Star Bulk Agrees to Acquire 3 Dry Bulk Vessels from E.R. Capital Holding

Source: www.gulfoilandgas.com 12/17/2020, Location: Europe

Star Bulk Carriers Corp. has entered into a definitive agreement with entities affiliated with E.R. Capital Holding GmbH & Cie. KG (“E.R.” or “Sellers” ) pursuant to which the Company will acquire three (3) cape size dry bulk vessels , namely E.R. BAYONNE, E.R. BUENOS AIRES and E.R. BORNEO (the “Vessels”). The Vessels are retrofitted with exhaust gas cleaning systems (Scrubbers). Consideration for the acquisition is payable in the form of $39.0 million in cash (“Cash Consideration”) and 2,100,000 common shares of Star Bulk (“Share Consideration”). The transaction was negotiated by the Company on the basis of NAV.

The Company is in advanced discussions with a leading financial institution to finance the Cash Consideration through proceeds of a five-year term loan.

The Vessels are expected to be delivered to the Company by early February 2021 and delivery remains subject to the execution of customary closing conditions.


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