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Star Bulk plans $150m share offering

Athens: Star Bulk is to make a public offering of $150m of shares on the NASDAQ exchange to help fund its newbuilding programme.

The Athens-based carrier currently has 28 bulk carriers under construction, mostly in China, of which 19 are capesize, seven are ultramax and two are supramax.

Star Bulk says its major shareholders Oaktree Capital Management, Monarch Alternative Capital and entities affiliated with the family of Star Bulk’s CEO Petros Pappas have already expressed an interest in buying a “substantial amount” of the shares on offer.

As well as funding new vessels, the net proceeds will be used for general corporate purposes such as for working capital, capital expenditures, repayment of debt or the financing of possible acquisitions and investments, Star Bulk said today.

Clarksons Platou Securities and DVB Capital Markets will act as book-running managers, with ABN AMRO, BNP PARIBAS, Credit Agricole CIB and SEB acting as co-managers for the offering.

Star Bulk says the offering and its terms are “subject to market conditions”.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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