Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced today the sale of the Capesize m/v Star Triumph, the oldest vessel of its fleet (2004 built), at a gross price of $20.0 million, with net proceeds (after repayment of associated debt) of approximately $13.0 million. The Company expects to record a gain on sale of the vessel of approximately $7.7 million during the 3rd quarter of 2024.
Additionally, pursuant to the Company’s previously announced “share repurchase” program, 791,015 common shares were repurchased last week (“the Repurchased Shares”) in open market transactions at an average price of $20.58 per share for a total consideration of approximately $16.3 million. The Repurchased Shares will be withdrawn and cancelled. Management believes that the price at which the mv Star Triumph was sold implies a per-share value substantially in excess of the price at which the Repurchased Shares were acquired by the Company thereby creating value for the Company’s shareholders.
