Star Bulk Carriers Completes Acquisition of 16 Dry Bulk Vessels

Star Bulk Carriers Corp. announced that it has consummated the previously announced acquisition of 16 dry bulk vessels in an all-share transaction, from entities affiliated with Augustea Atlantica SpA and York Capital Management.

The final consideration for the Augustea Vessel Purchase is 10.3 million common shares of the Company, equal to approximately 11.3% of Star Bulk’s common shares after the closing of the Augustea Vessel Purchase.

As part of the transaction, the Company will assume debt of approximately $309 million.

Following the closing of the Augustea Vessel Purchase, Raffaele Zagari will be appointed to the Board of Directors of Star Bulk as a Class C Director. The Company will have approximately 91.7 million common shares issued and outstanding.

Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, coal and grain, and minor bulks, which include bauxite, fertilizers and steel products.

Augustea Group is a provider of sea transportation services, which mainly operates in the following business segments: dry bulk shipping,  deep sea towing services and transportation with oceanic barges.

York Capital Management is a global institutional investment management firm with approximately $21.7 billion in assets under management as of June 2016.