Sunday November 23, 2014 Search
Weather | Athens
18o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece-based Star Bulk set to buy Oceanbulk companies

Star Bulk Carriers Corp said it would buy Oceanbulk Shipping LLC and Oceanbulk Carriers LLC in an all-stock deal to create the largest US-listed dry-bulk shipper.

Star Bulk is issuing 54.104 million new shares to buy the Oceanbulk companies, valuing the deal at about $653 million based on Star Bulks Friday close of $12.07.

The deal comes as the global dry-bulk shipping industry is poised to recover from a severe downturn, helped by steadying demand for iron ore and coal from China and India and the scrapping of older vessels.

After closing, the Athens, Greece-based company will have a market value of about $1 billion and a fleet of 69 vessels, Star Bulk said on Monday.

Star Bulks new shares will go to affiliates of Oaktree Capital Management and Star Bulks non-executive chairman, Petros Pappas, and some of his immediate family members.

Oaktree will own 61.3 percent of Star Bulk, while Pappas and his family will own 12.5 percent.

Star Bulk will get 15 vessels and contracts for the construction of 26 more from Oceanbulk.

Star Bulk said it plans to pursue additional acquisitions after the completion of the deal.

Pappas will become chief executive of the combined company, while Star Bulks current CEO, Spyros Capralos, will become non-executive chairman of the board.

[Reuters]

ekathimerini.com , Monday June 16, 2014 (20:08)  
Fitch keeps Greek rating at B, outlook stable
More cash for banks with same papers
Growth to fuel rise in revenues
Commercial property draws interest from investors
Cyprus on agenda in Biden visit to Istanbul
The prospects for the resumption of stalled peace talks on Cyprus and the issue of energy security were among the matters discussed on Saturday by US Vice President Joe Biden and Turkish gov...
PASOK nixes Papandreou leadership challenge
The junior coalition partner PASOK rejected over the weekend a proposal by the partys former leader and ex-premier George Papandreou for the party to call an emergency congress and a subseq...
Inside News
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japans image and economy following the triple blow of the earthquake, tsunami and nuc...
BASKETBALL
Big win for Greens, tight one for Reds
Panathinaikos scored a crucial as well as emphatic away win at Turow on Thursday that should see it qualify from its tough group to the top 16 of the Euroleague, while Olympiakos saw off vis...
Inside Sports
COMMENTARY
Extremism from a bygone era
There are times when we seem to be overcome by self-destructive madness. I hear various commentators and politicians speaking in extreme terms of a junta, of defections, gallows, collaborato...
EDITORIAL
No call for more games
Psychological warfare has been a part of the negotiations between the troika and Athens from the very start of the crisis. But the situation is much different now and troika decision-makers ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Cyprus on agenda in Biden visit to Istanbul
2. PASOK nixes Papandreou leadership challenge
3. Troika tests govt nerves as budget rift persists
4. Climate change to hit farming, Greek coastline
5. Piraeus nightclub shooting leaves 3 seriously injured
6. London court to rule on extradition of former judge
more news
Today
This Week
1. Extremism from a bygone era
2. No call for more games
3. PASOK nixes Papandreou leadership challenge
4. Piraeus nightclub shooting leaves 3 seriously injured
5. Climate change to hit farming, Greek coastline
6. Fitch keeps Greek rating at B, outlook stable
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Greece and Poland switch roles as young Greeks head to vibrant Eastern European country for better prospects
3. Biden heads to Istanbul amid tension over Cyprus EEZ violation
4. Anti-junta uprising anniversary to be marked amid tight security
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Every age has its collaborators
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.