Star Bulk Expands Dry Bulk Fleet
Star Bulk Carriers, a global dry bulk shipping company, will acquire 15 operating vessels from Songa Bulk ASA.
In exchange for the 15 bulk vessels that range in size, Songa will acquire 13.725 million common shares of Star Bulk and a $145 million cash payment.
The vessels in question range from the Songa Glory, featuring a deadweight tonnage (DWT) of 58,680, up to the Songa Claudine, with a capacity of 181,258 DWT.
The transaction still remains subject to the approval of the Songa shareholders, among other closing conditions, and is expected to be given the go-ahead in the third quarter of 2018.
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After the acquisition has been completed Star Bulk will have a fleet of 108 with an aggregate cargo‐carrying capacity of approximately 12.26 million DWT.
Additionally, after the transaction, Arne Blystad, Independent chairman of Songa Bulk, will be appointed to the Board of Directors of Star Bulk, and Herman Billung, CEO of Songa, will join the management team.
The new vessels join the roster of bulk ships that Star Bulk have recently acquired, bringing the total of vessels bought by the Greek company in the past month to 34.