Dry CargoEurope

Star Bulk buys capesize trio from E.R. Capital in cash plus shares deal

Greek dry bulk owner Star Bulk Carriers has sealed an agreement with entitlies affiliated with Germany’s E.R. Capital Holding to acquire three 2010-built capesize bulkers.

Star Bulk is taking the E.R. Bayonne, E.R. Buenos Aires and E.R. Borneo, all built at South Korea’s Hyundai Heavy Industries, for a consideration of $39m plus 2.1m shares in Star Bulk (valued at $8.05 each at close yesterday).

The scrubber-fitted bulkers have a total value of $51.34m according to VesselsValue.

Delivery is scheduled for February 2021, and the three bulkers will grow Star Bulk’s fleet to 122 vessels of which 25 are capesizes.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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