Bulk Corp.

The shares in the new company Star Bulk Carriers Corp. are distributed as follows: 71% to the shareholders of Star Bulk, and 29% to those of Eagle Bulk. The deal is expected to close in the first half of 2024. The head office is in Athens. Petros Pappas, previously head of Star Bulk, will become CEO.

Star Bulk operates a fleet of 117 vessels, ranging from Newcastlemax to Supramax vessels, while Eagle Bulk owns one of the largest fleets of Supramax and Ultramax vessels, consisting of 52 vessels.

“We will leverage the technical and commercial capabilities of both companies in fleet management to maximize performance and revenue potential. At the same time, we will invest in emission reduction technologies to continue to grow in the long term,” said Pappas.

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Caption: Photo: Star Bulk