Dry bulk heavyweights Star Bulk Carriers of Greece and US-based Eagle Bulk Shipping have officially combined in an all-stock deal, creating the world’s largest publicly-listed bulker owner.
The combined company will operate as Star Bulk Carriers, be headquartered in Athens, and will be led by Petros Pappas.
Under the deal, each Eagle shareholder received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned. Eagle common stock has ceased trading and will no longer be listed on the New York Stock Exchange.
Eagle Bulk’s director Gary Weston has joined the Star Bulk board, while chief commercial officer Bo Westergaard has joined Star Bulk’s new leadership team. Eagle’s chief strategy officer Costa Tsoutsoplides will serve as interim senior advisor to assist with business integration.
“This is an exciting day for Star Bulk as we bring together our companies and create a global leader in dry bulk shipping,” said chief executive Pappas, adding: “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 deliver sustainable value for our shareholders.”
As of April 9, Star Bulk boasts a fleet of 163 owned vessels, with an aggregate capacity of 15.6m dwt.
