Business
Star Bulk Successfully Completes the Second Repurchase of 10 Million of Its Common Shares From Oaktree
ATHENS, Greece, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq: SBLK), a global shipping company focusing
About this update from Star Bulk Carriers Corp.
[{"type":"text","content":"ATHENS, Greece, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced that on December 1, 2023, they closed the previously announced repurchase of 10 million of its common shares from Oaktree Shareholders (as defined below and such transaction, the “December Share Repurchase”). As a result of the closing of the December Share Repurchase, (i) the aggregate ownership of Oaktree Dry Bulk Holding LLC and its affiliated funds (collectively, the “Oaktree Shareholders”) in the Company was reduced from approximately 17.1% of the Company’s outstanding common stock to approximately 7.2% and (ii) the number of directors that the Oaktree Shareholders are entitled to nominate pursuant to the shareholders agreement, dated as of July 11, 2014, among the Company and the Oaktree Shareholders, was reduced from two directors to one director. In connection with the closing of the December Share Repurchase, Katherine Ralph, one of the Oaktree Shareholders’ nominated directors, resigned from the Company’s Board of Directors (the “Board”) on December 1, 2023. The vacancy on the Board created by the resignation of Katherine Ralph will not be filled at this time. About Star BulkStar 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, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, New York, Limassol, Singapore and Germany. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK”. As of today and as adjusted for the delivery of a) the five agreed to be sold vessels to their new owner and b) the two firm Kamsarmax vessels currently under construction, Star Bulk owns a fleet of 117 vessels, with an aggregate capacity of 13.2 million dwt, consisting of 17 Newcastlemax, 20 Capesize, 2 Mini Capesize, 7 Post Panamax, 41 Kamsarmax, 2 Panamax, 19 Ultramax and 9 Supramax vessels with carrying capacities between 53,489 dwt and 209,529 dwt. In addition, as of the date of this release, we have entered into long-term ...