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Star Bulk acquiring Delphin Shipping fleet in $139.5m deal

Star Bulk Carriers is continuing to expand acquiring the fleet of 11 vessels owned by Delphin Shipping LLC for $139.5m in a cash and equity deal.

Star Bulk is acquiring the fleet of Delphin Shipping, which is owned by private equity firm Kelso & Co, for $80m in cash and 4.503m in shares in Star Bulk. The fleet comprises 10 bulkers of 56,100 dwt and one 63,100 dwt vessel, al built between 2012 and 2014 at Jiangsu Hantong in China.

Continuing Star Bulk’s belief that scrubbers are the best way to comply with the upcoming IMO 2020 regulation the shipowner has secured exhaust gas cleaning unit installations for all of the vessels.

The cash portion of the purchase is being financed by the proceeds of a new seven-year capital lease of up to $93.6m with China Merchants Bank Leasing, and an additional tranche of $15m for scrubbers.

The acquisition is expected to be completed in June and will give Star Bulk a fleet of 120 vessels.

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