Star Bulk Completes Merger with Eagle Bulk Shipping: New Era Begins

by Admin
Star Bulk and Eagle Bulk Merger

Star Bulk Carriers Corp. (Star Bulk), a prominent player in global shipping, with a focus on moving dry bulk cargoes, has just sealed the deal on its merger with Eagle Bulk Shipping Inc. In this agreement, each shareholder of Eagle received 2.6211 shares of Star Bulk common stock for every Eagle common stock they held. Following this merger, Eagle’s common stock is no longer available for trading on the New York Stock Exchange.

Petros Pappas, CEO of Star Bulk, expressed his enthusiasm, stating, “Today marks a significant milestone for Star Bulk as we unite our forces with Eagle, consolidating our position as a global leader in dry bulk shipping. With increased scale, enhanced financial stability, and specialized technical and commercial capabilities, we’re poised to elevate our business, better cater to our clientele, and generate sustainable value for our shareholders.”

As part of the merger’s completion, Gary Weston has been welcomed onto the Star Bulk Board of Directors, while Bo Westergaard joins Star Bulk’s fresh leadership team. Costa Tsoutsoplides will also step in as an interim Senior Advisor, lending expertise to facilitate seamless business integration.

Legal counsel for Star Bulk was provided by Cravath, Swaine & Moore LLP. Houlihan Lokey acted as financial advisor to Eagle, with legal counsel from Akin Gump Strauss Hauer & Feld LLP for Eagle and Hogan Lovells US LLP representing Eagle’s Board of Directors.

About Eagle Bulk Shipping Inc. 

Eagle Bulk Shipping is a U.S.-based, fully integrated shipowner-operator, providing global transportation solutions to a diverse group of customers, including miners, producers, traders, and end-users. Headquartered in Stamford, Connecticut, with offices in Singapore and Copenhagen, Eagle focuses exclusively on the versatile midsize dry bulk vessel segment and owns one of the largest fleets of Supramax/Ultramax vessels globally. Eagle handles all management services in-house (strategic, commercial, operational, technical, and administrative) and adopts an active management approach to fleet trading, aiming to optimize revenue performance and maximize earnings on a risk-managed basis.

About Star Bulk

Star Bulk, founded in the Marshall Islands in December 2006, is renowned for its global shipping solutions across the dry bulk sector. Its fleet, totaling 163 owned vessels as of April 9, 2024, spans various categories including Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax, and Supramax, with capacities ranging from 53,489 dwt to 209,537 dwt. The company maintains executive offices in Athens, New York, Limassol, Singapore, Germany, and Denmark, and its common stock trades on the Nasdaq Global Select Market under the ticker symbol “SBLK”.

Source Star Bulk Management Inc.