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Star Bulk buying up to seven vessels from ER Capital

US-listed shipowner Star Bulk Carriers is continuing to expand its fleet with the acquisition of up to seven vessels from ER Capital Holdings.

The two phase agreement signed between the two companies sees Star Bulk making a firm commitment to acquire two capesizes and supramax, and an option to acquire a further four capesizes from the German owner. All vessels were built in 2010.

The three firm vessels are being acquired through mix of cash and equity with Star Bulk paying by way of 1.34m shares in the company and $41m in cash. The two capesize vessels in this part of the transaction have charter contracts running into 2020.

The second part of the agreement comprises options for a quartet of 2010 built capesizes. The total value of the options is $115.39m and exerciseable by 1 April 2019.

“We are excited to expand our footprint in the capesize segment, especially in a period that the dry bulk market is tightening. It is also with great pleasure to welcome a prominent ship owner, Mr. Erck Rickmers, to our shareholder base and believe that this transaction validates once again Star Bulk’s ability to use our shares as currency in accretive acquisitions for our shareholders,” said Petros Pappas, ceo of Star Bulk.

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