Star Bulk Carriers Corp. Announces Closing of Acquisition of 15 Dry Bulk Vessels From Songa Bulk ASA
July 06 2018 - 4:05PM
Star Bulk Carriers Corp. (the “Company” or “Star
Bulk”) (NASDAQ:SBLK), announced today that it has closed the
previously announced acquisition of fifteen (15) operating dry bulk
vessels (the “Vessels”) from Songa Bulk ASA (“Songa”) for an
aggregate of 13.725 million common shares of Star Bulk (the
“Consideration Shares”) and $145.0 million in cash (the “Vessel
Purchase Transaction”).
Following the closing of the Vessel Purchase
Transaction, (i) Mr. Arne Blystad will be appointed to the Board of
Directors of Star Bulk as Class C Director and Mr. Herman Billung
will join the management team of Star Bulk as Senior Vice President
and (ii) Songa is expected to distribute the Consideration Shares
to its shareholders.
First trading day of the secondary listing of
the Company’s common shares on Oslo Børs, a regulated stock market
operated by Oslo Børs ASA of Norway, is expected to take place by
mid-July. The Consideration Shares will be restricted from trading
in the U.S., including through the Nasdaq Global Select Market, for
a period of six months following the distribution of the
Consideration Shares to the shareholders of Songa unless they are
sold pursuant to a transaction exempt from, or not subject to,
registration under the Securities Act of 1933, as amended (the
“Act”).
The Consideration Shares will not be registered
under the Act may not be offered or sold in the United States
absent registration or an applicable exemption from the
registration requirements under the Act.
About Star Bulk
Star Bulk is a global shipping company providing
worldwide seaborne transportation solutions in the dry bulk sector.
Star Bulk's vessels transport major bulks, which include iron ore,
coal and grain and minor bulks such as bauxite, fertilizers and
steel products. Star Bulk was incorporated in the Marshall Islands
on December 13, 2006 and maintains executive offices in Athens,
Greece. Its common stock trades on the Nasdaq Global Market under
the symbol “SBLK”.
On a fully delivered basis, Star Bulk will have
a fleet of 108 vessels, with an aggregate capacity of 12.26 million
dwt, consisting of 17 Newcastlemax, 18 Capesize, 2 Mini Capesize, 7
Post Panamax, 35 Kamsarmax, 2 Panamax, 16 Ultramax and 11 Supramax
vessels with carrying capacities between 52,055 dwt and 209,537
dwt.
Forward‐Looking
Statements
Matters discussed in this press release may
constitute forward‐looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward‐looking statements in order to encourage companies to
provide prospective information about their business.
Forward‐looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words “believe,”
“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,”
“potential,” “may,” “should,” “expect,” “pending” and similar
expressions identify forward‐looking statements.
The forward‐looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, examination by the Company's management of historical
operating trends, data contained in its records and other data
available from third parties. Although the Company believes that
these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond the Company's control, the Company cannot assure you that it
will achieve or accomplish these expectations, beliefs or
projections.
In addition to these important factors, other
important factors that, in the Company's view, could cause actual
results to differ materially from those discussed in the
forward‐looking statements include the strength of world economies
and currencies, general market conditions, including fluctuations
in charter rates and vessel values, changes in demand for dry bulk
shipping capacity, changes in the Company's operating expenses,
including bunker prices, drydocking and insurance costs, the market
for the Company's vessels, availability of financing and
refinancing, changes in governmental rules and regulations or
actions taken by regulatory authorities, potential liability from
pending or future litigation, general domestic and international
political conditions, potential disruption of shipping routes due
to accidents or political events, vessels breakdowns and instances
of off‐hires and other factors. Please see our filings with
the Securities and Exchange Commission for a more complete
discussion of these and other risks and uncertainties. The
information set forth herein speaks only as of the date hereof, and
the Company disclaims any intention or obligation to update any
forward‐looking statements as a result of developments occurring
after the date of this communication.
Contacts: |
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Company: |
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Investor
Relations / Financial Media: |
Simos Spyrou, Christos
Begleris |
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Nicolas Bornozis |
co Chief Financial
Officers |
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President |
Star Bulk Carriers
Corp. |
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Capital Link, Inc. |
c/o Star Bulk
Management Inc. |
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230 Park Avenue, Suite
1536 |
40 Ag. Konstantinou
Av. |
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New York, NY 10169 |
Maroussi 15124 |
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Tel. (212)
661‐7566 |
Athens, Greece |
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E ‐mail:
starbulk@capitallink.com |
www.starbulk.com |
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www.capitallink.com |
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