ATHENS, GREECE – April 9, 2024 – Star Bulk Carriers Corp. (“Star Bulk”) (Nasdaq: SBLK), a global shipping company specializing in the transportation of dry bulk cargoes, has successfully finalized its merger with Eagle Bulk Shipping Inc. (“Eagle”).
According to the terms of the merger agreement, each Eagle shareholder received 2.6211 shares of Star Bulk common stock for every share of Eagle common stock they held. As a result of the merger, Eagle common stock has ceased trading and will no longer be listed on the New York Stock Exchange.
Petros Pappas, Chief Executive Officer of Star Bulk, expressed enthusiasm about the merger, stating, “This is an exciting day for Star Bulk as we bring together our companies and create a global leader in dry bulk shipping. 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.”
Board and Leadership Team Appointments
Following the completion of the merger, Gary Weston has been appointed to the Star Bulk Board of Directors, while Bo Westergaard has joined Star Bulk’s new leadership team. Additionally, Costa Tsoutsoplides will serve as interim Senior Advisor to aid in business integration.
Advisors
Legal counsel to Star Bulk was provided by Cravath, Swaine & Moore LLP, while Houlihan Lokey acted as financial advisor to Eagle. Legal counsel to Eagle was provided by Akin Gump Strauss Hauer & Feld LLP, and Hogan Lovells US LLP served as legal counsel to the Board of Directors of Eagle.
About Star Bulk
Star Bulk is a global shipping company offering seaborne transportation solutions in the dry bulk sector worldwide. Its fleet transports major bulks such as iron ore, minerals, and grain, as well as minor bulks including bauxite, fertilizers, and steel products. Founded in the Marshall Islands on December 13, 2006, Star Bulk maintains executive offices in Athens, New York, Limassol, Singapore, Germany, and Denmark. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK”. As of April 9, 2024, Star Bulk operates a fleet of 163 owned vessels, with a combined capacity of 15.6 million dwt, comprising various vessel types including Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax, and Supramax.
