Star Bulk’s Merger With Eagle Bulk Creates The Largest US-listed Dry Bulk Shipping Company
In a historic move within the dry bulk shipping industry, Star Bulk Carriers, a global shipping company, has successfully merged with Eagle Bulk Shipping, strengthening its position as the worldwide leader in dry bulk shipping.
Star Bulk and Eagle Bulk officially merged on April 9, 2024, in an all-stock deal.
According to the merger agreement, each Eagle shareholder got 2.6211 shares of Star Bulk common stock for every share of Eagle common stock owned.
As a result, Eagle’s common stock has ceased trading and been delisted from the New York Stock Exchange. The newly merged firm, Star Bulk Carriers, will be in Athens and led by Petros Pappas, Star Bulk’s CEO.
This strategic merger is a significant milestone for both companies, ushering in a new era of unparalleled scale, increased financial stability, and distinct technical and commercial capabilities to drive business growth, improve customer service, and deliver long-term value to shareholders.
Star Bulk has an excellent fleet consisting of 163 owned vessels with a combined capacity of 15.6 million deadweight tons (dwt) as of the merger’s completion date.
This diversified fleet comprises Capesize, Kamsarmax, Newcastlemax, Panamax, Post Panamax, Supramax, and Ultramax vessels with carrying capacities ranging from 53,489 dwt to 209,537 dwt.
Necessary appointments have also been made to bolster the combined company’s management team.
Gary Weston, a former Director at Eagle Bulk Shipping, has joined Star Bulk’s Board of Directors. Bo Westergaard, who formerly served as Eagle’s Chief Commercial Officer, has joined Star Bulk’s new executive team.
Costa Tsoutsoplides, Eagle Bulk Shipping’s previous Chief Strategy Officer, has been hired as interim Senior Advisor to ensure smooth corporate integration.
Cravath, Swaine & Moore LLP provided legal guidance for Star Bulk, highlighting the careful steps taken to assure regulatory compliance and legal soundness throughout the merger process.
The merger of Star Bulk Carriers Corp. and Eagle Bulk Shipping Inc. marks a substantial consolidation in the dry bulk shipping sector, establishing the combined organization as an industry leader positioned for long-term growth and value creation in the global maritime landscape.
Reference: Star Bulk
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About Author
Marine Insight News Network is a premier source for up-to-date, comprehensive, and insightful coverage of the maritime industry. Dedicated to offering the latest news, trends, and analyses in shipping, marine technology, regulations, and global maritime affairs, Marine Insight News Network prides itself on delivering accurate, engaging, and relevant information.
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