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Star Bulk completes Eagle Bulk merger creating dry bulk giant

Photo: Star Bulk/Nasdaq Star Bulk listed on Nasdaq
Star Bulk has completed its merger with Eagle Bulk creating one of the world’s largest dry bulk shipowners.

Nasdaq-listed Star Bulk completed its all-stock merger with NYSE-listed Eagle Bulk after the latter’s shareholders voted in favour of the deal on 5 April.

The deal sees Eagle Bulk shareholders receiving 2.6211 shares in Star Bulk common stock for each Eagle Bulk common share.

Petros Pappas, Chief Executive Officer of Star Bulk, said, “We are moving forward with greater scale, a stronger financial profile and unique technical and commercial capabilities to grow our business, better serve our customers and deliver sustainable value for our shareholders.”

Shares in Eagle Bulk have ceased trading and it will no longer be listed on the NYSE.

Following the merger Gary Weston has joined the Star Bulk Board of Directors, Bo Westergaard has joined Star Bulk’s new leadership team and Costa Tsoutsoplides will serve as interim Senior Advisor to assist with business integration.

With the addition of Eagle Bulk’s vessels Star Bulk has a fleet of 163 owned vessels, with an aggregate capacity of 15.6 dwt ranging from Supramax to Newcastemax in size.