The $634.91m deal announced on Tuesday to acquire Excel Maritime’s fleet of 34 bulkers from Oaktree and Aneglo Gordon, had sparked market talk that it would look to pick-up other distressed bulk companies affiliated to Oaktree such as Eagle Bulk which recently filed for a pre-pack Chapter 11 bankruptcy.
“In terms of other Oaktree affiliated shipping companies, we have no intention of pursuing any acquisition of any other Oaktree affiliated shipping companies. And I don’t think that that situation is likely to change,” Hamish Norton, president of Star Bulk said during its second quarter earning call.
Star Bulk is majority owned by Oaktree following its merger completed in July with Oceanbulk another Oaktree company.
However, other acquisition opportunities were not ruled out and Petro Pappas, ceo of Star Bulk said they were there to expand when they saw aggressive opportunities.
Star Bulk reported a net loss of $2.99m for the second quarter of 2014 compared to a profit $806,000 in the same quarter last year. It is the final before quarter before the integration of the Oceanbulk fleet.
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