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Star Bulk rules out Eagle Bulk swoop

Star Bulk Carriers will not be pursuing any other Oaktree Capital affiliated companies, such as Eagle Bulk, following its acquisition of the Excel Maritime fleet and merger with Oceanbulk.

Marcus Hand, Editor

August 21, 2014

1 Min Read
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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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About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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